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|
MIRA INFORM REPORT
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Report No. : |
501789 |
|
Report Date : |
04.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
HAVELLS INDIA LIMITED (w.e.f. 31.03.1992) |
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Formerly Known
As : |
HAVELL'S INDIA PRIVATE LIMITED |
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Registered Office
: |
904, 9th Floor, Surya Kiran Building, K. G. Marg, Connuaght
Place, New Delhi – 110001 |
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Tel. No.: |
91-11-41660303 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
08.08.1983 |
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Com. Reg. No.: |
55-016304 |
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Capital
Investment / Paid-up Capital : |
INR 624.900 Million |
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CIN No.: [Company Identification
No.] |
L31900DL1983PLC016304 |
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IEC No.: [Import-Export Code 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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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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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
: |
The Company is 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. (Registered Activity) |
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|
|
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No. of Employees
: |
4974 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is one of the leading players in consumer electrical product
sector in India. It was incorporated in the year 1983 and operates in four
board business segments viz. switchgears, cables and wires, electrical
consumer durables and lighting and fixtures. As per financials of March 2017, the company has registered a growth
of 14.07% in its revenue as compared to its previous year’s revenue and has
reported good profit margin of 8.74% under review. Rating takes into consideration the company’s established track record
of business operations marked by healthy networth base along with low
solvency indicators and good liquidity position. Rating also takes into account the strong brand image and market
position of company in diversified product segments, established and vast
dealership network. Share price is quoted very high on Stock Exchanges. (Price is INR
506.55 against its face value of INR 1). However, rating strength is partially offset by its presence in highly
competitive industry with exposure to commodity related risks and also
dependent on power and real estate sectors. As per unaudited quarterly financials of December 2017, the company
has achieved a revenue of INR 19657.700 Million from its operations and has
reported good profit margin of 9.89% Payment seems to be regular as per commitments. In view of aforesaid, the company can be considered good for business
dealings at normal 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating=AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
03.08.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
03.08.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 04.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Jaideep |
|
Designation : |
Finance Department |
|
Contact No.: |
91-120-4771100 |
|
Date : |
03.04.2018 |
LOCATIONS
|
Registered Office : |
904, 9th Floor, Surya Kiran Building, K. G. Marg, Connuaght
Place, New Delhi – 110001, India |
|
Tel. No.: |
91-11-41660303 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office/ Factory 1 : |
QRG Towers, 2D, Sector -126, Expressway, Noida - 201304, Uttar
Pradesh, India |
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Tel. No.: |
91-120-4771100/ 3331000 |
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Fax No.: |
91-120-4772000/ 3332000 |
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E-Mail : |
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Website : |
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Factory 2 : |
Domestic Switchgears Village Dharampur, Sai Road, Baddi, District Solan - 173205, Himachal Pradesh, India |
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Factory 3 : |
Domestic Switchgears Plot No. 2 and 2A, Sector - 12, SIDCUL Industrial Area, Haridwar,
Uttarakhand, India |
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Factory 4 : |
Industrial Switchgear 14/3, Mathura Road, Faridabad, Haryana, India |
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Factory 5 : |
Industrial Switchgear and 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 7 : |
Motor and Pumps and Lighting and Fixture Division SP-181-189 and 191(A), Industrial Area, Phase II, Neemrana, Alwar,
Rajasthan, India |
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Factory 8 : |
Cable Division A/461-462, and SP-215, 204
and 204(A)
Matsya Industrial Area, Alwar, Rajasthan, India |
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Factory 9 : |
Electrical Consumer Durable – Fan Division Plot No. 2A, Sector - 10, SIDCUL Industrial Area, Haridwar,
Uttarakhand, India |
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Branch Offices : |
Located at: · Visakhapatnam · Vijaywada ·
Secunderabad |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Anil Rai Gupta |
|
Designation : |
Managing Director |
|
Address : |
QRG Niwas, 1, Raj Narain Marg, Civil Lines, Delhi – 110054, India |
|
Date of Appointment : |
30.09.1992 |
|
DIN No.: |
00011892 |
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|
|
|
Name : |
Mr. Rajesh Kumar Gupta |
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Designation : |
Whole-time Director |
|
Address : |
4A, Under Hill Lane, Civil Lines, Delhi – 110054, India |
|
Date of Appointment : |
21.03.1992 |
|
DIN No.: |
00002842 |
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|
Name : |
Mr. Surjit Kumar Gupta |
|
Designation : |
Director |
|
Address : |
78-A/1, Friends Colony, Delhi – 110065, India |
|
Date of Appointment : |
08.08.1983 |
|
DIN No.: |
00002810 |
|
|
|
|
Name : |
Mr. Ameet Kumar Gupta |
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Designation : |
Director |
|
Address : |
78-A/1, Friends Colony, Delhi – 110065, India |
|
Date of Appointment : |
22.12.2014 |
|
DIN No.: |
00002838 |
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|
|
|
Name : |
Mr. Mohandas Pai Tellicheery Venkataraman |
|
Designation : |
Director |
|
Address : |
521, The Embassy Ali Asker Road, Bangalore – 560052, Karnataka, India |
|
Date of Appointment : |
22.12.2014 |
|
DIN No.: |
00042167 |
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|
|
|
Name : |
Mr. Bhatia Puneet |
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Designation : |
Director |
|
Address : |
House Number- 525 A, Magnolias Apartment, DLF Golf Course, DLF Phase-V, Galleria DLF-IV, Gurugram – 122009, Haryana, India |
|
Date of Appointment : |
22.12.2014 |
|
DIN No.: |
00143973 |
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|
|
|
Name : |
Mr. Surender Kumar Tuteja |
|
Designation : |
Director |
|
Address : |
S-307, IInd Floor, Panchsheel Park, New Delhi – 110017, India |
|
Date of Appointment : |
11.05.2010 |
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DIN No.: |
00594076 |
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|
Name : |
Mr. Vellayan Subbiah |
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Designation : |
Director |
|
Address : |
No.10, Boat Club Road, R.A.Puram, Chennai – 600028, Tamilnadu, India |
|
Date of Appointment : |
18.10.2016 |
|
DIN No.: |
01138759 |
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|
Name : |
Mr. Vijay Kumar Chopra |
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Designation : |
Director |
|
Address : |
4 - A, 4th Floor, Harmony Tower, Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Appointment : |
30.01.2009 |
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DIN No.: |
02103940 |
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|
Name : |
Mr. Adarsh Kishore |
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Designation : |
Director |
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Address : |
Badarika Farm House, Behind Railway Officers Colony, Near Jagatpura Railway Station, Jaipur – 302025, Rajasthan, India |
|
Date of Appointment : |
28.07.2010 |
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DIN No.: |
02902810 |
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|
Name : |
Ms. Pratima Ram |
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Designation : |
Director |
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Address : |
F-304, Central Park-I, Sector-42, Gurugram – 122002, Haryana, India |
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Date of Appointment : |
28.07.2014 |
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DIN No.: |
03518633 |
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|
Name : |
Mr. Jalaj Ashwin Dani |
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Designation : |
Additional Director |
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Address : |
Home Villa CHS, 48 Krishna Sanghi Path, Gamdevi, Mumbai – 400007, Maharashtra, India |
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Date of Appointment : |
16.08.2017 |
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DIN No.: |
00019080 |
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Name : |
Mr. Upendra Kumar Sinha |
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Designation : |
Additional Director |
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Address : |
Flat No. 23/24, Lotus Court, Churchgate, Mumbai – 400020, Maharashtra, India |
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Date of Appointment : |
01.03.2018 |
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DIN No.: |
00010336 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kumar Gupta |
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Designation : |
Company Secretary |
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Address : |
B-2/31, Yamuna Vihar, Delhi – 110053, India |
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Date of Appointment : |
28.10.2009 |
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PAN No.: |
AALPG9513F |
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|
Name : |
Mr. Jaideep |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter and Promoter
Group |
384957920 |
61.58 |
|
|
(B) Public |
240148593 |
38.41 |
|
|
(C) Non Promoter-Non
Public |
41960 |
0.01 |
|
|
Grand
Total |
625148473 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
107494980 |
17.20 |
|
|
Vinod Gupta |
39450240 |
6.31 |
|
|
Surjit Kumar Gupta |
32650800 |
5.22 |
|
|
Qimat Rai Gupta |
13584000 |
2.17 |
|
|
Anil Rai Gupta |
11797340 |
1.89 |
|
|
Shalini Gupta |
3898500 |
0.62 |
|
|
Santosh Gupta |
2316720 |
0.37 |
|
|
Sangeeta Rai Gupta |
2231220 |
0.36 |
|
|
Ameet Kumar Gupta |
1566160 |
0.25 |
|
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Any Other (specify) |
277462940 |
44.38 |
|
|
Anil Rai Gupta |
18862400 |
3.02 |
|
|
QRG Enterprises Limited |
189858880 |
30.37 |
|
|
QRG Investments and
Holdings Limited |
68741660 |
11.00 |
|
|
Sub Total A1 |
384957920 |
61.58 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
384957920 |
61.58 |
Statement showing shareholding
pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
No. of Locked in
shares |
||
|
No. |
As a % of total
Shares held |
||||
|
B1) Institutions |
0 |
0.00 |
0.00 |
||
|
Mutual Funds/ |
21729487 |
3.48 |
0.00 |
||
|
Alternate Investment
Funds |
42345 |
0.01 |
0.00 |
||
|
Foreign Portfolio
Investors |
156480419 |
25.03 |
0.00 |
||
|
Nalanda India Equity Fund
Limited |
33044930 |
5.29 |
0.00 |
||
|
Government Pension Fund
Global |
13225441 |
2.12 |
0.00 |
||
|
Smallcap World Fund, Inc |
7671266 |
1.23 |
0.00 |
||
|
New World Fund Inc |
7265000 |
1.16 |
0.00 |
||
|
Financial Institutions/
Banks |
1074076 |
0.17 |
0.00 |
||
|
Sub Total B1 |
179326327 |
28.69 |
0.00 |
||
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
0.00 |
||
|
Central Government/ State
Government(s)/ President of India |
316898 |
0.05 |
0.00 |
||
|
Sub Total B2 |
316898 |
0.05 |
0.00 |
||
|
B3) Non-Institutions |
0 |
0.00 |
0.00 |
||
|
Individual share capital
upto INR 0.200 Million |
32254021 |
5.16 |
262946 |
0.82 |
|
|
Individual share capital
in excess of INR 0.200 Million |
5171094 |
0.83 |
122000 |
2.36 |
|
|
Any Other (specify) |
23080253 |
3.69 |
0.00 |
||
|
Trusts |
1302407 |
0.21 |
0.00 |
||
|
HUF |
639451 |
0.10 |
0.00 |
||
|
NRI – Non- Repat |
774810 |
0.12 |
0.00 |
||
|
NRI – Repat |
2349181 |
0.38 |
0.00 |
||
|
Unclaimed or Suspense or
Escrow Account |
227100 |
0.04 |
0.00 |
||
|
Clearing Members |
406038 |
0.06 |
0.00 |
||
|
Bodies Corporate |
17211576 |
2.75 |
0.00 |
||
|
Investor Education and
Protection Fund Authority |
169690 |
0.03 |
0.00 |
||
|
Sub Total B3 |
60505368 |
9.68 |
384946 |
0.64 |
|
|
B=B1+B2+B3 |
240148593 |
38.41 |
384946 |
0.16 |
|
Statement showing
shareholding pattern of the Non Promoter- Non Public shareholder
|
Category &
Name of the Shareholders(I) |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
C1) Custodian/DR Holder |
0 |
0.00 |
|
|
C2) Employee Benefit
Trust |
0 |
0.00 |
|
|
Employee Benefit Trust |
41960 |
0.01 |
|
|
Sub Total C2 |
41960 |
0.01 |
|
|
C= C1+C2 |
41960 |
0.01 |
BUSINESS DETAILS
|
Line of Business : |
The Company is 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. (Registered
Activity) |
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Products/ Services : |
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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 : |
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 : |
4974 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Working capital demand loan has been availed from Canara bank for a minimum period of 7 days and maximum period upto 1 year and the same is secured by way of:
The Company has issued commercial papers of INR 1500.000 Million in favour of Yes Bank Limited, which are due for repayment on 16th June 2017. The same have been shown at amortised cost. |
|
Auditors 1: |
|
|
Name : |
S. R.
Batliboi and Co. LLP Chartered Accountants |
|
Address : |
Golf View Corporate Tower-B, Sector-42, Sector Road, Gurugram - 122 002, Haryana, India |
|
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Auditors 2: |
|
|
Name : |
V. R. Bansal and Associates Chartered Accountants |
|
Address : |
D-94, 9th Floor, Himalaya House, 23, KG Marg, Connaught Place, New Delhi - 110 001, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary
Companies |
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|
Step Down
Subsidiary Companies : |
|
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|
Related party where
control exists upto December 31, 2015 (ceased to be Subsidiary Company w.e.f.
January 1, 2016) : |
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Joint Venture |
Jiangsu Havells Sylvania Lighting Co. Limited |
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Enterprises in
which directors are interested : |
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|
Associates (w.e.f.
01-01-2016) : |
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Post employee
benefit plan for the benefitted employees : |
Havells India Limited Employees Gratuity Trust |
Note: # Havells International Limited (WOS of Havells Holding
Limited) hold 49% equity interest in Thai Lighting Assets Company Limited.
However the said Company has majority representation on Board of Directors of
the entity and approval of the said Company is required for all major
operational decision and the operations are solely carried out for the benefit
of the Group. Based on facts and circumstances, management determine that in
substance the Group control this entity and therefore reported the same as
controlled entities.
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000500000 |
Equity Shares |
INR 1/- each |
INR 1000.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
624855342 |
Equity Shares |
INR 1/- each |
INR 624.900
Million |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the year
|
PARTICULARS |
March 31, 2017 |
|
|
No. of shares |
Amount in Million |
|
|
At the beginning of the year |
624587780 |
624.600 |
|
Add: Equity shares issued under ESPP |
267562 |
0.300 |
|
|
624855342 |
624.900 |
Terms/rights attached
to equity shares
The Company has only one class of equity shares having a par value of INR 1/- per share (March 31, 2016 : INR 1/- per share) (April 1, 2015: INR 1/- per share). Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
Details of shareholders
holding more than 5% shares in the Company is set out below (representing legal
and beneficial
ownership):
|
Name of
Shareholders |
As at March 31, 2017 |
|
|
No. of shares |
% holding |
|
|
Vinod Gupta* |
53034240 |
8.49 |
|
Surjit Kumar Gupta |
32650800 |
5.23 |
|
QRG Enterprises Limited |
189858880 |
30.38 |
|
QRG Investments and Holdings Limited (formerly known as Ajanta Mercantile Limited) |
68741660 |
11.00 |
|
Nalanda India Equity Fund Limited |
33044930 |
5.29 |
* Shareholding of Smt. Vinod Gupta includes Nil equity shares of INR 1/- each (March 31, 2016 :1,33, 20,000) (April 1, 2015 :1,33, 20,000) for and behalf of Guptajee and Company, a firm in which she is a partner and 1,35,84,000 (March 31, 2016 :1,35,84,000) (April 1, 2015 :1,35,84,000) equity shares of INR 1/- each as a legal heir, which are under process of transmission.
Shares reserved for
issue under Stock Option
Nil (March 31, 2016: Nil) (April 01, 2015: 90550) equity shares are reserved for the issue under Employees Stock Option Plan (ESOP) of the Company.
Aggregate number of
shares bought back, or issued as fully paid up pursuant to contract without
payment being received in cash or by way of bonus shares during the period of
five years immediately preceding the date of Balance Sheet:
|
PARTICULARS |
March 31, 2017 No. of shares |
|
Equity shares allotted as fully paid-up pursuant to contracts for consideration other than cash. |
-- |
|
Equity shares allotted as fully paid up bonus shares by capitalisation of securities premium account and general reserve. |
-- |
|
Equity shares issued under the Employee Stock Option Plan/ Employee Stock Purchase Plan as part consideration for services rendered by employees |
505200 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
624.900 |
624.600 |
624.400 |
|
(b) Reserves &
Surplus |
32110.900 |
28912.100 |
23133.500 |
|
(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) |
32735.800 |
29536.700 |
23757.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
417.300 |
|
(b) Deferred tax
liabilities (Net) |
1137.600 |
862.600 |
433.700 |
|
(c) Other long term
liabilities |
45.700 |
28.800 |
13.600 |
|
(d) long-term provisions |
90.800 |
58.500 |
47.800 |
|
Total Non-current
Liabilities (3) |
1274.100 |
949.900 |
912.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1980.500 |
0.000 |
0.000 |
|
(b) Trade payables |
6295.600 |
4363.300 |
3945.200 |
|
(c) Other current liabilities |
6212.000 |
5125.800 |
4637.100 |
|
(d) Short-term provisions |
1101.900 |
914.100 |
3235.900 |
|
Total Current Liabilities
(4) |
15590.000 |
10403.200 |
11818.200 |
|
|
|
|
|
|
TOTAL |
49599.900 |
40889.800 |
36488.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11916.700 |
11772.500 |
9766.000 |
|
(ii) Intangible Assets |
181.600 |
108.200 |
85.900 |
|
(iii) Capital
work-in-progress |
119.100 |
204.900 |
221.300 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
4449.900 |
1531.000 |
10117.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
467.700 |
|
(e) Other Non-current
assets |
1021.400 |
3500.900 |
1753.800 |
|
Total Non-Current Assets |
17688.700 |
17117.500 |
22412.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
9284.300 |
7843.600 |
6897.200 |
|
(c) Trade receivables |
2285.000 |
1576.400 |
1325.100 |
|
(d) Cash and cash
equivalents |
19375.300 |
13652.100 |
5223.400 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
411.100 |
|
(f) Other current assets |
803.900 |
699.200 |
219.400 |
|
Total Current Assets |
31748.500 |
23771.300 |
14076.200 |
|
|
|
|
|
|
Assets classified as held
for sale |
162.700 |
1.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
49599.900 |
40889.800 |
36488.500 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
61352.600 |
53783.200 |
52386.900 |
|
|
Other Income |
1342.800 |
693.500 |
522.100 |
|
|
TOTAL |
62695.400 |
54476.700 |
52909.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
32686.900 |
28754.200 |
27845.100 |
|
|
Purchases of
Stock-in-Trade |
4933.000 |
3926.900 |
3992.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1135.200) |
(946.400) |
(52.900) |
|
|
Employees benefits
expense |
5004.000 |
3707.900 |
3127.200 |
|
|
Other expenses |
11622.500 |
10791.300 |
10484.300 |
|
|
Exceptional items |
578.100 |
(2023.900) |
0.000 |
|
|
TOTAL |
53689.300 |
44210.000 |
45395.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
9006.100 |
10266.700 |
7513.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
121.500 |
127.300 |
175.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
8884.600 |
10139.400 |
7337.600 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1196.300 |
1049.100 |
875.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
7688.300 |
9090.300 |
6462.500 |
|
|
|
|
|
|
|
Less |
TAX |
2325.400 |
2005.800 |
1813.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
5362.900 |
7084.500 |
4649.400 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. value of exports* *excluding export of INR
262.400 made through merchant exporters (previous year INR 208.100 Million) |
NA |
2463.300 |
2958.300 |
|
|
Merchanting Trade Sales |
NA |
2.000 |
4.900 |
|
|
Insurance |
NA |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
2465.300 |
2963.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw materials and components |
NA |
3623.100 |
3428.900 |
|
|
Traded goods |
NA |
931.700 |
1360.900 |
|
|
Machinery and other fixed assets |
NA |
644.500 |
386.800 |
|
|
Spare parts and Consumables |
NA |
28.100 |
24.100 |
|
|
Capital Goods |
NA |
0.000 |
0.600 |
|
|
TOTAL IMPORTS |
NA |
5227.400 |
5201.300 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
8.63 |
11.40 |
7.45 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
444.000 |
417.300 |
|
Cash generated from operations |
9829.900 |
6700.400 |
7509.100 |
|
Net cash flow from operating activity |
7778.300 |
5253.700 |
6004.400 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
19822.400 |
17773.600 |
19657.700 |
|
Total Expenditure |
18098.000 |
15204.500 |
17035.500 |
|
PBIDT (Excl OI) |
1724.400 |
2569.100 |
2622.200 |
|
Other Income |
348.000 |
286.900 |
277.600 |
|
Operating Profit |
2072.400 |
2856.000 |
2899.800 |
|
Interest |
34.000 |
67.200 |
54.900 |
|
Exceptional Items |
NA |
NA |
209.800 |
|
PBDT |
2038.400 |
2788.800 |
3054.700 |
|
Depreciation |
335.800 |
348.900 |
363.100 |
|
Profit Before Tax |
1702.600 |
2439.900 |
2691.600 |
|
Tax |
488.800 |
729.700 |
748.000 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
1213.800 |
1710.200 |
1943.600 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
1213.800 |
1710.200 |
1943.600 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
13.59 |
10.70 |
9.23 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
26.85 |
34.12 |
39.53 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
61.08 |
48.73 |
45.23 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.97 |
1.31 |
1.09 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.74 |
0.85 |
0.75 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.31 |
0.27 |
0.35 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.06 |
0.02 |
0.04 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.48 |
0.35 |
0.50 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.37 |
0.41 |
0.42 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
74.12 |
80.65 |
42.76 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
8.74 |
13.17 |
8.88 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.81 |
17.33 |
12.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
16.38 |
23.99 |
19.57 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.05 |
2.29 |
1.19 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.45 |
1.53 |
0.61 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.66 |
0.72 |
0.65 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.17 |
0.71 |
1.34 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.05 |
2.29 |
1.19 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 506.55/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
624.400 |
624.600 |
624.900 |
|
Reserves & Surplus |
23133.500 |
28912.100 |
32110.900 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
23757.900 |
29536.700 |
32735.800 |
|
|
|
|
|
|
long-term borrowings |
417.300 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
1980.500 |
|
Current Maturities of
Long term debt |
417.300 |
444.000 |
0.000 |
|
Total borrowings |
834.600 |
444.000 |
1980.500 |
|
Debt/Equity ratio |
0.035 |
0.015 |
0.060 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
52386.900 |
53783.200 |
61352.600 |
|
|
|
2.665 |
14.074 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
52386.900 |
53783.200 |
61352.600 |
|
Profit/(Loss) |
4649.400 |
7084.500 |
5362.900 |
|
|
8.88% |
13.17% |
8.74% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
624.900 |
624.600 |
|
(b) Reserves &
Surplus |
|
32143.300 |
29652.100 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Non-controlling interests |
|
90.500 |
148.800 |
|
Total Shareholders’ Funds
(1) + (2) |
|
32858.700 |
30425.500 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
16.700 |
|
(b) Deferred tax liabilities
(Net) |
|
1184.300 |
909.300 |
|
(c) Other long term
liabilities |
|
45.700 |
28.800 |
|
(d) long-term provisions |
|
99.600 |
126.700 |
|
Total Non-current
Liabilities (3) |
|
1329.600 |
1081.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2083.300 |
839.200 |
|
(b) Trade payables |
|
6334.500 |
5005.300 |
|
(c) Other current
liabilities |
|
6229.800 |
5397.400 |
|
(d) Short-term provisions |
|
1104.100 |
1127.000 |
|
Total Current Liabilities
(4) |
|
15751.700 |
12368.900 |
|
|
|
|
|
|
Liabilities directly associated with the assets classified as held for sale |
|
1752.800 |
0.000 |
|
|
|
|
|
|
TOTAL |
|
51692.800 |
43875.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
11986.800 |
11859.700 |
|
(ii) Intangible Assets |
|
455.500 |
381.800 |
|
(iii) Capital
work-in-progress |
|
119.400 |
204.900 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
1616.600 |
1531.000 |
|
(c) Deferred tax assets
(net) |
|
15.500 |
5.800 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
1586.800 |
830.300 |
|
Total Non-Current Assets |
|
15780.600 |
14813.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
|
9453.400 |
8343.100 |
|
(c) Trade receivables |
|
2306.800 |
2357.300 |
|
(d) Cash and cash
equivalents |
|
19744.700 |
14680.000 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
839.400 |
963.900 |
|
Total Current Assets |
|
32344.300 |
26344.300 |
|
|
|
|
|
|
Assets classified as held for sale |
|
3567.900 |
2718.100 |
|
|
|
|
|
|
TOTAL |
|
51692.800 |
43875.900 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
61557.600 |
76125.600 |
|
|
Other Income |
|
1381.800 |
866.400 |
|
|
TOTAL |
|
62939.400 |
76992.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
33286.200 |
32112.300 |
|
|
Purchases of
Stock-in-Trade |
|
4381.700 |
12366.600 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(1135.700) |
(729.600) |
|
|
Employees benefits
expense |
|
5090.100 |
8960.000 |
|
|
Other expenses |
|
11753.600 |
15836.300 |
|
|
Share of profit/ (loss) of joint venture, associates (net of tax) |
|
47.700 |
(17.500) |
|
|
Exceptional items |
|
1068.000 |
(8621.000) |
|
|
TOTAL |
|
54491.600 |
59907.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
8447.800 |
17084.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
133.400 |
543.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
8314.400 |
16541.200 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1205.100 |
1344.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
7109.300 |
15197.200 |
|
|
|
|
|
|
|
Less |
TAX |
|
2287.600 |
2192.700 |
|
|
|
|
|
|
|
|
PROFIT FOR THE YEAR
FROM CONTINUING OPERATIONS |
|
4821.700 |
13004.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX FROM DISCONTINUED
OPERATIONS |
|
119.400 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) FOR
THE YEAR |
|
4941.100 |
13004.500 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
7.91 |
20.82 |
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 |
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 |
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company is a public limited Company domiciled in India and incorporated on August 08, 1983 under the provisions of the Companies Act, 1956 having its registered office at 904, 9th Floor, Surya Kiran Building, K.G. Marg, Connaught Place, New Delhi-110001. The Company is listed on BSE Limited and National Stock Exchange of India Limited. The Company is 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’s manufacturing facilities are located at Faridabad in Haryana, Alwar and Neemrana in Rajasthan, Haridwar in Uttarakhand, Sahibabad, Noida in Uttar Pradesh, Baddi in Himachal Pradesh and Guwahati in Assam. The research and development facilities are located at Head office, Noida (Uttar Pradesh) and at some of the units which have been approved by Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India, New Delhi. The Financial statements were authorized by the Board of Directors for issue in accordance with resolution passed on May 11, 2017.
FINANCIAL SUMMARY OR
HIGHLIGHTS
The Company achieved a healthy growth across product categories, revenue grew by 14%, highest since Financial Year 2012-13. Profit before Exceptional items and tax has increased from INR 7066.400 Million to INR 8266.400 Million during 2016-17, witnessing a growth of 17% on year to year basis.
During the year, demonetization event caused severe anxiety and uncertainty in the industry particularly with dealer fraternity. Havells, in line with its philosophy, has well managed this disruption with reinforcement of channel confidence and regaining sales growth. Modest improvement in margins due to better product mix, withdrawal of brand royalty cost which was negated by additional schemes during demonetization.
The Company has decided to entirely exit its international operations including transfer of 20% stake in Feilo Malta Limited (erstwhile Havells Malta Limited), divestment of 100% stake in Havells Sylvania (Thailand) Limited to INESA UK Limited and orderly termination of Jiangsu Havells Sylvania Lighting Co. Limited, a joint venture and Havells Sylvania Brasil Illuminacao Ltda’s operations. The entire cost, net of gains from sale of 20% stake sale in Feilo Exim Limited (erstwhile Havells Exim Limited) during the year, is ` 57.81 crores. The Company is expected to receive approximately ` 204 crores from the above planned exit.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
While the world economy remains in a low growth difficult times, India continues to post a strong growth. Consumption was supported by lower energy costs, public sector salary increases, and favourable monsoon rains, which boosted urban and rural incomes. While the unexpected ‘demonetisation’ weighed on growth in the second half of FY 2017, the recent election outcome have risen hopes for a stable political and regulatory platform.
One of the major tax reforms, The Goods and Services Tax (GST) Amendment Bill passed during the year, aims at streamlining the country’s complex tax system, reduce fragmentation in markets, lower business costs, and widen the tax base. Robust implementation of this legislative changes will be key to boost prospects of the organised market.
INDUSTRY OVERVIEW
The Indian Electrical market has grown at a single digit over the last few years. Slowdown in construction activity has been one of the major factors for a sluggish growth. The Central Government’s ‘Housing for All by 2022’ (20mn houses for urban poor and 30mn for rural poor) and Smart Cities (development of 100 cities) missions promise to trigger fast-paced rollout of new homes. This should usher in multi-year growth for electrical products and appliances.
Increasing consumer focus on aesthetics and energy efficiency, has also resulted in notable shift towards branded products. With its ability to offer competitive pricing, superior product range and quality, upgraded technology and innovations, more safety features, and increased brand awareness, Havells is well placed to offer an enriching consumer experience.
INTERNAL CONTROLS
SYSTEMS AND ADEQUACY
The Company has a robust internal controls systems (including Internal Financial Controls) that facilitates efficiency, reliability and completeness of accounting, and timely preparation of reliable financial and management information. The internal control system ensures compliance with all applicable laws and regulations, facilitates in optimum utilisation of resources and protect the Company’s assets and investors’ interests.
The Company has a clearly defined organisational structure, decision rights, manuals and operating procedures for its business units and verticals to ensure orderly and efficient conduct of its business. The Company has a whistle blower policy and anti-fraud policy to address fraud risk. The Audit Committee of the Board regularly reviews significant audit findings of the Internal Audit Department covering operational, financial and other areas and provides guidance on further strengthening the internal controls framework.
AWARDS AND ACCOLADES
During the year, the Company was adjudged as the best CSR activity Company in the Neemrana region. About 200 industries in Neemrana were reviewed on various aspects.
- Mid-day meal was presented Commendation Card by Sh. Hem Singh Bhadana, Food and Supply Minister of Rajasthan.
- The Government of Rajasthan also conferred the CSR Excellence Award – 2017 for ‘Clean Water and Sanitation’. The award was presented by Shri Rajpal Singh Shekhawat, Hon’ble Minister of Industries, Government of Rajasthan along with Shri Ajitabh Sharma, Commissioner, Industries and Secretary, CSR, Government of Rajasthan and Shri Rajeev Swarup, Additional Chief Secretary, Micro, Small and Medium Enterprises (MSME), Government of Rajasthan.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Other loans |
|
|
|
Commercial Paper |
1480.300 |
0.000 |
|
|
|
|
|
Total |
1480.300 |
0.000 |
INDEX
OF CHARGES
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G68728013 |
100137412 |
CITI BANK N.A. |
06/11/2017 |
- |
- |
2850000000.0 |
1st Floor, DLF Capitol Point,Baba Kharak Singh Marg, Connaught PlaceNew DelhiDL110001IN |
|
2 |
B57092884 |
90063916 |
Canara Bank |
17/01/1997 |
28/08/2012 |
- |
2900000000.0 |
Prime Corporate Branch II, 2nd FloorWorld Trade Tower, Barakhamba LaneNew DelhiDL110001IN |
|
3 |
G39166699 |
10441530 |
The Hongkong and Shanghai Banking Corporation Limited |
11/07/2013 |
- |
21/03/2017 |
1087786000.0 |
Plot No 139-140B,Shiv Building,Sahar Road JunctionWestern Expressway Highway, Vile Parle - EastMumbaiMH400057IN |
|
4 |
G35477488 |
10420057 |
HSBC BANK (MAURITIUS) LIMITED |
29/03/2013 |
- |
02/02/2017 |
1087786000.0 |
6TH FLOOR, HSBC CENTRE18, CYBERCITY,EBENENAXXXXXXMU |
|
5 |
B44156883 |
10222246 |
Canara Bank |
20/05/2010 |
28/06/2010 |
24/07/2012 |
1400000000.0 |
Prime Corporate Branch - II2nd Floor, World Trade Tower, Barakhamba LaneNew DelhiDL110001IN |
|
6 |
B34468686 |
10188471 |
Axis Trustee Services Limited |
10/11/2009 |
16/01/2010 |
12/03/2012 |
1747200000.0 |
MAKER TOWERS 'F', 13TH FLOORCUFFE PARADE, COLABAMUMBAIMH400005IN |
|
7 |
B06397152 |
10076551 |
CANARA BANK |
11/10/2007 |
- |
24/02/2011 |
207200000.0 |
74 JANPATHNEW DELHINEW DELHIDL110001IN |
|
8 |
A82407297 |
10031138 |
ICICI BANK LIMITED |
09/01/2007 |
20/09/2007 |
23/03/2010 |
314020000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
9 |
A73694721 |
80039934 |
UTI Bank Limited |
14/01/2005 |
- |
24/11/2009 |
50000000.0 |
Statesman House148, Barakhamba RoadNew DelhiDL110001IN |
|
10 |
A73382087 |
90064534 |
CANARA BANK |
31/01/2004 |
- |
20/11/2009 |
50000000.0 |
JANPATHNEW DELHIDLIN |
|
11 |
A24182453 |
90064407 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
21/02/2003 |
11/11/2004 |
18/09/2007 |
90000000.0 |
SIDBI Tower15 Ashok MargLUCKNOWUP226001IN |
|
12 |
A21215702 |
80035303 |
ICICI Limited |
29/06/2001 |
14/09/2005 |
06/08/2007 |
50000000.0 |
ICICI TowersBandra Kurla Complex Bandra (E)MumbaiMH400051IN |
|
13 |
A21214176 |
80035306 |
ICICI LIMITED |
07/12/2000 |
12/12/2005 |
06/08/2007 |
100000000.0 |
ICICI TowersBandra Kurla Complex Bandra (E)MumbaiMH400051IN |
|
14 |
A20256251 |
80034594 |
IDBI Bank Limited |
15/11/1997 |
12/11/2003 |
19/07/2007 |
52500000.0 |
2 Siri Fort Institutional AreaKhelgaon MargNew DelhiDL110016IN |
|
15 |
A19635382 |
80034328 |
Syndicate Bank |
12/03/2004 |
12/12/2005 |
11/07/2007 |
220000000.0 |
Corporate Finance BranchDelhi Tamil Sangam Building R.K. PuramNew DelhiDL110022IN |
|
16 |
A03674215 |
80010027 |
CORPORATION BANK |
02/12/2003 |
14/01/2005 |
14/08/2006 |
101540000.0 |
IFBK G MARGNEW DELHIDL110001IN |
|
17 |
A00361923 |
80001198 |
RABO INDIA FINANCE PVT LTD |
27/06/2005 |
- |
04/04/2006 |
0.0 |
FORBES BUILDING 2 ND FLOORCHARANJIT RAI MARGMUMBAIMH400001IN |
|
18 |
Y10145657 |
90064586 |
UTI BANK LTD |
29/06/2004 |
- |
30/05/2005 |
140000000.0 |
148; BARAKHAMBA RAODNEW DELHIDL110001IN |
|
19 |
Y10145705 |
90064634 |
CANARA BANK |
25/10/2004 |
- |
21/05/2005 |
800000000.0 |
JANPATHNEW DELHIDL110001IN |
|
20 |
Y10145486 |
90064415 |
CANARA BANK |
13/03/2003 |
- |
21/05/2005 |
117000000.0 |
FOUNTAINDELHIDL110006IN |
|
21 |
Y10145229 |
90064158 |
CANARA BANK |
28/07/2000 |
- |
26/08/2003 |
200000.0 |
FOUNTAINDELHIDL110006IN |
|
22 |
Y10122109 |
90042014 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
01/09/1997 |
16/06/1998 |
16/10/2002 |
55000000.0 |
IDBI TOWERCUFFE PARADE; COLABAMUMBAIMH400005IN |
|
23 |
Y10145235 |
90064164 |
CANARA BANK |
10/08/2000 |
- |
28/09/2002 |
30000000.0 |
FOUNTAINDELHIDL110006IN |
|
24 |
Y10144836 |
90063765 |
CANARA BANK |
04/05/1993 |
20/10/1994 |
13/02/1997 |
50000000.0 |
FOUNTAINDELHIDL110006IN |
|
25 |
Y10144681 |
90063610 |
CANARA BANK |
11/10/1986 |
30/07/1996 |
13/02/1997 |
250000.0 |
FOUNTAINDELHIDL110006IN |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND PERIOD ENDED DECEMBER 31, 2017
(INR In Million)
|
Particulars |
Quarter Ended |
Period Ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
Income from
Operations |
|
|
|
|
Revenue from Operations |
19657.700 |
17773.600 |
57253.700 |
|
Other Operating Income |
277.600 |
286.900 |
912.500 |
|
Total Income from
Operations (Net) |
19935.300 |
18060.500 |
58166.200 |
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
8099.800 |
8675.500 |
25429.100 |
|
Purchases of Stock-in-Trade |
6233.000 |
2538.400 |
11472.900 |
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(2469.400) |
(962.600) |
(2822.000) |
|
Total material
cost |
11863.400 |
10251.300 |
34080.000 |
|
Excise Duty |
0.000 |
0.000 |
1217.000 |
|
Employees benefits expense |
1624.900 |
1616.800 |
4860.300 |
|
Depreciation and amortization expense |
54.900 |
348.900 |
156.100 |
|
Finance Costs |
363.100 |
67.200 |
1047.800 |
|
Advertisement and Sales promotion |
786.400 |
508.700 |
2029.800 |
|
Other expenses |
2760.800 |
2827.700 |
8150.900 |
|
Total other cost |
5590.100 |
5369.300 |
17461.900 |
|
Total expenses |
17453.500 |
15620.600 |
51541.900 |
|
|
|
|
|
|
Profit before
exceptional Items and tax |
2481.800 |
2439.900 |
6624.300 |
|
Exceptional Items |
209.800 |
-- |
209.800 |
|
Profit /(Loss)
before tax |
2691.600 |
2439.900 |
6834.100 |
|
Tax Expense |
|
|
|
|
-Current Tax |
463.000 |
530.200 |
1354.400 |
|
-MAT Credit entitlement |
(38.100) |
(51.400) |
(292.100) |
|
-Deferred Tax |
323.100 |
250.900 |
904.200 |
|
Total Tax expenses |
748.000 |
729.700 |
1966.500 |
|
Profit /(Loss) for
the period |
1943.600 |
1710.200 |
4867.600 |
|
Other Comprehensive
Income |
|
|
|
|
-Items that will not be reclassified to profit or loss in subsequent period, net of tax |
(14.300) |
(18.600) |
(43.100) |
|
Other Comprehensive
Income |
(14.300) |
(18.600) |
(43.100) |
|
Total comprehensive
income for the period, net of tax |
1929.300 |
1691.600 |
4824.500 |
|
Paid up equity share capital (Face value of INR 1/- each) |
625.100 |
625.100 |
625.100 |
|
Earnings per share
(before/after extraordinary items) |
|
|
|
|
-Basic & Diluted EPS (IN INR) |
3.11 |
2.74 |
7.79 |
Notes:
- The Above financials results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January 22, 2018. The statutory auditors of the Company have conducted limited review of these financial result.
- The above financials results of the Company have been prepared in accordance with Indian Accounting Standards (Ind-AS)- 34 "Interim Financial Reporting" as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2013 and the Companies (Indian Accounting Standards) Rules, 2015.
- During the quarter, the company has started commercial production of water purifiers at Haridwar.
- During the quarter, the Company has invested INR 0.500 Million in Lloyd Consumer Private Limited, upon which it has become wholly owned subsidiary of the company.
- During the quarter, “Havells USA Inc.” USA subsidiary of Havells Holdings Limited has been dissolved.
- On May 08, 2017, the Company acquired Consumer Durable Business of LEEL Electricals Limited. Figures for Quarter ended December 31, 2017 and September 30, 2017 and period ended December 31, 2017 includes business Lloyd Consumer Division, hence not comparable with previous periods to that extent.
SEGMENT WISE REVENUE
(INR In Million)
|
Particulars |
Quarter Ended |
Period Ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
1.Segment revenue |
|
|
|
|
Switchgears |
3442.700 |
3298.500 |
10298.200 |
|
Cable |
6256.400 |
5693.400 |
19145.500 |
|
Lighting and Fixtures |
2871.000 |
2868.100 |
8460.100 |
|
Electrical Consumer Durables |
4157.700 |
3215.500 |
11049.500 |
|
Lloyd Consumer |
2929.900 |
2698.100 |
8300.400 |
|
Total |
19657.700 |
17773.600 |
57253.700 |
|
Less: Inter segment revenue |
-- |
-- |
-- |
|
Revenue from
Operation |
19657.700 |
17773.600 |
57253.700 |
|
|
|
|
|
|
2.Segment Results |
|
|
|
|
Profit/ (Loss) before
tax and finance cost from each segment |
|
|
|
|
Switchgears |
1379.600 |
1362.800 |
4049.200 |
|
Cable |
1070.300 |
1133.200 |
3062.500 |
|
Lighting and Fixtures |
818.000 |
774.800 |
2358.500 |
|
Electrical Consumer Durables |
1229.700 |
893.900 |
2939.800 |
|
Lloyd Consumer |
479.800 |
526.800 |
1400.200 |
|
Total |
4977.400 |
4691.500 |
13810.200 |
|
Less: |
|
|
|
|
Finance cost |
54.900 |
67.200 |
156.100 |
|
Other un – allocable expense net of un-allocable income |
2440.700 |
2184.400 |
7029.800 |
|
Exceptional Items |
(209.800) |
0.000 |
(209.800) |
|
Profit/ (Loss)
before tax |
2691.600 |
2439.900 |
6834.100 |
|
|
|
|
|
|
3.Segment Assets |
|
|
|
|
Segment Assets |
|
|
|
|
Switchgears |
6498.800 |
6316.200 |
6498.800 |
|
Cable |
7424.900 |
7560.800 |
7424.900 |
|
Lighting and Fixtures |
5094.000 |
5830.900 |
5094.000 |
|
Electrical Consumer Durables |
5017.500 |
4689.800 |
5017.500 |
|
Lloyd Consumer |
22266.600 |
18114.800 |
22266.600 |
|
|
46301.800 |
42512.500 |
46301.800 |
|
Unallocated |
12165.200 |
12150.200 |
12165.200 |
|
Total |
58467.000 |
54662.700 |
58467.000 |
|
Segment Liabilities |
|
|
|
|
Switchgears |
2393.200 |
2431.000 |
2393.200 |
|
Cable |
3241.700 |
3255.000 |
3241.700 |
|
Lighting and Fixtures |
2061.100 |
2308.700 |
2061.100 |
|
Electrical Consumer Durables |
3315.100 |
2780.200 |
3315.100 |
|
Lloyd Consumer |
5291.700 |
3543.300 |
5291.700 |
|
|
16302.800 |
14318.200 |
16302.800 |
|
Unallocated |
7090.200 |
7199.800 |
7090.200 |
|
Total |
23393.000 |
21518.000 |
23393.000 |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Contingent liabilities (to the extent not provided for) |
|
|
|
Claims / Suits filed against the Company not acknowledged as debts |
56.800 |
56.100 |
|
Liability towards banks against receivable buyout facilities |
-- |
1325.000 |
|
Bonds to excise department against export of excisable goods / purchase of goods without payment of duty (to the extent utilised) |
6.900 |
5.300 |
|
Disputed tax liabilities in respect of pending cases before appellate authorities {Amount deposited under protest INR 220.800 Million (March 31, 2016: INR 190.500 Million) (April 1, 2015: INR 206.500 Million)} |
677.300 |
1004.200 |
|
Demand raised by Uttarakhand Power Corporation Limited contested before Hon'ble High Court of Uttarakhand, Nainital {Amount deposited under protest INR 10.000 Million (March 31, 2016: INR 10.000 Million) (April 1, 2015 : INR 10.000 Million)} |
10.000 |
10.000 |
|
Custom duty payable against export obligation |
85.700 |
88.800 |
Notes:
- The Company has availed Receivable Buyout facility from banks against which a sum of INR 4453.800 Million (March 31, 2016: INR 4383.500 Million) (April 1, 2015 : INR 4187.700 Million) has been utilised as on the date of Balance Sheet. The Company has assigned all its rights and privileges to the bank and there is no recourse on the company. Accordingly the amount of utilization has been reduced from trade receivables. A sum of ` 28.59 crores (March 31, 2016: 29.42 crores) on account of charges paid for this facility has been debited to the trade receivables factoring charges account.
- The Company has arranged Channel Finance facility for its customers from banks against which a sum of INR 4241.300 Million (March 31, 2016: INR 3706.400 Million) (April 1, 2015 : INR 3719.400 Million) has been utilised as on the date of Balance Sheet and correspondingly, the trade receivables stand reduced by the said amount as there is no recourse on the Company.
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Leasehold Improvements
- Plant and Equipment
- Dies and tools
- Furniture and fixtures
- Vehicles
- R & D Equipment's
- Office Equipment's
- Electrical Fans and Installation
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 91.45 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.