MIRA INFORM REPORT

Report No. :	325987
Report Date :	06.06.2015

IDENTIFICATION DETAILS

Name :	HAVELLS INDIA LIMITED
Registered Office :	1, Raj Narain Marg, Civil Lines, Delhi-110054
Tel. No.:	91-120-4771100
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	08.08.1983
Com. Reg. No.:	55-016304
Capital Investment / Paid-up Capital :	Rs. 624.400 Million
CIN No.: [Company Identification No.]	L31900DL1983PLC016304
IEC No.:	0588160385
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACH0351E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importer of Electrical and Power Distribution Equipment.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 68000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company incorporated in the year 1983, having good track. Company is listed on BSE and NSE and currently traded at Rs. 277.00 against face value of Rs 1/- Company has established market position. It is a market leader in the domestic switchgear segment in India. Company has healthy business risk profile. Overall financials are very strong. Trade relations are fair, Business is active and payment terms are regular and as per expectations. In a view of strong financials and market presence, the company can be considered for 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

Rating Agency Name	CRISIL
Rating	Fixed Deposit FAAA/Stable
Rating Explanation	Highest Degree of Safety and Carry Lowest Credit Risk
Date	August, 2014

Rating Agency Name	CRISIL
Rating	Commercial paper A1+
Rating Explanation	Very Strong Degree of Safety and Carry Lowest Credit Risk
Date	August, 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 31-03-2013.

INFORMATION DECLINED BY

MANAGEMENT NON CO-OPERATIVE

Contact No: 91-120-3331000

LOCATIONS

Registered Office :	1, Raj Narain Marg, Civil Lines, Delhi-110054, India
Tel. No.:	91-120-4771100
Fax No.:	Not Available
E-Mail :	Sanjaykumar.gupta@havells.com
Website:	www.havells.com
Corporate Office :	QRG Towers, 2D, Sector -126, Expressway, Noida-201 304, Uttar Pradesh, India
Tel. No.:	91-120-4771100
Fax No.:	91-120-4772000
E-Mail :	www.havells.com
Factory 1:	Domestic Switchgears District. Solan, Baddi, Himachal Pradesh, India
Factory 2:	Domestic Switchgears Plot No. 2 and 2A, Sector - 12, SIDCUL Industrial Area, Haridwar, Uttarakhand, India
Factory 3:	Industrial Switchgear 14/3, Mathura Road, Faridabad
Factory 4:	Industrial Switchgear Plot No.6, Site - IV, Sahibabad Industrial Area, Sahibabad, Uttar Pradesh, India
Factory 5:	Capacitors Plot No.6, Site - IV, Sahibabad Industrial Area, Sahibabad, Uttar Pradesh, India
Factory 6:	PCB Assembly Line E-1, Sector-59, Noida – 201307, Uttar Pradesh, India
Factory 8:	Motor and Pumps SP-181 – 189, Industrial Area, Phase II, Neemrana, Alwar, Rajasthan, India
Factory 9:	Cable Division A/461-462, and SP – 215, Matsya Industrial Area, Alwar, Rajasthan, India
Factory 10:	Lighting and Fixture Division SP-181 – 189, Industrial Area, Phase II, Neemrana, Alwar, Rajasthan, India
Factory 11:	Electrical Consumer Durable – Fan Division Plot No. 2A, Sector - 10, SIDCUL Industrial Area, Haridwar, Uttarakhand, India
Factory 12:	Centre for Research and Innovation (CRI) QRG Towers, 2D, Sector – 126, Expressway, Noida-201304, Uttar Pradesh, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Qimat Rai Gupta
Designation :	Chairman and Managing Director
Name :	Mr. Anil Rai Gupta
Designation :	Joint Managing Director
Name :	Mr. Surjit Gupta
Designation :	Director
Name :	Mr. Rajesh Gupta
Designation :	Director (Finance) and Group CFO
Name :	Mr. V. K. Chopra
Designation :	Director
Name :	Mr. A. P. Gandhi
Designation :	Director
Name :	Mr. DR. Adarsh Kishore
Designation :	Director
Name :	Mr. S. B. Mathur
Designation :	Director
Name :	Mr. S. K. Tuteja
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Sanjay Gupta
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	126357380	20.23
Bodies Corporate	258600540	41.41
Sub Total	384957920	61.64
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	384957920	61.64
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	15028203	2.41
Financial Institutions / Banks	49019	0.01
Insurance Companies	945000	0.15
Foreign Institutional Investors	162325060	25.99
Sub Total	178347282	28.56
(2) Non-Institutions
Bodies Corporate	14539655	2.33
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	32904061	5.27
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	8255410	1.32
Any Others (Specify)	5483707	0.88
Trusts	4315	0.00
Non Resident Indians	4070374	0.65
Clearing Members	514986	0.08
Hindu Undivided Families	894032	0.14
Sub Total	61182833	9.80
Total Public shareholding (B)	239530115	38.36
Total (A)+(B)	624488035	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	624488035	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Electrical and Power Distribution Equipment.
Products :	· Industrial and Domestic Circuit Protection Switchgears · Cables · Motors · Pumps Fans · Power Capacitors · Modular Switches etc
Brand Names :	“HAVELLS”
Agencies Held :	---
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· IDBI Bank Limited

· Canara Bank

· Yes Bank Limited

· Axis Bank Limited

· Standard Chartered Bank

· HSBC Bank Limited

· HSBC Bank (Mauritius) Limited

· ICICI Bank Limited

· State Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from Banks External Commercial Borrowings	801.300
Total	801.300

NOTE

LONG-TERM BORROWINGS

a) External commercial borrowing is from HSBC Bank (Mauritius) Limited. The said loan is repayable in 12 equal quarterly instalments of Rs. 100.200 Million (USD 16,66,667) starting from 26th April, 2014 carrying an interest rate of LIBOR + 195 bps per annum, and is secured by way of:

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.

b) The group companies signed secured facility agreement with HSBC Bank Plc, Standard Chartered Bank and ICICI Bank UK Plc for Rs. 6399.600 Million (Euro 77.5 million) {including revolving facility for ` 20.64 crores (Euro 2.50 million)} at EURIBOR + 3.50% p.a (linked with group leverage ratio). The said loan is repayable by half yearly instalments ranging from Rs. 310.500 Million (Euro 3.76 million) to Rs. 663.100 Million (Euro 8.03 million) ending on May 2016. Plant and property, trade receivables and inventories in France, Germany, Belgium, UK, Netherlands, Argentina, Ecuador, Dubai, Greece, Thailand, Mexico, US, Brazil and Colombia are pledged as security against the aforesaid facility.

c) The group companies also entered into loan agreement on 14th March, 2013 with Standard Chartered bank for Rs. 990.900 Million (Euro 12 million) at the rate of EURIBOR + 3.7511% p.a (linked with group leverage ratio). The loan is repayable in three instalments of rs. 247.700 million (Euro 3.00 million), Rs. 371.600 Million, (Euro 4.50 million) and Rs. 371.600 Million (Euro 4.50 million) commencing from March 2016. Central warehouse building located in France is pledged under this agreement.

d) During the previous year, the Group companies has entered into a Term facility agreement with Standard Chartered Bank for a loan of Rs. 2147.000 Million crores (Euro 26 million) at EURIBOR plus 1.5% p.a. on the corporate guarantee of Havells India Limited. The loan is repayable in quarterly instalments of Euro 21,66,667 commencing from June 2013 and ending on March 2016. At 31st March, 2014, Outstanding Balance of Term loan is Rs. 1431.100 Million ( Euro 17.33 million).

e) Assets acquired under lease are secured by way of respective assets taken on lease carrying an interest rate of 4.96% perannum.

f) Deposits from public carry interest @ 10% per annum compounded annually and have a maturity period of one to three years from the date of deposits.

g) Current maturities of long term borrowings is rs. 2295.400 Million (previous year Rs. 1473.100 Million) {refer note no. 10}

SHORT-TERM BORROWINGS

* Working capital limit from Banco de Costa Rica is secured by way of mortgage against Land and Building in Costa Rica.

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	Golf View Corporate Tower-B, Sector - 42, Sector Road, Gurgaon - 122 002 Haryana, India
Name :	V. R. Bansal and Associates Chartered Accountants
Address :	B-11, Sector - 2, Noida - 201 301 (Uttar Pradesh), India
Memberships :	--
Collaborators :	--
Wholly Owned Subsidiaries :	· Havells Holdings Limited · Havells Exim Limited
Wholly Owned Subsidiaries of Havells Holdings Limited:	· Havells Malta Limited · Havell's Netherlands Holding B.V.
Wholly Owned Subsidiaries of Havell's Netherlands Holding B.V.:	· Havell's Netherlands B.V. · SLI Europe B.V. · Havells Sylvania Holdings (BVI-1) Limited
Wholly Owned Subsidiaries of SLI Europe BV:	· Flowil International Lighting (Holding) B.V. · Sylvania Lighting International B.V.
49% held by Flowil International Lighting (Holding) B.V. and 51% held by Thai Lighting Assets Co Limited:	· Havells Sylvania (Thailand) Limited
Wholly Owned Subsidiaries of Flowil International Lighting (Holding) B.V.	· 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 Lighting France S.A.S · 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 Europe Limited · Havells Sylvania Tunisia S.A.R.L. · Havells Sylvania South Africa Proprietary Limited
Wholly Owned Subsidiaries WOS of Havells Sylvania Lighting France SA:	· Havells Sylvania France S.A.S.
Wholly Owned Subsidiaries of Sylvania Lighting International B.V.:	· Havells Sylvania Brasil Illuminacao Limited · Havells Sylvania Argentina S.A. · Havells Sylvania N.V. · Havells Mexico S.A. de C.V. · Havells Sylvania Export N.V · Havells Sylvania Iluminacion (Chile) Limited · Panama Americas Trading Hub SA
71% held by Havells Sylvania Holdings BVI-1 Limited and 29% held by Havells Sylvania Holdings BVI-2 Limited:	· Havells Sylvania Colombia S.A.
Wholly Owned Subsidiaries Havells Mexico SA de CV:	Havells Mexico Servicios Generales S.A.de CV
Wholly Owned Subsidiaries of Havells Sylvania Export N.V.:	· 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.
Wholly Owned Subsidiaries of Havells Sylvania Colombia S.A.:	Havells Sylvania Venezuela C.A.
Wholly Owned Subsidiaries of Havells Sylvania Europe Limited:	· Havells Sylvania UK Limited · Havells Sylvania Fixtures UK Limited
Wholly Owned Subsidiaries Havells Sylvania Holdings BVI-1 Limited:	Havells Sylvania Holdings (BVI-2) Limited
83.33% held by Havells Sylvania Europe Limited and 16.67% held by Flowil International Lighting (Holding) B.V.:	Havells Sylvania Dubai FZCO
Wholly Owned Subsidiaries of Havells Sylvania Asia Pacific Limited:	· Havells Sylvania (Shanghai) Limited · Havells Sylvania (Malaysia) Sdn. Bhd
Wholly Owned Subsidiaries of Havells Sylvania Colombia S.A.:	Havells Sylvania Peru S. A. C.
Wholly Owned Subsidiaries of Havell's Netherlands B.V.:	Havells USA Inc.
99% held by Flowil International Lighting (Holding) B.V. & 1% held by Havells Sylvania Europe Limited:	Havells Sylvania Poland S.P.Z.O.O
99.95% held by of Havells Sylvania Europe Limited and 0.05 % held Havells Sylvania UK Limited:	Havells Sylvania TR Elektrik Ürünleri Ticaret Limited Şirketi
49% held by Flowil International Lighting (Holding) B.V.:	Thai Lighting Asset Co. Limited*
74% held by Flowil Lighting International (Holding) B.V. and 26% held by Havells Sylvania Thailand Limited:	PT Havells Sylvania Indonesia
Joint Venture:	Jiangsu Havells Sylvania Lighting Company, Limited
Enterprises in which directors exercise significant influence:	· QRG Enterprises Limited · QRG Foundation · QRG Medicare Limited · QRG Central Hospital and Research Centre Limited · QRG Corporate Services Limited · QRG Wellness LLP · Guptajee and Company · Ajanta Mercantile Limited · The Vivekananda Ashrama

NOTE:

i) Sylvania India Limited’ has been sold during the year.

* ‘Flowil International Lighting (Holding) B.V. (WOS of SLI Europe B.V.)’ holds 49% equity interest in ‘Thai Lighting Assets Co. Limited’ However the said company has majority representation on the entities board of directors and the approval of the said company is required for all major operational decisions and the operations are solely carried out for the benefit of the group. Based on these facts and circumstances, management determined that in substance the group controls this entity and therefore has consolidated this entity in its financial statements.

b) The Group has entered into a Joint Venture agreement with ‘Shanghai Yaming Lighting Company, Limited., Shanghai’, China on 26th December, 2011 for forming a joint venture Company for production of lighting lamps and lighting accessories and sales/services of related products. Accordingly, a Company ‘Jiangsu Havells Sylvania Lighting Company, Limited’ a Jointly Controlled Entity has been formed vide certificate of approval dated 13th February, 2012 issued by the People’s Government of Jiangsu Province, China. The Company has invested a sum of rs. 309.600 Million (RMB 33.00 million) {previous year Rs. 168.500 Million (RMB 19.19 million)} towards 50% of capital contribution in said joint venture company as on the date of balance sheet.

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital= Not Available

Issued, Subscribed and Paid-up Capital: Rs. 624.400 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200100000	Equity Shares	Rs. 5/- each	Rs. 1000.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
124820751	Equity Shares	Rs. 5/- each	Rs. 624.100 Million
45653	Less: Investment held by ESOP Trust (45653 equity shares)	Rs. 5/- each	Rs. 0.200 Million
		Total	Rs. 623.900 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	624.400	623.900	623.900
(b) Reserves & Surplus	23133.500	20674.600	18078.300
(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)	23757.900	21298.500	18702.200
(3) Non-Current Liabilities
(a) Long-term borrowings	417.300	1430.800	1087.800
(b) Deferred tax liabilities (Net)	433.700	517.400	619.000
(c) Other long term liabilities	13.600	403.000	332.600
(d) long-term provisions	47.800	22.600	16.300
Total Non-current Liabilities (3)	912.400	2373.800	2055.700
(4) Current Liabilities
(a) Short term borrowings	0.000	123.700	0.000
(b) Trade payables	3945.200	4395.800	3989.600
(c) Other current liabilities	4637.100	3051.300	2267.600
(d) Short-term provisions	3235.900	2737.900	1567.700
Total Current Liabilities (4)	11818.200	10308.700	7824.900
TOTAL	36488.500	33981.000	28582.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10073.200	8970.800	8939.600
(ii) Intangible Assets	0.000	92.000	97.600
(iii) Capital work-in-progress	0.000	277.800	98.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10117.600	8825.200	7919.200
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	467.700	711.600	585.000
(e) Other Non-current assets	1753.800	3.500	9.000
Total Non-Current Assets	22412.300	18880.900	17648.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6897.200	6827.100	6630.300
(c) Trade receivables	1325.100	1364.900	1301.700
(d) Cash and cash equivalents	5223.400	6261.600	2465.400
(e) Short-term loans and advances	411.100	449.200	411.000
(f) Other current assets	219.400	197.300	125.800
Total Current Assets	14076.200	15100.100	10934.200
TOTAL	36488.500	33981.000	28582.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	51960.800	47196.900	42249.900
		Other Income	868.700	440.600	87.500
		TOTAL (A)	52829.500	47637.500	42337.400
Less	EXPENSES
		Cost of Materials Consumed	27845.100	25462.100	22680.200
		Purchases of Stock-in-Trade	3992.000	3596.900	4226.600
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(52.900)	(41.900)	(393.200)
		Employees benefits expense	3127.200	2474.800	2021.700
		Other expenses	10484.300	9289.000	8366.000
		Foreign Exchange fluctuation loss/(gain)	(79.500)	0.000	0.000
		TOTAL (B)	45316.200	40780.900	36901.300
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7513.300	6856.600	5436.100
Less	FINANCIAL EXPENSES (D)		175.700	269.300	285.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7337.600	6587.300	5150.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		875.100	636.300	578.800
	PROFIT BEFORE TAX (E-F) (G)		6462.500	5951.000	4571.800
Less	TAX (H)		1813.100	1164.100	857.900
	PROFIT AFTER TAX (G-H) (I)		4649.400	4786.900	3713.900
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	3151.700	2072.600
		Merchanting trade Sales	NA	13.300	04.700
	TOTAL EARNINGS		NA	3165.000	2077.300
	IMPORTS
		Raw Materials	NA	3851.300	2013.300
		Stores & Spares	NA	44.200	36.100
		Traded Goods	NA	1155.200	1740.500
		R and D Equipments	NA	00.100	00.500
		Machinery and other fixed assets	NA	83.400	111.700
	TOTAL IMPORTS		NA	5134.200	3902.100
	Earnings Per Share (Rs.)		7.45	38.36	29.76

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	400.700	NA
Cash generated from operations	NA	7642.900	4739.300

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	8.95	10.14	8.79
Operating Profit Margin (PBDIT/Sales)	(%)	14.46	14.53	12.87
Return on Total Assets (PBT/Total Assets}	(%)	24.51	23.92	22.23
Return on Investment (ROI) (PBT/Networth)		0.27	0.28	0.24
Debt Equity Ratio (Total Liability/Networth)		0.02	0.09	0.06
Current Ratio (Current Asset/Current Liability)		1.19	1.46	1.40

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	Rs. 1/-
Market Value	Rs. 277.00/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	623.900	623.900	624.400
Reserves & Surplus	18078.300	20674.600	23133.500
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	18702.200	21298.500	23757.900
Long-term borrowings	1087.800	1430.800	417.300
Short term borrowings	0.000	123.700	0.000
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	400.700	0.000
Total borrowings	1087.800	1554.500	417.300
Debt/Equity ratio	0.058	0.073	0.018

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	42249.900	47196.900	51960.800
		11.709	10.094

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	42249.900	47196.900	51960.800
Profit	3713.900	4786.900	4649.400
	8.79%	10.14%	8.95%

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	No
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
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)	No
16	No. of employees	No
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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

CS(OS) 1720/2014

 M/S GM MODULAR PVT LTD ..... Plaintiff

Through Mr. Vinay Kumar Shukla, Adv.

 versus

M/S HAVELLS INDIA LTD ..... Defendant

Through Ms. Jaya Mandelia, Adv.

CORAM:

BHUPESH KUMAR (DHJS), JOINT REGISTRAR (JUDICIAL)

 O R D E R

21.04.2015

Matter is still stated to be pending before learned Mediator.

 Re-notify the matter for awaiting of report of learned Mediator, for

 13.10.2015.

 BHUPESH KUMAR (DHJS)

JOINT REGISTRAR (JUDICIAL)

APRIL 21, 2015/ab

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 LIMI TED	PLOT NO 139-140B,SHIV BUILDING,SAHAR ROAD JUNCTION , WESTERN EXPRESSWAY HIGHWAY, VILE PARLE - EAST, MUMBAI-400057, MAHARASHTRA , INDIA	B81260366
2	10420057	29/03/2013	1,087,786,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18, CYBERCITY,, EBENE, - XXXXXX, MAURITIUS	B73286874
3	90063916	28/08/2012 *	2,900,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH II, 2ND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, DELHI - 110001 , INDIA	B57092884

*Date of Charge Modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Deposits Deposits from public	629.500
SHORT TERM BORROWINGS
Deposits from public	123.700
LONG-TERM BORROWINGS
Total	753.200

CORPORATE INFORMATION (AS ON 31.03.2014)

The Company is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is listed on BSE Limited and National Stock Exchange of India Limited. The Company is one of the largest and India’s fastest growing electrical and power distribution equipment manufacturer with products ranging from Industrial and Domestic Circuit Protection Switchgears, Cables, Motors, Pumps, Fans, Power Capacitors, CFL Lamps and Luminaries for Domestic, Commercial and Industrial applications, Modular Switches, Water Heaters and Domestic Appliances covering the entire range of household, commercial and industrial electrical needs. The Company along with its subsidiary companies owns some of the prestigious global brands like Crabtree, Sylvania, Concord, Luminance, Linotile and Standard. The Company’s manufacturing facilities are located at Faridabad in Haryana, Alwar and Neemrana in Rajasthan, Haridwar in Uttarakhand, Sahibabad and Noida in Uttar Pradesh and Baddi in Himachal Pradesh. The Company has research and development facilities located at Head office, Noida (Uttar Pradesh) and other manufacturing units which have been approved by Department of Scientific and Industrial Research, Ministry of Science and Technology.

PERFORMANCE REVIEW (AS ON 31.03.2014)

The Company is fast transforming from being an electrical equipment company into a Fast Moving Electrical Goods company. This marks the change in the entire approach to consumer engagement in terms of advertising, branding, distribution, shopping experience as well as after-sales service. Circuit protection switchgear, cables, motors, fans, power capacitors, compact fluorescent lamps (CFL) and light emitting diode (LEDs), luminaries, modular switches, water heater and domestic appliances etc. are some of the star products, which are sold under the well known brands such as Havells, Crabtree, Standard, Sylvania, Concord, and Lumiance in its portfolio.

Havells’ focus in India over last few years has been to move closer to the ultimate consumers and position its products in a way that consumers can connect with and aspire for. With this in mind The Company has created multi-product brands and has been launching new products at regular intervals - firstly, to create an exhaustive product portfolio and, secondly, to meet the different customer needs. The new products launched last year such as entry level switches ‘Reo’ did extremely well during the year. LED-based lighting solutions and luminaries will remain a key growth area for Havells in its domestic as well as international business. The Company continued to invest in brand building and spent Rs. 112.000 Million during 2013-14. The Company cemented its connect with cricket and introduced new ad campaigns at the time of IPL in April 2014. Over the years, these ad campaigns have become an important means to connect with consumers, educating and encouraging them to actively choose products like miniature circuit breakers, switches or wires – a decision, which was earlier delegated to electricians.

Havells is at an important juncture having created infrastructure and manufacturing capacity necessary for future growth. Company’s growth in near future will predominantly come from improved capacity utilisation, rather than from new investments. This is expected to bring in economies of scale, while the capital expenditure will be incurred selectively on brownfield expansion across existing manufacturing units as and when necessary.

On a consolidated basis, The Company has leading presence in lighting business in more than 40 countries through 55 subsidiaries. For the financial year 2013-14 Havells Sylvania posted Euro 440.12 million of revenues, which was marginally higher from previous year. In the total revenue of Sylvania, 58% of revenue was generated from Europe, 35% from Latin America and rest from Asia/ Africa. In the overall consolidated revenues of Havells, the overseas business of Havells Sylvania, represents 42%.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)
Claims/ Suits filed against the Company not acknowledged as debts	140.900
Bank guarantees issued by banks	793.700
Letter of credits issued by banks	433.900
Liability towards banks against receivable buyout facilities	868.000
Bonds to excise department against export of excisable goods/purchase of goods without payment of duty (to the extent utilised)	185.700
Custom duty payable against export obligation	191.800
Disputed tax liabilities in respect of pending cases before Appellate Authorities {amount deposited under protest Rs. 83.500 Million (previous year Rs. 52.400 Million)}	705.700
Demand raised by Uttarakhand Power Corporation Limited contested before electricity Ombudsman, Dehradun {Amount deposited under protest Rs. 10.000 Million (previous year Rs. 10.000 Million)}	10.000
Corporate Guarantees given on behalf of subsidiary companies (to the extent of outstanding obligation)	1431.300

FIXED ASSETS:

Tangible Assets

· Industrial land

· Freehold

· Leasehold

· Buildings

· Plant and Machinery

· Dies and Fixtures

· Furniture and Fixtures

· Vehicles

· R and D Equipments

· Office Equipments

· Electric fans and Installations

Intangible Assets

· Computer Software

· Patent and Trademark

· Technical know-how

· R and D 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.90
UK Pound	1	Rs. 97.98
Euro	1	Rs. 71.82

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		72

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.