MIRA INFORM REPORT
|
Report No. : |
356551 |
|
Report Date : |
24.12.2015 |
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.: |
91-91-9725010852 (Mr. Ketan Shah) |
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|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
16.01.1990 |
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Com. Reg. No.: |
04-013246 |
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Capital
Investment / Paid-up Capital : |
Rs.55.932 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200GJ1990PTC013246 |
|
|
|
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IEC No.: |
0895003287 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACH3875M |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in design, development, manufacturing, testing, installation, commissioning and maintenance of Power Electronics Equipments for various applications in Indian Companies. (Registered Activity) |
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|
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Hitachi India Private Limited”. It is an established
company incorporated in the year 1990 and has fine track. The ratings takes into consideration sound financial risk profile of
the company marked by decent top line growth along with fair profit margin in
the year 2015. Further, the company has reported adequate capital base along with
comfortable debt level in the year under consideration. Trade relations are fair. Business is active. Payment terms are
reported to be regular as per commitment. In view of aforesaid, the company can be considered for business
dealings with 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
November 23, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term Rating = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
November 23, 2015 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Ketan Shah |
|
Designation : |
Senior Manager Finance |
|
Contact No.: |
91-9725010852 |
|
Date : |
23.12.2015 |
LOCATIONS
|
Registered Office : |
B/52 5th Floor, Corporate – House Near, Judges Bunglows, Bodakdev,
Ahmedabad– 380054, Gujarat, India |
|
Tel. No.: |
91-79-66046200 |
|
Mobile No.: |
91-91-9725010852 (Mr. Ketan Shah) |
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Fax No.: |
91-79-66046201 |
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E-Mail : |
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Website : |
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Corporate Office : |
B-62, Corporate House, Judges Bungalow Road, Bodakdev, Ahmedabad –
380054, Gujarat, India |
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Tel. No.: |
91-79-66046240 |
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Fax No.: |
91-79-66046201 |
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|
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Factory : |
B-14/1 and 171, 117/118, GIDC Electronics Zone, Sector – 25,
Gandhinagar – 382044, Gujarat, India |
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Tel. No.: |
91-79-23287180/79-23287181 |
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Fax No.: |
91-79-23287182 |
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|
|
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Factory 1 : |
SM 3 and 4, Sanand – II, GIDC Industrial Estate, Bol Village, Sanand –
382110, Gujarat, India |
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Tel. No.: |
91-2717-678777 |
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Fax No.: |
91-2717-678999 |
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|
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Regional Office : |
907 and 908, Krushal Commercial Complex, Next to Shoppers Stop,
Mahatma Gandhi Road, Amar Mahal, Chembur (West), Mumbai - 400089,
Maharashtra, India |
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Tel. No.: |
91-22-25258395 |
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Fax No.: |
91-22-25258398 |
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E-Mail : |
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Regional Office 3 : |
2nd Floor, Mylar Mansion, No 1, 9th Cross, Swimming Pool Extension, Malleswaram Bangalore – 560003 Karnataka - India |
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Tel. No.: |
91-80-23344761 |
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Fax No.: |
91-80-23344762 |
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E-Mail : |
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Regional Office 4 : |
Door No’s: 10A &
10B, 1st Floor, Indira Nagar 25th Cross Street, Adyar, |
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Tel. No.: |
91-44-24414023 |
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Fax No.: |
91-44-42114185 |
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E-Mail : |
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Regional Office : |
Plot No 10,Gruhalaxmi Colony, Kakaguda Secunderabad – 500015, Andhra Pradesh , India |
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Tel. No.: |
91-40-27813159 |
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Fax No.: |
91-40-27813157 |
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E-Mail : |
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|
Regional Office : |
Shaila Tower, J1/16 EP
Block, Salt lake, Sector V, Room No 902, 9th Floor |
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Tel. No.: |
91-33-40333999 |
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Fax No.: |
91-33-30533904 |
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E-Mail : |
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Regional Office : |
B-23, 1st Floor, Sector-2, Dist. G.B. Nagar Noida – 201301, Uttar Pradesh - India |
|
Tel. No.: |
91-120-4168508 |
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Fax No.: |
91-120-4163540 |
|
E-Mail : |
DIRECTORS
As on 31.03.2015
|
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 |
|
|
|
|
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.: |
06857304 |
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|
|
|
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 : |
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 |
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|
|
|
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 |
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|
|
|
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 |
KEY EXECUTIVES
|
Name : |
Mr. Ketan Shah |
|
Designation : |
Senior Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Names of Shareholders |
|
No. of Shares |
|
Piyushbhai Balvantlal Shah |
|
12 |
|
Adityabhai Piyushbhai Shah |
|
562 |
|
-Shrutiben Piyushbhai Shah |
|
- |
|
Amrita Aditya Shah |
|
118178 |
|
Jyotiben Gaurangbhai Shah |
|
- |
|
Darshan Arvindbhai Shah |
|
12 |
|
Komalben Darshanbhai Shah |
|
- |
|
Minor Dev Darshanbhai By his Guaradian Darshanbhai Arvindbhai |
|
104892 |
|
Minor Varaun Darshanbhai By his Guaradian Darshanbhai Arvindbhai |
|
104892 |
|
Minor Vishad Samirbhai By his Guaradian Samirbhai Arvindbhai |
|
158179 |
|
Meenaben Girishchandra Shah |
|
-- |
|
Chinmay Gaurangbhai Shah |
|
5600 |
|
Kunalbhai Gaurangbhai Shah |
|
5600 |
|
Harshbhai Piyushbhai Shah |
|
95218 |
|
Dhiren Ramanlal Shah |
|
560 |
|
Kirti Dhiren Shah |
|
132070 |
|
Himanshu Jaikant Pandit |
|
554 |
|
Premal Jayant Patwa |
|
527 |
|
Lakhamshi Ladhabhai Senghani |
|
237 |
|
Parag Prafulchandra Nanavaty |
|
237 |
|
Rajagopalan Madhavan |
|
185 |
|
Helix Investments Company |
|
-- |
|
Rupal Premal Patwa |
|
91746 |
|
Sheoli Madhavan |
|
19428 |
|
Meenaben Paragbhai Nanavaty |
|
30071 |
|
Saraswati Lakhamshi Senghani |
|
30071 |
|
Abhishek Himanshu Pandit |
|
99014 |
|
Shrutiben Piyushbhai Shah |
|
436709 |
|
Meenaben Girishchandra Shah jointly with Girish Shantilal Shah |
|
199823 |
|
Komalben Darshanbhai Shah |
|
73691 |
|
Jyotiben Gaurangbhai Shah |
|
143083 |
|
Hitachi India Private Limited |
|
3742094 |
|
Total |
|
5593245 |
Equity Share Break up (Percentage of Total Equity)
As on15.06.2015
|
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 : |
Subject is engaged in design, development, manufacturing, testing, installation, commissioning and maintenance of Power Electronics Equipments for various applications in Indian Companies. (Registered Activity) |
|
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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||||||||||||||||||||||||
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Financial Institution : |
3i Infotech Trusteeship Services Limited, 3rd to 6th
Floor, International, Infotech Park, Tower No. 5, Vashi Railway Station
Complex, Vashi, Navi Mumbai, Mumbai – 400703, Maharashtra, India |
|
|
|
|
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 |
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Memberships : |
Not Available |
|
|
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Collaborators : |
Not Available |
|
|
|
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Holding Company : |
Hitachi India Private Limited, India |
|
|
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|
Ultimate Holding
Company : |
Hitachi Limited, Japan |
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|
|
|
Fellow Subsidiary
Company : |
U32109DL2003PTC120785
L29300GJ1984PLC007470
U24232RJ2011FTC037180
U33130KA2011PTC060750
U63000MH2008PTC180548
U29190hr2012ftc045098
U74899DL1993PTC056168
|
CAPITAL STRUCTURE
As on 31.03.2015
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 |
|
|
|
|
|
As on 15.06.2015
Authorised Capital : Rs. 65.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 5.768
Million
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
55.932 |
55.932 |
55.932 |
|
(b) Reserves & Surplus |
791.202 |
754.425 |
747.185 |
|
(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) |
847.134 |
810.357 |
803.117 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
186.219 |
238.724 |
316.256 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
19.584 |
|
(c) Other long term
liabilities |
3.188 |
2.227 |
1.857 |
|
(d) long-term provisions |
21.703 |
13.532 |
20.925 |
|
Total
Non-current Liabilities (3) |
211.110 |
254.483 |
358.622 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
674.807 |
616.043 |
213.888 |
|
(b) Trade payables |
1421.075 |
963.832 |
606.848 |
|
(c) Other current liabilities |
278.029 |
238.502 |
224.896 |
|
(d) Short-term provisions |
13.806 |
7.436 |
10.180 |
|
Total
Current Liabilities (4) |
2387.717 |
1825.813 |
1055.812 |
|
|
|
|
|
|
TOTAL |
3445.961 |
2890.653 |
2217.551 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
701.032 |
701.618 |
636.941 |
|
(ii) Intangible Assets |
17.077 |
18.059 |
12.781 |
|
(iii) Capital work-in-progress |
13.249 |
1.899 |
4.152 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
3.360 |
|
(b) Non-current Investments |
0.000 |
0.034 |
0.034 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
58.662 |
41.397 |
12.177 |
|
(e) Other Non-current assets |
8.895 |
5.457 |
4.462 |
|
Total
Non-Current Assets |
798.915 |
768.464 |
673.907 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
767.876 |
781.881 |
429.327 |
|
(c) Trade receivables |
1509.795 |
1048.864 |
847.488 |
|
(d) Cash and cash equivalents |
105.081 |
94.786 |
171.829 |
|
(e) Short-term loans and
advances |
203.758 |
145.133 |
69.725 |
|
(f) Other current assets |
60.536 |
51.525 |
25.275 |
|
Total
Current Assets |
2647.046 |
2122.189 |
1543.644 |
|
|
|
|
|
|
TOTAL |
3445.961 |
2890.653 |
2217.551 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
TOTAL REVENUE FROM OPERATIONS |
3345.354 |
2328.005 |
2227.336 |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENSES |
3134.196 |
2242.821 |
2008.922 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
211.158 |
85.184 |
218.414 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
109.209 |
61.153 |
28.676 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
101.949 |
24.031 |
189.738 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
62.075 |
37.030 |
25.983 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
39.874 |
(12.999) |
163.755 |
|
|
|
|
|
|
|
Less |
TAX ( |
0.000 |
6.585 |
49.074 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
39.874 |
(19.584) |
114.681 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
286.466 |
321.763 |
158.024 |
|
|
TOTAL
EARNINGS |
286.466 |
321.763 |
158.024 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
554.527 |
365.643 |
305.665 |
|
|
TOTAL
IMPORTS |
554.527 |
365.643 |
305.665 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
7.12 |
(3.50) |
20.50 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
112.126 |
109.352 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
189.569 |
(229.463) |
NA |
|
Net cash flow from operating activity |
162.088 |
(267.405) |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.19 |
(0.84) |
5.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.31 |
3.66 |
9.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.16 |
(0.45) |
7.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
(0.02) |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.15 |
1.19 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.16 |
1.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
55.932 |
55.932 |
55.932 |
|
Reserves & Surplus |
747.185 |
754.425 |
791.202 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
803.117 |
810.357 |
847.134 |
|
|
|
|
|
|
long-term borrowings |
316.256 |
238.724 |
186.219 |
|
Short term borrowings |
213.888 |
616.043 |
674.807 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
530.144 |
854.767 |
861.026 |
|
Debt/Equity
ratio |
0.660 |
1.055 |
1.016 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2227.336 |
2328.005 |
3345.354 |
|
|
|
4.520 |
43.700 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2227.336 |
2328.005 |
3345.354 |
|
Profit / (Loss) |
114.681 |
(19.584) |
39.874 |
|
|
5.15% |
(0.84%) |
1.19% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONAL REVIEW:-
As mentioned in last year's Operational Review note, the new Government took charge at the centre on 26th May 2014.
The new Government have unleashed series of far-reaching long term reforms. Some of them have been converted into legislation. Other major reforms such as land acquisition, Goods and Service Tax (GST), Labour Reforms etc. are yet to cross the democratic hurdles that are inherently built in the System. We hope that these very necessary reforms will be converted into proper legislation at the earliest.
As mentioned earlier, the effects of these changes are yet to be felt in the core industries segments in the country. Power, Steel, Cement, Oil and Gas etc. are yet to attract new investments. It is hoped that new investments in these segments would start kicking off in over next 6 to 8 months. This means that the order inflow for our company from these segments would start from 12 to 24 months from today.
On the other hand, initiatives taken by the new government for building the Indian economy are helping us in non-core industry segments. Digital India by 2019, 24 x 7 power by 2019, 100 GW solar by 2022 and "Swachh Bharat" (Clean-India) are some of the important projects started by this Government.
De-bottlenecking of Coal allocation, Telecom spectrum allocation etc. are likely to see growth in those industries. Government is also resolving difficulties faced by the Infrastructure projects. Manufacturing Defence equipments by local domestic companies is a big initiative. Automobile industry occupies a significant percentage of overall manufacturing in the Indian economy and that is likely to grow at a fast pace.
The company has shown close to 40% growth in top-line revenue. However, profit growth as not been as expected due to high cost of operations and continuous pressure on margins of our core industry products.
New facilities at Sanand have not been fully utilized for Drives business. We expect the drives business to grow significantly this year. The company is continuously focusing on overseas sales strategy. This will help us in the top line and profitability.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans from banks |
129.334 |
126.961 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Term loans from banks |
58.527 |
67.945 |
|
Working capital loans from banks |
100.000 |
123.985 |
|
Loans repayable on demand from banks |
423.193 |
319.134 |
|
Total |
711.054 |
638.025 |
|
Note : SHORT-TERM
BORROWINGS Cash Credit Account with Mizhuo Corporate Bank, Ltd., is repayable on demand and carries an interest rate comprising of base rate 9.25% and spread of 1.6%, payable at monthly rests. Cash Credit Account with Bank of America, is repayable on demand, and carries an interest rate comprising of as base rate 9.25% and spread of 1% i.e. 10.25% Cash credit / overdraft facility with The Bank of Tokyo - Mitsubishi UFJ Ltd in excess of Rs. 80,000,000 is unsecured, and is repayable on demand and carries an interest rate of base rate (Currently 8.25%) + 2.5% i.e. 10.75% p.a. Packing Credit Packing Credit with Kotak Mahindra Bank Limited, was unsecured, repayable on demand and carries an interest rate of 7.50% p.a. Packing Credit with Bank of America, was unsecured, repayable on demand and carries an interest of 7.75% p.a. Buyer's Credit Buyer's Credit with Bank of America is at interest rate ranging from 2.31% to 2.36% and for a period of 180 days. Buyer's Credit with ICICI Bank Limited was at interest rates ranging from LIBOR + 0.79% to LIBOR + 0.81% and for a period of 90 days. Working Capital
Demand Loan Working capital demand loan is from Bank of America, is
unsecured, for a period of 90 days and carries an interest rate of 10.00%
p.a. |
||
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 |
20/07/2015 * |
700,000,000.00 |
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 |
C59643650 |
|
8 |
10032273 |
22/12/2006 |
102,500,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
A07914278 |
|
9 |
10029144 |
15/07/2015 * |
662,500,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C59642520 |
|
10 |
10025810 |
02/12/2006 |
102,500,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
A06609697 |
CONTINGENT LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Claims against company not acknowledged as debt |
2.660 |
1.698 |
|
|
|
|
PRESS RELEASE
HITACHI
HI-REL POWER ELECTRONICS' NEW MANUFACTURING FACILITY AT SANAND STARTS
OPERATIONS
Hitachi, Ltd. (President: Hiroaki Nakanishi, TSE: 6501, “Hitachi”) today announced that Hitachi Hi-Rel Power Electronics Pvt. Ltd. (Managing Director: Piyush Shah, “Hitachi Hi-Rel”), a group company in the Republic of India (“India”), has established and started operations at a new manufacturing facility in the Sanand-II Gujarat Industrial Development Corporation (GIDC) Estate. With this new factory now operating alongside its existing Gandhinagar factory, Hitachi Hi-Rel intends to enhance the lineup of industrial power electronics for use in plants in fields such as power generation, steelmaking, and chemicals. The goal is to expand Hitachi Hi-Rel's revenue of the growing Indian infrastructure market.
India is currently seeing the construction of many large-scale plants such as power plants, steel works and petrochemical plants, spurred by its rapidly growing economy and plans for large-scale investments in renewable energy to realize a low-carbon society. These developments are expected to lead to expansion in demand for industrial power electronics such as medium and low voltage inverter drive systems; uninterrupted power supplies (UPS) and power conditioners for power generation. These Products are required to ensure stable operations of large-scale factories, and to conserve energy.
In October 2011, Hitachi invested in Hi-Rel whereby Hi-Rel Electronics Pvt. Ltd. became a subsidiary and changed its name to Hitachi Hi-Rel Power Electronics Pvt. Ltd. Since the 1980s, Hi-Rel Electronics had expanded mission-critical businesses in India, including backup power and power stabilizer solutions in a broad range of fields, such as oil refining, petrochemicals, power generation, steelmaking and metals.
Hitachi Hi-Rel's Gandhinagar factory manufacturers power electronics such as　Industrial UPS, battery chargers and inverters for railway applications. Furthermore, since October, 2012, the factory has added grid-connected solar power inverters to the production lineup to address demand in the renewable energy field.
Having started operations, the Sanand factory will produce industrial power electronics Products such as medium-voltage and low voltage inverter drives steel automation drives and industrial automation Products to increase its lineup of offerings. This will enable Hitachi Hi-Rel to manufacture cost competitive Products with “best-in-class” quality with Hitachi manufacturing know-how. By increasing production capacity through the start of operations at the new factory, Hitachi Hi-Rel seeks to increase its revenue of the Indian market. At the same time, Hitachi Hi-Rel will strive to expand business with a view to exporting Products to Regions that hold potential markets for social infrastructure systems; namely, the Middle East, Southeast Asia, Africa among others. Through these and other measures, Hitachi Hi-Rel aims to generate revenues of 8 billion Indian Rupees (about 12 billion yen*) in the fiscal year ending March 31, 2016. (*At the exchange rate of 1.5 yen per Indian Rupee.)
Hitachi is focusing on accelerating the global development of the Social Innovation Business, which is made up of social infrastructure supported by highly reliable and highly efficient information and telecommunications technology.
Hitachi has identified India as a fifth key overseas management area, and will strive to further expand business centered on the Social Innovation Business in the country.
Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.
FIXED ASSETS
- Land
- Buildings
- Office building
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
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 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.66.29 |
|
|
1 |
Rs.98.70 |
|
Euro |
1 |
Rs.72.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
57 |
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.