MIRA INFORM REPORT

Report No. :	336482
Report Date :	11.08.2015

IDENTIFICATION DETAILS

Name :	HPL ELECTRIC AND POWER PRIVATE LIMITED (w.e.f. 10.03.2010)
Formerly Known As :	HPL-SOCOMEC PRIVATE LIMITED
Registered Office :	1/21, Asaf Ali Road, New Delhi - 110002
Tel. No.:	91-11-23234411
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.05.1992
Com. Reg. No.:	55-048945
Capital Investment / Paid-up Capital :	Rs.185.717 Million
CIN No.: [Company Identification No.]	U74899DL1992PTC048945
IEC No.:	0593018923
TAN No.: [Tax Deduction & Collection Account No.]	DELH01646B
PAN No.: [Permanent Account No.]	AAACH0165J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Electrical Switchgear, Metering and Energy Management Equipment.
No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and sound probability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for good for normal 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Not Available

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Mahendra
Designation :	Accounts Department
Contact No.:	91-11-23234411
Date :	11.08.2015

LOCATIONS

Registered/ Corporate Office :	1/21, Asaf Ali Road, New Delhi - 110002, India
Tel. No.:	91-11-23234411
Fax No.:	91-11-23232639
E-Mail :	hpl@hpindia.com gsm@hplindia.com
Website :	www.hplindia.com
Factory:	133 Pace City-1, Sector 37, Gurgaon - 122001, Haryana, India
Factory :	Also Located at: · Delhi · Haryana · Noida · Jabli · Sonepat
Branches :	Located at: · Ahmedabad · Guwahati · Mumbai · Bangalore · Hyderabad · Nagpur · Bhubaneswar · Indore · Pune · Chandigarh · Jaipur · Raipur · Chennai · Kanpur · Ranchi · Cochin · Kolkata · Vadodara · Coimbatore · Lucknow · Vijaywada · Vizag

DIRECTORS

As on 30.09.2014

Name :	Mr. Lalit Seth
Designation :	Director
Address :	35, Sunder Nagar, New Delhi - 110003, India
Date of Birth/Age :	25.05.1946
Date of Appointment :	28.05.1992
PAN No.:	AATPS1284R
DIN No.:	00312007
Name :	Mr. Gautam Seth
Designation :	Director
Address :	35, Sunder Nagar, New Delhi - 110003, India
Date of Birth/Age :	02.01.1972
Date of Appointment :	15.02.2008
PAN No.:	AATPS1285Q
DIN No.:	00203405
Name :	Mr. Rishi Seth
Designation :	Director
Address :	35, Sunder Nagar, New Delhi - 110003, India
Date of Birth/Age :	21.12.1970
Date of Appointment :	14.04.2005
PAN No.:	AATPS1286P
DIN No.:	00203469
Name :	Mr. Chandra Prakash Jain
Designation :	Additional Director
Address :	GH-1, 0A Orchid Garden, Sun City, Sector-54, Gurgaon - 122002, India
Date of Birth/Age :	03.05.1960
Date of Appointment :	18.05.2009
PAN No.:	ABPPJ3669N
DIN No.:	00311643

KEY EXECUTIVES

Name :	Mr. Deepak Singhal
Designation :	Secretary
Address :	3675 B, Narang Colony Road, Tri Nagar, Delhi - 110035, India
Date of Birth/Age :	04.11.1976
Date of Appointment :	25.05.2007
PAN No.:	AUAPS8825K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Lalit Seth	3081239
Praveen Seth	853239
Socomec SA, France	993316
Amerex India Private Limited, India	84000
Jeasons Impex Private Limited, India	9600
Rishi Seth	396038
Gautam Seth	396038
HPL India Limited, India	4695295
Havells Private Limited, India	1137062
Havell’s Electronic Private Limited, India	4660852
Chandra Prakash Jain	15000
Himachal Energy Private Limited, India	2250000
Total	18571679

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	5.35
Bodies corporate	69.12
Directors or relatives of Directors	25.45
Others	0.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Electrical Switchgear, Metering and Energy Management Equipment.

Products :

Item Code No. (ITC Code)	Product Description
90283000	Electronic Energy Static Meter
85393100	Lighting
85449000	Cables
85359030	Switchgear

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

· South Africa

· Saudi

· Arabia

Imports :

Products :

Raw Material

Countries :

· China

· Japan

Terms :

Selling :

Cash, Cheque , Credit (60/90 Days)

Purchasing :

Cash, Cheque , Credit (60/90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Bankers :

Bank Name	State Bank of India
Branch	Overseas Branch, Jawahar Vyapar Bhawan,1 Tolstoy Marg, New Delhi - 110001, Delhi, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Indusind Bank Limited, Dr. Gopal Das Building, 28, Barakhamba Road, New Delhi - 10001, Delhi, India

· Axis Bank Limited, 4/10,OPG House, 148, Asaf Ali Road, New Delhi - 110002, India

· The Bank of Nova Scotia, Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi - 110001, India

· DBS Bank Limited, Capitol Point, Baba Kharak Singh Marg,, Connaught Place - 110001, Delhi, India

· ICICI Bank Limited, NBCC Place, Bhishma Pitamah Marg, Pragati Vihar, New Delhi-110003, Delhi, India

· Oriental Bank of Commerce, M-1,2,3, Connaught Place, New Delhi-110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loan from Bank	184.000	82.811
Other external commercial borrowing	99.754	307.346
Loans taken for vehicles	2.566	5.114
Other loans and advances
SHORT TERM BORROWINGS	384.673	115.617
Loans repayable on demand from Banks	3155.841	2770.056
Total	3826.834	3280.944

Auditors :
Name :	Sahni Mehra and Company Chartered Accountants
Address :	73, Sunder Nagar, New Delhi, India
PAN No.:	AAKPS4256J
Memberships :	Not Available
Collaborators :	Not Available
Associate:	· Himachal Energy Private Limited CIN No.: U31909HP2003PTC027983 · HPL India Limited CIN No.: U74899DL1989PLC034489

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18,571,679	Equity Shares	Rs.10/- each	Rs.185.717 Million

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	185.717	185.717	179.797
(b) Reserves & Surplus	2998.960	2699.873	2294.249
(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)	3184.677	2885.590	2474.046
(3) Non-Current Liabilities
(a) long-term borrowings	670.993	510.888	824.202
(b) Deferred tax liabilities (Net)	162.140	133.006	103.934
(c) Other long term liabilities	0.000	155.651	76.721
(d) long-term provisions	13.467	11.551	11.893
Total Non-current Liabilities (3)	846.600	811.096	1016.750
(4) Current Liabilities
(a) Short term borrowings	3155.841	2770.056	2230.695
(b) Trade payables	1641.236	1767.203	1469.701
(c) Other current liabilities	506.087	456.251	418.956
(d) Short-term provisions	15.808	24.564	15.777
Total Current Liabilities (4)	5318.972	5018.074	4135.129
TOTAL	9350.249	8714.760	7625.925
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2521.276	2129.993	1746.608
(ii) Intangible Assets	0.000	1.200	0.000
(iii) Capital work-in-progress	290.349	277.173	407.419
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	150.667	150.667	150.667
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.859	11.441	13.920
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2977.151	2570.474	2318.614
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2536.543	2612.646	2107.395
(c) Trade receivables	3115.836	2680.983	2404.040
(d) Cash and cash equivalents	463.999	524.194	472.010
(e) Short-term loans and advances	244.152	318.562	317.294
(f) Other current assets	12.568	7.901	6.572
Total Current Assets	6373.098	6144.286	5307.311
TOTAL	9350.249	8714.760	7625.925

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	11182.314	10002.357	7157.341
		Other Income	50.876	43.027	31.198
		TOTAL	11233.190	10045.384	7188.539
Less	EXPENSES
		TOTAL	10709.476	9509.669	6737.204
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		523.714	535.715	451.335
Less/ Add	DEPRECIATION/ AMORTISATION		132.875	113.503	66.935
	PROFIT/ (LOSS) BEFORE TAX		390.839	422.212	384.400
Less	TAX		89.579	104.415	93.321
	PROFIT/ (LOSS) AFTER TAX		301.260	317.797	291.079
	EARNINGS IN FOREIGN CURRENCY		216.358	177.014	24.945
	Earnings / (Loss) Per Share (Rs.)		16.22	17.11	1.39

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	414.694	389.656	334.599
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	688.066	714.786	120.665

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.69	3.18	4.07
Operating Profit Margin (PBDIT/Sales)	(%)	4.68	5.36	6.31
Return on Total Assets (PBT/Total Assets}	(%)	4.39	5.09	5.44
Return on Investment (ROI) (PBT/Networth)		0.12	0.15	0.16
Debt Equity Ratio (Total Debt/Networth)		1.20	1.14	1.23
Current Ratio (Current Asset/Current Liability)		1.20	1.22	1.28

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	179.797	185.717	185.717
Reserves & Surplus	2294.249	2699.873	2998.960
Net worth	2474.046	2885.590	3184.677
long-term borrowings	824.202	510.888	670.993
Short term borrowings	2230.695	2770.056	3155.841
Current maturities of long-term debts	334.599	389.656	414.694
Total borrowings	3389.496	3670.600	4241.528
Debt/Equity ratio	1.370	1.272	1.332

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	7157.341	10002.357	11182.314
		39.750	11.797

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	7157.341	10002.357	11182.314
Profit	291.079	317.797	301.260
	4.07%	3.18%	2.69%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity -Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10521315	25/08/2014	250,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5,, I  FLOOR,SHOP NO.1001 TO 1007,BARAKHAMBA ROAD,, NEW DELHI, Delhi - 110001, INDIA	C21858444
2	10489267	09/07/2014 *	230,000,000.00	SBERBANK	UPPER GROUND FLOOR, GOPAL DAS BHAWAN, 28, BARAKHA  MBA ROAD, CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA	C12322673
3	10443625	13/05/2014 *	8,500,000,000.00	State Bank of India	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI, Delhi - 110001, INDIA	C05916226
4	10429094	23/05/2013	400,000,000.00	IDBI BANK LIMITED	IRCS BUILDING,1, RED CROSS ROAD, NEW DELHI, Delhi - 110001, INDIA	B76307800
5	10422515	06/04/2013	120,000,000.00	RATNAKAR BANK LIMITED	Shahupuri, Vyapari Peth, Kolhapur, Maharashtra - 416001, INDIA	B73965915
6	10369809	25/07/2012	200,000,000.00	CANARA BANK	Jeevan Bharti Building, Parliament Street, New Delhi, Delhi - 110001, INDIA	B45412228
7	10367946	18/07/2012	60,000,000.00	ICICI BANK LIMITED	ICICI Bank Tower, NBCC Place, Bhishma Pitamah Marg, Pragati Vihar, New Delhi, Delhi - 110003, INDIA	B44658169

* Date of charge modification

FIXED ASSETS

v Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Other Equipments

v Intangible Assets

· Computer Software

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.63.76
UK Pound	1	Rs.98.76
Euro	1	Rs.69.88

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.