MIRA INFORM REPORT

 

 

Report No. :

318619

Report Date :

23.04.2015

 

IDENTIFICATION DETAILS

 

Name :

HITACHI HI-REL POWER ELECTRONICS PRIVATE LIMITED (w.e.f. 05.10.2011)

 

 

Formerly Known As :

HI-REL CONTROLS PRIVATE LIMITED (w.e.f. 24.07.2010)

HI-REL ELECTRONICS LIMITED (w.e.f. 27.03.2008)

HI-REL ELECTRONICS PRIVATE LIMITED

 

 

Registered Office :

B/52 5th Floor, Corporate – House Near, Judges Bunglows, Bodakdev, Ahmedabad– 380054, Gujarat

Tel No.:

91-79-66046200

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

16.01.1990

 

 

Com. Reg. No.:

04 - 013246

 

 

Capital Investment / Paid-up Capital :

Rs. 55.932 Million

 

 

CIN No.:

[Company Identification No.]

U72200GJ1990PTC013246

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACH3875M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer And Solution Provider For Products Like Uninterrupted Power Supplies Drives And Automation Equipment In Local As Well As Overseas Markets.

 

 

No. of Employees :

Information Decline By the Management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 2000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

The subject is an established company having satisfactory track record.

 

It operates as a subsidiary of Hitachi India private limited.

 

The company had reported low profitability during FY 2014.

 

Weak industry conditions, Increase in working – capital requirement and high cost of operations and lower revenue have dragged down profitability.

 

The company has set up new factory at sanand, Gujarat which would benefit the company in the long-run though it could not gain much benefit during FY 2014 as expected sales could not be achieved due to slow down in market.

 

However, the rating takes into consideration established market position and strong support the company receives from its parent company.

 

The overall financial position seems to be decent.

 

Trade relations are fair. Business is active. Payments are reported to be usually correct.

 

The company can be considered 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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CRISIL

Rating

Long Term Rating : A-

Rating Explanation

Adequate degree of safety and low credit risk.

Date

August 2014

 

Rating Agency Name

CRISIL

Rating

Short Term Rating : A2+

Rating Explanation

Strong degree of safety and low credit risk.

Date

August 2014

 

 

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 31-03-2014.

 

 

INFORMATION DENIED BY

 

MANAGEMENT NON CO-OPERATIVE (91-79-66046200)

 

 

LOCATIONS

 

Registered Office :

B/52 5th Floor, Corporate – House Near, Judges Bunglows, Bodakdev, Ahmedabad– 380054, Gujarat, India

Tel. No.:

91-79-66046200

Fax No.:

91-79-66046201

E-Mail :

Bhavesh_Kinkhabwala@hitachi-hirel.com

Website :

http://www.hitachi-hirel.com

 

 

Corporate Office :

B-62, Corporate House, Judges Bungalow Road, Bodakdev, Ahmedabad – 380054, Gujarat, India

Tel. No.:

91-79-66046240

Fax No.:

91-79-66046201

 

 

Factory  :

B -14/1 and 171 GIDC Electronics Zone Sector – 25, Gandhinagar – 382044, Gujarat, India

Tel. No.:

91-79-23287180/79-23287181

Fax No.:

91-79-23287182

 

 

Factory 1 :

SM 3 and 4, Sanand – II, GIDC Industrial Estate, Bol Village, Sanand – 382110, Gujarat, India

Tel. No.:

91-2717-678777

Fax No.:

91-2717-678999

 

 

Regional Office :

907 and 908, Krushal Commercial Complex, Next to Shoppers Stop, Mahatma Gandhi Road, Amar Mahal, Chembur (West), Mumbai - 400089, Maharashtra, India

Tel. No.:

91-22-25258395

Fax No.:

91-22-25258398

E-Mail :

Sales_bomb@hitachihiril.com

 

 

Regional Office 2 :

White House, Street # 388-A, 1/2240, Opposite Sandvik Asia Company, Mumbai-Pune Road, Phugewadi, Dapodi Pune – 411012 Maharashtra - India

Tel. No.:

91-91-20-30782907

 

 

Regional Office 3 :

2nd Floor, Mylar Mansion, No 1, 9th Cross, Swimming Pool Extension, Malleswaram Bangalore – 560003 Karnataka - India

Tel. No.:

91-80-23344761

Fax No.:

91-80-23344762

E-Mail :

Sales_bong@hitachihiril.com

 

 

Regional Office 4 :

Door No’s: 10A & 10B, 1st Floor, Indira Nagar 25th Cross Street, Adyar,
Chennai – 600020, Tamil Nadu - India

Tel. No.:

91-44-24414023

Fax No.:

91-44-42114185

E-Mail :

Sales_chennai@hitachihiril.com

Regional Office :

Plot No 10,Gruhalaxmi Colony, Kakaguda Secunderabad – 500015, Andhra Pradesh , India

Tel. No.:

91-40-27813159

Fax No.:

91-40-27813157

E-Mail :

Sales_hyd@hitachihiril.com

 

 

Regional Office :

Shaila Tower, J1/16 EP Block, Salt lake, Sector V, Room No 902, 9th Floor
Kolkata – 700091, West Bengal - India

Tel. No.:

91-33-40333999

Fax No.:

91-33-30533904

E-Mail :

Sales_cal@hitachihiril.com

 

 

Regional Office :

B-23, 1st Floor, Sector-2, Dist. G.B. Nagar Noida – 201301, Uttar Pradesh - India

Tel. No.:

91-120-4168508

Fax No.:

91-120-4163540

E-Mail :

Sales_del@hitachihiril.com

 

 

DIRECTORS

 

As on 13.06.2014

 

Name :

Ichiro Iino

Designation :

Nominee Director

Address :

2-18-14-117, Tamagawadai, Setagaya-Ku,, Tokyo, 1580096, Japan

Date of Birth/Age :

26.09.1956

Date of Appointment :

28.09.2011

DIN No.:

03498961

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U52190DL1997PTC085419

HITACHI INDIA PRIVATE LIMITED

Managing director

01-04-2011

01-04-2011

-

Active

NO

2

U45400DL2008FTC173227

HITACHI LIFT INDIA PRIVATE LIMITED

Director

24-06-2013

19-04-2011

01-04-2015

Active

NO

3

U72200GJ1990PTC013246

HITACHI HI-REL POWER ELECTRONICS PRIVATE LIMITED

Nominee director

28-09-2011

28-09-2011

-

Active

NO

 

 

Name :

Piyush Balvantlal Shah

Designation :

Managing Director

Address :

B – 802, Tulip Citadel, Near Shreya’s Crossing, Manekbaug, Ahmedabad 380015 , Gujarat, India

Date of Birth/Age :

18.07.1953

Date of Appointment :

20.06.1998

DIN No.:

00155760

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U30006GJ1985PTC008187

GUJARAT HI-REL CONTROLS PRIVATE LIMITED

Director

23-10-1985

23-10-1985

-

Active

NO

2

U72200GJ1990PTC013246

HITACHI HI-REL POWER ELECTRONICS PRIVATE LIMITED

Managing director

20-06-1998

20-06-1998

-

Active

NO

3

U31900GJ2010PTC060473

MEGA POWER CONTROLS PRIVATE LIMITED

Director

28-04-2010

28-04-2010

-

Strike off

NO

4

U31900GJ2010PTC060475

HVI SYSTEMS PRIVATE LIMITED

Director

28-04-2010

28-04-2010

-

Strike off

NO

5

U99999MH1970GAP014629

INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION

Director

26-09-2011

26-09-2011

28-09-2012

Active

NO

 

Name :

Darshan Arvindbhai Shah

Designation :

Director

Address :

C – 602, Asavari Tower, Satellite, Ahmedabad -380015, Gujarat, India

Date of Birth/Age :

24.04.1968

Date of Appointment :

12.02.1996

DIN No.:

00165566

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U72200GJ1990PTC013246

HITACHI HI-REL POWER ELECTRONICS PRIVATE LIMITED

Director

12-02-1996

12-02-1996

-

Active

NO

2

U31900GJ2010PTC060473

MEGA POWER CONTROLS PRIVATE LIMITED

Director

28-04-2010

28-04-2010

-

Strike off

NO

3

U31900GJ2010PTC060475

HVI SYSTEMS PRIVATE LIMITED

Director

28-04-2010

28-04-2010

-

Strike off

NO

 

Name :

Dhiren Ramanlal Shah

Designation :

Director

Address :

A – 601, Ratnakar II, Satellite, Ahmedabad -380015, Gujarat, India

Date of Birth/Age :

15.07.1954

Date of Appointment :

12.02.1996

DIN No.:

02538074

 

Name :

Hisayuki Matsumoto

Designation :

Nominee Director

Address :

D-276, Third Floor, Defence Colony, New Delhi – 110024, India

Date of Birth/Age :

13.08.1958

Date of Appointment :

22.04.2014

DIN No.:

0685011

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U33130KA2011PTC060750

HITACHI NEST CONTROL SYSTEMS PRIVATE LIMITED

Director

25-03-2014

25-03-2014

-

Active

NO

2

U72200GJ1990PTC013246

HITACHI HI-REL POWER ELECTRONICS PRIVATE LIMITED

Nominee director

22-04-2014

22-04-2014

-

Active

NO

 

Name :

Yasushi Onuki

Designation :

Nominee Director

Address :

3-9-21-303 Jonan Mito-City, 〒310-0803, Japan

Date of Birth/Age :

10.02.1961

Date of Appointment :

22.04.2014

DIN No.:

06857311

 

Name :

Keizo Kobayashi

Designation :

Nominee Director

Address :

2-12-16 Kitakata, Ichikawa-shi, Chiba, Japan 272-0815

Date of Birth/Age :

23.01.1960

Date of Appointment :

22.04.2014

DIN No.:

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

NOTE: SHAREHOLDERS FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

As on 13.06.2014

 

Category

Percentage

Bodies corporate

66.90

Directors or relatives of Directors

25.86

Other top fifty shareholders

7.24

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer And Solution Provider For Products Like Uninterrupted Power Supplies Drives And Automation Equipment In Local As Well As Overseas Markets.

 

 

Products :
  • Uninterrupted Power Supplies Drives
  • Automation Equipment etc.

 

 

Brand Names :

Not available

 

 

Agencies Held :

Not available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information Decline By the Management.

 

 

Bankers :
  • The Bank Of Tokyo-Mitsubishi Ufj Ltd -15th Floor, Hoechst House, Vinay K. Shah Marg, Nariman Point, Mumbai - 400021, Maharashtra, India
  • Barclays Bank Plc -Eros Corporate Towers, Nehru Place, New Delhi-19, New Delhi - 110019, Delhi, India
  • The Kalupur Commercial Cooperative Bank Ltd - Vikram Branch; Saroj Chambers, Off. Ashram Road; Navrangpura, Ahmedabad - 380009,  Gujarat, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term Loan From Banks

111.789

153.890

 

 

 

Short-term borrowings

 

 

Loans taken for fixed assets

0.000

1.510

Term loans from banks

67.945

0.000

Loans repayable on demand from banks

104.979

136.131

Total

284.713

291.531

 

Auditors :

 

Name :

S.R. Batliboi and Associates LLP

Chartered Accountants

Address :

2Nd Floor, Shivalik Ishaan, Nr. C.N. Vidhyala Ambawadi, Ahmedabad, Gujarat, India

PAN N Income-tax PAN of auditor or auditor's firm :

AABFS3421N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company :

Hitachi India Private Limited ,India (U51909dl1997ptc084855)

 

 

Ultimate Holding company :

Hitachi Limited ,India

 

 

Fellow Subsidiary company :

 
  • Hitachi High Technologies Corporation, Japan
  • Hitachi Metglas (India) Private Limited, India (U32109dl2003ptc120785)
  • Hitachi Home And Life Solutions (India ) Limited, India (L29300gj1984plc007470)
  • Hitachi Asia Limited, Singapore
  • Hitachi Medical System Private Limited., Singapore
  • Hitachi Industrial Equipment Systems Co. Limited., Japan
  • Hitachi Appliances Incorporation, Japan
  • Hitachi Cable Asia Pacific Hcap Private Limited, Singapore
  • Hitachi Metals Thailand Ltd , Thailand
  • Hitachi Chemical India Private Limited, India (U24232rj2011ftc037180)
  • Hitachi Metals Singapore Private Limited, Singapore
  • Hitachi Nest Control Systems Private Limited, India (U33130ka2011ptc060750)
  • Flyjac Logistics Private Limited, India (U63000mh2008ptc180548)
  • Hitachi Plant Technologies India Private Limited, India (U29190hr2012ftc045098)

 

 

CAPITAL STRUCTURE

 

As on 13.06.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6500000

Equity Shares

Rs.10/- each

Rs.65.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5593243

Equity Shares

Rs.10/- each

Rs.55.932 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

55.932

55.932

55.932

(b) Reserves & Surplus

754.425

747.185

632.504

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

810.357

803.117

688.436

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

238.750

316.256

199.375

(b) Deferred tax liabilities (Net)

0.000

19.584

4.744

(c) Other long term liabilities

2.227

1.857

1.706

(d) long-term provisions

13.532

20.925

9.755

Total Non-current Liabilities (3)

254.509

358.622

215.580

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

616.043

213.888

126.160

(b) Trade payables

963.832

606.848

328.799

(c) Other current liabilities

236.906

224.896

106.316

(d) Short-term provisions

7.436

10.180

12.532

Total Current Liabilities (4)

1824.217

1055.812

573.807

 

 

 

 

TOTAL

2889.083

2217.551

1477.823

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

701.618

636.941

233.884

(ii) Intangible Assets

18.059

12.781

12.153

(iii) Capital work-in-progress

1.899

4.152

29.706

(iv) Intangible assets under development

0.000

3.360

0.000

(b) Non-current Investments

0.034

0.034

0.034

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

41.397

11.477

22.549

(e) Other Non-current assets

6.518

0.101

4.336

Total Non-Current Assets

769.525

668.846

302.662

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

781.881

429.327

235.731

(c) Trade receivables

1047.802

851.850

568.358

(d) Cash and cash equivalents

94.786

171.829

330.527

(e) Short-term loans and advances

143.564

70.424

23.858

(f) Other current assets

51.525

25.275

16.687

Total Current Assets

2119.558

1548.705

1175.161

 

 

 

 

TOTAL

2889.083

2217.551

1477.823

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

2328.005

2227.336

1512.473

 

Other Income

 NA

 NA

 NA

 

TOTAL INCOME

 NA

 NA

 NA

 

 

 

 

 

Less

EXPENSES

 NA

 NA

 NA

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

83.381

218.414

133.201

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

59.350

28.676

22.669

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

24.031

189.738

110.532

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

37.030

25.983

9.578

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

(12.999)

163.755

100.954

 

 

 

 

 

Less

TAX (H)

(20.239)

49.074

26.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

7.240

114.681

74.954

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 1.29

 20.50

13.40 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.31

5.15

4.96

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

3.58

9.81

8.81

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

-0.45

7.41

6.97

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

-0.02

0.20

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.05

0.75

0.47

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.16

1.47

2.05

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

55.932

55.932

55.932

Reserves & Surplus

632.504

747.185

754.425

Net worth

688.436

803.117

810.357

 

 

 

 

long-term borrowings

199.375

318.012

238.750

Short term borrowings

126.160

283.134

616.043

Total borrowings

325.535

601.146

854.793

Debt/Equity ratio

0.473

0.749

1.055

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1512.473

2227.336

2328.005

 

 

47.265

4.520

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1512.473

2227.336

2328.005

Profit

74.954

114.681

7.240

 

4.96%

5.15%

0.31%

 

 

 

 

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)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

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

Yes

 

 

OPERATIONAL REVIEW:-

 

The year 2013-14 was an extremely difficult period for the Indian economy. The policy paralysis of the Central Government has resulted in the worst period for the capital goods industry in the last several years. The Indian economy grew @ below 5%.They also do not see any major upswing in the economy in immediate future in spite of favorable election results.

 

The company has suffered heavily due to this stagnation in the Indian economy. The sales growth was hardly 4% due to severe slow-down, particularly in the last two Quarters. This has resulted in high cost of operations, higher fixed costs and lower revenue; which dragged down their profitability. The new factory at Sanand could not achieve the budgeted sales. Order booking for the year was significantly lower than the plan.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Foreign currency term loan from banks

126.961

160.856

 

 

 

Short-term borrowings

 

 

Working capital loans from banks

123.985

0.000

Loans repayable demand from banks

319.134

77.757

Total

570.080

238.613

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10413517

22/03/2013

177,590,000.00

THE BANK OF TOKYO-MITSUBISHI UFJ LTD.

15TH FLOOR, HOECHST HOUSE, VINAY K. SHAH MARG,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B71358956

2

10413494

19/03/2013

177,590,000.00

THE BANK OF TOKYO - MITSUBISHI UFJ LTD.

15TH FLOOR, HOECHST HOUSE, VINAY K. SHAH MARG,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B71352306

3

10369574

06/03/2013 *

155,000,000.00

THE BANK OF TOKYO - MITSUBISHI UFJ LTD.

15TH FLOOR, HOECHST HOUSE, VINAY K. SHAH MARG,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B70751664

4

10357254

16/05/2012

20,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA

B40185662

5

10101659

08/12/2007

37,500,000.00

3I INFOTECH TRUSTEESHIP SERVICES LIMITED

3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA

A27812536

6

10082594

16/02/2010 *

210,000,000.00

3I INFOTECH TRUSTEESHIP SERVICES LIMITED

3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA

A79291407

7

10090133

04/07/2013 *

550,000,000.00

3I INFOTECH TRUSTEESHIP SERVICES LIMITED

3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T 
OWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA

B79605259

 

 

* Date of charge modification

 

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer equipment’s

 

Intangible assets

 

  • Computer software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 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.62.82

UK Pound

1

Rs.93.85

Euro

1

Rs.67.59

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUC

 

 

Report Prepared by :

GTA

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

47

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.