MIRA
INFORM REPORT
|
Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
YOKOGAWA INDIA LIMITED |
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Registered
Office : |
96, Electronic City, Complex, Hosur Road,
Bangalore-560100, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.04.1987 |
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Com. Reg. No.: |
08-008304 |
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CIN No.: [Company Identification
No.] |
U74210KA1987FLC008304 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Solutions
Provider of |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 4700000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered normal for business dealings at usual
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 – April 1, 2010
|
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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Shivadutt B |
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Designation : |
Company Secretary |
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Date : |
04.01.2011 |
LOCATIONS
|
Registered Office : |
96, Electronic City, Complex, Hosur Road,
Bangalore-560100, |
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Tel. No.: |
91-80-28521442/ 41586000 |
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Fax No.: |
91-80-28521142 |
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E-Mail : |
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Website : |
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Regional Offices/ Branches : |
Located at: Western Regional
Offices ·
Mumbai ·
Pune ·
·
·
Northern
Regional Offices ·
·
Southern
Regional Offices ·
Chennai ·
Karnataka Sales office ( ·
·
·
Vizag ·
Eastern Regional
Offices ·
Kolkata ·
·
Guwahati |
DIRECTORS
As on 23.08.2010
|
Name : |
Mr. Kong Lee Ting |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
APT Blk 2, Lincoln Road, Singapore-308364 |
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Date of Birth/Age : |
02.02.1948 |
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Date of Appointment : |
25.03.2010 |
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Name : |
Mr. Tsutomu Murata |
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Designation : |
Managing Director |
|
Address : |
C/o Yokogawa India Limited, Plot No. 96, Electronic City, |
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Date of Birth/Age : |
01.08.1963 |
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Date of Appointment : |
01.04.2010 |
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Name : |
Mr. Y Gokul |
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Designation : |
Deputy Managing Director |
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Address : |
456, 1st Cross, 1st Stage, Indiranagar,
Bangalore-560038, |
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Date of Birth/Age : |
01.07.1954 |
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Date of Appointment : |
01.04.2010 |
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Name : |
Mr. Noriaki Hirose |
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Designation : |
Director |
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Address : |
2-9-32, Nakacho, Nusashino-
Shi, Tokyo-1808750, Japan |
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Date of Birth/Age : |
08.01.1951 |
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Date of Appointment : |
25.03.2010 |
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Name : |
Mr. Hajime Watanabe |
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Designation : |
Director |
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Address : |
2-809, 49, |
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Date of Birth/Age : |
17.08.1962 |
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Date of Appointment : |
25.03.2010 |
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Name : |
Mr. Satoru Kurosu |
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Designation : |
Chairman Cum Managing Director |
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Address : |
2-25-5, Motobuto, Urwad-
Ward, Saitama, |
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Date of Birth/Age : |
25.12.1960 |
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Date of Appointment : |
21.05.2009 |
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Date of Ceasing: |
25.03.2010 |
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Name : |
Mr. Yoshida Shinichi |
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Designation : |
Director |
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Address : |
2-9-32, Nakacho Musashino-
Shi, Saitama- Shi, Saitama, Japan |
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Date of Birth/Age : |
12.07.1953 |
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Date of Appointment : |
31.01.2007 |
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Date of Ceasing: |
25.03.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Shivadutt B |
|
Designation : |
Company Secretary |
|
Address : |
No. 228, Classic Orchads, Behind Meenakshi Templem Banerghatta Road, Bangalore-560076, Karnataka, India |
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Date of Birth/Age : |
27.09.1967 |
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Date of Appointment : |
25.05.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
National or
other banks |
0.01 |
|
Mutual Funds |
0.01 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial
institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
97.12 |
|
Bodies corporate |
0.11 |
|
Other top fifty shareholders |
0.46 |
|
Others |
2.29 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Solutions
Provider of |
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|
Services: |
·
Design and Engineering of Process Control System ·
Implementation of Extended ·
Web Enabling and ·
Manufacturing Execution System Software
Development ·
Project Execution and Management of Process
Control Systems. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the Management. |
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Bankers : |
State Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Deloitte Centre, |
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Tel No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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Holding Company : |
Yokogawa Electric Corporation, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9500000 |
Equity Shares |
Rs. 10/- each |
Rs. 95.000 Millions |
|
500000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
|
|
Total |
|
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8750000 |
Equity Shares |
Rs. 10/-
each |
Rs. 87.500
Millions |
Note:
Of the above 8849622 (2009: 8485496) Equity Shares
are held by Yokogawa Electric Corporation,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
87.500 |
87.500 |
87.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1091.884 |
843.930 |
811.357 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1179.384 |
931.430 |
898.857 |
|
|
LOAN FUNDS |
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|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
88.580 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
88.580 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1179.384 |
931.430 |
987.437 |
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APPLICATION OF FUNDS |
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|
|
|
|
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|
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|
FIXED ASSETS [Net Block] |
574.604 |
541.512 |
393.640 |
|
|
Capital work-in-progress |
0.247 |
25.155 |
28.933 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
20.000 |
|
|
DEFERREX TAX ASSETS |
96.760 |
92.560 |
55.011 |
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
166.986
|
157.657 |
261.960 |
|
|
Sundry Debtors |
1702.776
|
1525.738 |
1126.394 |
|
|
Cash & Bank Balances |
258.763
|
221.977 |
135.830 |
|
|
Other Current Assets |
305.502
|
316.271 |
21.396 |
|
|
Loans & Advances |
71.182
|
89.580 |
394.507 |
|
Total
Current Assets |
2505.209
|
2311.223 |
1940.087 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
952.576
|
993.400 |
777.656 |
|
|
Other Current Liabilities |
874.379
|
886.197 |
536.619 |
|
|
Provisions |
170.481
|
159.423 |
135.959 |
|
Total
Current Liabilities |
1997.436
|
2039.020 |
1450.234 |
|
|
Net Current Assets |
507.773
|
272.203 |
489.853 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1179.384 |
931.430 |
987.437 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
4986.552 |
5032.070 |
3649.735 |
|
|
|
Other Income |
96.010 |
45.029 |
65.174 |
|
|
|
TOTAL (A) |
5082.562 |
5077.099 |
3714.909 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material |
3064.385 |
3390.448 |
2208.464 |
|
|
|
Expenses |
1443.326 |
1446.458 |
1074.550 |
|
|
|
Exceptional Item- Impairment Loss |
0.000 |
2.295 |
84.923 |
|
|
|
TOTAL (B) |
4507.711 |
4839.201 |
3367.937 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
574.851 |
237.898 |
346.972 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.170 |
0.458 |
5.917 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
574.681 |
237.440 |
341.055 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.703 |
53.689 |
63.719 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
503.978 |
183.751 |
277.336 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
179.500 |
74.400 |
103.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
324.478 |
109.351 |
174.188 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.479 |
46.906 |
34.140 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
100.000 |
|
|
|
Proposed Dividend |
65.625 |
65.625 |
52.500 |
|
|
|
Dividend Distribution Tax |
10.899 |
11.153 |
8.922 |
|
|
BALANCE CARRIED
TO THE B/S |
227.433 |
219.479 |
46.906 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
151.335 |
13.933 |
NA |
|
|
TOTAL EARNINGS |
151.335 |
13.933 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2052.082 |
1967.915 |
NA |
|
|
|
Capital Goods |
0.000 |
2.729 |
NA |
|
|
TOTAL IMPORTS |
2052.082 |
1970.644 |
NA |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
37.08 |
12.50 |
19.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.39
|
2.15 |
4.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.11
|
3.65 |
7.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.36
|
6.44 |
11.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.20 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.69
|
2.19 |
1.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.13 |
1.34 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Due to Small Scale Industrial undertakings |
-- |
-- |
-- |
|
- Due to Micro, Small and Medium Enterprises |
-- |
-- |
0.166 |
|
- Others |
952.576 |
993.400 |
777.490 |
|
Total |
952.576 |
993.400 |
777.656 |
Performance:
Revenues in the current year were marginally lower than the previous year. However due to better business mix, favorable exchange rate in the second half of the year and higher export realization, net profit were substantially higher. Total order intake was also marginally lower due to very competitive business environment for the company’s products. With highly competitive market conditions and not so favorable exchange rate, margins may be under pressure in the forthcoming year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74210KA1987FLC008304 |
|
Name of the
company |
YOKOGAWA INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
96, Electronic City, Complex, Hosur Road,
Bangalore-560100, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80026625 |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Hypothecation of Gods and Assets for Increase in the overall
limit from Form C-2 A and Memorandum Confirming the extension of equitable
mortgage (both pertain to the same charge) |
|
Date of
instrument Creating the charge |
13.09.2010 |
|
Amount secured by
the charge |
Rs. 1000.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest WCL- At SBAR,
Present effective rate being is 12.25% p.a. with monthly rests. Terms of Repayment
WCL- On Demand,
advance is for a period of 12 months Margin RM/ FG/ BD/
Receivables : 25% Stock-in-process:
33.33% Stores and spares
: 40% Extent and
Operation of the charge First pari passu charge on the assets
of the company and to the full extent. Others Cash Credit Rs. 100.000 Millions, LC Rs.
100.000 Millions, BG Rs. 800.000 Millions, Total Rs. 1000.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of company’s
present and future movable fixed assets and current assets like stocks, raw
materials, semi finished and finished goods, book debts, receivables,
outstanding monies, bills, rights, stores, components, furniture and
fittings, other movables, plant and machinery, vehicles and assets to be
purchased out of bank finance. EM of land
bearing Plot No. 96, |
|
Date of
instrument modifying the charge |
01.02.2008 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increase to Rs.
1000.000 Millions. All other terms and conditions remain unchanged. |
Fixed Assets:
·
·
Building
·
Improvements to Leasehold Premises
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixtures
·
Equipments
·
Computer Software
News:
Yokogawa Meters and Instruments Releases CT1000, CT200, and CT60 Current
Sensors
Yokogawa Meters and Instruments Corporation
announces the December 7 release of three new current sensors, the CT1000
(rated current: 1,000 A), CT200 (200 A), and CT60 (60 A).
These current sensors can measure both AC and DC
currents and may be used for high-precision measurement of large currents of up
to 1,000 A and contactless measurement of small
currents of about 50 A. Together with the 751574 current transducer (600 A),
Yokogawa now has a total of four models in its current sensor lineup.
Development Background
In line with the greater efforts that are being
made these days to save energy, there is an increasing need to perform
high-precision measurement of both large and small electric currents. Examples
of this include the measurement of large currents when developing electric
vehicles (EV) and plug-in hybrid vehicles (PHV), the measurement of inverter
efficiency in photovoltaic power generators, and the contactless
measurement of small currents.
To meet these market requirements, Yokogawa has added
three new sensors with a variety of measuring ranges to its current sensor
lineup.
Product Features
High-precision measurement of large
currents
The CT1000 can measure currents of up to 1,000 A. This is particularly useful
in the development of EVs and PHVs,
which typically produce a large surge in electric current when accelerating.
High-precision DC measurement
The CT200 can measure DC currents of about 100 A that are generated by the
inverters used in large-scale photovoltaic power generators and by the chargers
used by EVs and PHVs.
Contactless measurement
The CT60 can perform contactless measurement of small
currents of about 50 A in equipment that cannot be connected directly to a
power meter.
Main Target Markets
Companies engaged in the development and testing of
EVs/PHVs and photovoltaic power generator inverters
Main Applications
Performance evaluation during the development of EVs/PHVs and measurement of power consumption by
energy-efficient equipment
About Yokogawa
Yokogawa's global network of 25 manufacturing
facilities and 80 companies spans 54 countries. Since its founding in 1915, the
US$3 billion company has been engaged in cutting-edge research and innovation,
securing more than 7,200 patents and registrations, including the world's first
digital sensors for flow and pressure measurement. Industrial automation and
control, test and measurement, information systems and industry support are the
core businesses of Yokogawa. For more information about Yokogawa.
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.44.84 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.