MIRA
INFORM REPORT
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Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
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Name : |
H-ONE INDIA PRIVATE LIMITED |
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Registered
Office : |
12, Udyog Vihar, Surajpur Kasna Road, Greater Noida, Gautam Budh
Nagar, Uttar Pradesh – 201306 |
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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.: |
023702 |
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CIN No.: [Company Identification
No.] |
U73200UP1997PTC023702 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRTH00122D |
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PAN No.: [Permanent Account No.] |
AAACH3032L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of pressed welded panels, metal forming dies, welding
jigs and other equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 2240000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some losses being incurred by the company continuously lat two years.
However, trade relations are fair. Business is active. Payments are reported
to be slow but correct. The company can be considered for business dealings with some
cautions. |
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, Uttar Pradesh – 201306, 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. Masayuki Tanabe |
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Designation : |
Managing Director |
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Address : |
Tower No.2, Flat No.502, |
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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 : |
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, Noida, Gautam Budh Nagar, Uttar Pradesh - 201301 |
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Date of Birth/Age : |
10.05.1973 |
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Qualification : |
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Experience : |
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Date of Appointment : |
28.03.2007 |
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DIN : |
00566490 |
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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, |
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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 : |
02536833 |
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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, |
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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 : |
00566262 |
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Name : |
Mr. Krishna Shriram |
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Designation : |
Director |
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Address : |
D-46, Malcha Marg, |
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Date of Birth/Age : |
06.06.1970 |
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Date of Appointment : |
26.09.2008 |
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DIN : |
00031783 |
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Name : |
Mr. Takeshi Ideguchi |
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Designation : |
Alternate Director |
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Address : |
B-31, 1st Floor, Defence Colony, |
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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 : |
02481800 |
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Name : |
Mr. Haruhisa Nihashi |
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Designation : |
Director |
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Address : |
14-1-1706, Shakujimachi – 2Chome, Nerima – KU, |
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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 : |
03343795 |
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, |
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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 : |
BUHPS8254C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
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No. of Shares |
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H-One Company Limited, |
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45324998 |
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Usha International Limited,, Gurgaon, Haryana |
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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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47710524 |
As on 25.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
95.00 |
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Bodies corporate |
5.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of pressed welded panels, metal forming dies, welding
jigs and other equipments. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Metal Sheet Component |
Nos. |
10660000 |
2200061 |
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Tools and Dies |
Nos. |
250 |
119 |
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The company’s product is exempt from licensing
requirement under new industrial policy of government of Installed Capacity as certified by the
management has been accepted by the auditors being a technical matter. |
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GENERAL INFORMATION
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No. of Employees : |
400 [approximately] |
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Bankers : |
Mizuho Corporate
Bank Limited, 4th Floor, East Tower, Sood Tower, 25, Barakhamba
Road, New Delhi – 110001, Delhi, India |
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Facilities : |
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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, |
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Tel. No.: |
91-11-26432388 / 26463013 / 26284488 |
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Mobile No.: |
91- |
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Fax No.: |
91-11-26467586 |
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E-Mail : |
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Website : |
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Holding Company : |
H-One Company Limited, |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
70,000,000 |
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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47,710,525 |
Equity Shares |
Rs.10/-each |
Rs.477.105 millions |
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Of the above shares 45324998 equity shares are
held by holding company i.e. H-one Company Limited,
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 Deferred 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 |
48.648 |
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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Sundry Creditors |
164.356
|
121.507 |
326.116 |
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Other Current Liabilities |
28.449
|
19.157 |
14.936 |
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Provisions |
102.427
|
124.935 |
119.647 |
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Total
Current Liabilities |
295.232
|
265.599 |
460.699 |
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Net Current Assets |
239.253
|
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
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
1077.150 |
1004.070 |
1137.000 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
961.230 |
950.860 |
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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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
75.660 |
0.700 |
156.770 |
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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 (I) |
21.110 |
40.900 |
21.130 |
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PROFIT AFTER TAX
(G-I) (J) |
(37.590) |
(102.700) |
30.840 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
116.110 |
218.800 |
188.000 |
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BALANCE CARRIED TO
THE B/S |
78.520 |
116.100 |
218.840 |
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EARNINGS IN
FOREIGN CURRENCY |
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Fob value of Export |
45.552 |
11.183 |
49.917 |
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TOTAL EARNINGS |
45.552 |
11.183 |
49.917 |
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IMPORTS |
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Raw Materials |
28.694 |
325.464 |
181.084 |
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Stores & Spares |
2.268 |
6.199 |
7.198 |
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Capital Goods |
18.753 |
243.333 |
79.146 |
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TOTAL IMPORTS |
49.715 |
574.996 |
267.428 |
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Earnings Per
Share (Rs.) |
[0.79] |
[2.15] |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[3.49]
|
[10.23] |
2.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.20
|
7.35 |
4.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.24 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.67
|
2.11 |
1.14 |
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Current Ratio (Current Asset/Current Liability) |
|
1.81
|
3.72 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
Analysis :
Results showing revival from economic recession and 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 7% in result loss recorded Rs.59 million showing total decrease
of 59%.
Business and
Operation
The year started with wide spread 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 projection for
During the year the company invested in Vectron Machine, Progressive
press, welding robots for the upgraded production technology.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80022720 |
|
Corporate
identity number of the company |
U73200UP1997PTC023702 |
|
Name of the
company |
H-ONE INDIA
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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Type of charge |
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Particular of
charge holder |
Mizuho Corporate
Bank Limited, 4th Floor, East Tower, Sood Tower, 25, Barakhamba
Road, New Delhi – 110001, Delhi, India |
|
Nature of description
of the instrument creating or modifying the 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. |
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Date of
instrument Creating the charge |
02.09.2008 |
|
Amount secured by
the charge |
Rs.150.000
millions |
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Brief particulars
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. 0.001 million) 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 and 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 |
First Pari-passu
charge by way of Hypothecation of Borrower's Book Debts, Stock in trade and
other movable assets. |
|
Date of latest
modification prior to the present modification |
16.01.2007 |
|
Particulars of
the present modification |
The hypothecation
charge created in favor 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 (Rupees Ninety Million Only) to Rs. 150.000 millions (Rupees
One Hundred Fifty Million Only). |
FIXED ASSETS :
- Building
- Plant and Machinery
- Computer
- Furniture and Fixtures
- Vehicles
- Office Equipments
AS PER WEBSITE
CORPORATE PHILOSOPHY
Company Objective
They shall provide
goods and services to satisfy expectations of the customers all over the world by
maintaining their ethics and self discipline, they strive to develop their
corporation and be responsive to the demands of society through taking the
initiative in conducting business fairly, honestly, and with a spirit of
service.
MANAGEMENT POLICY
- Always full of dreams and hope.
- High Targets and no limit to challenges.
- Have sampathy with and respect to fellow
persons.
- Dedication towards work and serve with
sincerity.
- Value time and have flexibility to
adjust for change.
- Safe and comfortable place to work.
Milestones
|
Month |
Year |
Achievements |
|
December |
1997 |
Hongo India Pvt. Ltd. Establishment |
|
June |
1999 |
Start-up Capital of Rs 235 Million |
|
June |
1999 |
Mass Production for Honda Siel Cars India Ltd. |
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September |
2000 |
ISO 9001 Certification |
|
October |
2000 |
ISO 9002 & QS 9000 Certification |
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February |
2001 |
ISO 14001 Certification |
|
July |
2001 |
First expansion of |
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August |
2002 |
First NC Machine Installation ( Die Making Start) |
|
July |
2003 |
Capital Increase to Rs. 277 Million |
|
September |
2003 |
Second Expansion of |
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November |
2004 |
ISO/TS 16949 Certification |
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March |
2005 |
Die Engineering New Building |
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May |
2005 |
Second NC Machine Installation |
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June |
2005 |
OHSAS 18001 Certification |
|
February |
2006 |
Second Tandem Press Line Installation |
|
April |
2006 |
Name Change to H-one India Pvt. Ltd. |
|
August |
2007 |
Third Expansion of |
|
November |
2007 |
5 Axes CNC Machine Install |
|
September |
2008 |
1500 Ton Transfer Press Install |
|
August |
2009 |
200 Ton Progressive Machine with Automatic Feeder Installed |
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.44.30 |
|
|
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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.