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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

504059

Report Date :

17.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

HAVELLS INDIA LIMITED (w.e.f. 31.03.1992)

 

 

Formerly Known As :

HAVELL'S INDIA PRIVATE LIMITED

 

 

Registered Office :

904, 9th Floor, Surya Kiran Building, K. G. Marg, Connuaght Place, New Delhi – 110001

Tel. No.:

91-11-41660303

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

08.08.1983

 

 

Com. Reg. No.:

55-016304

 

 

Capital Investment / Paid-up Capital :

INR 624.900 Million

 

 

CIN No.:

[Company Identification No.]

L31900DL1983PLC016304

 

 

IEC No.:

[Import-Export Code No.]

0588160385

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACH0351E

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

Legal Form :

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

 

 

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)

 

(Line of business is updated as per latest annual report 2017)

 

 

No. of Employees :

4974 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A++

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

 

Maximum Credit Limit :

USD 93530000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

 

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 8.79% 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 545 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

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 31-03-2018.

 

 

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

 

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-120-4771100/ 91-11-41660303)

 

 

LOCATIONS

 

Registered Office :

904, 9th Floor, Surya Kiran Building, K. G. Marg, Connuaght Place, New Delhi – 110001, India

Tel. No.:

91-11-41660303

Fax No.:

Not Available

E-Mail :

sanjaykumar.gupta@havells.com

Website :

http://www.havells.com

 

 

Corporate Office/ Factory 1 :

Centre for Research and  Innovation (CRI)

QRG Towers, 2D, Sector -126, Expressway, Noida - 201304, Uttar Pradesh, India

Tel. No.:

91-120-4771100/ 3331000

Fax No.:

91-120-4772000/ 3332000

E-Mail :

marketing@havells.com

customercare@havells.com

ibd@havells.com

sanjaykumar.gupta@havells.com

investors@havells.com

 

 

Factory 2 :

Domestic Switchgears

Village Dharampur, Sai Road, Baddi, District Solan - 173205, Himachal Pradesh, India

 

 

Factory 3 :

Domestic Switchgears

Plot No. 2 and 2A, Sector - 12, SIDCUL Industrial Area, Haridwar, Uttarakhand, India

 

 

Factory 4 :

Industrial Switchgear

14/3, Mathura Road, Faridabad, Haryana, India

 

 

Factory 5 :

Industrial Switchgear and Capacitors

Plot No.6, Site - IV, Sahibabad Industrial Area, Sahibabad, Uttar Pradesh, India

 

 

Factory 6 :

PCB Assembly Line

E-1, Sector-59, Noida – 201307, Uttar Pradesh, India

 

 

Factory 7 :

Motor and Pumps and Lighting and Fixture Division

SP-181-189 and 191(A), Industrial Area, Phase II, Neemrana, Alwar, Rajasthan, India

 

 

Factory 8 :

Cable Division

A/461-462, and SP-215, 204 and 204(A) Matsya Industrial Area, Alwar, Rajasthan, India

 

 

Factory 9 :

Electrical Consumer Durable – Fan Division

Plot No. 2A, Sector - 10, SIDCUL Industrial Area, Haridwar, Uttarakhand, India

 

 

Factory 10:

Lighting and Fixture Division

SP-181 – 189, Industrial Area, Phase II, Neemrana, Alwar, Rajasthan, India

 

 

Factory 11:

Electrical Consumer Durable – Fan Division

Plot No. 2A, Sector - 10, SIDCUL Industrial Area, Haridwar, Uttarakhand, India

 

 

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

 

 

Name :

Mr. Rajesh Kumar Gupta

Designation :

Whole-time Director

Address :

4A, Under Hill Lane, Civil Lines, Delhi – 110054, India

Date of Appointment :

21.03.1992

DIN No.:

00002842

 

 

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

Designation :

Director

Address :

78-A/1, Friends Colony, Delhi – 110065, India

Date of Appointment :

22.12.2014

DIN No.:

00002838

 

 

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

 

 

Name :

Mr. Bhatia Puneet

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

 

 

Name :

Mr. Surender Kumar Tuteja

Designation :

Director

Address :

S-307, IInd Floor, Panchsheel Park, New Delhi – 110017, India

Date of Appointment :

11.05.2010

DIN No.:

00594076

 

 

Name :

Mr. Vellayan Subbiah

Designation :

Director

Address :

No.10, Boat Club Road, R.A.Puram, Chennai – 600028, Tamilnadu, India

Date of Appointment :

18.10.2016

DIN No.:

01138759

 

 

Name :

Mr. Vijay Kumar Chopra

Designation :

Director

Address :

4 - A, 4th Floor, Harmony Tower, Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Appointment :

30.01.2009

DIN No.:

02103940

 

 

Name :

Dr. Adarsh Kishore

Designation :

Director

Address :

Badarika Farm House, Behind Railway Officers Colony, Near Jagatpura Railway Station, Jaipur – 302025, Rajasthan, India

Date of Appointment :

28.07.2010

DIN No.:

02902810

 

 

Name :

Ms. Pratima Ram

Designation :

Director

Address :

F-304, Central Park-I, Sector-42, Gurugram – 122002, Haryana, India

Date of Appointment :

28.07.2014

DIN No.:

03518633

 

 

Name :

Mr. Jalaj Ashwin Dani

Designation :

Additional Director

Address :

Home Villa CHS, 48 Krishna Sanghi Path, Gamdevi, Mumbai – 400007, Maharashtra, India

Date of Appointment :

16.08.2017

DIN No.:

00019080

 

 

Name :

Mr. Upendra Kumar Sinha

Designation :

Additional Director

Address :

Flat No. 23/24, Lotus Court, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Appointment :

01.03.2018

DIN No.:

00010336

 

 

 

Notes:

 

  • Designation of the directors has been updated as per the latest government registry. 

 

  • As per our previous database records, Mr. Qimat Rai Gupta, Mr. A. P. Gandhi, Mr. S. B. Mathur, were the directors of the company, however, they does not appear in the current government registry records and the same could not be confirmed with the management as well.

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjay Kumar Gupta

Designation :

Company Secretary

Address :

B-2/31, Yamuna Vihar, Delhi – 110053, India

Date of Appointment :

28.10.2009

PAN No.:

AALPG9513F

 

 

Name :

Mr. Jaideep

Designation :

Finance Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2018

 

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

372457920

59.58

(B) Public

252648593

40.41

(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

94994980

15.20

Vinod Gupta

30950240

4.95

Surjit Kumar Gupta

28650800

4.58

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

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

372457920

59.58

A2) Foreign

0.00

A=A1+A2

372457920

59.58

 

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

B1) Institutions

0

0.00

Mutual Funds/

28291508

4.53

Alternate Investment Funds

184217

0.03

Foreign Portfolio Investors

155841064

24.93

Nalanda India Equity Fund Limited

33044930

5.29

Government Pension Fund Global

13225441

2.12

Smallcap World Fund, Inc

7671266

1.23

New World Fund Inc

7265000

1.16

Financial Institutions/ Banks

3105430

0.50

Sub Total B1

187422219

29.98

B2) Central Government/ State Government(s)/ President of India

0

0.00

Central Government/ State Government(s)/ President of India

753376

0.12

Sub Total B2

753376

0.12

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

32982748

5.28

Individual share capital in excess of INR 0.200 Million

5032368

0.80

Any Other (specify)

26457882

4.23

IEPF

169690

0.03

Trusts

1444464

0.23

HUF

703406

0.11

Non-Resident Indian (NRI)

3157637

0.51

Unclaimed or Suspense or Escrow Account

227100

0.04

Clearing Members

951611

0.15

Bodies Corporate

19803974

3.17

Sub Total B3

64472998

10.31

B=B1+B2+B3

252648593

40.41

 

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)

 

(Line of business is updated as per latest annual report 2017)

 

 

Products/ Services :

NIC Code No.

Product/ Services Description

2732

Cable

2710

Switchgears

2750

Electric Consumer Durables

2740

Lighting and Fixtures

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

4974 (Approximately)

 

 

Bankers :

(As on 31.03.2017)
  • Canara Bank
  • Yes Bank Limited
  • HSBC Bank Limited
  • Standard Chartered Bank
  • ICICI Bank Limited
  • State Bank of India
  • IDBI Bank Limited
  • Axis Bank Limited

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Short-term borrowings

 

 

Loans repayable on demand

 

 

Working Capital demand loan from bank

500.200

0.000

 

 

 

Total

500.200

0.000

 

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:

 

  • Pari-passu first charge with consortium banks by way of hypothecation on entire stocks of raw materials, semi-finished goods, finished goods, stores and spares, bill receivables, book debts and all movable and other current assets of the Company.

 

  • Pari-passu first charge with consortium banks by way of equitable mortgage of land and building at 14/3, Mathura Road, Faridabad.

 

  • Pari-passu second charge with other consortium lenders by way of hypothecation of plant and machinery, generators, furniture and fixtures, electric fans and installations on which first charge was held by HSBC Bank (Mauritius) Limited against External Commercial Borrowings.

 

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

 

 

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

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies :

(As on 31.03.2017)
  • Havells Holdings Limited
  • Promptec Renewable Energy Solutions Private Limited
  • Standard Electrical Limited
  • Havells Global Limited
  • Havells Guanzhou International Limited

 

 

Step Down Subsidiary Companies :

(As on 31.03.2017)
  • Havells International Limited
  • Havells Sylvania (Thailand) Limited
  • Havells Sylvania Brazil Illuminacao Limited
  • Havells Sylvania Iluminacion (Chile) Limited
  • Havells USA Inc.
  • Thai Lighting Asset Co. Limited#

 

 

Related party where control exists upto December 31, 2015 (ceased to be Subsidiary Company w.e.f. January 1, 2016) :

(As on 31.03.2017)
  • Feilo Exim Limited (erstwhile Havells Exim Limited)
  • Feilo Malta Limited (earlier known as Havells Malta Limited)

 

 

Joint Venture :

(As on 31.03.2017)

Jiangsu Havells Sylvania Lighting Co. Limited

 

 

Enterprises in which directors are interested :

(As on 31.03.2017)
  • QRG Enterprises Limited
  • QRG Foundation
  • Guptajee and Company
  • QRG Investments and Holdings Limited (formerly known as Ajanta Mercantile Limited)
  • The Vivekananda Ashrama

 

 

Associates (w.e.f. 01-01-2016) :

(As on 31.03.2017)
  • Feilo Exim Limited (erstwhile Havells Exim Limited)
  • Feilo Malta Limited (earlier known as Havells Malta Limited)

 

 

Post employee benefit plan for the benefitted employees :

(As on 31.03.2017)

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 07.07.2017

 

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

 

 

 

 

625148473

Equity Shares

INR 1/- each

INR 625.148 Million

 

 

 

 

 

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

 

 

LISTING DETAILS:

 

Subject Stock Code :

BSE : 517354

NSE : HAVELLS

ISIN : INE176B01034

Stock Exchange Place :

The equity shares of the Company are listed at:

 

• The National Stock Exchange of India Limited

(NSE), Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051, Maharashtra, India

 

• BSE Limited (BSE), Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001, Maharashtra, India

Listed Date :

Not Available


 

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

10073.200

(ii) Intangible Assets

181.600

108.200

0.000

(iii) Capital work-in-progress

119.100

204.900

0.000

(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

51960.800

 

Other Income

1342.800

693.500

868.700

 

TOTAL

62695.400

54476.700

52829.500

 

 

 

 

 

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

 

Foreign Exchange fluctuation loss/(gain)

0.000

0.000

(79.500)

 

TOTAL

53689.300

44210.000

45316.200

 

 

 

 

 

 

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

2297.900

1970.00

1813.100

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

5390.400

7120.300

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

9.31

 

 

 

 

Account Receivables Turnover

( Income / Sundry Debtors)

26.85

34.12

39.21

 

 

 

 

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]

%

8.79

13.24

8.95

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

10.87

17.41

12.74

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

16.47

24.11

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 545.00/-

 

 

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

51960.800

53783.200

61352.600

 

 

3.507

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

51960.800

53783.200

61352.600

Profit/(Loss)

4649.400

7120.300

5390.400

 

8.95%

13.24%

8.79%

 

 

 

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

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

Other comprehensive income not to be reclassified to profit or loss in

subsequent periods

 

 

 

 

Re-measurement (gains)/ losses on defined benefit plans

 

24.300

(390.500)

 

Income tax effect

 

(14.500)

126.900

 

Net other comprehensive income not to be reclassified to profit or

loss in subsequent periods

 

9.800

(263.600)

 

 

 

 

 

 

Other comprehensive income that will be reclassified to profit or loss

in subsequent periods

 

 

 

 

Mark to Market on Interest rate swap

 

0.000

(27.200)

 

Exchange difference on translation of foreign operations

 

227.600

136.900

 

Share of other comprehensive income of joint venture accounted for

using equity method

 

0.000

1.800

 

Net other comprehensive (income)/loss to be reclassified to profit

or loss in subsequent periods

 

227.600

111.500

 

Other comprehensive (income)/loss for the year, net of tax

 

237.400

(152.100)

 

 

 

 

 

 

Total comprehensive income for the year, net of tax

 

4703.700

13156.600

 

Profit for the year attributable to

 

 

 

 

Equity shareholders of parent company

 

4945.300

13001.100

 

Non controlling interests

 

(4.200)

3.400

 

 

 

4941.100

13004.500

 

Total Comprehensive income for the year attributable to

 

 

 

 

Equity shareholders of parent company

 

4707.900

13153.200

 

Non controlling interests

 

(4.200)

3.400

 

 

 

4703.700

13156.600

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 7.91

 20.82

 

 

LEGAL CASES

 

High court

 

OSRAM GESELLSCHAFT MIT BESCHRANKTER HAFTUNG AND ANR Vs. HAVELLS INDIA LIMITED

high court-Delhi

Case no:CS(OS) 883/2010 I.A. 6032/2010

Case status:Pending

Judge:HON BLE MR. JUSTICE VIPIN SANGHI

Date:16/04/22

 

High court

 

THE COMMISSIONER OF CENTRAL EXCISE & SERVICE TAX LTU Vs. HAVELLS INDIA LIMITED

high court-Delhi

Case no:CEAC 5/2017 CM APPL. 5638/2017

Case status:Pending

Judge:HON BLE MR. JUSTICE S.RAVINDRA BHAT HON BLE MR. JUSTICE NAJMI WAZIRI

Date:2017-02-13

 

High court

 

MS GM MODULAR PVT LIMITED Vs. MS HAVELLS INDIA LIMITED

high court-Delhi

Case no:CS(COMM) 355/2017 I.A. 10946/2014

Case status:Pending

Judge:HON BLE MR. JUSTICE NAVIN CHAWLA

Date:2017-11-29

 

High court

 

OSRAM GESELLSCHAFT MIT BESCHRANKTER HAFTUNG & ANR Vs. HAVELLS INDIA LIMITED

high court-Delhi

Case no:I.A. 7614/2017 In CS(COMM) 1152/2016

Case status:Pending

Judge:HON BLE MS. JUSTICE MUKTA GUPTA

Date:2017-07-13

 

High court

 

COMMISSIONER OF CENTRAL EXCISE & SERVICE TAX LTU NEW DELHI Vs. HAVELLS INDIA LIMITED

high court-Delhi

Case no:CM APPL. 37965/2016 In CEAC 43/2015 (Disposed-off Case)

Case status:Pending

Judge:HON BLE MR. JUSTICE S.RAVINDRA BHAT HON BLE MS. JUSTICE DEEPA SHARMA

Date:2016-10-07

 

High court

 

COMMISSIONER OF CENTRAL EXCISE & SERVICE TAX LTU NEW DELHI Vs. HAVELLS INDIA LIMITED ST

high court-Delhi

Case no:CM APPL. 37965/2016 In CEAC 43/2015 (Disposed-off Case)

Case status:Pending

Judge:HON BLE DR. JUSTICE S.MURALIDHAR HON BLE MR. JUSTICE VIBHU BAKHRU

Date:2016-11-04

 

High court

 

MS HARSH AUTOMOBILES PRIVATE LIMITED THRU.MUKESH VAISHNAV INDORE MUNICIPAL CORPORATION HAVELLS INDIA LIMITED THROUGH VIVEK GUPTA INDORE MUNICIPAL CORPORATION

high court-Madhya Pradesh

Case no:WP - 1842/2016 (O) WP - 2016/2016 (O)

Case status:Pending

Judge:HON'BLE SHRI JUSTICE S.C.SHARMA and HON'BLE SHRI JUSTICE RAJEEV KUMAR DUBEY (DB-II)

Date:2016-12-05

 

High court

 

OSRAM GESELLSCHAFT MIT BESCHRANKTER HAFTUNG & ANR Vs. HAVELLS INDIA LIMITED

high court-Delhi

Case no:CS(COMM) 1152/2016 I.A. 6032/2010

Case status:Pending

Judge:HON BLE MR. JUSTICE R.K.GAUBA

Date:2016-10-24

 

High court

 

OSRAM GESELLSCHAFT MIT BESCHRANKTER HAFTUNG & ANR Vs. HAVELLS INDIA LIMITED

high court-Delhi

Case no:CS(OS) 883/2010

Case status:Pending

Judge:HON BLE MR. JUSTICE R.K.GAUBA

Date:2016-10-04

 

High court

 

OSRAM GESELLSCHAFT MIT BESCHRANKTER HAFTUNG & ANR Vs. HAVELLS INDIA LIMITED

high court-Delhi

Case no:CS(OS) 883/2010 I.A. 6032/2010

Case status:Pending

Judge:HON BLE MS. JUSTICE HIMA KOHLI

Date:2016-07-25

 

High court

 

MS GM MODULAR PRIVATE LIMITED Vs. MS HAVELLS INDIA LIMITED

high court-Delhi

Case no:CS(OS) 1720/2014 I.A. 10946/2014

Case status:Pending

Judge:HON BLE MR. JUSTICE R.K.GAUBA

Date:2016-12-08

 

High court

 

OSRAM GESELLSCHAFT MIT BESCHRANKTER HAFTUNG & ANR Vs. HAVELLS INDIA LIMITED

high court-Delhi

Case no:I.A. 14132/2016 In CS(COMM) 1152/2016

Case status:Pending

Judge:HON BLE MR. JUSTICE R.K.GAUBA

Date:2016-11-16

 

High court

 

COMMISSIONER OF CENTRAL EXCISE & SERVICE TAX LTU Vs. HAVELLS INDIA LIMITED

high court-Delhi

Case no:CM APPL. 37211/2016 In CEAC 44/2015 (Disposed-off Case)

Case status:Pending

Judge:HON BLE MR. JUSTICE S.RAVINDRA BHAT HON BLE MS. JUSTICE DEEPA SHARMA

Date:2016-10-07

 

 

http://54.234.29.250/ferretops/mirascreenshots/5ac31884d4e3761d700000975ac31977d4e37607ea019d7d.jpg

 

 

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

NOTE: The registered office of the company has been shifted from “1, Raj Narain Marg, Civil Lines, Delhi – 110054, India” to the present address w.e.f. 01.01.2017.

 

 

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 records, 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 Place New Delhi 110001 INDIA

2

B57092884

90063916

Canara Bank

17/01/1997

28/08/2012

-

2900000000.0

Prime Corporate Branch II, 2nd Floor World Trade Tower, Barakhamba Lane New Delhi 110001 INDIA

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 Junction Western Expressway Highway, Vile Parle – East Mumbai MAHARASHTRA 400057 INDIA

4

G35477488

10420057

HSBC BANK (MAURITIUS) LIMITED

29/03/2013

-

02/02/2017

1087786000.0

6TH FLOOR, HSBC CENTRE18, CYBER CITY,EBENENAXXXXXXMU

5

B44156883

10222246

Canara Bank

20/05/2010

28/06/2010

24/07/2012

1400000000.0

Prime Corporate Branch – II 2nd Floor, World Trade Tower, Barakhamba Lane New Delhi 110001 INDIA

6

B34468686

10188471

Axis Trustee Services Limited

10/11/2009

16/01/2010

12/03/2012

1747200000.0

MAKER TOWERS 'F', 13TH FLOORCUFFE PARADE, COLABA MUMBAI MAHARASHTRA 400005 INDIA

7

B06397152

10076551

CANARA BANK

11/10/2007

-

24/02/2011

207200000.0

74 JANPATHNEW DELHI NEW DELHI 110001 INDIA

8

A82407297

10031138

ICICI BANK LIMITED

09/01/2007

20/09/2007

23/03/2010

314020000.0

LANDMARKRACE COURCE CIRCLE ALKAPURI BARODA GUJARAT 390015 INDIA

9

A73694721

80039934

UTI Bank Limited

14/01/2005

-

24/11/2009

50000000.0

Statesman House148, Barakhamba Road New Delhi 110001 INDIA

10

A73382087

90064534

CANARA BANK

31/01/2004

-

20/11/2009

50000000.0

JANPATH NEW DELHI INDIA

11

A24182453

90064407

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA

21/02/2003

11/11/2004

18/09/2007

90000000.0

SIDBI Tower15 Ashok Marg LUCKNOW UTTAR PRADESH 226001 INDIA

12

A21215702

80035303

ICICI Limited

29/06/2001

14/09/2005

06/08/2007

50000000.0

ICICI Towers Bandra Kurla Complex Bandra (EAST) Mumbai MAHARASHTRA 400051 INDIA

13

A21214176

80035306

ICICI LIMITED

07/12/2000

12/12/2005

06/08/2007

100000000.0

ICICI Towers Bandra Kurla Complex Bandra (EAST) Mumbai MAHARASHTRA 400051 INDIA

14

A20256251

80034594

IDBI Bank Limited

15/11/1997

12/11/2003

19/07/2007

52500000.0

2 Siri Fort Institutional Area Khelgaon Marg New Delhi 110016 INDIA

15

A19635382

80034328

Syndicate Bank

12/03/2004

12/12/2005

11/07/2007

220000000.0

Corporate Finance Branch Delhi Tamil Sangam Building R.K. Puram New Delhi 110022 INDIA

16

A03674215

80010027

CORPORATION BANK

02/12/2003

14/01/2005

14/08/2006

101540000.0

IFBK G MARG NEW DELHI 110001 INDIA

17

A00361923

80001198

RABO INDIA FINANCE PVT LTD

27/06/2005

-

04/04/2006

0.0

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

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

JANPATH NEW DELHI 110001 INDIA

20

Y10145486

90064415

CANARA BANK

13/03/2003

-

21/05/2005

117000000.0

FOUNTAIN DELHI 110006 INDIA

21

Y10145229

90064158

CANARA BANK

28/07/2000

-

26/08/2003

200000.0

FOUNTAIN DELHI 110006 INDIA

22

Y10122109

90042014

INDUSTRIAL DEVELOPMENT BANK OF INDIA

01/09/1997

16/06/1998

16/10/2002

55000000.0

IDBI TOWERCUFFE PARADE; COLABA MUMBAI MAHARASHTRA  400005 INDIA

23

Y10145235

90064164

CANARA BANK

10/08/2000

-

28/09/2002

30000000.0

FOUNTAIN DELHI 110006 INDIA

24

Y10144836

90063765

CANARA BANK

04/05/1993

20/10/1994

13/02/1997

50000000.0

FOUNTAIN DELHI 110006 INDIA

25

Y10144681

90063610

CANARA BANK

11/10/1986

30/07/1996

13/02/1997

250000.0

FOUNTAIN DELHI 110006 INDIA

 

 

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, India Prisons Service, Interpol, etc.

 

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 65.44

UK Pound

1

INR 93.27

Euro

1

INR 80.73

 

 

INFORMATION DETAILS

 

Information Gathered by :

AKS

 

 

Analysis Done by :

VIV

 

 

Report Prepared by :

SUD

 

 

SCORE FACTORS

 

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

 

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)

 

 

 

 

 

 

 

 

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

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