MIRA INFORM REPORT
|
Report Date : |
15.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
HELLA INDIA LIGHTING LIMITED |
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Registered
Office : |
B-13, Badarpur Extension, New Delhi – 110 044 |
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Country : |
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Financials (as on)
: |
31.03.2013 |
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Date of
Incorporation : |
04.09.1959 |
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Com. Reg. No.: |
55-003126 |
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Capital
Investment / Paid-up Capital : |
Rs.146.077
millions |
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CIN No.: [Company Identification
No.] |
L74899DL1959PLC003126 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of
manufacture, sale and after sale support of auto components and accessories. |
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No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 1032000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Reinhold Poersch GmbH”, Germany. It is an
established company having moderate track record. The rating rakes into consideration company’s moderate financial risk
profile and losses that company has incurred form its operation. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-1762-530400)
LOCATIONS
|
Registered Office : |
B-13, Badarpur Extension, New Delhi – 110 044, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
6A,
6th Floor, Platinum Tower, 184, Udyog Vihar, Phase - I , Gurgaon –
122 016, Haryana, India |
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Tel. No.: |
91-124-4658600 |
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Fax No.: |
91-124-4658699
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Manufacturing Unit I : |
Ambala
Chandigarh Road, Derabassi, District Patiala – 140 507, Punjab, India |
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Manufacturing Unit II : |
Village
Mahiwala, Derabassi, Punjab, India |
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Manufacturing Unit III : |
Chennai
Warehouse: Door/ Plot No.33 (Survey No.515), Situated No.50, Madhavaram
Village, Ambattur Taluk, Madhavaram Taluk, Thiruvallur District, Chennai,
Tamilnadu, India |
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Unit IV (Manufacturing and Trading Warehouse) : |
Khewat Number
240/220, Kila Number 17/6, Badshahi Road, Surat Nagar - II, Gurgaon – 122
001, Haryana, India |
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Unit V (Trading Warehouse): |
Chambli Phata, Chambli
Gaon Road, Opposite Vitthal Nagar, Chakan, District Pune – 410 501, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rama Shankar Pandey |
|
Designation : |
Managing Director |
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Date of Birth/ Age : |
36 Years |
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Qualification : |
B. Tech, Diploma in Business Finance, Exe. Gen. Management |
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Experience : |
Approximately 16 Years |
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Date of Appointment : |
December 2006 |
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Name : |
Mr. Christof Johannes Droste |
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Designation : |
Director |
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Name : |
Dr. Gunther Schmidt |
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Designation : |
Director |
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Name : |
Mr. Akhilesh Kumar Maheshwari |
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Designation : |
Director |
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Name : |
Mr. Guido Johannes Christ |
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Designation : |
Director |
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Name : |
Mr. Avinash Razdan Bindra |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sarvesh Upadhyay |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Gerhard Gorzinski |
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Designation : |
Head Logistics |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
No.
of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
978263 |
30.85 |
|
|
978263 |
30.85 |
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|
|
|
|
|
1617400 |
51.00 |
|
|
1617400 |
51.00 |
|
Total
shareholding of Promoter and Promoter Group (A) |
2595663 |
81.85 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
100 |
0.00 |
|
|
|
|
|
|
43697 |
1.38 |
|
|
|
|
|
|
439004 |
13.84 |
|
|
79973 |
2.52 |
|
|
12963 |
0.41 |
|
|
5567 |
0.18 |
|
|
7396 |
0.23 |
|
|
575637 |
18.15 |
|
Total
Public shareholding (B) |
575737 |
18.15 |
|
Total
(A)+(B) |
3171400 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
3171400 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of
manufacture, sale and after sale support of auto components and accessories. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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Bankers : |
· Canara Bank · Deutsche Bank · State Bank of Patiala · Union Bank of India · HDFC Bank Limited · Bank of India ·
Punjab National Bank |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
Gurgaon, Haryana, India |
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Holding Company : |
· Reinhold Poersch GmbH, Germany |
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Ultimate Holding Company: |
· Hella KGaA Hueck and Company, Germany |
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Subsidiary Companies : |
· Chetan Genthe and Company Private Limited · Bitoni Lamps Limited |
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Fellow
Subsidiaries : |
In India · Hella India Automotive Private Limited (formerly known as Hella India Electronics Private Limited) Outside India · Hella Fahrzeugteile Austria GmbH, Austria · Hella Phil Inc., Philippines · Hella Australia Pty. Limited, Australia · Hella Asia Singapore Pte. Limited, Singapore · Beifang Hella Automotive Lighting Limited, China · Hella Innenleuchten-Systeme Bratislava, Solakia · Hella Japan Inc., Japan · Hella Inc., United States of America · Changchun Hella Automotive Lighting Limited, China · Behr Hella Service GmbH, Germany · Hella Fahrzeugkomponenten GmbH, Germany · Hella Romania S.R.L., Romania · Hella Trailer Systems GmbH, Germany · Hella Saturnus Slovenija D.O.O., Slovenia · Hella Leuchten-Systeme GmbH, Germany · Hella Lighting Finland Oy, Finland · Hella-New Zealand Limited, New Zealand · Docter Optics GmbH, Germany · Hella (Xiamen) Automotive Electronics Co. Limited, China · Hella Automotive South Africa Pty. Limited, South Africa · Hella Middle East FZE, Dubai |
CAPITAL STRUCTURE
AS ON
31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 millions |
|
2150000 |
Non-Convertible, Non-Cumulative, Redeemable Preference Shares |
Rs.100/- each |
Rs.215.000 millions |
|
|
Total
|
|
Rs.250.000
millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3171400 |
Equity Shares |
Rs.10/- each |
Rs.31.714
millions |
|
1143630 |
0.0000001% Preference Shares |
Rs.100/- each |
Rs.114.363
millions |
|
|
Total |
|
Rs.146.077 millions |
|
|
|
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|
Notes:
Rights, preferences and restrictions
Equity shares
Each holder of
equity shares is entitled one vote per share.
The Company
declares and pays dividend, if any, in Indian Rupees. The dividend, if any,
proposed by the Board of Directors is subject to the approval of shareholders
in the ensuing Annual General Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive the remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
Preference shares
Preference shares
issued by the Company are non-convertible, non-cumulative, non-participating
and redeemable.
Preference
shareholders are not entitled to vote.
Preference
shareholders are entitled to 0.0000001% dividend.
Preference
shareholders have preference over equity shareholders for the payment of
dividend and repayment of capital, in the event of liquidation of the Company.
The reconciliation of the shares outstanding at the beginning and end of
the year
|
Particulars |
As at 31st
March 2013 |
|
|
|
No. of shares |
Amount (Rs. in
Millions) |
|
Equity shares Balance at the beginning and end of the year |
3171400 |
31.714 |
|
Preference shares Balance at the beginning and end of the year |
1143630 |
114.363 |
Shares held by the holding, ultimate holding and/or
subsidiary/associates
|
Particulars |
As at 31st
March 2013 |
|
|
Equity Shares |
No. of shares |
Amount (Rs. in
Millions) |
|
Reinhold Poersch GmbH. Germany, the holding company |
1617400 |
16.174 |
|
Hella India Automotive Private Limited (formerly known as Hella India
Electronics Private Limited), a fellow subsidiary |
978263 |
9.783 |
|
Total |
2595663 |
25.957 |
|
|
|
|
|
Preference shares |
|
|
|
Reinhold Poersch GmbH. Germany, the holding company |
1143630 |
114.363 |
|
Total |
1143630 |
114.363 |
The ultimate holding company of the Company is Hella KGaA Hueck and
Company, Germany.
4) The details of shareholders holding more than 5% shares is as follows
|
Particulars |
As at 31st
March 2013 |
|
|
Equity Shares |
No. of shares |
% of Holding |
|
Reinhold Poersch GmbH Germany |
1617400 |
51.00 |
|
Hella India Automotive Private Limited |
978263 |
30.85 |
|
|
|
|
|
Preference shares |
|
|
|
Reinhold Poersch GmbH Germany |
1143630 |
100.00 |
5) 13000 equity
shares have been allotted as fully paid up bonus shares by capitalisation of reserves
in earlier years.
6) The preference
shares are redeemable at par at any time after five years but prior to the
expiry of twenty years from the date of allotment. Of these 500000 preference
shares have been allotted on 31st August 2006, 40000 preference
shares have been allotted on 18th March 2009 and 603630 (by
conversion of loan from the holding company) preference shares have been
allotted on 16th March 2010.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
146.077 |
146.077 |
146.077 |
|
(b) Reserves & Surplus |
111.844 |
147.381 |
179.001 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
257.921 |
293.458 |
325.078 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
1.291 |
0.901 |
0.731 |
|
(d)
Long-term provisions |
8.679 |
6.351 |
5.089 |
|
Total
Non-current Liabilities (3) |
9.970 |
7.252 |
5.820 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
202.440 |
119.915 |
110.278 |
|
(c)
Other current liabilities |
31.457 |
14.059 |
24.133 |
|
(d)
Short-term provisions |
4.910 |
4.415 |
10.811 |
|
Total
Current Liabilities (4) |
238.807 |
138.389 |
145.222 |
|
|
|
|
|
|
TOTAL |
506.698 |
439.099 |
476.120 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
70.885 |
38.178 |
72.507 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.953 |
0.410 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
10.000 |
10.000 |
5.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
114.101 |
3.614 |
2.717 |
|
(e)
Other Non-current assets |
5.644 |
4.608 |
2.151 |
|
Total
Non-Current Assets |
200.630 |
57.353 |
82.785 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
107.205 |
71.274 |
60.679 |
|
(c)
Trade receivables |
162.978 |
94.120 |
69.970 |
|
(d)
Cash and cash equivalents |
25.591 |
208.824 |
255.024 |
|
(e)
Short-term loans and advances |
6.975 |
3.385 |
6.728 |
|
(f)
Other current assets |
3.319 |
4.143 |
0.934 |
|
Total
Current Assets |
306.068 |
381.746 |
393.335 |
|
|
|
|
|
|
TOTAL |
506.698 |
439.099 |
476.120 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
680.377 |
589.186 |
483.103 |
|
|
|
Other Income |
29.556 |
37.518 |
27.739 |
|
|
|
TOTAL (A) |
709.933 |
626.704 |
510.842 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
479.206 |
397.387 |
324.822 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(13.172) |
(0.508) |
0.683 |
|
|
|
Employee Benefit Expenses |
91.772 |
57.313 |
41.316 |
|
|
|
General and Administrative Expenses |
176.637 |
188.850 |
140.702 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
(352.591) |
|
|
|
TOTAL (B) |
734.443 |
643.042 |
154.932 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(24.510) |
(16.338) |
355.910 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.000 |
0.918 |
4.723 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(24.510) |
(17.256) |
351.187 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.027 |
14.290 |
21.092 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(35.537) |
(31.546) |
330.095 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.074 |
73.628 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(35.537) |
(31.620) |
256.467 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(152.219) |
(120.599) |
(377.066) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(187.756) |
(152.219) |
(120.599) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Exports |
83.687 |
48.461 |
65.183 |
|
|
|
Other Income (Development of tools) |
7.821 |
2.597 |
0.000 |
|
|
TOTAL EARNINGS |
91.508 |
51.058 |
65.183 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
45.414 |
66.839 |
50.398 |
|
|
|
Capital Goods |
10.095 |
2.295 |
0.000 |
|
|
TOTAL IMPORTS |
55.509 |
69.134 |
50.398 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(11.21) |
(9.97) |
80.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(5.01) |
(5.05)
|
50.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.22) |
(5.35)
|
68.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.15) |
(7.35)
|
70.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.14) |
(0.11)
|
1.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
2.76
|
2.71 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
146.077 |
146.077 |
146.077 |
|
Reserves & Surplus |
179.001 |
147.381 |
111.844 |
|
Net worth |
325.078 |
293.458 |
257.921 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
483.103 |
589.186 |
680.377 |
|
|
|
21.959 |
15.477 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
483.103 |
589.186 |
680.377 |
|
Profit |
256.467 |
(31.620) |
(35.537) |
|
|
53.09% |
(5.37%) |
(5.22%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
No Charges Exist for Company.
COMPANY OVERVIEW:
The Company is a public limited company and is incorporated under the
Companies Act, 1956. Its shares are listed on Bombay Stock Exchange and Delhi
Stock Exchange. The Company is primarily engaged in manufacturing of automotive
lights, switches, blinkers etc.
OPERATIONAL PERFORMANCE
During
the period for 12 months, the Net Operational Revenue of the company was at
Rs.680.377 millions as compared to the previous year Rs.589.186 millions. The
net loss during the period amounts to Rs.35.537 millions as compared to the
previous year's net loss of Rs.31.620 millions.
BUSINESS EXPANSION
Considering the new Business opportunities
the Company has taken new premises on Lease in Village Mahiwala, Derabassi,
Punjab for carrying certain manufacturing process. This unit based at Village
Mahiwala will facilitate the main plant already based in village Derabassi,
Punjab. The Company is also proposing to build a new shed in the vacant
premises of unit based in Village Derabassi for expanding its manufacturing
facilities. The Company was already having its manufacturing warehouse at
Gurgaon, Haryana.
During the year-end, the Company has also set
up a trading Warehouse at Gurgaon, Haryana.
Further during the year the Company has also
set up (on lease) manufacturing warehouse at Chennai to serve primarily the
requirement of South India.
NEW WAREHOUSE
During
the year the Company has taken on Lease a new warehouse in Pune. The same is
primarily dedicated to west India.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
Industry Structure and developments
Their
country is one of the fastest growing economy in the world and yet there are
challenges that need to be addressed expeditiously to sustain this growth
momentum. One of them is the widening gap between demand and supply in the
automotive sector. An expanding economy has fostered increased levels of
industrialization and urbanization, necessitating growth of automotive sector.
The silver lining is the fact that the Indian Industry have matured in
terms of commitment and capability to compete in terms of quality, size, new
products and innovation during Last 2 decades.
Outlook
Indian Auto industry continues with its
challenging phase in the year owing to the low consumer sentiments, overall
economic slowdown, high interest rates, rising inflation and weakening of
rupee.
Even
though the PV sales in India have been on the downward side, industry experts
are looking for a rebound by the year end. Some of the car makers have already
announced for making India as their production hub for exporting cars.
Automobile companies are coming out with new ways such as new products for the
market and new launches in order to revive the positive sentiments amongst the
car buyers. Indian Automotive market is likely to experience more than 30 new
cars and variants being launched by the auto sector by this year end. The car
makers are expecting the scenario to change in the next few months with these
launches and exciting promotional events.
Import duties on SUV has been increased in
the budget, this will be advantage for the entire Indian sector.
In the last years the requirements and
expectations in the automotive industry have changed dramatically. The market
competition became more aggressive concerning quality, costs and customer
satisfaction.
They
need to improve understanding of the significant trends impacting this market.
STATEMENT OF S UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2013
(Rs. in Millions)
|
SI No |
Particulars |
Quarter ended |
Year to date |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
|
PART-I |
|
|
|
|
1 |
Income from
operations |
|
|
|
|
|
(a) Net Sales/ income from operations (net of excise duty) |
205.005 |
200.419 |
628.396 |
|
|
(b) Other Operating Income |
0.984 |
0.649 |
2.213 |
|
|
Total Income from
operations (net) |
205.989 |
201.068 |
630.609 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of materials consumed |
1470.793 |
142.646 |
428.038 |
|
|
b) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(4.250) |
(3.860) |
(3.468) |
|
|
c) Employee benefits expense |
30.835 |
29.373 |
88.050 |
|
|
d) Depreciation and amortisation expense |
5.828 |
3.879 |
13.726 |
|
|
e) Other expenses |
40.148 |
53.243 |
152.888 |
|
|
Total expenses |
213.354 |
225.281 |
679.234 |
|
3 |
Profits from Operations
before Other Income, Finance costs and Exceptional Items (1-2) |
(7.365) |
(24.213) |
(48.625) |
|
4 |
Other Income |
7.573 |
9.177 |
27.784 |
|
5 |
Profit from
ordinary activities before Finance Costs and Exceptional items (3+4) |
0.208 |
(15.036) |
(20.841) |
|
6 |
Finance Costs |
-- |
-- |
-- |
|
7 |
Profit from
ordinary activities after Finance Costs but before Exceptional items (5-6) |
0.208 |
(15.036) |
(20.841) |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit from Ordinary
Activities before tax (7+8) |
0.208 |
(15.036) |
(20.841) |
|
10 |
Tax Expenses |
-- |
-- |
-- |
|
11 |
Net Profit from
Ordinary Activities after tax (9-10) |
0.208 |
(15.036) |
(20.841) |
|
12 |
Extraordinary items (Net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit for the
period (11-12) |
0.208 |
(15.036) |
(20.841) |
|
14 |
Paid up Equity Share Capital (Face Value of Share Rs.10/- each) |
31.714 |
31.714 |
31.714 |
|
15 |
Reserves Excluding Revaluation Reserves as per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
16 |
Basic and diluted Earnings Per Share (of Rs.10/- each) |
0.07 |
(4.74) |
(6.57) |
|
|
PART - II |
|
|
|
|
|
A - PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares (in lakhs) |
5.76 |
5.76 |
5.76 |
|
|
- Percentage of Shareholding |
18.15% |
18.15% |
18.15% |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares (in lakhs) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares (in lakhs) |
25.95 |
25.95 |
25.95 |
|
|
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the total share capital of the company) |
81.85% |
81.85% |
81.85% |
|
|
B - INVESTORS
COMPLAINTS |
Quarter ended 31.12.2013 |
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
-- |
Notes:
1. The statement of unaudited financial results for the
quarter and nine months ended December 31, 2013 has been prepared following the
same accounting policies as those followed in the annual financial statements
for the year ended March 31, 2013.
2. In view of absence of virtual certainty of
realisation of unabsorbed tax depreciation, losses, deferred tax asset (net)
has not been recognised.
3. The above results were taken on record by the
Board of Directors in their meeting held on February 14, 2014, and have been
subjected to a limited review by the Statutory auditors of the Company.
4. The primary segment of the Company is its
business segment. The Company operates in a single business segment of auto
components/ accessories. Accordingly, no segment disclosure are required to be
made by the Company.
5. As stated in Part II Section A above, the
promoters of the Company hold 81.85% of the total issued and subscribed equity
capital of the Company and balance 18.15% stake is held by public shareholders.
In 2005-06, the Company had applied for delisting from Delhi Stock Exchange
('DSE') and Bombay Stock Exchange ('BSE'). While DSE allowed the Company to
delist, BSE rejected the application vide letter dated February 15, 2006. On
appeal, the Securities Appellant Tribunal (‘SAT’) passed a favorable order for
delisting of the Company. However, the said order of SAT was challenged before
the Honorable Supreme Court of India by certain individual shareholders. The
Supreme Court vide order dated October 24, 2008 stayed the delisting of the
Company and the matter is currently sub-judice.
The management of the Company believes that
pending such decision from the Hon’ble Supreme Court, the requirement of
increasing /maintaining at least 25% of its equity shares with public by June
03, 2013, as required by Clause- 40 A of the Listing Agreement read with rule
19(2) (B) of Securities Contract (Regulation Rules, 1957 (‘SCRR’) and related
notifications in this regard, is not applicable to the Company. As a
precautionary measure, vide letter dated March 19, 2013, the Company had
written/ applied to SEBI seeking specific waiver to comply with the aforesaid conditions
till the matter is sub-judice.
SEBI did not respond to the request of the
Company and thereafter, issued notices to non-compliant companies vide order
dated June 04, 2013. In a separate press release dated June 04, 2013, SEBI has
also confirmed that notices were not issued to 3 companies as there matter are
sub-judice.
Although the name of the Company have not been
mentioned in the above referred list of non-compliant companies, the Company,
as a matter of abundant caution, again sought a confirmation from CGM
(Corporate Finance Department of SEBI) vide email dated June 21, 2013 that they
are one of those 3 companies where the matter is sub-judice, as mentioned in
the Press Release. This understanding was confirmed by SEBI vide their email
dated July 16, 2013.
Further to above, the case has appeared on ‘list
of curative' and 'review petitions' of Honourable Supreme Court.
In view of the above circumstances, the Company
believes that there is no legal, regulatory and financial risk on the Company
due to its inability to meet the requirements of Clause 40 A of the Listing
agreement.
6. The previous year / period figures have been
regrouped/ reclassified to confirm to the current period's classification.
FIXED ASSETS:
· Land (Freehold)
· Building
· Leasehold Improvements
· Plant and Equipment
· Vehicles
· Furniture and Fixtures
· Office Equipment
· Computers
WEBSITE DETAILS:
PROFILE:
Subject brings
“Technology of Tomorrow for the Life of Today” to Indian Roads. Member of the Management
Board of the HELLA Group, Germany, along with all employees of HILL, have
adopted the new strategy for the company to focus all future activities around
the central theme of ensuring road safety on Indian Roads. In this regard HILL
focuses on state of the art technology products for the special OE segment and
safety awareness campaigns through its strong independent Aftermarket network.
India is one of the focus markets for
the HELLA Group and in the last years subject has turnaround its operations and
thus earned the right to grow. HILL has achieved benchmark in quality
performance and assured resource support for training and development of all
employees to perform the “Technology Jump”. To operationalize the new strategy
of HILL and to perform the “Technology Jump”, HELLA’s plant at Derabassi has
gone through modernization and the plant has been equipped with latest machines
and facilities.
Subject has set up its company vision
to impact the aspect of recognition. Moreover the company seeks to lower the
number of deaths during traffic accidents b 10% by the end of this decade. The
latest death toll figures show that there are almost 1 lakh deaths due to road accidents. This issue is
of prime importance to HILL. The company’s vision is able to create and unlock
a new value paradigm for end consumers. The safety cycle during night – to see
and to be seen – is of great importance. Looking at the number of road
accidents, the increasing death toll and the social and economic impact, HELLA
is committed to road safety through its company vision. HILL has launched
safety enabling products, tries to increase awareness of safety critical do’s
and don’ts and actively engages with related non-governmental organizations and
governmental departments.
PRESS RELEASE
HELLA AFTERMARKET
PARTICIPATES IN SAFETY PAVILION AND ‘ASLI–NAQLI’ SHOW OF ACMA TO DRIVE PUBLIC
AWARENESS CAMPAIGN ON COUNTERFEIT AND SUBSTANDARD PARTS TO FIGHT THE MENACE OF
ROAD DEATHS
As per ACMA sources in 2009 alone, Use of counterfeits results in 25,400 deaths and more than 93,000 injuries.
The overall latest death toll figures show that there are 1,38,258 deaths a year due to road accidents and hence Road Safety is an topic for ACMA.
New Delhi, February 06, 2014: ACMA, the apex body representing India’s Auto Component manufacturing industry has been spearheading various special initiatives to help increase public awareness on the menace of counterfeit and substandard parts and the danger to life and property due to usage of these spurious auto components.
Launched in 2003, ‘Asli–Naqli’, the very successful ACMA Campaign that serves as a perfect platform to help create awareness amongst masses on the spurious parts and their adversities has gained in popularity with more number of participants joining the cause.
This year, ‘Asli–Naqli’ Show is being featured at 12th Auto Expo Components at Pragati Maidan, New Delhi from February 6th until 9th, 2014. A new corner called “Safety Pavilion has been added feature of this Year.
With more and more cars joining the Indian vehicle park it is evident that there is more and more need to enforce safety standards on Indian Roads, not only as OEM parts, but also as replacements or aftermarket parts. One accident per minute and one death every 4 minutes can’t be left unattended. An estimate by govt. of India puts national loss due to Road accidents as close to 20 Bio USD. Many of these accidents are caused by usage of spurious, fake and substandard safety critical components. With such a vast geography and large population, the growth in the business of substandard safety critical components is only increasing and posing a tough challenge to Enforcement agencies. Under this background, Hella India’s efforts to work on mass awareness towards the cause of “Arresting Road Deaths” is highly appreciable and a noble cause. In this regard, Hella India is working on a multidimensional approach to address the issue of making people aware about the menace of fitting substandard and spurious safety critical component, through Walkathon, Toll Booth Campaign, School Campaign, Painting competition, On line debates and demonstrations to name the few modes.
One such effort by Hella India Aftermarket team is to spread the awareness about consequences of using substandard and fake safety critical components like Safety Lights and Safety Horns. Both categories of products means a lot for Indian Drivers and every Driver must engage themselves to know the techniques and engineering behind these components to safeguard their life on Indian Roads as India contributes to 10% of global Road Deaths every year.
This topic will be major high-light of Hella India’s participation during the Asli–Naqli’ Show of ACMA to drive Public Awareness Campaign on Counterfeit and substandard Lights and Horns to fight the menace of Road Deaths
Hella intends to educate the drivers about proper light patterns, appropriate use of light settings in car and how to distinguish Hella original parts from spurious through this platform of Asli Naqli. The availability of variety of lights and horns with high variation in prices and many look alike, has undoubtedly given multiple options to choose but equally created doubts in the mind of consumers about quality standards of these products. It is also the responsibility of the manufacturers and Industry to ensure that their buyers know about the products and are able to make some easy comparisons of its quality standards. Keeping this aspect in mind, Hella India, with its prime focus on explaining the actual light patterns of light and the behavior of different lights, is participating at Asli-Naqli and Safety Pavilion with interactive visual demonstration. Many visitors took the virtual tour on the show and choose different lights to gain different virtual driving experiences. Basic things like difference between a fog and a driving light, pattern of high beam and low beam, use of cornering light, difference between Halogen, Xenon and LED technologies etc. were shared to end consumer. To make sure, everyone can try the same awareness experience at home, anytime convenient to them, Hella India also launched its IPAD and Android Apps during the show. These apps are made available free of cost. Special emphasis has been given to the explanation of Isolux diagrams of Hella lights which helps in better understanding of light patterns. Simultaneously, demonstrations of Hella Apps like ADD Light, Horns, Worklight and Nightcraft was there to make it easy for the end consumer to know their car fitments better to drive safely.
Headquartered at Gurgaon, the Aftermarket division of Hella has its offices and distribution points across India, with a team strength of more than 52. Currently the Independent Aftermarket unit has more than 100 Distributors and 6,000 Authorised retail partners to support a wide range of domestic and international Lighting, Electrical and Thermal product portfolio of Hella and Behr Hella Service. Field sales force of Hella visits more than 10,000 customers per month and organize more than 60 awareness campaigns per month to penetrate through its target trade partners and target consumers. We focus on training and networking with electrician to ensure service to our end consumers. Hella India Aftermarket organization is one face to customers for every product varieties sourced from all Hella companies and plants in India and abroad. The IAM unit is headed directly by Mr. Rama Shankar Pandey, Managing Director - HIL.
HELLA KGaA Hueck and Co., Lippstadt: HELLA is a global, independent family-owned company with more than 29,000 employees at 100 locations in more than 35 countries. The HELLA Group develops and manufactures lighting and electronic components and systems for the automotive industry, and also has one of the largest trade organizations for automotive parts, accessories, diagnosis and services within Europe. In the Special Applications segment, HELLA also develops products for specialist vehicles and entirely independent applications, such as street lighting or industrial lighting systems. Complete vehicle modules, air-conditioning systems and vehicle electrical systems are produced in joint venture companies. With more than 5,500 people working in research and development, HELLA is one of the most important innovation drivers on the market. In addition, with sales of 5 billion euros in fiscal year 2012/2013, the HELLA Group is one of the top 50 automotive parts suppliers in the world and one of the 100 largest German industrial companies.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
UK Pound |
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.