1. Summary Information
|
|
|
Country |
|
|
Company Name |
HAVELLS INDIA LIMITED |
Principal Name 1 |
Mr. Qimat Rai Gupta |
|
Status |
Good |
Principal Name 2 |
Mr. Anil Rai Gupta |
|
|
|
Registration # |
55-016304 |
|
Street Address |
1 Raj, Narain Marg, Civil Lines, |
||
|
Established Date |
08.08.1983 |
SIC Code |
-- |
|
Telephone# |
91-11-23935237 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-23921500 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Electrical
Products |
|
|
# of employees |
1000 (Approximately) |
Product Name 2 |
Power
Distribution Equipment |
|
Paid up capital |
Rs.623,900,000 |
Product Name 3 |
-- |
|
Shareholders |
Promoter and
Promoter Group 61.68%, Public Shareholding 38.32% |
Banking |
Canara Bank |
|
Public Limited Corp. |
Yes |
Business Period |
31 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A
(64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
-- |
Havells Holdings Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
4,897,900,000 |
Current Liabilities |
6,589,800,000 |
|
Inventories |
6,630,300,000 |
Long-term Liabilities |
1,087,800,000 |
|
Fixed Assets |
9,037,200,000 |
Other Liabilities |
2,203,000,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
9,880,600,000 |
|
Invest& other Assets |
8,017,400,000 |
Retained Earnings |
18,078,300,000 |
|
|
|
Net Worth |
18,702,200,000 |
|
Total Assets |
28,582,800,000 |
Total Liab. & Equity |
28,582,800,000 |
|
Total Assets (Previous Year) |
26,469,500,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
42,249,900,000 |
Net Profit |
36,156,100,000 |
|
Sales(Previous yr) |
36,156,100,000 |
Net Profit(Prev.yr) |
3,054,300,000 |
MIRA
INFORM REPORT
|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
HAVELLS INDIA
LIMITED |
|
|
|
|
Registered
Office : |
1 Raj, Narain Marg, Civil Lines, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.08.1983 |
|
|
|
|
Com. Reg. No.: |
55-016304 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 623.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31900DL1983PLC016304 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH00196A |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The Company’s Shares are listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of
Electrical Products and Power Distribution Equipment. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 74800000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a
well-established and reputed company having fine track record. Financial
position of the company appears to be sound. Trade relations are fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can
be considered good 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 : AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
April 04, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
April 04, 2014 |
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.: 91-120-4772322)
LOCATIONS
|
Registered Office : |
1 Raj, Narain Marg, Civil Lines, |
|
Tel. No.: |
91-11-23935237/ 23944469-72 |
|
Fax No.: |
91-11-23921500 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate / Head Office : |
QRG Towers, 2D Sector – 126, Expressway, Noida - 201304, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4771000 |
|
Fax No.: |
91-120-4772000 |
|
|
|
|
Factory : |
HARIDWAR WORKS Plot No. 2A, Sector – 10, Sidcul Industrial Area, Haridwar - 249403, Uttarakhand, India FARIDABAD WORKS 14/3 Mathura Road, Faridabad, Uttar Pradesh, India SAHIBABAD WORKS Plot No. 6, Site IV, Sahibabad Industrial Area, Ghaziabad-201005, Uttar Pradesh, India BADDI WORKS Village Dharampur, Sai Road, Baddi, District Solan – 173205, Himachal Pradesh, India ALWAR WORKS A-461/462, MIA, Alwar – 301030, Rajasthan, India NEEMRANA WORKS Plot No. S-181-189, Industrial Area, Phase-II, Neemrana, Rajasthan, India (Motor Plant) |
|
|
|
|
Branch Offices : |
Located at: · Visakhapatnam Secunderabad Vijaywada |
|
|
|
|
International Offices : |
Located At: ·
Dubai USA Mexico UK |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Qimat Rai Gupta |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
24.01.1937 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
08.08.1983 |
|
|
|
|
Name : |
Mr. Anil Rai Gupta |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
20.04.1969 |
|
Qualification : |
B.A. (Economics) MBA (Marketing and Finance) from |
|
|
|
|
Name : |
Mr. Surjit Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
13.01.1942 |
|
Qualification : |
F. Sc. from |
|
|
|
|
Name : |
Mr. Rajesh Gupta |
|
Designation : |
Director (Finance) |
|
Date of Birth/Age : |
17.06.1957 |
|
Qualification : |
Qualified Chartered Accountant (F.C.A) |
|
Experience : |
25 Years |
|
Date of Appointment : |
01.12.1980 |
|
|
|
|
Name : |
Mr. V K Chopra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
S.B. Mathur |
|
Designation : |
Director |
|
Date of Birth/Age : |
11.10.1944 |
|
Qualification : |
Chartered Accountant |
|
|
|
|
Name : |
Mr. S K Tuteja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A P Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Niten Malhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Adarsh Kishore |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
25271476 |
20.25 |
|
|
51720108 |
41.44 |
|
|
76991584 |
61.68 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
76991584 |
61.68 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
450420 |
0.36 |
|
|
9748 |
0.01 |
|
|
25000 |
0.02 |
|
|
38328586 |
30.71 |
|
|
38813754 |
31.10 |
|
|
|
|
|
|
1822651 |
1.46 |
|
|
|
|
|
|
5108481 |
4.09 |
|
|
1161127 |
0.93 |
|
|
923154 |
0.74 |
|
|
1153 |
0.00 |
|
|
662163 |
0.53 |
|
|
95643 |
0.08 |
|
|
164195 |
0.13 |
|
|
9015413 |
7.22 |
|
Total Public
shareholding (B) |
47829167 |
38.32 |
|
Total (A)+(B) |
124820751 |
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) |
124820751 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Electrical Products and Power Distribution Equipment. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Switchgears |
Nos./Poles |
117510000 (Nos.) |
45631363 (Poles) |
|
Cables |
Km. |
1150000 |
515514 |
|
Lighting and Fixtures |
Nos. |
55500000 |
25612318 |
|
Electrical Consumers Durables |
Nos. |
4800000 |
2997933 |
|
Others |
Nos. |
-- |
28617 |
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Canara Bank ·
IDBI Bank Limited ·
Yes Bank Limited ·
Axis Bank Limited ·
Standard Chartered Bank ·
HSBC Bank Limited. ·
HSBC Bank ( ·
ICICI Bank Limited ·
Corporation Bank ·
State Bank of |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
NOTE : (A) External commercial borrowing is from HSBC Bank ( i) First charge on movable
fixed assets acquired out of the said loan and ii) Equitable mortgage over land and building situated at plot no. 2A,
sector 10, BHEL Industrial Estate, Haridwar, Uttarakhand, India. The charge in respect of said securities is pending for creation. (b) Term loan from Canara Bank, Prime Corporate Branch-II, i) Equitable mortgage of
Company’s factory land and building situated at Village Gullarwala, Baddi,
Himachal Pradesh and 204 and 204A, MIA, Alwar, Rajasthan, India. ii) Hypothecation of plant and
machinery and other fixed assets purchased out of the above said loan. c) Current maturities of long
term borrowings is Rs. nil (previous year Rs. 315.000 Millions) (d) Working capital limits are under consortium of Canara Bank,
Corporation Bank, IDBI Bank Limited, State Bank of India, Standard Chartered
Bank, ICICI Bank, Yes Bank Limited and The Hongkong and Shanghai Banking
Corporation Limited. (e) Working capital limits from
consortium banks are secured by way of: i) Pari-passu first charge by way of hypothecation on stocks of raw
material, semi-finished goods, finished goods, stores and spares, bill
receivables, book debts and all movable and other current assets of the
Company. ii) Pari-passu first charge by way of Equitable Mortgage on land and
building at 14/3, Mathura Road, Faridabad, Haryana, India. iii) Pari-passu second charge
by way of hypothecation on plant and machinery, generators, furnitures and
fixtures, electric fans and installations. |
|
|
|
|
Auditors 1 : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Golf View Corporate Tower-B, Sector-42, |
|
|
|
|
Auditors 2 : |
|
|
Name : |
V.R. Bansal and Associates Chartered Accountants |
|
Address : |
B-11, Sector – 2, Noida, |
|
|
|
|
Subsidiaries : |
· Havells Holdings Limited Havells
Exim Limited Havells
Malta Limited Havell’s
Netherlands Holding B.V. Sylvania
India Limited Havell’s
Netherlands B.V. SLI
Europe B.V. Havells
Sylvania Holdings (BVI-1) Limited Havells
USA Inc. Flowil
International Lighting (Holding) B.V. Sylvania
Lighting International B.V. Havells
Sylvania (Thailand) Limited Guangzhou
Havells Sylvania Enterprise Limited Havells
Sylvania Asia Pacific Limited Havells
Sylvania Sweden A.B. Havells
Sylvania Finland OY Havells
Sylvania Norway A.S. Havells
Sylvania Fixtures Netherlands B.V. Havells
Sylvania Lighting Belgium N.V. Havells
Sylvania Belgium B.V.B.A. Havells
Sylvania Italy S.P.A. Havells
Sylvania Portugal Lda Havells
Sylvania Greece A.E.E.E. Havells
Sylvania Spain S.A. Havells
Sylvania Germany Gmbh Havells
Sylvania Switzerland A.G Havells
Sylvania Lighting France S.A.S Havells
Sylvania South Africa Proprietary Limited.
Havells
Sylvania France S.A.S. Havells
Sylvania Brasil Illuminacao Ltda. Havells
Sylvania Argentina S.A. Havells
Sylvania N.V. Havells
Sylvania Colombia S.A. Havells
Mexico S.A. de C.V. Havells
Mexico Servicios Generales SA de CV Havells
Sylvania EI Salvador S.A. de C.V. Havells
Sylvania Guatemala S.A. Havells
Sylvania Costa Rica S.A. Havells
Sylvania Panama S.A. Havells
Sylvania Venezuela C.A. Havells
Sylvania Europe Limited Havells
Sylvania UK Limited Havells
Sylvania Fixtures UK Limited Havells
Sylvania Tunisia S.A.R.L. Havells
Sylvania Export N.V Havells
Sylvania Holdings (BVI-2) Limited Havells
Sylvania Dubai FZCO Havells
Sylvania (Shanghai) Limited Havells
Sylvania Peru S. A. C. Havells
Sylvania Iluminacion (Chile) Ltda Havells
Sylvania (Malaysia) Sdn. Bhd Havells
Sylvania Poland S.P.Z.O.O Panama
Americas Trading Hub SA PT.
Havells Sylvania Indonesia Havells
Sylvania Tr Elektrik Urunleri Ticaret Limited Sirketi Thai
Lighting Asset Company, Limited |
|
|
|
|
Joint Venture : |
Jiangsu Havells Sylvania Lighting Company Limited |
CAPITAL STRUCTURE
AFTER 05.07.2013
Authorised Capital : Rs. 1000.500 Millions
Issued, Subscribed & Paid-up Capital : Rs. 624.104
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200100000 |
Equity Shares |
Rs. 5/- each |
Rs. 1000.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
124774812 |
Equity Shares |
Rs. 5/- each |
Rs. 623.900 Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the year
As on 31.03.2013
|
Particulars |
No.
of Shares |
Rs
in Millions |
|
At the beginning of the year |
124774812 |
623.900 |
|
Issued during the year |
-- |
-- |
|
Outstanding
at the end of the year |
124774812 |
623.900 |
Terms/rights attached to equity shares :
The Company has only one class of equity shares
having a par value of Rs. 5/- 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. During
the year ended March 31, 2013, the amount of per share dividend recognised as
distributions to equity shareholders is Rs. 7.50 (Previous Year Rs. 6.50).
In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive 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.
Details of shareholders holding more than 5% shares in the Company is
set out below (legal ownership unless otherwise stated)
As on 31.03.2013
|
Particulars |
No.
of Shares |
%
of Holding |
|
Shri Qimat Rai Gupta, Chairman |
9535888 |
7.64 |
|
Shri Surjit Gupta, Director |
6530160 |
5.23 |
|
QRG Enterprises Limited |
37971776 |
30.43 |
|
|
13650402 |
10.94 |
|
Seacrest Investment Limited |
|
|
Shareholding of Shri Qimat Rai Gupta, Chairman
includes 26,64,000 equity shares (previous year 26,64,000 equity shares) for
and behalf of M/s Guptajee and Company, a firm in which he is a partner.
The holding of Seacrest Investment Limited has
decreased from 10.27% as at March 31, 2012 to 4.66% (representing 58,20,000
equity shares) as at March 31, 2013.
e)
Aggregate number of shares issued as fully paid up pursuant to contract
without payment being received in cash or by way of bonus shares during the
period of five years immediately preceding the date of balance sheet.
As on 31.03.2013
|
Equity Shares |
No.
of Shares |
|
Equity shares allotted as fully paid-up
pursuant to contracts for consideration other than cash. |
2219000 |
|
Equity shares allotted as fully paid up bonus
shares by capitalisation of securities premium account and general reserve. |
62387406 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
623.900 |
|
(b) Reserves & Surplus |
|
|
18078.300 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
18702.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
1087.800 |
|
(b) Deferred tax liabilities (Net) |
|
|
619.000 |
|
(c) Other long term liabilities |
|
|
332.600 |
|
(d) long-term provisions |
|
|
16.300 |
|
Total Non-current Liabilities (3) |
|
|
2055.700 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
3989.600 |
|
(c)
Other current liabilities |
|
|
2267.600 |
|
(d) Short-term
provisions |
|
|
1567.700 |
|
Total Current Liabilities (4) |
|
|
7824.900 |
|
|
|
|
|
|
TOTAL |
|
|
28582.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
8946.300 |
|
(ii)
Intangible Assets |
|
|
90.900 |
|
(iii)
Capital work-in-progress |
|
|
98.200 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
7919.200 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
594.000 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
17648.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
6630.300 |
|
(c)
Trade receivables |
|
|
1301.700 |
|
(d) Cash
and cash equivalents |
|
|
2465.400 |
|
(e)
Short-term loans and advances |
|
|
411.000 |
|
(f)
Other current assets |
|
|
125.800 |
|
Total Current Assets |
|
|
10934.200 |
|
|
|
|
|
|
TOTAL |
|
|
28582.800 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
623.900 |
623.900 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
15459.300 |
12784.200 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
16083.200 |
13408.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
970.800 |
1336.200 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
970.800 |
1336.200 |
|
|
DEFERRED TAX LIABILITIES |
|
556.100 |
536.200 |
|
|
|
|
|
|
|
|
TOTAL |
|
17610.100 |
15280.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
7775.600 |
7086.100 |
|
|
Capital work-in-progress |
|
563.900 |
216.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
7750.700 |
7154.700 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
6488.800
|
4698.500
|
|
|
Sundry Debtors |
|
1597.100
|
1120.700
|
|
|
Cash & Bank Balances |
|
1362.100
|
491.800
|
|
|
Other Current Assets |
|
120.000
|
94.900
|
|
|
Loans & Advances |
|
811.300
|
838.200
|
|
Total
Current Assets |
|
10379.300
|
7244.100
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
5424.600
|
3318.600
|
|
|
Other Current Liabilities |
|
2145.000
|
2650.600
|
|
|
Provisions |
|
1289.800
|
452.100
|
|
Total
Current Liabilities |
|
8859.400
|
6421.300
|
|
|
Net Current Assets |
|
1519.900
|
822.800
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
17610.100 |
15280.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
42249.900 |
36156.100 |
28816.500 |
|
|
|
Other Income |
104.900 |
71.700 |
177.200 |
|
|
|
TOTAL |
42354.800 |
36227.800 |
28993.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
22663.300 |
20515.900 |
18964.600 |
|
|
|
Purchase of Stock in Trade |
4226.600 |
3533.800 |
0.000 |
|
|
|
Changes in Inventories of Finished Goods |
(393.200) |
(1138.800) |
0.000 |
|
|
|
Manufacturing expenses |
0.000 |
0.000 |
1947.700 |
|
|
|
Personnel Cost |
0.000 |
0.000 |
1017.900 |
|
|
|
Office and administration expenses |
0.000 |
0.000 |
773.700 |
|
|
|
Selling and distribution expenses |
0.000 |
0.000 |
2621.100 |
|
|
|
Managerial remuneration |
0.000 |
0.000 |
85.500 |
|
|
|
Employees Benefits Expenses |
1753.400 |
1417.100 |
0.000 |
|
|
|
Other expenses |
8668.600 |
7271.200 |
0.000 |
|
|
|
TOTAL |
36918.700 |
31599.200 |
25410.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5436.100 |
4628.600 |
3583.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
285.500 |
443.900 |
191.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5150.600 |
4184.700 |
3392.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
578.800 |
446.600 |
293.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4571.800 |
3738.100 |
3098.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
857.900 |
683.800 |
682.900 |
|
|
|
|
|
|
|
|
|
|
EXTRAORDINARY
ITEMS |
0.000 |
0.000 |
4.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3713.900 |
3054.300 |
2420.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9930.300 |
7783.700 |
5968.200 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFERRED IN PURSUANCE OF SCHEME OF AMALGAMATION |
0.000 |
340.400 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
375.000 |
305.500 |
242.500 |
|
|
|
Proposed Dividend |
935.800 |
811.000 |
311.900 |
|
|
|
Corporate Dividend Tax |
159.100 |
131.600 |
50.600 |
|
|
BALANCE CARRIED
TO THE B/S |
12174.300 |
9930.300 |
7783.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2072.600 |
1712.900 |
1738.200 |
|
|
|
Merchant Trade Sales |
4.700 |
12.600 |
13.300 |
|
|
|
Reimbursement of Expenses |
0.000 |
0.000 |
7.700 |
|
|
TOTAL EARNINGS |
2077.300 |
1725.500 |
1759.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
2013.300 |
2118.200 |
2902.500 |
|
|
|
Traded goods |
1740.500 |
1614.100 |
0.000 |
|
|
|
Machinery |
104.000 |
169.100 |
243.600 |
|
|
|
Spare parts |
36.100 |
19.500 |
1.100 |
|
|
|
R&D |
0.500 |
0.500 |
1.500 |
|
|
|
Dies and Tools |
7.700 |
1.900 |
0.000 |
|
|
TOTAL IMPORTS |
3902.100 |
3923.300 |
3148.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
29.76 |
24.48 |
19.36 |
|
|
|
Diluted |
29.76 |
24.48 |
19.40 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
10513.000 |
11739.500 |
11844.400 |
|
Total Expenditure |
9178.900 |
10049.700 |
10211.700 |
|
PBIDT (Excl OI) |
1334.100 |
1689.800 |
1632.700 |
|
Other Income |
32.000 |
83.400 |
173.000 |
|
Operating Profit |
1366.100 |
1773.200 |
1805.700 |
|
Interest |
56.400 |
60.500 |
85.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1309.700 |
1712.700 |
1720.600 |
|
Depreciation |
155.800 |
159.200 |
161.300 |
|
Profit Before Tax |
1153.900 |
1553.500 |
1559.300 |
|
Tax |
207.300 |
296.300 |
344.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
946.600 |
1257.200 |
1214.700 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
946.600 |
1257.200 |
1214.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.77
|
8.43 |
8.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.82
|
8.45 |
8.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.23
|
20.59 |
21.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.23 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06
|
0.06 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.09 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
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 |
28816.500 |
36156.100 |
42249.900 |
|
|
|
25.470 |
16.854 |
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 |
28816.500 |
36156.100 |
42249.900 |
|
Profit |
2420.500 |
3054.300 |
3713.900 |
|
|
8.40% |
8.45% |
8.79% |
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 |
Yes |
|
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 |
Yes |
|
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 |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
CS(OS) 1168/2009
ASIAN ELECTRONICS LTD. .....
Plaintiff
Through: Mr. Neeraj Jha for
Mr. Gaurav Barathi, Adv.
versus
HAVELLS INDIA LIMITED .....
Defendant
Through: Mr. Sushant Singh
and Mr. P.C. Arya, Advs.
CORAM:
HON'BLE MR. JUSTICE RAJIV
SAHAI ENDLAW
O R D E R
01.04.2014
1. In this suit for
permanent injunction restraining the infringement by the defendant of the
patent of the plaintiff, on 4th August, 2010 the parties agreed ?that
there would be no elaborate trial and that this Court may after taking into
consideration the materials and framing issues, refer the technical material
and rival experts ’opinion for evaluation by technical or scientific expert
under Section 115 of the Patents Act, 1970’.
2. In view thereof, the
Controller of Patents was directed to disclose the list of the relevant
scientific / technical engineering experts in the field.
3. It is informed that the
Controller of Patents has not complied with the order as yet.
4. Thereafter issues were
framed on 22nd November, 2013 and though the plaintiff is stated to have filed
affidavits by way of examination-in-chief of its witnesses and exhibit marks
have been put but under the impression that the suit is to be decided only on
the basis of the expert’s opinion and no trial is to be undertaken, the matter
has been posted before this Bench.
5. The order dated 4th
August, 2010 having recorded the consent of the parties to ‘no elaborate trial’
and being of the opinion that either there is to be no trial or there is to be
trial and there cannot be any midway, it has been enquired from the counsel for
the plaintiff that if the plaintiff wants to rely on the evidence of its
witnesses whose affidavits by way of examination-in-chief have been filed, then
the said witnesses will have to be allowed to be cross examined; else both
counsels to make a statement within the meaning of Section 20 of the Evidence
Act to be bound by the expert opinion.
6. The counsel for the
plaintiff is unable to agree.
7. In the circumstances,
list before the Joint Registrar on 16th April, 2014 for fixing the
dates for cross examination of the witnesses of the plaintiff.
8. The trial to proceed. If
at any stage the need will be felt by the Court for an independent expert’s
opinion, the same will be sought.
RAJIV SAHAI ENDLAW, J
APRIL 01, 2014
pp..
$ 6.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10441530 |
11/07/2013 |
1,087,786,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
PLOT NO 139-140B, SHIV BUILDING,SAHAR ROAD JUNCTION, WESTERN EXPRESSWAY HIGHWAY, VILE PARLE - EAST, MUMBAI, MAHARASHTRA - 400057, INDIA |
B81260366 |
|
2 |
10420057 |
29/03/2013 |
1,087,786,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC
CENTRE, 18, CYBERCITY, EBENE, - |
B73286874 |
|
3 |
90063916 |
28/08/2012 * |
2,900,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH II, 2ND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
B57092884 |
* Date of charge modification
CHANGE OF ADDRESS
The Registered office of the company has been Shifted From 1/7 Ram Kishore Road, Civil Lines, New Delhi – 110 054, Delhi, India to the present address.
FY 2013 IN RETROSPECT
Havells, on a standalone basis had net sales
of Rs.42250.000 Millions in 2012-13 against Rs.36160.000 Millions in 2011-12. The
operating profit before Finance cost, depreciation and tax was Rs.5440.000
Millions in financial year 2012-13 against Rs.4630.000 Millions in financial
year 2011-12. The comparison includes foreign exchange loss of Rs.33.800
Millions in 2011-12 and foreign exchange gain of Rs.8.700 Millions in 2012-13.
Profit after tax was Rs.3710.000 Millions in current year 2012-13 against
Rs.3050.000 Millions in previous year 2011-12. Havells, on a consolidated basis
had net sales of Rs.72480.000 Millions in financial year 2012-13 against
Rs.65180.000 Millions in previous financial year 2011-12. The consolidated
operating profit before Finance cost, depreciation and tax was Rs. 7020.000
Millions in current year 2012-13 against Rs.6990.000 Millions in previous year
2011-12
PERFORMANCE REVIEW
The year 2012-13 has been a satisfactory year
keeping in view the global economic conditions. Havells
Havells Sylvania is a leading, full-spectrum
provider of quality, energy-efficient solutions for professional and
architectural lighting and is committed to environmentally sustainable products
in the international markets. Brand -
During the year, Havells marked its foray into
entry level conventional piano switches ‘Reo’, creating a new segment of
Premium Conventional Switches. ‘Reo’ has received enthusiastic response from
customers and dealers. For the first time Havells under its premium brand
Crabtree launched super premium glass plate switches ‘Murano’ in its portfolio.
The Company also expanded the product range in Crabtree brand by introducing
distribution boards, MCB, RCCB and range of Time switches.
The Company continued to invest in brand
building and spent close to Rs.1250.000 Millions. The Company introduced new ad
campaigns. These campaigns over the years have been helping the Company achieve
top of the mind recall amongst its customers and thereby help improve sales.
During the year the Company entered into a
revised Trademark License Agreement with QRG Enterprises Limited (one of the
promoter companies), pursuant to which the brand “Havells” will be transferred
to the Company for no consideration with effect from 1st April 2016.
Presently, the brand is owned by QRG Enterprises Limited and being used by the
Company. The existing Trademark License Agreement between the companies is
expiring in financial year 2015-16.
The Company commissioned a large scale
lighting fixtures plant at Neemrana, Rajasthan under the supervision of
AWARDS AND RECOGNITION
Most Trusted Electrical Brand of the country
‘HAVELLS’ has been ranked as the ‘Most Trusted
Electrical Brand’ of the country for the second consecutive year by Trust
Research Advisory (TRA), that publishes “The Brand Trust Report” each year
listing India’s most trusted brands. TRA research measures 61 tangible and
intangible aspects of brand trust which combine to reflect the attitudes and
deep-embedded associations the brand makes with its stakeholders.
The Company was also judged as the best Cables
Company by the renowned Zee Business in its First Edition of ‘Good Home
Awards’. The independent research was done by Ipsos, a global market research
agency, to poll some of the key stakeholders for home products, existing users,
intenders/ prospective buyers and contractors to arrive at a ranking of best
brands in 15 categories. Parameters used for recognizing the winner were
familiarity/ brand image; trust/ quality; innovative products/ solutions;
company recommended by trade; availability/ dealer network/ after sales
service.
MANAGEMENT DISCUSSION AND ANALYSIS
HAVELLS - THE CONSUMERS’ CHOICE
As a leading player in consumer and industrial
electric products sector, Havells has carved a niche for itself in the consumer
mind and market. The expansive breadth of Havells’ portfolio of products has
made it a household name in
Their effort in continuously strengthening the
brand continues with a deeper commitment than ever before. Investing in their
brand has allowed us to strengthen the emotional bonding They have with the
consumers and to create a loyal class of customers who use Havells products in
their day to day life. Leveraging their deep understanding of the
ever-transforming aspirational needs of the consumers, They have entrenched
theirselves firmly as a brand with an enviable consumer connect that is constantly
rewriting the rules of business to create a new experience for each of its
customers.
It is satisfying to note that Havells has
emerged as the leading brand in the consumer mind space. For the second year in
a row, Havells has emerged as the most trusted brand in the electrical
industry. Trust Research Advisory, in association with Indian Statistical
Institute in its “Brand Trust Report 2013”, has ranked Havells as the most
trusted brand in the industry.
They have built a strong value added business
network, creating a balanced portfolio of products within and adjacent to their
business core. A clear focus on consumers, with an eye on growth while building
for the future, allows us to maximise group level synergies. Creating premium
products, They continue to invest in their brands to take care of the household
needs of the consumers. Continuous refinement to their existing products,
keeping the consumers’ interest at the fore, has enabled us to remain
competitive in the markets and pursue profitable growth on a sustainable basis.
With a view to further strengthening their
bonding with the customers, They launched Appliances’ Connect with the
Consumer. Havells become the first Fast Moving Electrical Goods company to
offer door-step service via its initiative ‘Havells Connect’, thus, once again,
rewriting the rules of the industry to make them more relevant and more
contemporary. With their strategy firmly focused on ensuring sustained growth,
year on year, They continue to invest significantly in strengthening their
distribution network, which constitutes the core of their difficult to
replicate business model. Working hand in hand with their channel partners,
They continue to find neTheyr and better ways of deepening their consumer
connect and taking their business to the next level.
They have come a long way in the journey of
transforming theirselves from a single product switchgear manufacturer to a
full product Fast Moving Electrical Goods Company. The pursuit of growth has
been built on the foundation of creating value for all their stakeholders. This
has been their mantra since the last four decades. And this has helped us in
underwriting success, in good times and bad. The strategies honed over the last
40 years are being replicated in Havells Sylvania Global. Their exposure to
global markets through Havells Sylvania has helped us in leveraging their
global network of people, products and facilities to meet local consumer needs.
INDIAN INDUSTRY OVERVIEW
The ever-evolving market scenario makes the
Indian electrical industry fairly dynamic. Operating in a highly competitive
environment, it is challenged by competition not only from emerging indigenous
players, but also cheap imports of global producers struggling to balance the
contraction of demand in the developed markets, like
In contrast to matured markets in developed
countries, the Indian markets are still in a growth stage. Buoyed by rising
income levels, resulting from the sustained GDP growth witnessed over the last
decade, as well as changing lifestyles and aspirations shaped by the higher
exposure to media, print and television, consumption demand has remained fairly
robust. The higher spending power has also seen consumers shifting to branded
products. And, within the branded category, there is a discernible move towards
affordable premium products category.
GLOBAL INDUSTRY OVERVIEW
Buffeted by the sovereign crisis in a few
member countries, the Euro zone saw a decline in GDP growth by 0.3% as a result
of a slowdown in both private and public consumption. Hopes of stability in
this region were short-lived. In contrast, the
FINANCIAL PERFORMANCE: HAVELLSINDIA STAND ALONE
The financial performance on a standalone
basis reflects a 17% growth in top line during the period under consideration.
EBIDTA margins were at 12.6% as against 12.7% in the comparable period in
2011-12.
CONTINGENT LIABILITIES AND COMMITMENTS : (31.03.2013)
|
Contingent liabilities (to the extent not provided for) |
2012-2013 |
|
Claims/Suits filed against the Company not
acknowledged as debts {refer note (i)} |
137.200 |
|
Bank guarantees opened with banks |
836.900 |
|
Letter of credits opened with banks |
311.700 |
|
Liability towards banks against receivable buyout
facilities {refer note (ii)} |
638.300 |
|
Bonds to excise department against export of
excisable goods/purchase of goods without payment of duty (to the extent
utilised) |
187.200 |
|
Custom duty payable against export
obligation |
191.700 |
|
Disputed tax liabilities in respect of
pending cases before Appellate Authorities {amount deposited under protest
Rs. 52.400 Millions (previous year Rs. 69.300 Millions)} {refer note (iii)} |
460.300 |
|
Demand raised by Uttarakhand Power
Corporation Limited contested before electricity Ombudsman, Dehradun {Amount
deposited under protest Rs. 10.000 Millions (previous year Rs. 2.000
Millions)} |
10.000 |
|
Corporate Guarantees given on behalf of subsidiary
companies (to the extent of outstanding obligation) {refer note (iv)} |
2916.800 |
NOTES
1. The
Company had supplied switchgear products to one of its international customer “Electrium”
from 2009 onwards after due inspection by the customer. The customer has
claimed that the material supplied by the Company was not of approved quality
norms and consequently Electrium voluntarily recalled the material from the
market. During the year, arbitration proceedings were initiated by Electrium
claiming initial compensation of Rs. 1975.700 Millions, however till date no
hearing has happened.
During the tenure of the dispute period, the
Company had supplied material to Electrium amounting to Rs. 94.500 Millions
only and as per the terms of the contract, the Company is not liable to pay any
consequential cost. Accordingly, management is of the view that the claim made
by customer is not tenable as the contract expressly limits the Company’s
liability with respect to replacement of the defective products. The matter is
subjudice.
2. The Company has utilised a receivable
buyout facility of Rs. 2499.100 Millions (previous year Rs. 2447.500 Millions)
availed from IDBI Bank Limited against insurance backed trade receivables with
a rectheirse of 10% of facility amount. Accordingly, the trade receivables at
the end of the year stand reduced by the said amount. A sum of Rs. 186.000
Millions (previous year Rs. 189.100 Millions) on account of charges paid for
this facility has been debited to trade receivables factoring charges account.
During the year, the Company has utilised a
trade receivable buyout facility of Rs. 911.800 Millions (previous year nil)
availed from Axis Bank Limited against insurance backed trade receivables with
a recourse of 10% of the facility amount. Accordingly, the trade receivables at
the end of the year stand reduced by the said amount. A sum of Rs. 12.200
Millions (previous year nil) on account of charges paid for this facility has
been debited to trade receivables factoring charges account.
The Company has arranged channel finance
facility for its customers of Rs. 3259.200 Millions (previous year Rs. 2695.400
Millions) from Yes Bank Limited and Axis Bank Limited against insurance backed
trade receivables with a recourse of 5% of the facility utilised and 10% of the
facility amount respectively.
FIXED
ASSETS:
Tangible
Assets
·
·
· Office Premises
· Plant and Machinery
· Generator
· Furniture and Fixtures
· Electrical Fans and Installations
· Water Supply Installations
· Weighting Scale
· EDP Equipments
· Office Equipments
· Air Conditioner
· Vehicles
· R and D Equipments
Intangible
Assets
·
Computer Software
·
Technical know-how
PRESS RELEASES
HAVELLS INDIA MAINTAINS GROWTH MOMENTUM; FY13PAT UP 22% RECOMMENDS
DIVIDEND OF RS. 7.50/SHARE
New Delhi, May 28, 2013: Havells India Limited, a $1.3 billion leading Fast
Moving Electrical Goods (FMEG) Company and a major power distribution equipment
manufacturer, today announced its financial results for the fourth quarter and
the financial year ended March 31, 2013.
Standalone basis FY13 vs. FY12
• On a standalone basis, Total Income grew 17% to Rs. 42249.900 Millions compared
to Rs. 36156.1000 Millions in the corresponding period of the previous
financial year.
• Net Profit rose by 22% to Rs. 3713.900 Millions as compared to Rs.
3054.300 Millions in FY12.
Consolidated basis FY13 vs. FY12
• Total Income for the year ended March 31, 2013 increased by 11% to Rs.
72478.900 Millions as compared to Rs. 65182.000 Millions in the corresponding
period of the previous financial year.
• Net Profit (PAT) was Rs. 5814.000 Millions (However this includes
one-time exceptional item of Rs. 1940.000 Millions) as compared to Rs. 3699.200
Millions in FY12.
• The consolidated numbers include the performances of Havells India (the
parent company) and its subsidiary (Havells Sylvania).
Q4FY13 vs. Q4FY12 (Standalone basis)
• Total Income for Q4FY13 grew by 12% to Rs. 11696.000 Millions as
compared to Rs. 10466.800 Millions in Q4FY12. Net profit (PAT) grew by 20% to
Rs. 1096.800 Millions for FY13 compared to Rs. 915.200 Millions in FY12.
Management Comments
Commenting on the financial performance Mr. Anil Rai Gupta, Joint Managing
Director (JMD), Havells (India) said, "The results are in line with
expectations despite challenging economic conditions, particularly in Europe. A
robust growth in distribution network and new product launches in small
domestic appliances have contributed to our performance. They continue to
aggressively promote their range of products across all markets and are
confident of maintaining growth trends during the current year.”
Business Segments
• The performance of the switchgear sales for the year ended March 2013
showed a growth of 20% to Rs. 10780.600 Millions from Rs. 8961.500 Millions
achieved in FY12.
• The electronic, electrical consumer durables grew 38% with revenue of
Rs. 7892.700 Millions as against Rs. 5720.800 Millions in FY12 on the back of
strong growth in fans segment.
• The lighting and fixtures business grew by 7% to Rs. 36930.700 Millions
as against Rs. 34569.800 Millions in FY12.
• The cable segment showed a growth of 6% to Rs. 16924.800 Millions as
against Rs. 15929.900 Millions in FY12.
Other Highlights
• Products have rolled out from India’s first large scale Lighting
Fixture plant at Neemrana, Rajasthan which was commissioned in October 2012.
The contribution from this facility will reflect in current year performance
fully.
• This facility will equip company to offer wide range of lighting
products and meet distribution reach
• Launched a new range of premium domestic appliances like Coffee Maker,
Induction Cooker, Rice Cooker, Mixer Grinder, etc., pan India.
• Launched premium and unique range of switches under Crabtree Brand -
Crabtree-Xpro and Murano
• New products like Solar Cables, Home Safe Protection Devices Fitted
with MCB, Smoke extraction motors and Fans have performed as per their
expectations.
• Expanded Havells Galaxy chain by opening more stores across India
taking the total figure to 200 galaxy stores.
ABOUT HAVELLS
Havells India Limited is a $1.3 billion and India’s fastest growing FMEG
company (Fast moving electrical goods) its products range includes Industrial
and Domestic Circuit Protection Switchgear, Cablesand Wires, Motors, Fans,
Power Capacitors, CFL Lamps, Luminaires for Domestic, Commercial and Industrial
applications, Modular Switches, Water Heaters and Domestic Appliances covering
the entire gamut of household, commercial and industrial electrical needs.
Havells owns prestigious global brands like Crabtree, Sylvania, Concord,
Luminance and Standard.
With 94 branches / representative offices and over 6000 professionals in over
50 countries across the globe, the group has achieved rapid success in the past
few years. Its 14 state-of-the-art manufacturing units in India located at
Haridwar, Baddi, Noida, Faridabad, Alwar, Neemrana, and 6 state-of-the-art
manufacturing plants located across Europe, Latin America and Africa churn out
globally acclaimed products. Havells is a name synonymous with excellence and
expertise in the electrical industry. Its 20000 strong global distribution
network is prompt to service customers. It has earned a number of international
certifications including CSA, KEMA, CB, CE, ASTA, CPA, SEMKO, SIRIUM
(Malaysia), SPRING (Singapore), TSE (Turkey), SNI (Indonesia) and EDD (Bahrain)
for various products
HAVELLS INDIA
EMERGES AS THE MOST TRUSTED ELECTRICAL BRAND OF THE COUNTRY FOR THE SECOND
CONSECUTIVE YEAR
Research conducted by India’s foremost research agency Trust Research
Advisory (TRA)
New Delhi, 27th Feb 2013: Havells India
Limited, a $1.3 billion
leading Fast Moving Electrical Goods (FMEG) Company and a major power
distribution equipment manufacturer with a strong global footprint, has been
ranked the most trusted electrical brand of the country in a research done by
Trust Research Advisory (TRA).Havells has earned this recognition for the
second consecutive year.
The research measured 61 tangible and intangible aspects of brand trust
which combine to reflect the attitudes and deep-embedded associations the brand
makes with its stakeholders. This year, Trust Research Advisory has come out
with “The Brand Trust Report 2013” in association with
Indian Statistical Institute (ISI), a topmost semi government research agency
and carried out a research across 16 cities generating 3 million data points
and included over 19,000 unique brands.
Speaking on the occasion, Mr. Anil Rai Gupta, JMD, Havells India
Limited., said, ‘They are proud to be ranked as the most trusted electrical
brand for the second consecutive year. They would like to thank all their
stakeholders especially consumers for showing so much of trust in us. This
recognition is a testimony of their efforts to provide high quality and
innovative products and will continue to delight their customers with innovative
offerings in the future.”
Each year, TRA publishes “The Brand Trust Report” which lists India’s
most trusted brands. The report helps organizations to build, strengthen and
maintain trust with stakeholders.
About Havells India Limited
Havells India Limited is a
$1.3 billion and India’s fastest growing FMEG company (Fast moving electrical
goods) its products range includes Industrial and Domestic Circuit Protection
Switchgear, Cablesand Wires, Motors, Fans, Power Capacitors, CFL Lamps,
Luminaires for Domestic, Commercial and Industrial applications, Modular
Switches, Water Heaters and Domestic Appliances covering the entire gamut of
household, commercial and industrial electrical needs. Havells owns prestigious
global brands like Crabtree, Sylvania, Concord, Luminance and Standard.
With 94 branches /
representative offices and over 6000 professionals in over 50 countries across
the globe, the group has achieved rapid success in the past few years. Its 14
state-of-the-art manufacturing units in India located at Haridwar, Baddi,
Noida, Faridabad, Alwar, Neemrana, and 6 state-of-the-art manufacturing plants
located across Europe, Latin America and Africa churn out globally acclaimed
products. Havells is a name synonymous with excellence and expertise in the
electrical industry. Its 20000 strong global distribution network is prompt to
service customers. It has earned a number of international certifications
including CSA, KEMA, CB, CE, ASTA, CPA, SEMKO, SIRIUM (Malaysia), SPRING
(Singapore), TSE (Turkey), SNI (Indonesia) and EDD (Bahrain) for various
products.
HAVELLS Q3FY13 STANDALONE NET REVENUE UP BY 18% TO RS. 1058 MILLIONS;
PAT UP 20%
23 January 2012, Havells India
Limited, a $1.3 billion leading Fast Moving Electrical Goods (FMEG)Company and
a major power distribution equipment manufacturer with a strong globa
lfootprint today announced its third quarter performance ended 31st December,
2012.
Q3 Standalone Performance
·Net Income grew by 18% to Rs. 10580.000 Millions during the third
quarter ended December31, 2012 compared to Rs. 8960.000 Millions in the
corresponding quarter ended December 31, 2011. Growth In revenue has come from
new product launches in switchgear and electrical consumer goods segments.
·During the period EBIDTA grew by
11% to Rs. 1400.000 Millions as against Rs. 1260.000 Millions in the
corresponding quarter previous year.
·Net Profit grew by 20% to Rs. 950.000 Millions for the period ended
December 31, 2012compared to Rs. 790.000 Millions during the similar period.
Q3 Consolidated Performance
·Net Income grew by 9% to Rs. 18140.000 Millions during the third
quarter ended December31, 2012 compared to Rs. 16590.000 Millions in the
corresponding quarter ended December 31, 2011.
·PAT grew by 33% to Rs. 1180.000 Millions for the period ended December
31, 2012 compared to Rs. 890.000 Millions in the corresponding quarter previous
year
Nine month standalone performance
·Net income grew by 19% to Rs. 30550.000 Millions as compared to Rs. 25690.000
Millions of the corresponding period of last year.
·PAT grew by 22% at Rs. 2620.000 Millions as compared to Rs. 2140.000
Millions of the corresponding period of the last year.
·The advertisement and sales promotion expenses during nine months were
3.8% at Rs. 7840.000 Millions as compared to 3.2 % at Rs. 5590.000 Millions in
corresponding period last year.
Commenting on the financial performance, Anil Rai Gupta, Joint Managing
Director (JMD), Havells India Limited said, “The growth
momentum has continued in the current quarter and this has been in line with
their targets. It is also reflective of several initiatives undertaken in the
last nine months that include enhancing their footprint in the domestic market
and expanding their product portfolio. During the quarter, we
inauguratedIndia’s first large scale lighting plant. With new product launches
in consumer goods receiving good response, we are
confident of maintaining growth momentum in the year ahead.
Business segments
·The performance of the switchgear sales showed a growth of 19% to Rs.
2700.000 Millions from Rs. 2260.000 Millions achieved in the corresponding
quarter of the previous year.
·The electronic, electrical consumer durables grew 47% with revenue of
Rs. 5760.000 Millions as against Rs. 3910.000 Millions in the corresponding
quarter of the previous year. Company’s Fan business registered a strong growth
of 30%.
·The lighting and fixtures business grew by 20% to Rs. 4830.000 Millions
as against Rs. 4030.000 Millions
·The domestic cable segment showed a growth of 27%
Other Highlights
·During the quarter, company inaugurated India’s first large scale
Lighting Fixture plant at Neemrana, Rajasthan.
·Launched a new range of high-end switches under its premium brand
Crabtree called ‘Murano’
·Launched a new range of premium domestic appliances
·Expanded Havells Galaxy chain by opening 12 more stores across India
taking the total galaxy figure to 189 galaxy
·The contribution margins improved from 20.6% to 21.7% from Q2 FY13 to
Q3FY13 consistent with the margins of Q3 FY12 of 21.7%
HAVELLS INDIA
STANDALONE Q1 FY14 PAT UP BY 18% TO RS. 950.000 MILLIONS ON THE BACK OF
IMPROVED MARGINS
New Delhi, 30th
July, 2013: Havells India Limited, a $1.3 billion leading Fast Moving Electrical
Goods (FMEG) Company and a major power distribution equipment manufacturer with
a strong global footprint, today announced its first quarter performance ended
30th June, 2013.
Standalone Performance (Q1FY14 VS
Q1FY13)
• PAT grew by 18% to Rs 950.000 Millions for the period ended
June 30, 2013 compared to Rs 800.000 Millions in the corresponding quarter
previous year.
• EBIDTA grew by 10% to Rs 1410.000 Millions as against Rs
1280.000 Millions in the corresponding quarter previous year ended June 30,
2012.
• Net Income increased by 2% at Rs 10510.000 Millions.
• OPM for the quarter showed improvement to 13.4% from 12.4%
a year ago
Business Segment Performance (Q1FY14 VS
Q1FY13)
The company’s consistent growth in profitability is attributed to improved
margins with a shift in product mix towards consumer products. Further,
revenues for the switchgear segment grew at a healthy 14%. New product,
REO contributed close to Rs. 170.000 Millions in sales of switchgear segment.
Product expansion in Electrical Consumer Durables segment continues to drive
margins with a sales growth of 6% at Rs 2220.000 Millions as against Rs
2100.000 Millions in the corresponding quarter last year.
Due to continued slackness in industrial market coupled with limited supply of
copper affected the growth of Cables business. The division registered revenues
of Rs. 4050.000 Millions as against Rs 4310.000 Millions in the same period
last year.
Management Comments
Commenting on the financial performance, Mr. Anil Rai Gupta, Joint Managing
Director (JMD), Havells India said, "Despite a challenging economic
environment, emphasis on profitability has ensured healthy margins during the
quarter. Our focus during the current year will be on introducing new products,
expanding our market presence and improving margins. We look forward to
continued business growth."
Other Highlights
• Introduced Industry’s first Premium Conventional Switch -
‘REO’ in various markets across India
• Launched designer and energy saving Fans in the market
• Opened 7 more Havells Galaxy stores taking the total number
to 206 stores across India.
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 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. 58.48 |
|
|
1 |
Rs. 98.67 |
|
Euro |
1 |
Rs. 79.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
64 |
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.