MIRA INFORM REPORT

 

 

Report No. :

327674

Report Date :

18.06.2015

 

IDENTIFICATION DETAILS

 

Name :

HITACHI HOME AND LIFE SOLUTIONS (INDIA) LIMITED

 

 

Registered Office :

9th Floor, Abhijeet-I, Mithakhali Six Roads, Ahmedabad – 380006, Gujarat

Tel. No.:

91-79-26402024/ 30414800/ 26400673

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

07.12.1984

 

 

Com. Reg. No.:

04-007470

 

 

Capital Investment / Paid-up Capital :

Rs. 271.909 Millions

 

 

CIN No.:

[Company Identification No.]

L29300GJ1984PLC007470

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing, Selling and Trading of ‘Hitachi’ brand of Air Conditioners, Refrigerators, Chillers and VRF (Variable Refrigerant Flow) Systems.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (66)

 

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

 

Maximum Credit Limit :

USD 8900000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company and it is having good track record.

 

Financial position of the company is sound. Fundamentals are strong and healthy. The rating takes into consideration company brand image and its established market position in the premium segment of room air conditioners (ACs) and its healthy financial risk profile.

 

These rating are partially offset by the company’s exposure to volatility in raw material prices and intense competition from the other players in the industry.

 

Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment.

 

In view of established market position in the market and decent financials, the company can be considered good 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 – 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

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Rating = AA-

Rating Explanation

High degree of safety and very low credit risk.

Date

May 2015

 

Rating Agency Name

CRISIL

Rating

Short-term rating = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

May 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 31-03-2013.

 

 

INFORMATION DENIED

 

Management Non co-operative (91-2764-233586)

 

LOCATIONS

 

Registered Office :

9th Floor, Abhijeet-I, Mithakhali Six Roads, Ahmedabad – 380006, Gujarat, India

Tel. No.:

91-79-26402024/ 30414800/ 26400673

Fax No.:

91-79-26400672

E-Mail :

sales@hitachi-hli.com

customercare@hitachi-hli.com

hitachi@hitachi-hli.com

parag.dave@hitachi-hli.com

Website :

http://www.hitachi-hli.com

 

 

Head Office/ Factory 1 :

Hitachi Complex, Karan Nagar Kadi, District Mehsana – 382727, Gujarat, India

Tel. No.:

91-2764-277571

Fax No.:

91-2764-233425/ 277930

 

 

Factory 2 :

Canal Road, Bari Brahmna - 181133, Jammu, Jammu and Kashmir, India

 

 

Corporate Office :

A-15, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi, India

Tel. No.:

91-11-26991361/ 62/ 63

 

 

Branch Offices :

Located at:

 

North

·         New Delhi

·         Gurgaon

·         Ghaziabad

·         Lucknow

·         Chandigarh

·         Ludhiana

·         Jaipur

 

West

·         Mumbai

·         Pune

·         Nagpur

·         Ahmedabad

·         Surat

·         Indore

 

South

·         Chennai

·         Coimbatore

·         Hyderabad

·         Bangalore

·         Cochin

 

East

·         Kolkata

·         Bhubaneshwar

·         Patna

 

 

DIRECTORS

 

AS ON: 31.03.2014

 

Name :

Mr. Shinichi Iizuka

Designation :

Chairman

 

 

Name :

Mr. Shoji Tsubokuta

Designation :

Managing Director

 

 

Name :

Mr. Amit Doshi

Designation :

Executive Director

 

 

Name :

Mr. Anil Shah

Designation :

CFO and Executive Director

 

 

Name :

Mr. Vinay Chauhan

Designation :

Executive Director

 

 

Name :

Mr. Ashok Balwani

Designation :

Director

 

 

Name :

Dr. Devender Nath

Designation :

Director

 

 

Name :

Mr. L G Ramakrishnan

Designation :

Director

 

 

Name :

Mr. Mukesh Patel

Designation :

Director

 

 

Name :

Mr. R S Mani

Designation :

Director

 

 

Name :

Mr. Ravindra Jain

Designation :

Director

 

 

Name :

Mr. Vinesh Sadekar

Designation :

Director

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Parag Dave

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 31.03.2015

 

Category of Shareholder

Total No. of Shares

As a %

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

500000

1.84

http://www.bseindia.com/include/images/clear.gifSub Total

500000

1.84

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

19689894

72.41

http://www.bseindia.com/include/images/clear.gifSub Total

19689894

72.41

Total shareholding of Promoter and Promoter Group (A)

20189894

74.25

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

1663903

6.12

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

10673

0.04

http://www.bseindia.com/include/images/clear.gifInsurance Companies

800

0.00

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

392262

1.44

http://www.bseindia.com/include/images/clear.gifSub Total

2067638

7.60

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1479844

5.44

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

2552420

9.39

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

790423

2.91

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

110665

0.41

http://www.bseindia.com/include/images/clear.gifAny Other

110665

0.41

http://www.bseindia.com/include/images/clear.gifSub Total

4933352

18.14

Total Public shareholding (B)

7000990

25.75

Total (A)+(B)

27190884

100.00

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl. No.

Name of the Shareholders

Details of Shares held

No. of Shares held

As a %

1

Hitachi Appliances Inc.

1,96,89,894

72.41

2

Hitachi India Private Limited

5,00,000

1.84

Total

2,01,89,894

74.25

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Sl. No.

Name of the Shareholders

No. of Shares held

Shares as %

1

Bajaj Allianz Life Insurance Company Limited

701205

2.58

2

Reliance Capital Trustee Co Limited - A/c Reliance small Cap fund

300587

1.11

Total

1001792

3.68

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Selling and Trading of ‘Hitachi’ brand of Air Conditioners, Refrigerators, Chillers and VRF (Variable Refrigerant Flow) Systems.

 

 

Products :

·         Air Conditioners

·         Refrigerators

·         Chillers

·         VRF (Variable Refrigerant Flow) Systems

 

 

Brand Names :

‘Hitachi’

 

 

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 declined by the management 

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

·         State Bank of India

·         ICICI Bank Limited

·         Standard Chartered Bank

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

SHORT TERM BORROWINGS

 

Loans repayable on demand from banks:

- Working capital loans *

 

347.312

Others:

Buyers’ credit

 

0.000

 

 

 

Total

NA

347.312

 

LONG-TERM BORROWINGS

 

* ECB of USD 100 lacs, taken from a Bank, carries interest @ 6 month LIBOR plus 125 basis points which is repayable in two equal installments due in year 2014-15 and 2016-17. The principal and interest payment under above loan has been fully hedged under Indian Rupees and interest liability has been swapped against fixed interest @ 7.45% per annum.

 

SHORT TERM BORROWINGS

 

* Working capital loans (Rate of Interest ranging from 10.15% to 13.25% per annum) and Buyers’ credit (Rate of Interest ranging from LIBOR plus 70 basis points to LIBOR plus 120 basis points per annum) facilities from banks are secured by hypothecation of inventories, book debts, movable fixed assets and by equitable mortgage of certain land and buildings of the Company.

 

** Working capital loans from banks which are unsecured, carries interest rate from 11% to 14% per annum.

 

 

 

Auditors :

 

Name :

S. R. Batliboi and Associates LLP

Chartered Accountants

Address :

Ahmedabad, Gujarat, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Ultimate Holding Company:

(As on: 31.03.2014)

Hitachi Limited, Japan

 

 

Holding Company :

(As on: 31.03.2014)

Hitachi Appliances Inc., Japan

 

 

Fellow Subsidiaries :

(As on: 31.03.2014)

·         Hitachi Air Conditioning Products (M) Sdn. Bhd.

·         Hitachi Asia Limited – Singapore

·         Hitachi Household Appliances (Wuhu) Company Limited

·         Hitachi Procurement Service Company Limited

·         Hitachi Metglass (India) Private Limited

·         Shanghai Hitachi Electrical Appliances Company Limited

·         Hitachi Consumer Products (Thailand) Limited

·         Hitachi Koki India Limited

·         Hitachi Air Conditioning and Refrigerating Products (Guangzhou) Company Limited

·         Hitachi India Private Limited

·         Hitachi Lift India Private Limited

·         Hitachi Transport System India Private Limited

·         Shizuoka Hitachi Company Limited

·         Hitachi Data Systems

·         Hitachi Hi-rel Power Electronics Private Limited

·         Taiwan Hitachi Company Limited

·         Hitachi Cable Asia Pacific (HCAP) Pte Limited

·         Hitachi High Technologies Hong Kong Limited

·         Luvata Heating Cooling Technologies (Thailand) Limited

·         Flyjac Logistics Private Limited

·         Tata Hitachi Construction Machinery Company Limited

·         Hitachi Plant Technologies India Private Limited

·         Hitachi Tochigi Electronics (Thailand) Company Limited

·         Hitachi Metals Singapore Pte Limited

·         Hitachi Solution India Private Limited

·         Highly Electrical Appliances India Private Limited

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorized Capital: Rs. 300.000 Million

 

Issued, Subscribed & Paid-up Capital: Rs. 271.909 Million

 

 

AS ON 31.03.2014

 

Authorized Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30,000,000

Equity Shares

Rs. 10/- each

Rs. 300.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

27,190,884

Equity Shares

Rs. 10/- each

Rs. 271.909 Millions

 

 

 

 

 

47281 (Previous year 39401) Equity shares of Rs. 10/- each have been kept in abeyance pending final allotment of Rights issue (2003-04) and Rights issue (2013).

 

(a) Reconciliation of the Equity shares outstanding at the beginning and at the end of the reporting period

 

Equity Shares

March 31, 2014

 

Nos.

Rs. In Million

At the beginning of the period

22,960,008

229.600

Add : Issued during the period

4,230,876

42.309

Outstanding at the end of the period

27,190,884

271.909

 

(b) Terms / rights attached to Equity shares

 

The Company has only one class of Equity shares having a face value of Rs.10/- per share. Each holder of Equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend recommended by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

 

During the year ended March 31, 2014, the amount per share recognised as dividend distributions to Equity shareholders is Rs. 1.50 (Previous year: Rs.1.50).

 

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

(c) Shares held by Holding Company and subsidiaries of Ultimate holding Company

 

Out of Equity shares issued by the Company, Equity shares held by Holding Company and subsidiary of Ultimate holding Company are as below:

 

 

March 31, 2014

Rs. In Million

Hitachi Appliances Inc., Japan - Holding Company

19,689,894 (Previous year: 15,550,000) Equity Shares of Rs.10/- each fully paid up

196.899

Hitachi India Private Limited - Subsidiary of Ultimate holding Company

500,000 (Previous year: 500,000) Equity Shares of Rs. 10/- each fully paid up

5.000

 

(d) Details of shareholders holding more than 5% shares in the Company

 

Equity shares of Rs.10 each fully paid (Nos.)

March 31, 2014

Hitachi Appliances Inc., Japan - Holding Company

19,689,894

% holding

72.41%

 

As per of the company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents legal ownerships of shares.

 

LISTING DETAILS:

 

 

Subject Stock Code :

 

BSE : 523398

NSE : HITACHIHOM

ISIN : INE782A01015


Industry: Consumer Goods - White Goods

 

 

Stock Exchange Place :

Bombay Stock Exchange Limited

National Stock Exchange of India Limited

 

Listed Date :

 

Not Available

 

 

 

 

 

 

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

271.909

271.909

229.600

(b) Reserves & Surplus

2856.898

2128.358

1587.879

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

546.684

Total Shareholders’ Funds (1) + (2)

3128.807

2400.267

2364.163

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

276.000

276.000

552.000

(b) Deferred tax liabilities (Net)

14.854

0.000

0.453

(c) Other long term liabilities

0.520

0.064

0.096

(d) long-term provisions

325.324

276.716

137.533

Total Non-current Liabilities (3)

616.698

552.780

690.082

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1119.481

697.312

838.900

(b) Trade payables

4987.580

3041.613

3462.654

(c) Other current liabilities

817.250

811.221

870.040

(d) Short-term provisions

113.312

100.490

86.234

Total Current Liabilities (4)

7037.623

4650.636

5257.828

 

 

 

 

TOTAL

10783.128

7603.683

8312.073

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2456.371

1724.256

1614.743

(ii) Intangible Assets

0.000

230.395

160.707

(iii) Capital work-in-progress

0.000

3.191

42.942

(iv) Intangible assets under development

0.000

18.478

65.789

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

5.780

0.000

(d)  Long-term Loan and Advances

246.807

305.860

179.33

(e) Other Non-current assets

0.000

0.000

0.051

Total Non-Current Assets

2703.178

2287.960

2063.562

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4903.115

2904.775

3056.429

(c) Trade receivables

2838.398

1883.799

1645.260

(d) Cash and cash equivalents

57.385

219.935

715.790

(e) Short-term loans and advances

270.981

292.783

281.669

(f) Other current assets

10.071

14.431

549.363

Total Current Assets

8079.950

5315.723

6248.511

 

 

 

 

TOTAL

10783.128

7603.683

8312.073

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

15728.404

10997.259

9299.916

 

Other Income

71.180

57.485

16.070

 

TOTAL (A)

15799.584

11054.744

9315.986

 

 

 

 

 

Less:

EXPENSES

 

 

 

 

Cost of Materials Consumed

8049.786

5641.75

5076.532

 

Purchases of Stock-in-Trade

2568.503

1360.355

1294.905

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1022.158)

(32.644)

(332.614)

 

Employees benefits expense

1137.830

818.452

645.065

 

Other expenses

3613.626

2733.698

2151.575

 

TOTAL (B)

14347.587

10521.611

8835.463

 

 

 

 

 

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

1451.997

533.133

480.523

 

 

 

 

 

Less:

FINANCIAL EXPENSES (D)

82.578

119.498

72.073

 

 

 

 

 

 

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

1369.419

413.635

408.450

 

 

 

 

 

Less:

DEPRECIATION/ AMORTISATION (F)

359.291

300.382

201.842

 

 

 

 

 

 

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

1010.128

113.253

206.608

 

 

 

 

 

Less:

TAX (H)

232.499

32.761

53.574

 

 

 

 

 

 

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

777.629

80.492

153.034

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Export of trading goods (on FOB basis)

 

0.000

0.016

 

Commission income

 

14.048

19.139

 

Reimbursement of advertisement and other expenses

 

23.398

14.7

 

TOTAL EARNINGS

NA

37.446

33.855

 

 

 

 

 

 

IMPORTS

 

 

 

 

Capital Goods

 

48.954

468.968

 

Raw materials, components and spares parts

 

2856.941

2845.201

 

Stock-in-trade

 

839.714

694.374

 

TOTAL IMPORTS

NA

3745.609

4008.543

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

28.60

2.97

6.67

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

276.000

268.189

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

4.94

0.73

1.65

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

9.23

4.85

5.17

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.37

1.49

2.52

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.32

0.05

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.45

0.41

0.59

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.15

1.14

1.19

 

 

STOCK PRICES

 

Face Value

Rs. 10/-

Market Value

Rs. 1629/-

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

229.600

271.909

271.909

Reserves & Surplus

1587.879

2128.358

2856.898

 Share Application money pending allotment

546.684

0.000

0.000

Net worth

2364.163

2400.267

3128.807

 

 

 

 

long-term borrowings

552.000

276.000

276.000

Short term borrowings

838.900

697.312

1119.481

Total borrowings

1390.900

973.312

1395.481

Debt/Equity ratio

0.588

0.406

0.446

 

 

 

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

9299.916

10997.259

15728.404

 

 

18.251

43.021

 

 

 

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

9299.916

10997.259

15728.404

Profit

153.034

80.492

777.629

 

1.65%

0.73%

4.94%

 

 

 

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

No

8

Designation of contact person

No

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

No

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

Yes

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

 

 

UNSECURED LOAN:

 

PARTICULARS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

External commercial borrowing (ECB) from a Bank

 

276.000

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks:

Working capital loans **

 

350.000

 

 

 

Total

NA

626.000

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10410045

27/02/2013

2,348,900,000.00

State Bank of India

COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B70174693

2

10085622

15/03/2010 *

1,100,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, PARAM SIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

A80626336

3

80041615

31/07/2012 *

2,348,900,000.00

State Bank of India

COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B56217409

4

80019453

27/05/1996

62,500,000.00

CORPORATION BANK

INDUSTRIAL FINANCE BRANCH, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

-

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

Particulars

31.03.2015

31.03.2014

Legal matters under dispute *

 

Service tax

 

73.454

Sales tax

 

37.339

Customs duty

NA

0.000

Excise duty

 

1.916

Guarantees given by the bankers on behalf of the Company

 

17.830

Claims against the Company not acknowledged as debts

 

7.203

 

 

 

FIXED ASSETS:

 

Tangible assets:

·         Freehold Land

·         Buildings

·         Plant and Machinery

·         Computers

·         Furniture and fixture

·         Office equipments

·         Electrical installations

·         Vehicles

 

Intangible assets:

·         Trade mark

·         Software capitalisation

·         Technical know how

 

 

 

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 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. 64.11

UK Pound

1

Rs. 100.32

Euro

1

Rs. 72.17

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

THR

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILITY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--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

 

66

 

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.