MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
HIVOLTRANS ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
22, Shyam Sunder Eaw House, B/H Manav Mandir, Drive In Road Memnagar,
Ahmedabad – 380052, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.05.1982 |
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Com. Reg. No.: |
04-005227 |
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CIN No.: [Company
Identification No.] |
U31909GJ1982PTC005227 |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturer of High Voltage Instrument Transformers upto and
Including 220 KV Voltage Class. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 45000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen. Trade
relation are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
22, Shyam Sunder Eaw House, B/H Manav Mandir, Drive In Road Memnagar,
Ahmedabad – 380052, |
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Tel. No.: |
91-2676-221376 / 221476 |
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Fax No.: |
91-2676-220847 |
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E-Mail : |
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Website : |
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Factory 1 : |
2202/3, GIDC, Halol, District Panchmahals – 389 351, |
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Tel. No.: |
91-267-621376 |
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Fax No.: |
91-267-620847 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Vasant R. Karia |
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Designation : |
Director Commercial |
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Address : |
Chinar Flats, 3rd floor, 46, Anandyan Society, New Sama Road, Baroda – 390008, Gujarat |
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Date of Birth/Age : |
25.04.1952 |
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Date of Appointment : |
24.05.1982 |
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Name : |
Mr. Amit Hrishikesh Roy Chaudhary |
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Designation : |
Whole Time Director |
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Address : |
401 – B, Silver Square, 64, Shrinagar, Society, Near Urmi Char Rasta, Baroda – 390020, Gujarat |
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Date of Birth/Age : |
24.10.1953 |
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Date of Appointment : |
24.05.1982 |
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Name : |
Mr. Ghanshyam V. Akre |
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Designation : |
Director Production |
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Address : |
48, Maduvan Society, Near Abhilasha Road, New Sama Road, Baroda – 390008, Gujarat |
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Date of Birth/Age : |
22.05.1947 |
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Date of Appointment : |
24.05.1982 |
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KEY EXECUTIVES
|
Name : |
Sandip Sheth and Associates |
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Designation : |
Company Secretary |
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Address : |
308, Amulya Complex, B/ H Rudra Complex, Near |
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Tel No. : |
91-79-65313551 |
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Fax No.: |
91-9824025590 |
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Email : |
sandipsheth@rediffmail.com |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Shri Ghanshyam V. Akre |
4830 |
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Shri Vasant R. Karia |
4875 |
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Amit H Roy Chowdhary |
4850 |
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Mrs. Jayashree V. KAria |
450 |
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Mrs. Jyotsana G. Akre |
50 |
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Mrs Madhumita A. Roy Chowdhary |
50 |
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Smt. Laxmi H Roy Chowdhary |
150 |
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Smt. Champabai V. Akre |
200 |
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Shri Gajanan D. Vaitee |
200 |
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Dr. Biman H. roy Chowdhury |
50 |
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Smt. Dr. nupur B. Roy Chowdhary |
50 |
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Mr. Hasmukh r. Karia |
100 |
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Mr. Ravindra g. Vaitee |
100 |
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Mr Shridhar G Vaitee |
100 |
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Smat. Sashikala G. Vaitee |
50 |
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Mr. Vasant T. Thakkar |
50 |
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Smt Yogini r Patel |
100 |
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Mr. Narendra L Keni |
100 |
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Mr. Narhari D. Paghdare |
50 |
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Mrs. Narottam Akre |
95 |
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Mr. Ramakant R. TAmor |
95 |
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Shri Girdharlal Karia |
90 |
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Smt. Jyotiben G. KAria |
90 |
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Shri Hemant Vaitee |
60 |
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Smt. Vandana KAria |
60 |
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Mr. Rajesh Naginlala Shah |
5 |
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Mrs. Daksha Rajeshkumar Shah |
5 |
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Mr Mukash Jethalal Shah |
5 |
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Total |
16910 |
Equity Share Breakup
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Sr. No. |
Category |
Percentage |
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1. |
Directors or Relatives of Directors |
100.00 |
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Total |
100 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of High Voltage Instrument Transformers upto and
Including 220 KV Voltage Class. |
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Exports : |
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Products : |
Instrument transformers in H V and EHV range (33 KV – 245 KV) viz; (a)
Current transformers (CTs), (b) Voltage / potential transformers (VTs / PTs) |
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Countries : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
80 |
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Bankers : |
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Facilities : |
Hire Purchase Rs. 9.050 millions dated 04.02.2000 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Prakash D Shah |
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Address : |
105, Sakar – I, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20510 |
Equity Shares |
Rs.100/- |
Rs.2.051millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
2.051 |
1.691 |
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2] Share Application Money |
|
0.000 |
0.081 |
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3] Reserves & Surplus |
|
9.048 |
6.924 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
11.099 |
8.696 |
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LOAN FUNDS |
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1] Secured Loans |
|
1.537 |
9.188 |
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2] Unsecured Loans |
|
1.839 |
2.544 |
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TOTAL BORROWING |
|
3.376 |
11.732 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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14.475 |
20.428 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.634 |
6.433 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.050 |
0.050 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
10.424 |
13.949 |
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Sundry Debtors |
|
12.812 |
14.914 |
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Cash & Bank Balances |
|
2.711 |
2.597 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
1.739 |
0.944 |
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Total
Current Assets |
|
27.686 |
32.404 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
17.367 |
18.098 |
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Provisions |
|
1.528 |
0.361 |
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Total
Current Liabilities |
|
18.895 |
18.459 |
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Net Current Assets |
|
8.791 |
13.947 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
14.475 |
20.428 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover & Other Income |
|
54..478 |
44.549 |
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Total Income |
|
54.478 |
44.549 |
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Profit/(Loss) Before Tax |
|
4.180 |
1.047 |
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Provision for Taxation |
|
1.579 |
0.349 |
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Profit/(Loss) After Tax |
|
2.601 |
0.698 |
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Imports Value |
|
12.005 |
17.091 |
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Total Expenditure |
|
50.298 |
43.502 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
4.77 |
1.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
7.67 |
2.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
12.54 |
2.69 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.37 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
2.00 |
3.47 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.46 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
History
The company was incorporated on 24th May, 1982 at
Ahmedabad in
Business
The company is engaged in manufacturing of high voltage insulated transformers upto and including 220 KVA voltage class.
The company's product range include :
Instrument Transformers (Current Transformers and Electromagnetic Voltage Transformers upto and including 220 KV System Voltage). The company's installed capacity is 500 nos. of voltage class and its production under report was 494 nos. of voltage class.
During the year under report, the sales turnover of the company was Rs. 29.671 millions as against Rs. 28.009 millions in the year 1998-99. The net profit was Rs. 0.096 millions as against Rs. 0.219 millions in the year 1998-99.
Attached Web Details
'HIVOLTRANS'
is a reputed manufacturer of Electrical Equipments viz; Instrument Transformers
(CTs, PTs & CT:PT Combined Units) in HV. & EHV Voltage ranges. The
Company which made a foray in the commercial market in Jan.1985, is managed by
three highly experienced Technocrats (all qualified Electrical Engineers)
having a combined experience of nearly 72 years in the field of Instrument
Transformers in HV & EHV range unto 400KV. These gentlemen are also the
Promoter Directors of the Company and are devoting full time in the Commercial,
Technical & Production Departments of Company in its day-to-day working.
Many thousands of these transformers are supplied to various Utilities and
Customers have been supplied since last 20 years with almost ZERO PERCENT
failure rate.
Presently
the Company has built-up Factory cum-Office in area of 10000 Sq.ft. A total strength
of 150 nos. of Staff and Workmen are presently working in shifts. The Company
also has plans for capacity expansion in the near future and as such has
purchased its adjacent plot measuring 55000 Sq.ft. Making the total land area
of 110,000 Sq.ft.
PRODUCTS RANGE
'HIVOLTRANS'
is one of the leading manufacturing Organization in
A.
CURRENT & VOLTAGE TRANSFORMERS (CTs & VTs):
Right
from 11KV Single and Combined Units upto & including 220KV Single Unit,
with winding and core characteristics as per requirement of Customer. For
tariff metering highly accurate measuring transformers up to 0.2 % accuracy are
manufactured. The Company plans to enter in the market of 400KV CTs/PTs in near
future. The prototype 400 kV CTs are being manufactured for all type of
qualifying tests before offering them to Customers.
B. CT
In
the voltage range of 11KV, 22KV & 33KV with CT & PT ratio as per
customers requirements.
C. ISOLATING
TRANSFORMERS UPTO 500 kV AC and DC.
First
300 kV DC Isolating Transformer was supplied to
D. HIGH
VOLTAGE TESTING TRANSFORMERS UP TO 700 kV.
These
transformers are required for High Voltage Equipment and are manufactured
in single or multiple stages upto 2 amps load current.
MANUFACTURING & TESTING FACILITY:
Their Works is fully equipped with all the testing
facilities to conduct all the routine tests and few Type Test on Instrument
Transformers up to 400KV as per relevant ISS/IEC including HV Power Frequency
Voltage Withstand Test (Wet and Dry) and P.D.Measurement Test (as per latest
amendment in ISS/IEC).
QUALITY ASSURANCE:
HIVOLTRANS
is an ISO 9001 : 2000 Company. HEPL make Instrument Transformers are
manufactured strictly in accordance with latest issue of relevant Indian
Standard Specification viz; ISS:2705 for CTs & ISS-3156 for VTs. A
stringent quality control is adhered to right from the procurement of raw
materials till the dispatches of equipments.
Further,
they are pleased to mention that our all ranges of CTs & VTs are
successfully type tested for all the type tests as per relevant ISS for the
typical values of Impulse Voltage Withstand Test (for CTs & VTs) and STC
Withstand Test (for CTs only) in line with the requirements of our valued
customers, at Govt. Laboratories like CPRI (Central Power Research Institute)
Bhopal/Banglore & ERDA, Baroda (Electrical Research and Development
Association). A Special Type Test viz; Seismic Test was also successfully
conducted on their 220KV/132KV equipment for A.S.E.B.,Guwahati &
NEEPCo.Limited.,Shillong (Meghalaya) at IIT,
They at HIVOLTRANS have developed an arrangement
of perfect hermetically sealing of Instrument Transformers from 33 kV and above
voltage range by way of providing specially designed with S.S. bellows which
efficiently & continuously protect the small volume of EHV oil in the
equipment from coming in contact with atmosphere air/gas and thereby reducing
the rate of deterioration of EHV oil to a great extent resulting in increased
life-span of equipments. This sealing arrangement has proved to be far better
than the usual adopted method of hermetical sealing by Inert Gas (N2)
Cushioning. Their many esteem clients in
Private and Government Sector have accepted our arrangement of hermetically
sealing in spite of its marginal higher cost. However 220 kV transformers are
essentially sealed with SS Bellows.
EXPERIENCE :
`HIVOLTRANS’
is now backed by two decades of experience besides the personal experiences of
another decade of all the three Promoter Directors in the field of design,
manufacture and testing of Instrument Transformers (both CTs & PTs).
They have supplied CTs & PTs up to
& including 220KV System Voltage to various State Electricity Boards, Power
Corporations, Power Projects and a few Private Project Houses. Their make 220KV/132KV/110KV/66KV/33KV CTs &
PTs are presently in satisfactory operation at various Sub-Stations of
Maharashtra State Electricity Board, Assam State Electricity Board, M.P.
Electricity Board & Gujarat Electricity Board, Neepco, BBMB, Andhra Pradesh
State Elect Board, RSEB etc. since last 12 to 15 years.
HEPL
possesses the distinction of being the first in the Country to propose and
introduce 0.2 Class of CTs & EMVTs, in all ranges up to & including
220KV Voltage range through M.S.E.B., Mumbai during 1989-90 for their EHV
consumers metering. These equipments are presently in satisfactory operation at
various Sub-Stations of MSEB installed at their EHV consumer’s premises.
HEPL
is proud to mention that it possesses a DOTLESS PERFORMANCE of their all
supplied equipments.
Having
achieved the above distinction to their credit in a short-span of 20 years by
this First generation Entrepreneurship Organization, they are determined and
shall always strive to stand by and live up to the Core of their Production Philosophy:
Form 8
|
Corporate
identity number (CIN) Foreign company registration number |
U31909GJ1982PTC005227 |
|
Name of the
Company |
HIVOLTRANS ELECTRICALS PRIVATE LIMITED |
|
Address |
22, Shyam Sunder Eaw House, B/H Manav Mandir, Drive In Road Memnagar,
Ahmedabad – 380052, |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Immovable
Property Movable Property |
|
Particulars of
the charge holder |
State Bank Of Specilised
Commercial Branch, Mandvi, Vadodara – 390017, |
|
Amount secured by
the charge |
Rs.38.500
Millions |
|
Nature or description
of the instrument creating or modifying the charge |
1] Agreement of
loan –cum hypothecation 2] Memorandum for
recording extension of mortgage by deposit of title deeds covering enhanced
limits and / or creation of equitable mortgage on Additional properties for
existing limit and enhanced limits and additional facilities |
|
Brief of the
principal terms and conditions |
A Rate Of
Interest DCC – 1.50 % over
SBAR with mon 12.50% P.A. monthly rest, EPC / EBD 2.65 % Below SBAR monthly
Rest, stand by line of credit 1 % above CC rate monthly rest B] Term of
Repayment Working Capital –
On demand Term loan 59
Monthly Installment of Rs. 0.058 million and final of Rs. 0.078 million C] Margin RM – 25 %, SIP
& F G – 40 % BD – 50 % D] Extent and operation
of the charge The credit
facilities is secured by hypothecation of stocks of raw materials , SIP,
finished goods and plant and machinery lying at plot No. 2202 & 03, G I D
C Ind. Estate, Halol Dist.: Panchamahal and book debts and receivables. |
|
Description of
the property charged indicating |
The credit
facilities is secured by hypothecation of stocks of raw materials , SIP,
finished goods and plant and machinery lying at plot No. 2202 & 03, G I D
C Ind. Estate, Halol Dist.: Panchamahal and book debts and receivables. |
|
Date of
Instrument |
18.10.2006 |
|
Particular of the
present modification |
By this execution
the charge extended to cover revised credit facilities from Rs.26.000
millions To Rs.38.500 millions |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.51 |
|
|
1 |
Rs.81.16 |
|
Euro |
1 |
Rs.56.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|