MIRA
INFORM REPORT
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Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
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Name : |
H-ONE INDIA PRIVATE LIMITED |
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Formerly Known As : |
HONGO INDIA PRIVATE LIMITED |
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Registered Office : |
12, Udyog Vihar, Surajpur Kasna Road, Greater Noida, Gautam Budh
Nagar, Noida – 201306, Uttar Pradesh |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.12.1997 |
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Com. Reg. No.: |
20-023702 |
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CIN No.: [Company
Identification No.] |
U73200UP1998PTC023702 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of auto mobiles components |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under pressure. However, trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
12, Udyog Vihar, Surajpur Kasna Road, Greater Noida, Gautam Budh
Nagar, Noida – 201306, Uttar Pradesh, India |
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Tel. No.: |
91-120-2569892 / 93 / 94 |
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Fax No.: |
91-120-2569895 |
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E-Mail : |
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Website : |
DIRECTORS
As On : 25.09.2010
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Name : |
Mr. Shizuo Imada |
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Designation : |
Director |
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Address : |
297-6, Kamiko MAchi, Omiya-ku, Saitama-shi, Saitamaken–3310855, Japan |
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Date of Birth/Age : |
19.03.1946 |
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Date of Appointment : |
30.07.2002 |
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DIN No : |
00566262 |
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Name : |
Mr. Masahito Taniguchi |
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Designation : |
Director |
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Address : |
2-20-10, Takaka-Higashi, Shizuokaken-4338117, Japan |
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Date of Birth/Age : |
08.11.1950 |
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Date of Appointment : |
09.05.2006 |
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DIN No : |
00566541 |
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Name : |
Mr. Masayuki Tanabe |
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Designation : |
Chairman |
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Address : |
Tower No.2, Flat No.502, NRI City, Greater Noida-201306, Uttar
Pradesh, India |
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Date of Birth/Age : |
15.12.1963 |
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Date of Appointment : |
13.12.2008 |
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DIN No : |
02433402 |
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Name : |
Mr. Arun Jain |
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Designation : |
Whole Time Director |
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Address : |
138, Sector-40, Gautam Budh Nagar, Noida-201301, Uttar Pradesh, India |
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Date of Birth/Age : |
10.05.1973 |
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Date of Appointment : |
28.03.2007 |
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DIN No : |
00566490 |
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Name : |
Mr. Krishna Shriram |
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Designation : |
Director |
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Address : |
D-46, Malcha Marg, New Delhi-110021, Delhi, India |
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Date of Birth/Age : |
03.06.1970 |
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Date of Appointment : |
26.09.2008 |
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DIN No : |
00031783 |
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Name : |
Mr. Yoshihito Sato |
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Designation : |
Whole Time Director |
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Address : |
Tower No.5, House No.303, NRI City, Greater Noida-201306, Uttar
Pradesh, India |
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Date of Birth/Age : |
31.05.1964 |
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Date of Appointment : |
02.02.2009 |
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DIN No : |
02536833 |
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Name : |
Mr. Harushia Nihashi |
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Designation : |
Director |
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Address : |
14-1-1706, Shakujiimachi-2 Chome, Nerima-KU, Tokyo-1770041, Japan |
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Date of Birth/Age : |
15.06.1952 |
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Date of Appointment : |
25.09.2010 |
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DIN No : |
03343795 |
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Name : |
Mr. Takeshi Ideguchi |
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Designation : |
Director |
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Address : |
B-31, 1st Floor, Defence Colony, New Delhi-110024, Delhi,
India |
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Date of Birth/Age : |
16.11.1977 |
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Date of Appointment : |
11.01.2010 |
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DIN No : |
02481800 |
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Name : |
Mr. Satoru Hamatsu |
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Designation : |
Director |
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Address : |
D-255, 1st Floor, Defence Colony, New Delhi-110024, Delhi,
India |
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Date of Birth/Age : |
26.12.1967 |
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Date of Appointment : |
20.04.2009 |
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DIN No : |
02668532 |
KEY EXECUTIVES
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Name : |
Ms. Madhu Bala Sharma |
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Designation : |
Secretary |
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Address : |
4, Bank Colony, Mandoli Extension, New Delhi-110093, Delhi, India |
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Date of Birth/Age : |
07.09.1981 |
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Date of Appointment : |
27.11.2007 |
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PAN No : |
BUHPS8254C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
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Names of Shareholders |
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No. of Shares |
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H-One Company Limited, Japan |
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45324998 |
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Pawha Builders Private Limited, India |
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1 |
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Usha International Limited, India |
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2385525 |
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Syunji Tanabe |
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1 |
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Total |
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47710525 |
AS ON 25.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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95 |
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Bodies corporate |
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05 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of auto mobiles components |
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Products : |
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PRODUCTION STATUS (As On : 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Metal Sheet Components |
Nos. |
NA |
10660000 |
2200061 |
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Tools and Dies |
Nos. |
NA |
250 |
119 |
GENERAL INFORMATION
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Bankers : |
Mizhuo Corporate Bank Limited, 4TH Floor, East Tower, Sood
Tower, 25, Barakhamba Road, New Delhi-11001, Delhi, India |
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Facilities : |
Notes :- Tern, Loan from
Mizhuo Corporate Bank Limited. (MCB) of Rs. Nil (33,360,0001-), The Bank of
Tokyo-Mitsubishi UFJ, Limited of Rs. 16,666,667/- (50,000,000/-) are secured
by way of second charge on all immovable assets and by way of hypothecation of
ail movable assets, both present and future ,In favour of banks parl-passu
Inter se, subject to
prior charge in favour of the Company's bankers on movable assets for working
capital borrowings’. Repayable within one year is Rs 16,666,6671- (previous
year Rs. 66,693,3321.)
Note Repayable within one year Rs. 150.802 millions (Previous year Rs.
72.455 millions) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi and Company Chartered Accountant |
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Address : |
405-407, Chiranjiv Tower, 43, Nehru Place, New Delhi-110049, Delhi,
India |
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Holding Company : |
H-One Company Limited, Japan |
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Fellow Subsidiaries : |
v KTH Parts
Industries Inc., USA v Kalida
Manufacturing Inc., USA v KTH Shelburne
Manufacturing, Inc., USA v H-One Parts
(Thailand) Company Limited, Thailand v GH Auto Parts
Industries Inc. (China) v QH Auto Parts
Industries Inc. (China) v WH Auto Parts
Industries Inc. (China) v UYT Limited
(United Kingdom) v CNC D-Tex
Company Limited, Thailand v KTH Leesburg
Products, USA |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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70000000 |
Equity Shares |
Rs. 10/- each |
Rs. 700.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
47710525 |
Equity Shares |
Rs. 10/- each |
Rs. 477.105
millions |
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Note : (of the above shares, 45324998 (45324998)
Equity Shares are held by holding company i.e. M/s H-One Company Limited,
Japan)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
477.105 |
477.105 |
477.105 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
84.847 |
122.438 |
225.170 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
561.952 |
599.543 |
702.275 |
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LOAN FUNDS |
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1] Secured Loans |
16.667 |
188.860 |
241.398 |
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2] Unsecured Loans |
626.636 |
809.619 |
100.000 |
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TOTAL BORROWING |
643.303 |
998.479 |
341.398 |
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DEFERRED TAX LIABILITIES |
116.431 |
120.748 |
18.231 |
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LIABILITY UNDER VAT DEFERRAL SCHEME |
0.000 |
0.000 |
49.576 |
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TOTAL |
1321.686 |
1718.770 |
1111.480 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
863.715 |
963.698 |
688.012 |
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Capital work-in-progress |
1.970 |
3.844 |
373.783 |
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INVESTMENT |
168.100 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
48.649 |
27.479 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
105.535
|
262.463 |
148.753 |
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Sundry Debtors |
144.873
|
496.212 |
149.372 |
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Cash & Bank Balances |
51.363
|
1.258 |
15.192 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
232.714
|
229.415 |
196.996 |
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Total
Current Assets |
534.485
|
989.348 |
510.313 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Sundry Creditors |
164.356
|
121.506 |
326.116 |
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Other Current Liabilities |
28.450
|
19.158 |
14.936 |
|
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Provisions |
102.427
|
124.935 |
119.647 |
|
Total
Current Liabilities |
295.233
|
265.599 |
460.699 |
|
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Net Current Assets |
239.252
|
723.749 |
49.614 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.071 |
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TOTAL |
1321.686 |
1718.770 |
1111.480 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sheet Metal Parts |
880.660 |
716.720 |
|
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Dies and Fixtures |
182.070 |
346.570 |
1137.000 |
|
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Others |
101.690 |
66.152 |
|
|
|
|
Excise Duty |
(87.290) |
(143.380) |
|
|
|
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TOTAL (A) |
1077.150 |
986.062 |
1137.000 |
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Less |
EXPENSES |
|
|
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Office Expenses |
|
|
|
|
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|
Administrative Expenses |
961.230 |
932.852 |
951.520 |
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Advertising Expenses |
|
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TOTAL (B) |
961.230 |
932.852 |
951.520 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
115.920 |
53.210 |
185.480 |
|
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Less |
FINANCIAL EXPENSES (D) |
40.260 |
52.510 |
28.710 |
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|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
75.660 |
0.700 |
156.770 |
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|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
134.360 |
144.300 |
104.800 |
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(58.700) |
(143.600) |
51.970 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
(21.110) |
(40.900) |
21.130 |
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
(37.590) |
(102.700) |
30.840 |
|
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|
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|
|
|
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|
EXPORT VALUE |
45.552 |
11.183 |
49.917 |
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
28.694 |
325.464 |
181.084 |
|
|
|
Stores & Spares |
2.268 |
6.199 |
7.198 |
|
|
|
Capital Goods |
18.753 |
243.333 |
79.046 |
|
|
TOTAL IMPORTS |
49.715 |
574.996 |
267.328 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.79 |
2.15 |
1.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(3.49)
|
(10.42) |
2.71 |
|
|
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|
|
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.06)
|
(7.25) |
4.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10)
|
(0.24) |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.88
|
2.31 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
3.72 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
ANALYSIS
Results showing revival
from economic recession kind positive sign for the growth due increase in
customer base and 23% increase in sheet Metal 'Turnover recorded 881 Million and total 'Turnover recorded
of Rs. 1077 Million showing
total increase of 7%. In result loss recorded Rs. 59 Million showing total decrease of 59'%
BUSINESS AND OPERATION
The year started
with widespread global economic crisis and reduction in demand of automobiles in the market. In this environment,
the Company focused on profitability through efficient cost management. However
the environment has shown changes in the last quarter and there were signs of
global economic recovery, strong growth projections for India, China and other
emerging economies and return of business confidence.
During the year
Company invested in Vectron Machine, Progressive Press, Welding Robots for the
upgraded production technology. Company set up chain case line for HMSI supply.
MAHINDRA and MAHINDRA, MAGNA and SANKEI:GIKEN add in their customer list.
Again this year
Engineering Export Promotion Council, (Government of India awarded Company
excellence as sitar performers for highest export of tooling in 2007-08. As a
continuous program Company sending its employees to parent company for
imparting training based on the need of its business.
FROM 8
|
Corporate
identity number of the company |
U73200UP1998PTC023702 |
|
Name of the
company |
H-ONE INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
12, Udeyog Vihar, Surajpur Kasna Road, Greater Noida, Gautam Budh
Nagar, Noida – 201306, Uttar Pradesh, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Others |
|
Particular of
charge holder |
Mizhuo Corporate Bank Limited, 4TH Floor, East Tower, Sood
Tower, 25, Barakhamba Road, New Delhi-11001, Delhi, India |
|
Nature of instrument
creating charge |
1.
Supplemental Agreement of loan for increase in the overall limit for Secured
Advances. 2.
Supplemental Agreement of Hypothecation of Stock in trade, Book debts and
other movable assets for increasing the overall limit. 3.
Letter granting the grant of individual limits with in the overall limit. |
|
Date of
instrument Creating the charge |
02.09.2008 |
|
Amount secured by
the charge |
Rs. 150.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Cash
credit (CC)/Working Capital Demand loan (WCDL)/LOC and Acceptance- Benchmark
PLR Linked. Bank Guarantee Commission- 3% for financial guarantee and 2% for
Performance Guarantee (Minimum Rs. 750.00 millions) Terms of
repayment Repayable on demand Margin As prescribed by the bank from time to time Extent and
operation of the charge Extent
and operation of the charge-100%. This is to secure the enhanced working
capital facilities provided by the bank i.e. cash credit limit- Rs. 10
million, WCDL - Rs. 150 million, BG - Rs. 30 million and LOC & Acceptance
limit of Rs. 50 million. Total exposure of CC, WCDL, BG and LOC and
Acceptance not to exceed Rs. 150 million and the facilities will be
interchangeable between CC, WCDL, BG and LOC and Acceptance. |
|
Short particulars
of the property charged (Including location of the property) |
First
Pari-passu charge by way of Hypothecation of Borrower's Book Debts, Stock in
trade and other movable assets. |
|
Charge
identification number of the charge to be modified |
80022720 |
|
Date of
instrument modifying the charge |
16.01.2007 |
|
Particulars of
the present modification |
The hypothecation charge created in favour of the bank over the
stock-in-Trade, Book Debts and other movable assets to cover the increased
limit of credit facilities from Rs.90.000 millions to Rs. 150.000 millions. |
FIXED ASSETS
ü
Leasehold Land
ü
Building
ü
Plant and Machinery
ü
Computer
ü
Furniture and Fixtures
ü
Vehicles
ü
Office Equipments
ü
Intangible Assets
WEB SIDE SETAILS
H-ONE
GROUP PRESIDENT MESSAGE
The H-one Company Limited, Japan was started on 1st April, 2006
after merger of Hirata Company Limited, and Hongo Company Limited in Japan
aiming at new leap in the world as a leading industry for making frame body
parts for Automobile Industries. The subject shall strengthen technical and
development power cultivated by both the companies for a long time, double the
said strength and respond with full strength to the demands of customer of all
over the world.
In recent years, to meet the social demands of environment
preservation and low energy consumption, resuscitation of processing technology
cultivated for many years, use of high-tension steel material in automobile
framework parts and talking technical position towards the next generation
automobiles, etc., have been intensified.
They, at H-one manifest a firm determination, as a maker of
frame body parts and Tooling thereof, capable of creating a new corporate
culture by speedy response to the demands of the customers all over the world
by combining energy, knowledge and wisdom of the company’s members.
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.44.20 |
|
|
1 |
Rs.72.25 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.