MIRA INFORM REPORT
|
Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
HBL POWER SYSTEMS LIMITED (w.e.f.09.12.2006) |
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|
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|
Formerly Known
As : |
HBL NIFE POWER SYSTEMS LIMITED (w.e.f.26.04.2000) SAB NIFE POWER SYSTEMS LIMITED |
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Registered
Office : |
8-2-601, Road No. 10, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.08.1986 |
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Com. Reg. No.: |
01-006745 |
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Capital
Investment / Paid-up Capital : |
Rs. 253.000
Millions |
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|
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CIN No.: [Company Identification
No.] |
L40109TG1986PLC006745 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDH00591D |
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PAN No.: [Permanent Account No.] |
AAACH8421K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Design and Development of specialized
Batteries and DC Systems and Associated Electronics. |
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|
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|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Beaver Engineering and Holdings Limited,
Hyderabad”. It is an established company having a satisfactory track record. The company has seen a significant increase in its sales turnover as
well as net profitability during 2013. Trade relations are fair. Business is active. Payment terms are
reported as regular. In view of long standing experience of the promoters and established
track record of operations, the company can be considered normal for business
dealings at usual trade terms and conditions.
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
October 08, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
October 08, 2013 |
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
(CONTACT NO.: 91-40-23355575)
LOCATIONS
|
Registered/ Head Office : |
8-2-601, Road No. 10, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-23355575/ 23351934/ 23355085 |
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Fax No.: |
91-40-23355048/ 23353189 |
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E-Mail : |
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Website : |
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Factory 1 : |
Aliabad Post, Lalgadi Malakpet, Shameerpet Mandal, R.R. District,
Hyderabad - 500078, Andhra Pradesh, India |
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Tel. No.: |
91- 8418-244640 |
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Fax No.: |
91- 8418-244627/ 244574 |
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Factory 2 : |
Survey No. 64-67, 77-81, Nandigaon Village, Kothur Mandal - 509223,
Mahaboobnagar District, Andhra Pradesh, India |
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Tel. No.: |
91-8548-240456 |
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Fax No.: |
91-8548-240474 |
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Factory 3 : |
Survey No. 351, Thumukunta Village, Shameerpet Mandal, Rangareddy
District, Hyderabad - 500078, Andhra Pradesh, India |
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Tel. No.: |
91-8418-247680 |
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Fax No.: |
91-8418-247683 |
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Factory 4 : |
Sy No 155 to 156 (Post) Bhootpur (Village and Mandal), Mahaboobnagar
District, Andhra Pradesh, India |
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Tel. No.: |
91-8542-236539/ 236205 |
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Factory 5 : |
Sy 123-126, 138(p) to 144(p), Kandivasala Village, Pusapatirega Mandal,
Vizayanagaram District, Andhra Pradesh, India |
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Tel. No.: |
91-8922-258159 |
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Factory 6 : |
Plot No. Q6 to Q10, R1 to R10 S1 to S9, Phase III, VSEZ, Duvvada,
Visakhapatnam - 530046, Andhra Pradesh, India
|
|
Tel. No.: |
91-891-2543255-56 |
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Factory 7 : |
Plot No. 1, Sector 8A, IIE Ranipur (BHEL Haridwar - 249403,
Uttarakhand, India |
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Tel. No.: |
91-1334-235420/ 235421 |
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Factory 8 : |
Plot No. 425, Sector - 8, IMT Manesar, Gurgaon - 122050, Haryana, India |
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Tel. No.: |
91-124-4783333/ 4783322 |
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Fax No.: |
91-124-4783300 |
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Sales Offices : |
Located at: Ø Kolkata Ø Bhubneshwar Ø Guwahati Ø Ranchi Ø Raipur Ø Patna Ø Raigarh Ø Odisha Ø Delhi Ø Manesar Ø Lucknow Ø Jaipur Ø Bhopal Ø Chandigarh Ø Mumbai Ø Ahmedabad Ø Baroda Ø Hyderabad Ø Vijayawada Ø VIZAG Ø Chennai Ø Kochi Ø Bangalore |
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Overseas Sales Offices : |
Located at: Ø USA Ø Kingdom of Saudi Arabia Ø
Germany |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Dr. A.J. Prasad |
|
Designation : |
Chairman and Managing Director |
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|
|
|
Name : |
Mr. M S S Srinath |
|
Designation : |
Director |
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Date of Birth/Age : |
23.04.1969 |
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Qualification : |
BA (Economic Hons) |
|
Expertise in specific functional area : |
Overall the
Marketing activities and other administrative affairs of the company. |
|
Date of Appointment : |
24.11.1997 |
|
Other Directorship : |
· Beaver Engineering and Holdings Limited · Kairos Engineering Limited · Naval Systems and Technologies Private Limited · Igarashi Motors India Limited |
|
|
|
|
Name : |
Mrs. Kavita Prasad |
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Designation : |
Director |
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Date of Birth/ Age : |
11.12.1971 |
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Qualification : |
B Com, PGDCA |
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Date of Appointment : |
10.05.2000 |
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|
Name : |
Mr. P. Ganapathi Rao |
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Designation : |
Director |
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|
Name : |
Mrs. Preeti Khandelwal |
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Designation : |
Director |
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|
Name : |
Mr. V.V.S. Ravindra |
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Designation : |
IDBI Nominee Director w.e.f. 25th June, 2012 |
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Date of Birth/ Age : |
18.01.1964 |
|
Qualification : |
B Tech (Chemical) |
|
Date of Appointment : |
25.06. 2012 |
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|
|
|
Name : |
Mr. Sanjiv Singhal |
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Designation : |
Director |
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Date of Birth/ Age : |
23.03.1967 |
|
Qualification : |
MBA from the Wharton
Business School (USA), MA with distinction from the University of Essex, UK
and BA with honours from Delhi University. |
|
Date of Appointment : |
14.08.2012 |
|
|
|
|
Name : |
Mr. Ajay Bhaskar Limaye |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.05.1969 |
|
Qualification : |
CFA Charter
holder with prior qualification as an Engineer with an MBA in Finance |
|
Expertise in specific functional area : |
Over 18 years of
experience in the investment industry in India. During this period, he has
been involved in managing various types of funds including Private Equity
Fund (diversified growth capital), Venture Capital fund, Technology Fund,
Infrastructure Fund and Special Situations Fund, besides listed market
investments. |
|
Date of Appointment : |
14.02.2013 |
|
Other Directorship : |
Data Patterns (India) Private Limited |
KEY EXECUTIVES
|
Name : |
M V S S Kumar |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Ravinder |
|
Designation : |
Finance Department |
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|
Audit Committee : |
· P Ganapathi Rao, Chairman of the Committee · Kavita Prasad · V V S Ravindra · Preeti Khandelwal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
43971629 |
17.38 |
|
|
143059443 |
56.55 |
|
|
187031072 |
73.93 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
187031072 |
73.93 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
226025 |
0.09 |
|
|
5000 |
0.00 |
|
|
17546068 |
6.94 |
|
|
17777093 |
7.03 |
|
|
|
|
|
|
18755948 |
7.41 |
|
|
|
|
|
|
22911348 |
9.06 |
|
|
4938828 |
1.95 |
|
|
1585711 |
0.63 |
|
|
962226 |
0.38 |
|
|
131278 |
0.05 |
|
|
492207 |
0.19 |
|
|
48191835 |
19.05 |
|
Total Public
shareholding (B) |
65968928 |
26.07 |
|
Total (A)+(B) |
253000000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
253000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Design and Development of
specialized Batteries and DC Systems and Associated Electronics. |
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Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
|
Lead Acid Batteries |
Mil Ah |
1640 |
|
Nickel Cadmium Batteries |
Mil Ah |
85 |
|
Chargers / Rectifiers |
Nos |
3500 |
|
Lithium Thionyl Chloride Cells |
Nos |
11000 |
|
Others |
|
In view of the items being manufactured as per the customers orders it is not possible to ascertain installed capacity |
|
Particulars |
Unit |
Actual Production |
|
Lead Acid Batteries |
Lac AH |
6,480.47 |
|
Nicad |
Nos |
40,692 |
|
Silver Zinc |
Nos |
18,500 |
|
Lithium |
Nos |
46 |
|
Nickel Cadmium Pocket Plate Batteries |
Lac AH |
738.54 |
|
Electronic Charges/Rectifiers |
Nos |
4,642 |
|
|
Nos |
1,343 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India · State Bank of Hyderabad · IDBI Bank Limited · Axis Bank Limited · ICICI Bank Limited · Exim Bank Limited |
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Facilities : |
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Satyanarayana and Company Chartered Accountants |
|
Address : |
Amar Mansion, Ranigunj, Secunderabad – 500003, Andhra Pradesh, India |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Rao and Kumar Chartered Accountants |
|
Address : |
10-19-15, Soudamani, Seripuram, CBM Compound, Visakhapatnam – 530003, Andhra Pradesh, India |
|
|
|
|
Cost Auditors : |
|
|
|
Narasimha Murthy and Company Cost Accountants |
|
|
Hyderabad, Andhra Pradesh, India |
|
|
|
|
Holding Company : |
Beaver Engineering and Holdings Limited, Hyderabad |
|
|
|
|
Subsidiaries : |
· Agile Electric Sub Assembly (Private) Limited · SCIL Infracon Private Limited · HBL Germany, GMBH · HBL America ·
HBL Suntech LLP |
|
|
|
|
Step Down Subsidiaries of Subsidiary : |
· Igarshi Motors India Limited ·
Igarshi Motors Sales (Private) Limited |
|
|
|
|
Joint Venture : |
Gulf Batteries Company Limited, Kingdom of Saudi Arabia |
|
|
|
|
Controlled Companies : |
Kairos Engineering Limited, Hyderabad |
|
|
|
|
Associate : |
· Naval Systems and Technologies Private Limited · Guided Missile Engineering India Private Limited |
|
|
|
|
Companies which Directors are Interested : |
Sankhya Infotech Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Re. 1/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
253000000 |
Equity Shares |
Re. 1/- each |
Rs. 253.000
Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period
|
|
31.03.2013 |
|
|
Equity Shares |
No. of Shares |
Rs. in Millions |
|
At the beginning of the period |
253000000 |
253.000 |
|
Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
253000000 |
253.000 |
Terms/rights
attached to equity shares
The company has only
one class of equity shares having a par value of Re.1 per share. Each holder of
equity shares is entitled to one vote per share. The company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting.
Shares held by
holding/ultimate holding company
Out of equity shares issued by the company, details of shares held by
its holding company is as below :
|
Name of the
Shareholder |
31.03.2013 |
|
|
No. of Shares |
|
Beaver Engineering and Holdings Limited |
143059443 |
Details of shareholders holding more than 5% shares in the company
|
Name of the
Shareholders |
31.03.2013 |
|
|
Equity shares of Re.1 each fully paid |
No. of Shares |
% holding in the class |
|
Beaver Engineering and Holdings Limited |
143059443 |
56.55 |
|
A J Prasad |
27654500 |
10.93 |
|
Citigroup Global Markets Mauritius Private Limited |
16701761 |
6.60 |
|
Reliance Capital Limited |
14360000 |
5.68 |
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 |
253.000 |
253.000 |
253.000 |
|
(b) Reserves and Surplus |
5207.660 |
5047.324 |
4995.415 |
|
(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) |
5460.660 |
5300.324 |
5248.415 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3353.162 |
3339.009 |
3876.108 |
|
(b) Deferred tax liabilities (Net) |
225.142 |
195.142 |
74.242 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
15.872 |
15.867 |
0.000 |
|
Total
Non-current Liabilities (3) |
3594.177 |
3550.019 |
3950.350 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3217.240 |
3263.361 |
2233.212 |
|
(b)
Trade payables |
1922.144 |
1379.768 |
1541.828 |
|
(c)
Other current liabilities |
2099.968 |
2135.838 |
1436.102 |
|
(d)
Short-term provisions |
137.859 |
117.238 |
111.958 |
|
Total
Current Liabilities (4) |
7377.210 |
6896.204 |
5323.100 |
|
|
|
|
|
|
TOTAL |
16432.047 |
15746.547 |
14521.865 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4736.372 |
4939.646 |
4127.095 |
|
(ii)
Intangible Assets |
126.061 |
158.006 |
23.931 |
|
(iii)
Capital work-in-progress |
446.988 |
351.744 |
808.514 |
|
(iv) Intangible assets under development |
231.472 |
202.084 |
35.911 |
|
(b) Non-current
Investments |
1495.314 |
1512.454 |
1412.184 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
98.573 |
190.780 |
233.649 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
7134.780 |
7354.714 |
6641.284 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4330.269 |
2877.541 |
2681.659 |
|
(c)
Trade receivables |
3942.382 |
3808.742 |
3100.774 |
|
(d)
Cash and cash equivalents |
334.712 |
507.287 |
874.832 |
|
(e)
Short-term loans and advances |
689.904 |
1198.263 |
1223.316 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
9297.267 |
8391.833 |
7880.581 |
|
|
|
|
|
|
TOTAL |
16432.047 |
15746.547 |
14521.865 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
11974.169 |
10895.293 |
9937.558 |
|
|
|
Other Income |
91.319 |
164.721 |
124.749 |
|
|
|
TOTAL (A) |
12065.488 |
11060.014 |
10062.307 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
7303.673 |
5969.425 |
6351.996 |
|
|
|
Purchase of Traded goods |
102.516 |
292.415 |
45.363 |
|
|
|
(Increase) / Decrease in Inventory |
(718.540) |
9.799 |
(226.638) |
|
|
|
Employee Benefits Expense |
1178.876 |
1160.008 |
1167.001 |
|
|
|
Other Expenses |
2688.657 |
2101.869 |
2017.947 |
|
|
|
Exceptional Items |
(77.856) |
67.812 |
(151.203) |
|
|
|
TOTAL (B) |
10477.326 |
9601.328 |
9204.466 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1588.162 |
1458.686 |
857.841 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
933.984 |
898.087 |
493.443 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
654.178 |
560.599 |
364.398 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
400.850 |
343.612 |
313.271 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
253.328 |
216.987 |
51.127 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
48.886 |
120.972 |
(113.367) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
204.442 |
96.015 |
164.494 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales (FOB Value of Exports) |
2596.324 |
2260.489 |
1970.041 |
|
|
|
Services |
94.471 |
4.033 |
15.288 |
|
|
TOTAL EARNINGS |
2690.795 |
2264.522 |
1985.329 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Spares |
3198.843 |
2241.058 |
2600.925 |
|
|
|
Capital Items / Equipment |
52.376 |
136.575 |
145.883 |
|
|
TOTAL IMPORTS |
3251.219 |
2377.633 |
2746.808 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.81 |
0.38 |
0.65 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
3146.600 |
3006.800 |
3452.900 |
3201.600 |
|
Total Expenditure |
2812.300 |
2734.300 |
3150.000 |
3168.400 |
|
PBIDT (Excl OI) |
334.300 |
272.500 |
302.900 |
33.200 |
|
Other Income |
21.900 |
15.300 |
24.900 |
93.100 |
|
Operating Profit |
356.200 |
287.800 |
327.800 |
126.300 |
|
Interest |
203.700 |
180.000 |
188.700 |
185.000 |
|
Exceptional Items |
0.000 |
625.500 |
5.900 |
(66.000) |
|
PBDT |
152.500 |
733.300 |
145.000 |
(124.700) |
|
Depreciation |
100.100 |
101.100 |
99.200 |
84.700 |
|
Profit Before Tax |
52.400 |
632.200 |
45.800 |
(209.400) |
|
Tax |
10.000 |
80.300 |
15.800 |
(35.200) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
42.400 |
551.900 |
30.000 |
(174.200) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
42.400 |
551.900 |
30.000 |
(174.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.69
|
0.87 |
1.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.12
|
1.99 |
0.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.78
|
1.59 |
0.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.04 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.20
|
1.25 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.22 |
1.48 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Share Capital |
253.000 |
253.000 |
253.000 |
|
Reserves & Surplus |
4995.415 |
5047.324 |
5207.660 |
|
Net
worth |
5248.415 |
5300.324 |
5460.660 |
|
|
|
|
|
|
long-term borrowings |
3876.108 |
3339.009 |
3353.162 |
|
Short term borrowings |
2233.212 |
3263.361 |
3217.240 |
|
Total
borrowings |
6109.320 |
6602.370 |
6570.402 |
|
Debt/Equity
ratio |
1.164 |
1.246 |
1.203 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
SALES |
9937.558 |
10895.293 |
11974.169 |
|
|
|
9.638 |
9.902 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
9937.558 |
10895.293 |
11974.169 |
|
Profit |
164.494 |
96.015 |
204.442 |
|
|
1.66% |
0.88% |
1.71% |
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 |
Yes |
|
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 |
Yes |
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Interest Free
Sales Tax Loan (Deferred Payment Liability) |
163.637 |
167.881 |
|
Loan from HPFSIPL |
12.310 |
0.000 |
|
Finance Lease Obligations from HPFSIPL |
6.319 |
0.000 |
|
Loan from Holding Company |
1200.000 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Unsecured (from
Banks) Purchase Bill
Discounting from Kotak Mahindra Bank Limited |
127.458 |
82.133 |
|
Unsecured (from
others) Inter Corporate Deposit from Holding Company |
0.000 |
62.600 |
|
Inter Corporate Deposit from Others |
30.000 |
0.000 |
|
Loans from Directors |
27.600 |
20.500 |
|
|
|
|
|
Total |
1567.324 |
333.114 |
PERFORMANCE REVIEW 2012-13
Overall Income of the Company for the year 2012-13 was recorded at Rs.
12065.488 Millions as compared to previous year income of Rs.11060.015 Millions
showing an increase of 9.09% compared to previous year. This has resulted in an
increase in PBIDT for the year which stood at Rs.1588.161 Millions compared to
Rs. 1458.689 Millions in the previous year. In spite of an increase in finance
cost, after suitable provision for depreciation and amortization expenses, PBT
for the year was Rs.253.326 Millions compared to Rs. 216.990 Millions in the
previous year. This showed a marginal growth. However, after making a provision
of Rs. 48.884 Millions for tax and tax adjustments for the year; the net profit
(PAT) for the year was Rs.204.442 Millions as compared to Rs.96.017 Millions in
the previous year.
INVESTMENT/DIVESTMENTS IN SUBSIDIARY/ JOINT VENTURE/ASSOCIATE
COMPANIES/LLP’S:
AGILE ELECTRIC SUB-ASSEMBLY PRIVATE LIMITED
During the year the Company continued to hold its shares in Agile Electric
Sub-assembly Private Limited during 2012-13. However, since the date of Balance
sheet, the Board of the Company decided to sell the entire stake held by the
Company in its subsidiary, Agile Electric Sub Assembly Private Limited to
certain Private Equity investors in order to mobilize cash resources for its
core operations. The transaction is expected to be completed shortly.
HBL AMERICA INC
During the year, the company has invested an amount of Rs. 2.811
Millions (USD 50,000) in its Wholly Owned Subsidiary in USA under the name HBL
America Inc. and the total investment was Rs.22.399 Millions.
SCIL INFRACON PRIVATE LIMITED (SIPL)
During the financial year 2012-13 the performance of the company was
affected by an unjustified stoppage of workmen of the company from October
2012. After exhausting all means of fair discussion and negotiations, the
matter was referred to Labour Department, Government of Andhra Pradesh. The
conciliation proceedings convened by the Deputy Labour Commissioner and Joint
Commissioner have failed. The matter is pending before the Authorities.
Operations in 2012-13 reflected only first six months compared to a full
year in 2011-12. Even during the first six months, severe power shortages in
the state, order availability on time resulted in production and supply below
break-even. As a result, financial results for the year showed a down trend.
Presently there are no operations in SIPL and the Board of SIPL is considering
various alternative options.
A legal suit was filed by Mr. K Gyan Sagar (Promoter of SCIL) and Shakti
Concrete Industries Limited (SCIL) against HBL and Others in City Civil Court,
Hyderabad for an arbitration petition. Claim of Petitioners is non-receipt of a
consideration of Rs 188.30 Millions for shares sold by them. As informed by
HBL’s legal counsel, the claim prima facie is not tenable as the petitioners
are making a claim for consideration already received. The case is pending
before the Honourable Court.
AUTOTEC SYSTEMS PRIVATE LIMITED
During the year, the company disinvested its shareholding of 171216
shares in Autotec Systems Private Limited (ATS), Bangalore, bought back by its
(ATS) promoters.
MANAGEMENT DISCUSSION AND ANLAYSIS
PERFORMANCE SUMMARY FY 13
Total Income has grown to Rs. 12060.000 Millions in FY 13, Versus Rs.
11060.000 Millions in FY 12, and Rs 10060.000 Millions in FY 11. Profit after
tax was Rs. 204.000 Millions in FY 13, Versus Rs. 96.000 Millions in FY 12, and
Rs. 164.500 Millions in FY 11.
LEAD BATTERIES
· Telecom sector demand has increased due to need for essential replacements at cellular towers.
· Export demand has increased and is promising for thin plate pure lead batteries, which are only made by very few companies globally.
· Approval from Indian Navy has been obtained for Submarine Propulsion batteries.
RAILWAY SIGNALING
In October, 2012 HBL demonstrated to the Railway Board, a low cost,
in–house developed, Train Collision Avoidance System (TCAS). This was a
pioneering achievement and an example of Indian Innovation. Live trials were
conducted using trains in SC Railway. The market for this will be significant
but is a few years away. They believe that there are overseas markets for
several of HBL’s products in Rail Signaling, because these products comply with
European Standards.
SOLAR PHOTOVOLTAIC SYSTEMS
· Agricultural water pumps are being promoted by many states as a solution to inadequate grid supply. HBL is a leader in this business in using existing AC Pumps.
· Rooftop Solar Systems are becoming popular. Apart from Government projects, consumers having or planning to use, “domestic inverters” realize that adding solar panels is a good idea. HBL finds this to be a steadily growing demand.
THE NEAR FUTURE
The global economic situation and particularly the Indian economy did
not look as bad a year ago, as they do now. Consequently, the improvement in
HBL financial performance has also been slower than was expected a year ago.
Nevertheless, management is convinced that progress will henceforth be much
faster, unless the environment deteriorates further.
One measure of management’s confidence is due to the fact that the
Promoters (who never sold a share) continue to acquire shares of the company,
subject to the SEBI limit.
UNAUDITED
FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH SEPTEMBER 2013 AFTER
LIMITED REVIEW
(RS.
IN MILLIONS)
|
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
3006.800 |
3146.600 |
6153.400 |
|
Other Operating Income |
-- |
-- |
-- |
|
Total Income from
operations (net) |
3006.800 |
3146.600 |
6153.400 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of material consumed |
2089.600 |
2167.700 |
4257.300 |
|
(b) Purchase of stock in trade |
4.200 |
19.500 |
23.700 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(331.500) |
(338.600) |
(670.100) |
|
(d) Employee benefit expenses |
294.200 |
282.900 |
577.4100 |
|
(e) Depreciation and amortization expenses |
101.100 |
100.100 |
201.200 |
|
(f) Other Expenses |
677.800 |
680.800 |
1358.600 |
|
Total Expenses |
2835.400 |
2912.400 |
5747.800 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
171.400 |
234.200 |
405.600 |
|
Other Income |
15.300 |
21.900 |
37.200 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
186.700 |
256.100 |
442.800 |
|
Finance costs |
180.000 |
203.700 |
383.700 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
6.700 |
52.400 |
59.100 |
|
Exceptional
item |
625.500 |
0.000 |
625.500 |
|
Profit/ Loss from Ordinary Activities
before tax |
632.200 |
52.400 |
684.600 |
|
Tax Expenses |
80.300 |
10.000 |
90.300 |
|
`Net Profit/ Loss from Ordinary Activities
after tax |
551.900 |
42.400 |
594.300 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
551.900 |
42.400 |
594.300 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
253.000 |
253.000 |
253.000 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Earnings per
share (before extraordinary items) (of Rs. 10/-
each) (not annualized) -
Basic |
2.18 |
0.17 |
2.35 |
|
- Diluted |
2.18 |
0.17 |
2.35 |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
2.18 |
0.17 |
2.35 |
|
- Diluted |
2.18 |
0.17 |
2.35 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
66017977 |
66077730 |
66017977 |
|
Percentage of Shareholding |
26.09% |
26.12% |
26.09% |
|
2. Promoters and
promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
1911300 |
20901300 |
1911300 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
1.02% |
11.18% |
1.02% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
0.76% |
8.26% |
0.76% |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
185070723 |
166020970 |
185070723 |
|
- Percentage
of Shares (as a % of the
total shareholding of promoter and promoter
group) |
98.98% |
88.82% |
98.98% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
73.15% |
65.62% |
73.15% |
|
|
Particulars |
3
months ended 30.09.2013 |
|
B |
Investor complaints
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
20 |
|
|
Disposed of during the quarter |
20 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
The Unaudited results for the half year ended 30th
September, 2013 were reviewed by the Audit Committee in its meeting held on 13th
November, 2013 and approved by the Board of Directors at the meeting held on 13th
November, 2013.
2)
The results were also subjects to Limited Review by
the Statutory Auditors of the company.
3)
Exceptional Income for the quarter represents
profit on sale of Investments Rs. 621.800 Millions and profit on sale on assets
Rs. 3.700 Millions.
4)
Other expenditure includes net foreign exchange
loss of Rs. 98.172 Millions.
5)
Previous year’s figures regrouped wherever
necessary in accordance with the revised format of Schedule VI of the Companies
Act.
STANDALONE STATEMENT OF ASSETS
AND LIABILITIES
|
Particulars |
30.09.2013 |
|
|
A. EQUITY AND LIABILITIES |
Unaudited |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
253.000 |
|
|
b] Reserves and Surplus |
5802.000 |
|
|
Sub-total –
Shareholders’ funds |
6055.000 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
1223.800 |
|
|
Interest free unsecured from Holding
Company |
1380.000 |
|
|
b] Deferred Tax Liabilities |
245.100 |
|
|
c] Other current liabilities |
0.000 |
|
|
d] Long term provisions |
18.900 |
|
|
Sub-total -
Non-current Liabilities |
2867.800 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
3322.800 |
|
|
b] Trade Payables |
2663.300 |
|
|
c] Other Current Liabilities |
2209.000 |
|
|
d] Short Term Provision |
62.400 |
|
|
Sub-total - Current Liabilities |
8257.500 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
17180.300 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
5375.400 |
|
|
b] Non-current investment |
366.500 |
|
|
c] long Term loans and Advances |
122.600 |
|
|
d] Other non-current assets |
271.700 |
|
|
Sub-total – Non- current assets |
6136.200 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
0.000 |
|
|
Inventories |
5111.800 |
|
|
Trade Receivables |
4737.800 |
|
|
Cash & Bank Balances |
274.600 |
|
|
Short Term loans and advances |
919.900 |
|
|
Other Current Assets |
0.000 |
|
Sub-total – Current Assets |
11044.100 |
|
|
|
|
|
|
TOTAL - ASSETS |
17180.300 |
|
SEGMENT – WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
|
Quarter Ended |
Half Year Ended |
|
|
Particulars |
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1. Segment Revenue |
|
|
|
|
a. Batteries |
2676.200 |
2550.600 |
5226.800 |
|
b. Electronics |
172.600 |
384.000 |
556.600 |
|
c. Unallocated |
211.000 |
257.600 |
468.600 |
|
Total |
3059.800 |
3192.200 |
6252.000 |
|
Less: Inter – segment revenue |
53.000 |
45.600 |
98.600 |
|
Total income from operations (net) |
3006.800 |
3146.600 |
6153.400 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a. Batteries |
295.500 |
242.400 |
537.900 |
|
b. Electronics |
7.100 |
114.000 |
121.100 |
|
c. Unallocated |
605.000 |
(7.100) |
597.900 |
|
Total |
907.600 |
349.300 |
1256.900 |
|
Less: Finance Costs |
180.000 |
203.700 |
383.700 |
|
Other un-allocable expenditure net off |
110.700 |
115.100 |
225.800 |
|
un-allocable other operating income |
15.300 |
21.900 |
37.200 |
|
Total Profit Before Tax |
632.200 |
52.400 |
684.600 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a. Batteries |
9637.600 |
9857.900 |
9637.600 |
|
b. Electronics |
901.400 |
1124.500 |
901.400 |
|
c. Unallocated |
(4484.000) |
(5469.400) |
(4484.000) |
|
Total |
6055.000 |
5513.000 |
6055.000 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
a) Un-expired guarantees
issued on behalf of the Company by banks for which the Company gave counter
guarantees |
1231.047 |
1224.186 |
|
b) Bills Discounted with Banks but not matured |
371.424 |
406.126 |
|
c) Corporate Guarantee
issued to ICICI Bank on behalf of Igarshi Motors India Limited (a step down
subsidiary of the company) for the loan facilities sanctioned to them. |
760.000 |
760.000 |
|
d) Legal
undertakings (LUTs) given to Custom’s Authorities for clearing the imports at
Nil / Concessinal rate of duty pending fulfillment of export obligations,
(net of the export obligations fulfilled of Rs.978.012 Millions (previous
year Rs.350.974 Millions) for which the process of discharging the LUTs by
the concerned authorities is at various stages). |
459.714 |
458.653 |
|
e) Claims against the Company not acknowledged as debts towards : |
|
|
|
Excise duty |
31.050 |
28.613 |
|
Sales Tax |
9.842 |
6.145 |
|
Custom duty |
3.385 |
3.196 |
|
Service Tax |
1.068 |
0.000 |
|
Property Tax of VSEZ unit |
2.764 |
2.764 |
|
Fuel surcharge adjustment (FSA) to the extent billed |
37.473 |
35.748 |
|
Enhancement of
Land Cost by Haryana State Industrial and Infrastructure Development
Corporation Limited, Manesar |
10.882 |
0.000 |
|
Erstwhile promoters of SCIL Infracon Private Limited |
18.831 |
0.000 |
|
Others |
1.767 |
0.817 |
|
f) Income Tax Dispute for Assessment Year 2009-10 |
6.508 |
6.508 |
|
Estimated amount
of contracts remaining to be executed on Capital account and not provided for |
37.510 |
169.964 |
|
Investments
committed by the Company in other Companies: |
|
|
|
In SCIL Infracon
Private Limited Against purchase of 10000 shares (net of Rs. 2.500 Millions
contributed as on 31.03.2012) |
0.000 |
13.500 |
|
In HBL Suntech,
LLP against 60% Share in LLP (net of Rs. 1.830 Millions contributed as on
31-03-2013) |
10.170 |
10.170 |
FIXED ASSETS:
· Land – Freehold
· Land – Leasehold
· Buildings – Factory
· Buildings – Others
· Plant and Machinery
· Office Equipment
· Assets under Finance Lease
· Furniture and Fixtures
· Vehicles
·
Technical Library
PRESS RELEASE
STRATEGIC PARTNERSHIP BETWEEN SUNLIGHT AND HBL
POWER SYSTEMS LIMITED FOR NICKEL CADMIUM BATTERIES
SYSTEMS SUNLIGHT
S.A. has a long-lasting and successful worldwide presence in the energy storage
and power supply sectors, aiming at providing customized turn-key solutions. Having
a robust know-how in designing and producing lead-based batteries, SUNLIGHT
develops strategic partnerships with leading companies as a means of enriching
its product portfolio with additional energy storage technologies.
In this context,
SUNLIGHT has recently signed a strategic partnering agreement with HBL Power
Systems Limited, one of the top global battery manufacturers, specializing
among others in Nickel-Cadmium (Ni-Cd) batteries. Based on this strategic
agreement, SUNLIGHT will exclusively market a wide range of HBL manufactured
SUNLIGHT Ni-Cd batteries into various countries, mainly in SE Europe and CIS.
“We strongly believe
that this partnership will provide added value to both parties by integrating
SUNLIGHT’s and HBL’s core competences in a complementary way” commented Mr.
Stefanos Latinos – SUNLIGHT’s Global Products and Services Director.
“HBL recognizes the
strength of partnering with SUNLIGHT to take advantage of lowering costs for
customers while offering professional, local service capabilities to ensure
total customer satisfaction – the long term future is bright for both
companies” added Mr. Bob Herritty – Executive Director International Business
at HBL in India.
Nickel-Cadmium
batteries’ unique features enable them to be used in applications and
environments untenable for other battery systems. They are characterized by
their optimum reliability, performance, long life span and low maintenance
requirements. Their key applications include fire alarm panels, emergency
lighting, telecommunication, switchgear, photovoltaics, process control, UPS,
generator starting, diesel locomotive cranking, aircraft / helicopter ground
starting, and electro magnets.
CMT REPORT (Corruption, Money Laundering and 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 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. 60.37 |
|
|
1 |
Rs. 102.48 |
|
Euro |
1 |
Rs. 81.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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 and 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.