CBI has chargesheeted HEPL, Upadhaya and Mukherjee in the case but the judge had said "though CBI has not chargesheeted N C Chakraborty in the present case, I do not find myself in agreement with the said conclusion drawn by CBI".
In its charge sheet, CBI has alleged that HEPL had grossly misrepresented about its status of preparedness, not only in its application form, but also in the feedback form submitted on June 22, 2007 and in the information supplied by Chakraborty to the West Bengal government.
It had alleged Upadhaya and Mukherjee had deliberately conspired with HEPL and submitted false information to the Ministry of Coal (MoC) to secure allocation of Gourangdih ABC coal block in West Bengal in its favour.
It has said HEPL, through its January 10, 2007 application, had applied for allotment of Gourangdih ABC coal block.
reported a profit (PAT) of Rs.3 million on net sales of Rs.192 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of Rs.2 million on net sales of Rs.164 million for 2008-09.
HEPL is engaged in the manufacture of electronic energy meters (EEMs), switch gears, lighting solutions, wires and cables.
They also factor in its product diversification secured over the last two years thanks to HEPL's tie-up with group company HPL Protection Technologies Private Ltd, which has trimmed its reliance on the tender-based business and improved its offerings to include compact fluorescent lamps, low-tension wires and cables.
The ratings further consider HEPL's reasonable INR1.5bn order book position and INR4.9bn tender book position as of August 2010, which, along with the stable growth perspectives of India's electrical equipment manufacturing industry, ensure revenue visibility, Fitch added.
The ratings are, however, constrained by the weak-but-improving credit profiles of HEPL's main customers - SPUs, which has led to substantial debtor days, the analysts noted.