MIRA INFORM REPORT
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Report No. : |
329265 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
HAVELLS INDIA LIMITED |
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|
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|
Registered
Office : |
1, Raj Narain Marg, Civil Lines, Delhi - 110054 |
|
Tel. No.: |
91-120-4771100 |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2015 |
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|
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|
Date of
Incorporation : |
08.08.1983 |
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|
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Com. Reg. No.: |
55-016304 |
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Capital
Investment / Paid-up Capital : |
Rs. 624.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31900DL1983PLC016304 |
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|
|
IEC No.: |
0588160385 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACH0351E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Electrical and Power Distribution
Equipment. |
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|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
|
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 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is one of the leading players in consumer electrical products
sector in India. It is a well-established company having fine track record. For the financial year ended 2015, company possesses healthy
operational performance along with 10% sales turnover growth during a year
under a review. Profitability margins stood at 8.95%. Rating reflects company’s established marked position in switchgear
industry backed by strong brand name and diversified product portfolio and
wide spared distribution networks of the company. Rating also reflects strong financial risk profile marked by decent
net worth base and healthy solvency as well as liquidity profile of the
company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of strong brand name with adequate operational base, the
company can be considered 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
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank
facilities = AA+ |
|
Rating Explanation |
High degree of
safety and very low credit risk. |
|
Date |
April 24, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank
facilities = A1+ |
|
Rating Explanation |
Very strong degree of
safety and carry lowest credit risk. |
|
Date |
April 24, 2015 |
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 DENIED
Management non co-operative (91-120-3331000)
LOCATIONS
|
Registered Office : |
1, Raj Narain Marg, Civil Lines, Delhi – 110054, India |
|
Tel. No.: |
91-120-4771100 |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website: |
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Corporate Office : |
QRG Towers, 2D, Sector -126, Expressway, Noida-201 304, Uttar Pradesh,
India |
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Tel. No.: |
91-120-4771100 |
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Fax No.: |
91-120-4772000 |
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E-Mail : |
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|
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Factory 1: |
Domestic
Switchgears District.
Solan, Baddi, Himachal Pradesh, India |
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Factory 2: |
Domestic
Switchgears Plot
No. 2 and 2A, Sector - 12, SIDCUL Industrial Area, Haridwar, Uttarakhand,
India |
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Factory 3: |
Industrial
Switchgear 14/3,
Mathura Road, Faridabad |
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Factory 4: |
Industrial
Switchgear Plot
No.6, Site - IV, Sahibabad Industrial Area, Sahibabad, Uttar Pradesh, India |
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Factory 5: |
Capacitors Plot
No.6, Site - IV, Sahibabad Industrial Area, Sahibabad, Uttar Pradesh, India |
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Factory 6: |
PCB
Assembly Line E-1,
Sector-59, Noida – 201307, Uttar Pradesh, India |
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Factory 8: |
Motor
and Pumps SP-181
– 189, Industrial Area, Phase II, Neemrana, Alwar, Rajasthan, India |
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Factory 9: |
Cable
Division A/461-462,
and SP – 215, Matsya Industrial Area, Alwar, Rajasthan, India |
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Factory 10: |
Lighting
and Fixture Division SP-181
– 189, Industrial Area, Phase II, Neemrana, Alwar, Rajasthan, India |
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Factory 11: |
Electrical
Consumer Durable – Fan Division Plot
No. 2A, Sector - 10, SIDCUL Industrial Area, Haridwar, Uttarakhand, India |
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|
|
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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 |
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|
|
|
Name : |
Mr.
Anil Rai Gupta |
|
Designation : |
Joint
Managing Director |
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|
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|
Name : |
Mr.
Surjit Gupta |
|
Designation : |
Director |
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|
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|
Name : |
Mr.
Rajesh Gupta |
|
Designation : |
Director
(Finance) and Group CFO |
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|
|
|
Name : |
Mr.
V. K. Chopra |
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Designation : |
Director |
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|
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|
Name : |
Mr.
A. P. Gandhi |
|
Designation : |
Director |
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|
Name : |
Mr.
DR. Adarsh Kishore |
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Designation : |
Director |
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|
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|
Name : |
Mr.
S. B. Mathur |
|
Designation : |
Director |
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|
|
|
Name : |
Mr.
S. K. Tuteja |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
126357380 |
20.23 |
|
|
258600540 |
41.41 |
|
|
384957920 |
61.64 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
384957920 |
61.64 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
15028203 |
2.41 |
|
|
49019 |
0.01 |
|
|
945000 |
0.15 |
|
|
162325060 |
25.99 |
|
|
178347282 |
28.56 |
|
|
|
|
|
|
14539655 |
2.33 |
|
|
|
|
|
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 |
|
|
5483707 |
0.88 |
|
|
4315 |
0.00 |
|
|
4070374 |
0.65 |
|
|
514986 |
0.08 |
|
|
894032 |
0.14 |
|
|
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 |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
624488035 |
0.00 |
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. |
|
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|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· 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 |
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Facilities : |
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Auditors : |
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|
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 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Wholly Owned Subsidiaries : |
·
Havells Holdings Limited ·
Havells Exim Limited |
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Wholly Owned Subsidiaries of Havells Holdings Limited: |
·
Havells Malta Limited ·
Havell's Netherlands Holding B.V. |
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|
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 |
|
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|
Wholly Owned Subsidiaries WOS of Havells Sylvania Lighting France SA: |
·
Havells Sylvania France S.A.S. |
|
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|
|
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. |
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|
Wholly Owned Subsidiaries Havells Mexico SA de CV: |
Havells Mexico Servicios Generales S.A.de CV |
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|
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. |
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|
Wholly Owned Subsidiaries of Havells Sylvania Colombia S.A.: |
Havells Sylvania Venezuela C.A. |
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|
|
|
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 |
|
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|
Wholly Owned Subsidiaries of Havells Sylvania Colombia S.A.: |
Havells Sylvania Peru S. A. C. |
|
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|
Wholly Owned Subsidiaries of Havell's Netherlands B.V.: |
Havells USA Inc. |
|
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|
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 Company 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 |
|
|
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|
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 |
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 |
LISTING DETAILS
|
Subject Stock Code
: |
NSE : HAVELLS BSE : 517354 |
|
|
|
|
Stock Exchange
Place : |
· National Stock Exchange of India Limited · BSE Limited |
|
|
|
|
ISIN |
INE176B01026 |
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 |
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 |
45316.200 |
40780.900 |
36901.300 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7513.300 |
6856.600 |
5436.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
175.700 |
269.300 |
285.500 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7337.600 |
6587.300 |
5150.600 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
875.100 |
636.300 |
578.800 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6462.500 |
5951.000 |
4571.800 |
|
|
|
|
|
|
|
Less |
TAX |
1813.100 |
1164.100 |
857.900 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
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 Equipment’s |
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 |
0.000 |
|
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 Debt/Networth) |
|
0.02 |
0.09 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.46 |
1.40 |
STOCK
PRICES
|
Face Value |
Rs.1.00 /- each |
|
Market Value |
Rs.279.40 /- each |
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 |
|
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 Debt |
0.000 |
400.700 |
0.000 |
|
Total borrowings |
1087.800 |
1955.200 |
417.300 |
|
Debt/Equity ratio |
0.058 |
0.092 |
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 |
No |
|
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) 883/2010, IA
No.6032/2010 OSRAM GESELLSCHAFT
MIT BESCHRANKTER HAFTUNG AND ANR ..... Plaintiffs Through: Mr. Peeyoosh
Kalra with Ms. Maidini Phul, Advs. Versus HAVELLS INDIA
LIMITED ..... Defendant Through: Mr. Sudeep
Chatterjee, Adv. CORAM: HON'BLE MR. JUSTICE
NAJMI WAZIRI ORDER 21.04.2015 At request of the learned
counsel for the parties, renotify on 21st September, 2015 for arguments on
the application for interim relief. NAJMI WAZIRI, J APRIL 21, 2015/ak |
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 it’s 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%.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits Deposits
from public |
NA |
629.500 |
|
SHORT TERM BORROWINGS |
|
|
|
Deposits
from public |
NA |
123.700 |
|
LONG-TERM BORROWINGS |
|
|
|
Total |
NA |
753.200 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10441530 |
11/07/2013 |
1,087,786,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
Plot No 139-140B,Shiv Building, Sahar Road Junction, Western Expressway Highway, Vile Parle - East, Mumbai - 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, - |
B73286874 |
|
3 |
90063916 |
28/08/2012 * |
2,900,000,000.00 |
Canara Bank |
Prime Corporate
Branch II, 2nd Floor, World Trade |
B57092884 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Claims/ Suits filed
against the Company not acknowledged as debts |
NA |
140.900 |
|
Bank
guarantees issued by banks |
NA |
793.700 |
|
Letter
of credits issued by banks |
NA |
433.900 |
|
Liability
towards banks against receivable buyout facilities |
NA |
868.000 |
|
Bonds to excise
department against export of excisable goods/purchase of goods without
payment of duty (to the extent utilised) |
NA |
185.700 |
|
Custom
duty payable against export obligation |
NA |
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)} |
NA |
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)} |
NA |
10.000 |
|
Corporate
Guarantees given on behalf of subsidiary companies (to the extent of
outstanding obligation) |
NA |
1431.300 |
FIXED ASSETS:
Tangible Assets
· Industrial land
· Freehold
· Leasehold
· Buildings
· Plant and Machinery
· Dies and Fixtures
· Furniture and Fixtures
· Vehicles
· R and D Equipment’s
· Office Equipment’s
· Electric fans and Installations
Intangible Assets
·
Computer Software
·
Patent and Trademark
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
78 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.