MIRA INFORM REPORT
|
Report No. : |
348815 |
|
Report Date : |
10.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
HITACHI INDIA PRIVATE LIMITED (w.e.f. 23.03.2010) |
|
|
|
|
Formerly Known
As : |
HITACHI INDIA TRADING PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Units 802A, 802B, Tower 2, 8th Floor, Konnectus Building, Bhavbhuti Marg, Minto Bridge, Connaught Place, New Delhi-110001 |
|
Tel. No.: |
91-11-4060 5252 |
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|
|
Country : |
India |
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|
|
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
27.02.1997 |
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|
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Com. Reg. No.: |
55-085419 |
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Capital
Investment / Paid-up Capital : |
Rs. 344.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52190DL1997PTC085419 |
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|
|
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IEC No.: |
0597012482 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH02181E/ DELH02180D |
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|
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PAN No.: [Permanent Account No.] |
AAACH2856G/ AAACH8121J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in providing business support services to its group companies such as market research etc. |
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|
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7290000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Hitachi Group and is an established and reputed
company having fine track. It was incorporated in the year 1997 and it operates as a supplier of
power and industrial systems, industrial components, equipment, air conditioning,
refrigeration equipment to international procurement of software, materials
and components. Rating reflects company’s healthy operational profile and sound
financial position with good capital structure backed by its strong net worth
base, zero borrowings and decent profit margins recorded during the year
2014. Further, rating also takes into account of company’s long track of
business operations and strength from promoter’s extensive experience in the
industry. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of aforesaid, the company can be considered good for normal
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
LOCATIONS
|
Registered Office : |
Units 802A, 802B, Tower 2, 8th Floor, Konnectus Building, Bhavbhuti Marg, Minto Bridge, Connaught Place, New Delhi-110001, India |
|
Tel. No.: |
91-11-30605252 |
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Fax No.: |
91-11-30605253 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 17.07.2013
|
Name : |
Ichiro Iino |
|
Designation : |
Managing director |
|
Address : |
2-18-14-117, Tamagawadai, Setagaya-KU, Tokyo-1580096, Japan |
|
Date of Birth/Age : |
26.09.1956 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
03498961 |
|
|
|
|
Name : |
Mr. Ravi Narain |
|
Designation : |
Whole-time director |
|
Address : |
B-136, Sector 30 , Noida-201303, Uttar Pradesh, India |
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Date of Birth/Age : |
14.01.1962 |
|
Date of Appointment : |
06.05.2010 |
|
DIN No.: |
00740058 |
|
|
|
|
Name : |
Akira Shimizu |
|
Designation : |
Director |
|
Address : |
1-44-8, Wada, Suginami Ku, Tokyo, NA, Japan |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
06857259 |
|
|
|
|
Name : |
Kojin Nakakita |
|
Designation : |
Managing Director |
|
Address : |
Hotel Le Meridien, Windsor Place, Janpath, New Delhi-110001, India |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
07107266 |
KEY EXECUTIVES
|
Name : |
Mr. Rajiv Gupta |
|
Designation : |
Secretary |
|
Address : |
C-9266, Vasant Kunj, New Delhi-110070, India |
|
Date of Birth/Age : |
03.11.1957 |
|
Date of Appointment : |
14.11.2011 |
|
PAN: |
AECPG6105J |
|
|
|
|
Name : |
Akiyoshi Hashimoto |
|
Designation : |
Chief Executive Officer |
|
Address : |
5-25-10, Higashi Kanesawa-CHO, Hitachi-Shi, Ibaraki Ken, NA, Japan |
|
PAN: |
ALWPH2269P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 17.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Hitachi Asia Limited, Singapore |
|
30896877 |
|
Hitachi Home Electron Asia (S) Pte. Limited |
|
1 |
|
Total |
|
30896878 |
Equity Share Break up (Percentage of Total Equity)
As on: 17.07.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in providing business support services to its group companies such as market research etc. |
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Products : |
--- |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Auditors : |
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|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Address : |
Golf View Corporate, Tower - B, Sector 42, Sector Road, Gurgaon -122002, Haryana, India |
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PAN: |
ACHFS9180N |
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Memberships : |
- |
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Collaborators : |
- |
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Holding Company |
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Fellow Subsidiaries |
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|
Ultimate Holding
Company |
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Subsidiary |
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CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57000000 |
Equity Shares |
Rs.10/- each |
Rs. 570.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34400045 |
Equity Shares |
Rs.10/- each |
Rs. 344.000 Million |
|
|
|
|
|
As on: 17.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57000000 |
Equity Shares |
Rs.10/- each |
Rs. 570.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30896878 |
Equity Shares |
Rs.10/- each |
Rs. 308.969 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 |
344.000 |
308.969 |
308.969 |
|
(b) Reserves & Surplus |
2206.566 |
1762.458 |
1562.096 |
|
(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) |
2550.566 |
2071.427 |
1871.065 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
3.257 |
3.453 |
9.196 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3.257 |
3.453 |
9.196 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
230.283 |
225.553 |
75.452 |
|
(c) Other current
liabilities |
67.470 |
90.190 |
11.527 |
|
(d) Short-term provisions |
44.021 |
12.501 |
0.443 |
|
Total Current Liabilities
(4) |
341.774 |
328.244 |
87.422 |
|
|
|
|
|
|
TOTAL |
2895.597 |
2403.124 |
1967.683 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
73.651 |
103.633 |
27.782 |
|
(ii) Intangible Assets |
7.673 |
7.358 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1806.729 |
1586.816 |
1586.816 |
|
(c) Deferred tax assets (net) |
21.064 |
7.791 |
6.024 |
|
(d) Long-term Loan and Advances |
52.542 |
62.655 |
25.274 |
|
(e) Other Non-current
assets |
46.397 |
51.439 |
1.483 |
|
Total Non-Current Assets |
2008.056 |
1819.692 |
1647.379 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
43.749 |
8.407 |
10.185 |
|
(c) Trade receivables |
261.513 |
244.489 |
125.581 |
|
(d) Cash and cash
equivalents |
551.002 |
300.906 |
155.965 |
|
(e) Short-term loans
and advances |
31.228 |
29.619 |
28.562 |
|
(f) Other current
assets |
0.049 |
0.011 |
0.011 |
|
Total Current Assets |
887.541 |
583.432 |
320.304 |
|
|
|
|
|
|
TOTAL |
2895.597 |
2403.124 |
1967.683 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2222.530 |
1655.820 |
668.639 |
|
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
364.850 |
298.790 |
109.334 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
120.430 |
98.430 |
35.963 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
244.420 |
200.360 |
73.371 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
443.680 |
243.320 |
169.949 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
688.100 |
443.680 |
243.320 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1964.740 |
1455.230 |
492.793 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.11 |
6.48 |
2.37 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash flows from operating activities |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
34.17 |
36.96 |
29.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.14 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60 |
1.78 |
3.66 |
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 |
308.969 |
308.969 |
344.000 |
|
Reserves & Surplus |
1562.096 |
1762.458 |
2206.566 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1871.065 |
2071.427 |
2550.566 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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 and Other Income |
668.639 |
1655.820 |
2222.530 |
|
|
|
147.640 |
34.225 |
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 and Other Income |
668.639 |
1655.820 |
2222.530 |
|
Profit |
73.371 |
200.360 |
244.420 |
|
|
10.97% |
12.10% |
11.00% |
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 |
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
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 |
Note: Registered Office of the company has been shifted from “304-306, ABW Elegance Tower, Jasola District Center, New Delhi – 110025, India” to the present address w.e.f. 18.02.2013.
PERFORMANCE REVIEW
During the financial year 2013-14, the economy was affected by a string of factors, including high inflation, high domestic interest rates, slowing global economy, policy bottlenecks, slowing industrial growth and consequently declining business sentiments. However, the Company performed well and increased its revenues to Rs. 2,222.530 Million and earned a profit of Rs. 244.420 Million.
Corporate Information
The Company was incorporated on February 27, 1997 to undertake activities of general trading restricted to exports and imports, procurement and supply of materials and equipment required for industrial projects in India.
INDEX OF CAHREGS:
No Charges Exist for Company
FIXED ASSETS:
- Furniture and fixtures
- Vehicles
- Office equipment
- Leasehold improvements
- 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,
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.66.34 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
52 |
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.