MIRA INFORM REPORT

 

 

Report No. :

315539

Report Date :

04.04.2015

 

IDENTIFICATION DETAILS

 

Name :

HIMACHAL FUTURISTIC COMMUNICATIONS LIMITED

 

 

Registered Office :

8, Electronics Complex, Chambaghat, Solan – 173213, Himachal Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.05.1987

 

 

Com. Reg. No.:

06-007466

 

 

Capital Investment / Paid-up Capital :

Rs.2044.400 Million

 

 

CIN No.:

[Company Identification No.]

L64200HP1987PLC007466

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELH04057E

 

 

PAN No.:

[Permanent Account No.]

AAACH4041D

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

 

 

Line of Business :

Manufacturing of telecom products, executing turnkey contracts and providing services relating thereto.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 23960000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having fine track record.

 

The rating takes into consideration decent increase in the company’s turnover during FY2014. Further, the company has sound profitability and good liquidity position during year under review.

 

Trade relations are reported to be fair. Business is active. Payments terms are reported to be regular and as per commitments.

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = BBB

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

16.06.2014

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A3

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

16.06.2014

 

 

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 31-03-2014.

 

INFORMATION DECLINED

 

Management Non Corporative (91-11-30882624)

 

LOCATIONS

 

Registered Office/ Factory 1 :

8, Electronics Complex, Chambaghat, Solan – 173213, Himachal Pradesh, India

Tel. No.:

91-1792-230643/ 44/ 45

Fax No.:

91-1792-231902

E-Mail :

investor@hfcl.com

secretarial@hfcl.com

Website :

http://www.hfcl.com

 

 

Corporate Office/ Administrative Office/ Factory 2  :

8, Commercial Complex, Masjid Moth, Greater Kailash – II, New Delhi – 110 048, India

Tel. No.:

91-11-30882624/ 30882626/ 29216298/ 29222624

Fax No.:

91-11-30689013/ 29224448

 

 

Factory 3 (Optical Fibre Cable Plant) :

Cable Division, L 35-37, Industrial Area Phase – II, Verna Electronics City, Salcete, Goa - 403722, India

Tel. No.:

91-832-6697000-08

91-832-6697021 (Direct)

Fax No.:

91-832-2783444

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Mahendra Pratap Shukla

Designation :

Non Executive Chairman

 

 

Name :

Mr. Mahendra Nahata

Designation :

Managing Director

 

 

Name :

Mr. Arvind Kharabanda

Designation :

Director (Finance)

Date of Birth/ Age :

09.03.1947

Qualification :

Chartered Accountant

Expertise in specific functional areas :

Mr. Arvind Kharabanda has got over 37 years experience in managerial positions, project implementation and finance.

Date of Appointment :

30.10.2004

 

 

Name :

Dr. R.M. Kastia

Designation :

Director

Date of Birth/ Age :

10.10.1941

Qualification :

Ph.D., FBIM (London)

Expertise in specific functional areas :

Dr. Kastia has to his credit more than 49 years of business experience. Dr. Kastia has occupied various important positions in well known industries. He has in depth knowledge of manufacturing of telecom equipments.

Directorship in other Public Companies :

HTL Limited

Date of Appointment :

07.02.1996

 

 

Name :

Mr. Y.L. Agarwal

Designation :

Director

 

 

Name :

Mr. S.G. Nadkarni

Designation :

Nominee Director (IDBI) (w.e.f. 28.02.2012)

 

 

KEY EXECUTIVES

 

Name :

Mr. Manoj Baid

Designation :

Associate Vice-President (Corporate) and Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.12.2014

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

As a % of (A+B)

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

638344

0.05

http://www.bseindia.com/include/images/clear.gifBodies Corporate

482285870

38.91

http://www.bseindia.com/include/images/clear.gifSub Total

482924214

38.97

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

482924214

38.97

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

1613025

0.13

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

152568187

12.31

http://www.bseindia.com/include/images/clear.gifInsurance Companies

521000

0.04

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

12822262

1.03

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

12525

0.00

http://www.bseindia.com/include/images/clear.gifForeign Bank

5305

0.00

http://www.bseindia.com/include/images/clear.gifForeign National

7220

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

167536999

13.52

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

276067471

22.27

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

245539302

19.81

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

65788414

5.31

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1520794

0.12

http://www.bseindia.com/include/images/clear.gifTrusts

172260

0.01

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

38250

0.00

http://www.bseindia.com/include/images/clear.gifClearing Members

1310284

0.11

http://www.bseindia.com/include/images/clear.gifSub Total

588915981

47.52

Total Public shareholding (B)

756452980

61.03

 

 

 

Total (A)+(B)

1239377194

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

 

 

 

Total (A)+(B)+(C)

1239377194

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of telecom products, executing turnkey contracts and providing services relating thereto.

 

 

Products :

Item Code No. (ITC Code)

Product Description

85.17

Optical Line Terminal Equipment (OLTE)

85.25

Microwave Communication/WLL Equipment

85.44

Optical Fibre Cable

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

Customers :
  • Nokia Siemens Networks
  • Ericsson
  • Huawei
  • Alcatel-Lucent
  • Reliance Communications
  • Airtel
  • Aircel
  • Docomo
  • Idea
  • Videocon
  • BSNL
  • MTNL
  • BHEL
  • NTPC
  • Indian Oil
  • GSPC
  • Bharat Petroleum
  • ABB
  • Tata Power
  • D-Link
  • Reliance Energy

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :
  • State Bank of India
  • Oriental Bank of Commerce
  • Punjab National Bank
  • Bank of Baroda
  • Union Bank of India
  • IDBI Bank Limited

 

 

Facilities :

 

Secured Loan

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Term Loans from Banks and Financial Institutions

1020.400

1165.900

Funded Interest Term Loans (FITL)

807.500

857.600

SHORT TERM BORROWINGS

 

 

Loans Repayable on Demand From Banks

338.600

306.700

Total

 

2330.149

 

 

Secured Long Term Borrowings

Term loan of Rs.632.800 Million (Previous year Rs.711.900 Million) and Funded interest term loan of Rs.289.200 Million (Previous year Rs. 339.200 Million) are secured on pari passu basis by way of first charge on all the immovable properties, both present and future, by way of equitable mortgage and first charge on the entire sales proceeds of the contracts covered under the aforesaid loan to be credited to the Escrow/designated account.

 

Term loan of Rs.186.900 Million (Previous year Rs.210.200 Million) from a bank, Working capital term loan of Rs.145.600 Million (Previous year Rs.163.800 Million) and Funded interest term loan of Rs.310.600 Million (Previous year Rs. 310.600 Million) are secured by way of pledge of shares/Bonds/Units and also secured on pari passu basis by way of hypothecation of stocks of raw materials, finished and semi- finished goods, stores and spares, book debts etc. as well as by way of second charge on immovable properties pertaining to the Company.

 

Working capital term loans of Rs.200.900 Million (Previous year Rs.225.700 Million) from banks and Funded interest term loans of Rs.207.700 Million (Previous year Rs.207.700 Million) are secured on pari passu basis by way of hypothecation of stocks of raw materials, finished and semi- finished goods, stores and spares, book debts etc. as well as by way of second charge on immovable properties pertaining to Wireline, Wireless and Cable divisions of the Company.

 

All the secured loans from banks are also have secured by Pledge of equity share up to 51% (239700000) shareholding of newly co-opted promoters.

 

All the secured loans as stated above are also personally guaranteed by Managing Director of the Company.

 

Term loans are repayable in 7/3 years commencing from Financial year 2012-13/2016-17 with rate of Interest @10% p.a. or at the rate as re-set by the lenders as detailed here in below:

Rs. In Million

 

F.Y. 2012-2013

(already paid)

F.Y. 2013-2014

(already paid)

F.Y. 2014-2015

F.Y. 2015-2016

F.Y. 2016-2017

F.Y. 2017-2018

F.Y. 2018-2019

Terms Loans

145.700

145.700

145.700

218.600

218.600

291.500

291.500

 

 

 

 

 

285.900

285.900

235.700

 

Secured Short Term Borrowings

Working capital loans from banks aggregating to Rs.338.600 Million (Previous year Rs. 306.700 Million) are secured on pari passu basis by way of hypothecation of stocks of raw materials, finished and semi- finished goods, stores and spares, book debts etc. as well as by way of second charge on immovable properties pertaining to Wireline, Wireless and Cable divisions of the Company and further secured by way of Pledge of equity share up to 51% (239700000) shareholding of newly co-opted promoters and are also personally guaranteed by Managing Director of the company.

 

Auditors :

 

Name :

Khandelwal Jain and Company

Chartered Accountants

Address :

12-B, Baldota Bhawan, 117, Maharshi Karve Road, Mumbai – 400020, Maharashtra, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiaries: :
  • HTL Limited
  • Moneta Finance Private Limited

 

 

Associates:
  • Exicom Tele-systems Limited
  • HFCL Satellite Communications Limited
  • HFCL Dacom Infochek Limited (HDIL)
  • HFCL Bezeq Telecom Limited
  • Westel Wireless Limited
  • Polixel Security Systems Private Limited
  • DragonWave HFCL India Private Limited
  • ANM Enginnering and Works Private Limited
  • NextWave Communications Private Limited
  • Microwave Communications Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5100000000

Equity Shares

Re.1/- each

Rs.5100.000 Million

25000000

Redeemable Preference Shares

Rs.100/- each

Rs.2500.000 Million

 

Total

 

Rs.7600.000 Million

 

 

 

 

 

Issued & Subscribed Capital :

No. of Shares

Type

Value

Amount

1239377194

Equity Shares

Re.1/- each

Rs.1239.400 Million

8050000

6.5% Cumulative Redeemable Preference Shares

Rs.100/- each

Rs.805.000 Million

 

Total

 

Rs.2044.400 Million

 

 

 

 

 

Paid-up Capital :

No. of Shares

Type

Value

Amount

1239377194

Equity Shares

Re.1/- each

Rs.1239.400 Million

8050000

6.5% Cumulative Redeemable Preference Shares

Rs.100/- each

Rs.805.000 Million

 

Total

 

Rs.2044.400 Million

 

 

 

 

 

A. Equity Shares

(i) Nil (previous year 278,180) shares of Re.1/- each represent Global Depository Receipts.

 

(ii) 14,550,000 shares of Re.1/- each issued for consideration other than cash pursuant to the amalgamation of erstwhile Himachal Telematics Limited with the Company.

 

(iii) 529,601,640 shares of Re.1/- each have been allotted for a consideration other than cash pursuant to the Composite Scheme of Arrangement and Amalgamation between Sunvision Engineering Company Private Limited (SECPL) its share holders and the Optionally Convertible Debenture (OCD) holders and the Company and its shareholders sanctioned by the Hon'ble High Court of Himachal Pradesh at Shimla vide its order passed on 5th January, 2011.

 

B. Preference Shares

The Cumulative Redeemable Preference Shares (CRPS) aggregating to Rs. 805,000 shall be redeemed at the rate of 25% and 75% of the face value in the financial years ending 31st March 2018 and 31st March, 2019, respectively and will carry the coupon rate of 6.50% from new cut off date i.e. 1st January 2011. However, dividend accrued on notional basis, as same has not been declared and fallen due for payment, and penal interest thereon, till the cut-off date, stands waived as per CDR rework package.

 

C. (i) Shareholders holding more than 5 percent of Equity Shares

 

 

Name of Shareholder

Figures as at

31st March, 2014

No. of share held

NextWave Communications Private Limited

 

234765000

 

% of Holding

18.94%

ANM Engineering and Works Private Limited

 

234765000

 

% of Holding

18.94%

IDBI Bank Limited

 

150945122

 

% of Holding

12.18%

Oriental Bank of Commerce

 

52414000

 

% of Holding

4.23%

 

(ii) Shareholders holding more than 5 percent of Preference Shares

 

 

Name of Shareholder

Figures as at

31st March, 2014

No. of share held

General Insurance Corporation of India Limited

 

500000

 

% of Holding

6.21%

Digivive Contents Services (Private) Limited

 

2950000

 

% of Holding

36.65%

IDBI Bank Limited

 

3500000

 

% of Holding

43.48%

Oriental Bank of Commerce

 

600000

 

% of Holding

7.45%

 

D. Statement of Reconciliation of equity capital is set below:

 

 

Name of Shareholder

Figures as at

31st March, 2014

No. of share held

No. of shares at the beginning of the year

 

1,239,377,194

Add: Shares issued during the year

 

--

Add: Bonus shares issued during the year

 

--

Less: Share bought back during the year

 

--

No. of shares at the end of the year

 

1,239,377,194

 

E. Terms/right attached to Equity/Preference Shares

The Company has issued equity share of Re.1/- each and preference share of Rs.100/- each. On a show of hands, every holder of equity shares is entitled for one vote and upon a poll shall have voting rights in proportion to the shares of the paid up capital of the Company held by them. Preference shareholders shall have voting right in proportion to the shares of the paid up capital provided if the dividend due on such capital or any part of such dividend has remained unpaid. The Company declares dividend, if any, in Indian Rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of shareholders in the Annual General Meeting. 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 amount in proportion to their shareholdings.

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2044.400

2044.400

2044.377

(b) Reserves & Surplus

6341.600

5065.600

4517.611

(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)

8386.000

7110.000

6561.988

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1827.900

2023.500

2169.209

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

1.700

39.700

6186.747

(d) long-term provisions

94.300

50.300

20.180

Total Non-current Liabilities (3)

1923.900

2113.500

8376.136

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

868.700

717.000

973.654

(b) Trade payables

1938.800

476.800

321.520

(c) Other current liabilities

2787.700

1568.900

681.268

(d) Short-term provisions

261.700

37.400

27.428

Total Current Liabilities (4)

5856.900

2800.100

2003.870

 

 

 

 

TOTAL

16166.800

12023.600

16941.994

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1501.800

1028.100

856.072

(ii) Intangible Assets

29.200

25.000

15.958

(iii) Capital work-in-progress

4.500

216.500

197.450

(iv) Intangible assets under development

0.900

0.900

0.362

(b) Non-current Investments

3645.800

3635.800

9698.304

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

27.300

64.100

36.448

(e) Other Non-current assets

560.000

0.000

0.000

Total Non-Current Assets

5769.500

4970.400

10804.594

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

1.800

1.800

1.839

(b) Inventories

1499.900

327.600

321.745

(c) Trade receivables

2545.100

2998.400

3112.845

(d) Cash and cash equivalents

659.400

389.500

555.380

(e) Short-term loans and advances

5242.800

3134.600

1936.350

(f) Other current assets

448.300

201.300

209.241

Total Current Assets

10397.300

7053.200

6137.400

 

 

 

 

TOTAL

16166.800

12023.600

16941.994

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

20187.800

6053.500

2607.078

 

 

Other Income

136.900

259.300

277.451

 

 

TOTAL                                     (A)

20324.700

6312.800

2884.529

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

2579.900

915.400

281.615

 

 

Purchases of Stock-in-Trade

159.300

129.100

853.425

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1068.500)

(17.900)

2.410

 

 

Employees benefits expense

1954.300

977.400

384.013

 

 

Other expenses

1536.600

786.300

622.779

 

 

Investments written off

0.000

12.600

0.000

 

 

Less: Transferred from provision for diminution in value

0.000

(12.600)

0.000

 

 

Project labour and service charges

12221.400

2145.800

0.000

 

 

Bad debts, Loans & advances and Others written off (Net)

876.700

291.500

155.058

 

 

Less : Transferred from provision made in earlier years

0.000

0.000

(74.660)

 

 

Exceptional Items

0.000

98.200

59.500

 

 

Provision for doubtful advances

60.000

0.000

0.000

 

 

TOTAL                                     (B)

18319.700

5325.800

2284.140

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

2005.000

987.000

600.389

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

331.400

271.800

334.939

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1673.600

715.200

265.450

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

198.500

166.800

150.652

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

1475.100

548.400

114.798

 

 

 

 

 

Less

TAX                                                                  (H)

0.300

0.400

0.512

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1474.800

548.000

114.286

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1064.400

516.400

402.151

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Dividend

169.900

0.000

NA

 

Tax on Dividend

28.900

0.000

NA

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

2340.400

1064.400

516.400

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

145.200

13.900

0.944

 

 

Commission received

0.300

1.100

0.000

 

TOTAL EARNINGS

145.500

15.000

0.944

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials & Components

1390.200

561.700

119.056

 

 

Stores & Spares

4.800

3.600

1.300

 

 

Capital Goods

109.000

102.000

12.222

 

TOTAL IMPORTS

1504.000

667.300

132.578

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

- Basic

1.15

0.40

0.06

 

- Diluted

1.15

0.40

0.06

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2014

30.09.2014

31.12.2014

 

 

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

 

6188.200

6505.800

6005.000

Total Expenditure

 

5349.400

5677.000

5411.100

PBIDT (Excl OI)

 

838.800

828.800

593.900

Other Income

 

38.900

32.600

34.100

Operating Profit

 

877.700

861.400

628.000

Interest

 

92.500

76.900

126.900

Exceptional Items

 

0.000

0.000

0.000

PBDT

 

785.200

784.500

502.000

Depreciation

 

90.500

95.100

81.300

Profit Before Tax

 

694.700

689.400

420.700

Tax

 

0.000

0.000

0.000

Provisions and contingencies

 

0.000

0.000

0.000

Profit After Tax

 

694.700

689.400

420.700

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

 

694.700

689.400

420.700

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin
(PAT / Sales)

(%)

7.31

9.05

4.38

 

 

 

 

 

Operating Profit Margin
(PBIDT/Sales)

(%)

100.38

104.28

110.64

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

11.79

6.71

1.63

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.18

0.08

0.02

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.32

0.39

0.48

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.78

2.52

3.06

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2044.377

2044.400

2044.400

Reserves & Surplus

4517.611

5065.600

6341.600

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

6561.988

7110.000

8386.000

 

 

 

 

long-term borrowings

2169.209

2023.500

1827.900

Short term borrowings

973.654

717.000

868.700

Total borrowings

3142.863

2740.500

2696.600

Debt/Equity ratio

0.479

0.385

0.322

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2607.078

6053.500

20187.800

 

 

132.195

233.490

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2607.078

6053.500

20187.800

Profit

114.286

548.000

1474.800

 

4.38%

9.05%

7.31%

 

 

 

 

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

Yes

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 LOAN

 

Particular

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Loans Repayable on Demand

 

 

From Body Corporates

480.100

360.200

Vendors bill discounting

50.000

0.000

Buyer's Credit

0.000

50.100

Total

530.100

410.300

 

 

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

 

Particular

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

Unexpired Letters of Credit

265.400

18.200

Guarantees given by banks on behalf of the company

560.300

329.300

Counter Guarantees given by the Company to financial institutions/banks for providing guarantees on behalf of companies promoted by the Company

201.600

201.600

Arrears of Dividend on Cumulative redeemable preference shares (net of advances)

0.000

189.000

 

 

 

MANAGEMENT DISCUSSIONS AND ANALYSIS (MDA)



Management Discussions and Analysis (MDA) Report for the year as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges in India, is presented in a separate section forming part of the Annual Report.

SUBSIDIARIES

 

M/s HTL Limited and M/s Moneta Finance Private Limited, continue to be the subsidiaries of your Company.

 

The Ministry of Corporate Affairs (MCA) vide its General Circular No. 2/2011 dated 8th February, 2011 has granted general exemption to all companies from attaching the annual accounts of the subsidiaries with the Annual Report of holding company, subject to compliance of conditions specified therein. As required under the said Circular, the Board of Directors of the Company at its meeting held on 14th August,2014 has given its consent for not attaching the annual accounts of above subsidiary companies to the annual accounts of the Company.

 

Accordingly, annual accounts of the subsidiary companies are not annexed to the annual accounts of the Company. The Central Government has however, prescribed specified information on the subsidiary companies, to be disclosed as part of its consolidated financial statements. Such information is appearing at page no. 99 of this Annual Report. The Company has annexed audited consolidated financial statements of the Company and all its subsidiaries in the Annual Report.

 

Any shareholder desirous of obtaining the Annual Accounts and related information of the above subsidiary companies may write to the Company Secretary at M/s Himachal Futuristic Communications Ltd. 8, Commercial

Complex, Masjid Moth, Greater Kailash - II, New Delhi - 110048 and the same shall be sent by post.

 

The annual accounts of the above subsidiary companies and the related information shall be made available to the Shareholders of the Company as well as to the Shareholders of the subsidiary companies seeking such information at any point of time. The annual accounts of the above subsidiary companies shall also be kept open for inspection for any member of the Company at the Registered office and Corporate office of the Company as well as at the Registered office of the concerned subsidiary companies.

 

PRIMARY SEGMENT INFORMATION

 

The Company's operations primarily relates to manufacturing of telecom products, executing turnkey contracts and providing services relating thereto. Accordingly segments have been identified in line with Accounting Standard. Telecom products and Turnkey contracts and services are the primary business segments whereas Others constituting less than 10% of the segment revenue/results/assets and accordingly have been considered as other business segments and are disclosed in the financial statements.



 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER NAD NINE MONTHS ENDED 31.12.2014

Rs. In Million

Particulars

Three Months Ended

Preceding Three Months Ended

Year to date figure for the current year

 

31.12.2014

30.09.2014

31.12.2014

 

Unaudited

Unaudited

Unaudited

1. Income from operations

 

 

 

Net Sales/Income from operations (Net of Excise Duty)

6005.000

6505.800

18699.000

2. Expenses

 

 

 

a) Cost of materials/services consumed

3918.900

4099.700

13366.100

b) Purchases of stock-in-trade

35.500

211.800

255.300

c) Changes in Inventories of finished goods, work in progress and stock In Trade

21.000

206.00

(735.900)

d) Employee benefits expenses

510.500

607.900

1589.700

e) Depreciation. Impairment and Amortisation Expenses

81.300

95.100

266.900

f) Other expenses

585.100

536.500

1605.600

g) Provision for doubtful advances

0.000

0.000

0.000

f) Bad debts advances & Miscellaneous balances written off (net)

340.200

15.100

356.700

Total

5492.400

5772.100

16704.400

3. Profit/ (Loss) from Operations before Other Income, Finance Costs and Exceptional Items

512.600

733.700

1994.600

4. Other Income

34.100

32.600

105.600

5. Profit/(Loss) from ordinary activities before finance costs and exceptional items (3+4)

546.700

766.300

2100.200

6. Finance Cost

126.000

76.900

295.400

7. Profit/ (Loss) from ordinary activities alter finance costs but before exceptional items (5-6)

420.700

689.400

1804.800

8. Exceptional Items - expenses /(income)

0.000

0.000

0.000

9. Profit/ (Loss) from ordinary activities before Tax

420.700

689.400

1804.800

10. Tax Expenses

92.500

147.300

385.700

MAT Credit Entitlements

(92.500)

(147.300)

(385.700)

11. Net Profit/ (Loss) from ordinary activities after Tax (9-10)

420.700

689.400

1804.800

12. Extra-ordinary items – expenses / (Income)

0.000

0.000

0.000

13. Net Profit/ (Loss) for the period (11-12)

420.700

689.400

1804.800

14. Share of (profit) I loss of Associates

--

--

--

15 Minority interest

--

--

---

16. Net profit/ (loss) after taxes, minority interest and share of profit/ (loss) of associates (13-14)

420.700

689.400

1804.800

17 Pad-up Equity Share Capital (Face value of Re.1/- each)

1239.400

1239.400

1239.400

18. Reserves excluding revaluation reserves as per Balance sheet of previous year

 

 

 

19. (a) EPS before Extraordinary Item (Rs.) (Not Annualised)

 

 

 

Basic

0.33

0.55

1.42

Diluted

0.33

0.55

1.42

(b) EPS after Extraordinary Item (Rs.) (Not Annualised

 

 

 

Basic

0.33

0.55

1.42

Diluted

0.33

0.55

1.42

 

 

 

 

PART – 2

 

 

 

1. Public shareholding

 

 

 

- Number of shares

764612049

758252980

764612049

- Percentage of shareholding

61.69

61.18

61.69

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

239700000

240756000

239700000

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

50.49

50.04

50.49

Percentage of shares (as a % of total share capital of the company)

19.34

19.43

19.34

b) Non  Encumbered

 

 

 

Number of shares

235065145

240368214

235065145

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

49.51

49.96

49.51

Percentage of shares (as a % of total share capital of the company)

18.97

19.39

18.97

 

 

 

 

B. INVESTOR COMPLAINTS

Quarter Ended 31.12.2014

Pending at the beginning of the quarter

Nil

Received during the quarter

14

Disposed of during the quarter

14

Remaining unresolved at the end of the quarter

Nil

 

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Rs. In Million

Particulars

Three Months Ended

Preceding Three Months Ended

Year to date figure for the current year

 

31.12.2014

30.09.2014

31.12.2014

1. Segment Revenue

Unaudited

Unaudited

Unaudited

a. Telecom Products

1392.500

1530.000

4138.500

b. Turnkey Contracts and Services

4612.500

4975.800

14560.500

Total

6005.000

6505.800

18699.000

 

 

 

 

Less: Inter segment revenue

--

--

--

Net Sales/Income from Operations

6005.000

6505.800

18699.000

 

 

 

 

2. Segment Results Profit /(Loss) before tax and interest for each segment

 

 

 

a. Telecom Products

(203.600)

177.300

148.500

b. Turnkey Contracts and Services

757.100

600.400

1960.800

Total

553.500

777.700

2109.300

Less. i. Interest

126.000

76.900

295.400

ii. Other un-allocable expenditure net off

6.800

11.500

9.800

un-allocable income

0.000

(0.100)

(0.700)

Total Profit before Tax

420.700

689.400

1804.800

 

 

 

 

3. Capital Employed

 

 

 

a. Telecom Products

3427.200

3272.700

3427.200

b. Turnkey Contracts and Services

3256.000

2846.200

3256.000

Total capital employed in segments

6683.200

6118.900

6683.200

Add: Un-allocable corporate assets less liabilities

3412.400

3556.000

3412.400

Total capital employed In Company

10095.600

9674.900

10095.600

 

Note:

1. The above results have been reviewed by the Audit committee and taken on record by the Board of Directors at its meeting held on January 19, 2015 and the Statutory Auditors have carried out Limited Review of the same. 

2. The figures of the previous periods have been regrouped wherever necessary and restated in "Rupees in crores" in lieu of "Rupees in lakhs" as mentioned earlier.

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10539446

10/12/2014

1,040,100,000.00

STATE BANK OF INDIA

N-3, FIRST & SECOND FLOOR, COMMERCIAL BRANCH, SOU 
TH EXTENSION, PART-I, NEW DELHI, DELHI - 110049, I 
NDIA

C38536843

2

10477787

14/02/2014

400,000,000.00

IDBI BANK LIMITED

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA 
RASHTRA - 400005, INDIA

B96444773

3

10054919

06/01/2014 *

2,238,500,000.00

STATE BANK OF INDIA CONSORTIUM

N-3, SOUTH EXTENSION PART -1, NEW DELHI, DELHI - 1 
10049, INDIA

B94271665

4

90183275

10/01/2014 *

2,238,500,000.00

STATE BANK OF INDIA CONSORTIUM

N-3, SOUTH EXTENSION PART - 1, NEW DELHI, DELHI - 
110049, INDIA

B94372299

5

80019393

16/10/2003

200,000,000.00

RABO INDIA FINANCE PVT LTD.

FORBES BUILDING, 2ND FLOOR,, CHARANJIT RAI MARG, 
FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA

-

6

80019425

25/05/2001

750,000,000.00

GLOBAL TRUST BANK LIMITED

15, MAKER CHAMBRS III, NARIMAN POINT, MUMBAI, MAH 
ARASHTRA - 400021, INDIA

-

7

80019386

15/12/2000

2,500,000,000.00

THE INDUSTRIAL DEVELOPMENT BANK OF INDIA

IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 40 
0005, INDIA

-

8

80018675

28/11/2006 *

2,500,000,000.00

INDUSTRIAL DEVELOPMENT BANK OF INDIA LTD.

IDBI TOWER, CUFFEE PARADE, COLOBA, MUMBAI, MAHARA 
SHTRA - 400005, INDIA

-

 

* Date of charge modification

 

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Plant and machinery
  • Electrical installation
  • Furniture and fixtures
  • Office equipment
  • Vehicles
  • Moulds and dies

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.62.59

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

SNT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

43

 

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

 

--

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.