MIRA
INFORM REPORT
|
Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
VOITH HYDRO PRIVATE LIMITED (w.e.f. 19.03.2009) |
|
|
|
|
Formerly Known
As : |
VOITH SIEMENS HYDRO PRIVATE LIMITED |
|
|
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Registered
Office : |
4346/4C, |
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|
Country : |
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Financials (as
on) : |
31.09.2011 |
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Date of
Incorporation : |
29.07.2002 |
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|
Com. Reg. No.: |
55-152516 |
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Capital Investment
/ Paid-up Capital : |
Rs.200.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40109DL2002PTC152516 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELV07218B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV5041J |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Suppliers of EPC(Electro Mechanical Contractors of
Hydro Power Products) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “V H Auslandsbeteiligungen GmbH, There appears drastic dip in the sales turnover of the company during 2011.
There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active.
Payments terms are slow. In view of strong holding, 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
4346/4C, Ansari Road, Daryaganj, New Delhi – 110002, India
|
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
Head Office : |
A-20 and 21, Sector 59, Noida - 201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-3074242 / 3074243 |
|
Fax No.: |
91-120-3074243 |
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|
|
|
Factory: |
Located at Vadodara, Gujarat, India |
DIRECTORS
As on 31.12.2011
|
Name : |
Mr. Amresh Dhawan |
|
Designation : |
Managing Director |
|
Address : |
E – 115, Greater Kailash, Part-III, New Delhi – 110048, India |
|
Date of Birth/Age : |
22.10.1948 |
|
Date of Appointment : |
16.01.2006 |
|
DIN No.: |
00283990 |
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|
|
|
Name : |
Jurgen Paul Sehnbruch |
|
Designation : |
Director |
|
Address : |
Liststrasse 44, 89518 Heidenheim, Germany |
|
Date of Birth/Age : |
09.05.1952 |
|
Date of Appointment : |
12.03.2007 |
|
DIN No.: |
01385642 |
|
|
|
|
Name : |
Roland Albrecht Muench |
|
Designation : |
Director |
|
Address : |
Buchenlandweg 91, D 89075 ULM, Germany |
|
Date of Birth/Age : |
28.08.1959 |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
02113262 |
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|
|
|
Name : |
Mr. Stefan Schroeder |
|
Designation : |
Director |
|
Address : |
Friederich-Voith-Strasse 4, 89522 Heidenheim, Germany |
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Date of Birth/Age : |
18.08.1962 |
|
Date of Appointment : |
09.03.2009 |
|
DIN No.: |
02588742 |
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|
|
|
Name : |
Klaus Schaedler |
|
Designation : |
Director |
|
Address : |
IM Wiesengrund 10/1, 89558 Boehmenkirch, Germany |
|
Date of Birth/Age : |
24.08.1961 |
|
Date of Appointment : |
25.03.2010 |
|
DIN No.: |
02952127 |
KEY EXECUTIVES
|
Name : |
Ms. Shilpi Soni |
|
Designation : |
Secretary |
|
Address : |
79, Shyam Lal Road, Darya Ganj, New Delhi – 110002, India |
|
Date of Birth/Age : |
25.05.1987 |
|
Date of Appointment : |
01.02.2010 |
|
PAN No.: |
CEEPS0935N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
VH Auslandsbeteigungen GmbH, Germany |
|
1998000 |
|
Voith Hydro GmbH and Co. Kg, Austria |
|
2000 |
|
Total |
|
2000000 |
Equity Share Break up (Percentage of Total Equity)
As on 31.12.2011
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Suppliers of EPC(Electro Mechanical Contractors of
Hydro Power Products) |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
(Rs.
In Millions)
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|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.V. Ghatalia and Associates Chartered Accountants |
|
Address : |
Golf View Corporate Tower B, Sector 42. Sector Road, Gurgaon - 122002, Haryana, India |
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PAN No.: |
AACFS6921Q |
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Holding Company : |
·
V H Auslandsbeteiligungen GmbH, Germany |
|
|
|
|
Fellow Subsidiary
company : |
· Voith It Solutions GmbH · Voith Hydro S P A · Voith Hydro GmbH and Company · Voith Engineering Services Private Limited · Voith Hydro A/S · Voith AG · Voith Hydro Inc · Voith Turbo GmbH and Company · Voith Turbo Private Limited ·
Voith Paper Technology (India) Limited |
|
|
|
|
Related Parties : |
· J.M. Voith GmbH and Company ·
Voith Hydro Holding GmbH and Company (VHZ) |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.100/- each |
Rs.200.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.09.2011 |
31.09.2010 |
31.09.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
200.000 |
200.000 |
200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
98.116 |
|
|
4] (Accumulated Losses) |
(329.409) |
(32.906) |
0.000 |
|
|
NETWORTH |
(129.409) |
167.094 |
298.116 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
855.686 |
452.965 |
289.024 |
|
|
TOTAL BORROWING |
855.686 |
452.965 |
289.024 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
726.277 |
620.059 |
587.140 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
639.131 |
676.862 |
556.476 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
63.480 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
89.451
|
6.107 |
0.000 |
|
|
Sundry Debtors |
521.317
|
606.607 |
512.223 |
|
|
Cash & Bank Balances |
584.471
|
325.247 |
720.545 |
|
|
Other Current Assets |
283.841
|
230.212 |
349.370 |
|
|
Loans & Advances |
219.950
|
150.344 |
170.434 |
|
Total
Current Assets |
1699.030
|
1318.517 |
1752.572 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
223.922
|
334.949 |
736.986 |
|
|
Other Current Liabilities |
1281.502
|
953.750 |
948.391 |
|
|
Provisions |
106.460
|
86.621 |
100.011 |
|
Total
Current Liabilities |
1611.884
|
1375.320 |
1785.388 |
|
|
Net Current Assets |
87.146
|
(56.803) |
(32.816) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
726.277 |
620.059 |
587.140 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.09.2011 |
31.09.2010 |
31.09.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
751.261 |
1418.842 |
1534.733 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
949.101 |
1424.381 |
1471.665 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
197.840 |
(5.539) |
63.068 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
39.028 |
15.643 |
8.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS)BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(236.868) |
(21.182) |
54.239 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
55.725 |
46.339 |
20.996 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS)BEFORE TAX (E-F) (G) |
(292.593) |
(67.521) |
33.243 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.910 |
63.501 |
20.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(296.503) |
(131.022) |
13.147 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Contracts |
67.765 |
34.787 |
6.859 |
|
|
TOTAL EARNINGS |
67.765 |
34.787 |
6.859 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Plant and Machinery |
NA |
238.443 |
0.000 |
|
|
|
Software Purchased |
|
5.2001 |
0.720 |
|
|
|
Raw Material |
|
0.433 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
244.0761 |
0.720 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(148.25) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.09.2011 |
31.09.2010 |
31.09.2009 |
|
PAT / Total Income |
(%) |
(39.47) |
(9.23) |
0.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.51) |
(3.38) |
1.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.26 |
(0.40) |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(19.07) |
10.94 |
6.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
0.96 |
0.98 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
|
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
No |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office address of the company has been shifted from “201,
Okhla Industrial Estate, Phase – III, New Delhi, India” to the present address
w.e.f. 12.01.2011
OPERATIONS
During the financial year 2010-11 the company has achieved turnover of Rs.751.261 Millions which is lower by 47% as compared to previous year. The loss after Tax for the financial year 2010-11 is Rs.296.503 Millions against Rs.131.022 in the previous year which has increased by 126% as compared to the previous year. The adverse market conditions and overall slowdown in Hydro Market during last two years are the main factors contributed for lower sales and correspondingly increase in loss. Due to low level of awarded market in preceding years, the company could not book major orders and low order backlog results into low sales and underutilization of capacities contributes to loss. The other major factor is scrapping of Loharinagpala Project by Customer. As reported in their previous year report scrapping of Project, resulted into under utilization of capacities in previous year, current and also following year.
During 2010-11 the Company has achieved substantial success by receiving Large Hydro orders i.e.Singoli Bhatwari, Rongnichu and Sainj and Small Hydro orders for Fozal, Behna, Kuhed, Tulang. The Company is making good progress in AMB market and has received orders as per plan. They are confident that AMB segment has huge potential and they are concentrating to tap it fully. The booking of new orders has also given good load for manufacturing facility.
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Building
·
Leasehold Improvement
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Tools and Dies
·
Vehicles
Intangible Assets
·
Software
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.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
|
30 |
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.