|
|
|
MIRA INFORM REPORT
|
Report No. : |
504780 |
|
Report Date : |
23.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
HITACHI HI-REL POWER ELECTRONICS PRIVATE LIMITED (w.e.f. 05.10.2011) |
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|
|
|
Formerly Known
As : |
HI-REL ELECTRONICS PRIVATE LIMITED (w.e.f. 24.07.2010) HI-REL ELECTRONICS LIMITED (w.e.f. 29.07.2008) HI-REL ELECTRONICS PRIVATE LIMITED HI-REL CONTROLS PRIVATE LIMITED |
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|
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Registered
Office : |
B/52 5th Floor, Corporate-House, Near Judges Bungalows Road, Bodakdev, Ahmedabad–380054, Gujarat |
|
Tel. No.: |
91-79-66046200 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
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Date of
Incorporation : |
16.01.1990 |
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|
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Com. Reg. No.: |
04-013246 |
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|
|
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Capital
Investment / Paid-up Capital : |
INR 57.682 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200GJ1990PTC013246 |
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|
|
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IEC No.: [Import-Export Code No.] |
0895003287 |
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|
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TIN No: |
24060301060 |
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|
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GSTN : [Goods & Service Tax
Registration No.] |
24AAACH3875M1ZB |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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
: |
Manufacturer and Solution Provider for products like Uninterrupted Power Supplies (UPSs), Drives and Automation Equipment. [Registered Activity] |
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|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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 operates as a subsidiary of Hitachi India Private Limited but its ultimate holding is “Hitachi Limited” based in Japan. It was incorporated in the year 1990 and is a manufacturer and solution provider for products like Uninterrupted Power Supplies (UPS), Drives and Automation equipment. As per financials of March 2017, the company has registered a growth of 13.10% in its revenue as compared to its previous year’s revenue and has incurred losses from its operations during the year. Rating takes into consideration the company’s established track record of business operations marked by sound net worth along with strong debt coverage indicators and good liquidity position. Rating also takes into account the strong managerial and financial support received from its holding company and well experienced management team. Payment terms are reported to be regular. In view of aforesaid, the company can be considered good 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
11.08.2017 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very Strong degree of safety and carry lowest
credit risk |
|
Date |
11.08.2017 |
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 23.04.2018.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
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
31-03-2018.
INFORMATION DECLINED BY
|
Name : |
Mr. Hemant Kanajia
|
|
Designation : |
Finance Manager |
|
Contact No.: |
91-851156908 |
|
Date : |
17.04.2018 |
LOCATIONS
|
Registered Office : |
B/52 5th Floor, Corporate-House, Near Judges Bungalows Road, Bodakdev, Ahmedabad–380054, Gujarat, India |
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Tel. No.: |
91-79-66046200 |
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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, 6th Floor, Corporate House, Judges Bungalow Road, Bodakdev, Ahmedabad – 380054, Gujarat, India |
|
Tel. No.: |
91-79-66046240 |
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Fax No.: |
91-79-66046201 |
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|
|
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Factory 1 : |
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/ 23287181 |
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Fax No.: |
91-79-23287182 |
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Factory 2 : |
Survey No. 3 and 4, Sanand GIDC – II, Industrial Estate, Near Bol Village, Chharodi, Sanand – 382110, Gujarat, India |
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Tel. No.: |
91-2717-678777 |
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Fax No.: |
91-2717-678700 |
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|
|
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Regional Office 1: |
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 2 : |
# 63/154, M.N. Plaza, 2nd Floor, Dr. Rajkumar Road,
Rajajinagar |
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Tel. No.: |
91-80-23527788 |
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E-Mail : |
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Regional Office 3: |
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 4: |
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 5: |
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 6: |
B-23, 1st Floor, Sector-2, District G.B. Nagar, Noida – 201301, Uttar Pradesh - India |
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Tel. No.: |
91-120-4168508 |
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Fax No.: |
91-120-4163540 |
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E-Mail : |
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Regional Office 7: |
F/5, Shriniwas Classics, Above Corporation Bank, Survey No. 273, Main Baner Road, Pune – 411045, Maharashtra - India |
|
Tel. No.: |
91-20-27293000/ 27293010 |
|
E-Mail : |
DIRECTORS
AS ON 26.05.2017
|
Name : |
Dr. Kazuhiro Takeo Imaie |
|
Designation : |
Managing Director |
|
Address : |
3-9-20-705 Kashiwa Kashiwa Shi Chiba 2770005 Japan |
|
Date of Appointment : |
01.04.2016 |
|
DIN No.: |
07464863 |
|
|
|
|
Name : |
Mr. Hayato Hiroyuki Imai |
|
Designation : |
Director |
|
Address : |
2-14-11, Matsudocho Hitachinaka Shi Ibaraki 3120016 Japan |
|
Date of Birth/Age : |
21.12.1960 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
16.06.2015 |
|
DIN No.: |
07208332 |
|
|
|
|
Name : |
Mr. Toshihiro Arisawa |
|
Designation : |
Director |
|
Address : |
D-140, 3rd Floor, Defence Colony, Delhi-110024, India |
|
Date of Birth/Age : |
29.07.1969 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
04.06.2016 |
|
DIN No.: |
07497265 |
|
|
|
|
Name : |
Mr. Hisayuki Matsumoto |
|
Designation : |
Director |
|
Address : |
D-276, Third Floor, Defence Colony, New Delhi – 110024, India |
|
Date of Birth/Age : |
13.08.1958 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
22.04.2014 |
|
DIN No.: |
06850511 |
|
|
|
|
Name : |
Mr. Piyush Balvantlal Shah |
|
Designation : |
Director |
|
Address : |
C-301, Seal Pearl Apartment, Ashok Vatika, Bodakdev, Bopal Road, Ahmedabad- 380058, Gujarat, India |
|
Date of Birth/Age : |
18.07.1953 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
28.09.2015 |
|
PAN No.: |
ADIPS1241E |
|
DIN No.: |
00155760 |
|
|
|
|
Name : |
Mr. Darshan Arvindbhai Shah |
|
Designation : |
Director |
|
Address : |
C – 202, Sea Pearl Near Ashok Vatika, Bodakdev,
Ahmedabad-380054, Gujarat, India |
|
Date of Birth/Age : |
24.04.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
12.02.1996 |
|
PAN No.: |
ACIPS7764B |
|
DIN No.: |
00165566 |
|
|
|
|
Name : |
Yukitaka Akihiko Hosotani |
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Designation : |
Director |
|
Address : |
5-665-49 Matsugaoka Nagareyama City Chiba Prefecture 2700141 Japan |
|
Date of Appointment : |
26.08.2017 |
|
DIN No.: |
07882990 |
KEY EXECUTIVES
|
Name : |
Mr. Bhavesh Ashokkumar Kinkhabwala |
|
Designation : |
Company Secretary |
|
Address : |
11/4, Bimanagar Society, Satellite Road, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
26.05.1978 |
|
Date of Appointment : |
09.07.2012 |
|
PAN No.: |
AKDPK1449E |
|
|
|
|
Name : |
Shyamsingh Tomar and Associates |
|
Designation : |
Company Secretary |
|
Address : |
306, Shapath – III, Near GNFC Tower, Pakwan Cross Road, S.G. Highway, Bodakdev, Ahmedabad – 380054, Gujarat, India |
|
Mob. No: |
91-9825452699 |
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Email: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Hitachi India Private Limited, India |
3742094 |
64.87 |
|
Hitachi Limited, Japan |
2026149 |
35.13 |
|
Total |
5768243 |
100.00 |
AS ON 26.05.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters
– Body Corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Solution Provider for products like Uninterrupted Power Supplies (UPSs), Drives and Automation Equipment. [Registered Activity] |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· The Bank of Tokyo - Mitsubishi UFJ Limited 15th floor, Hoechst House, Vinay K. Shah Marg, Nariman Point, Mumbai, Maharashtra, India · ICICI Bank Limited Land Mark Race Cource Circle, Alkapuri, Vadodara – 390015,
Gujarat, India |
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|
|||||||||||||||
|
Facilities : |
|
|
Financial Institution : |
· 3i Infotech Trusteeship Services Limited 3rd To 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
S.R.B.C. and Company LLP Chartered Accountants |
|
Address : |
2nd Floor, Shivalik Ishaan, Near C.N. Vidhyalaya Ambawadi, Ahmedabad-380015, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9117R |
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|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Hitachi India Private Limited, India (U51909DL1997PTC084855) |
|
|
|
|
Ultimate Holding Company : |
Hitachi Limited, Japan |
|
|
|
|
Fellow Subsidiary Companies : |
· Hitachi Metglas (India) Private Limited, India (U32109DL2003PTC120785) · Hitachi Asia Limited · Hitachi Medical System Spte Limited · Hitachi Industrial Equipment systems Company Limited · Hitachi Metals Singapore Pte. Limited · Hitachi Nest Control Systems Private Limited, India (U33130KA2011PTC060750) · Flyjac Logistics Private Limited, India (U63000MH2008PTC180548) · Hitachi Plant Technologies India Private Limited, India (U29190HR2012FTC045098) · Hitachi Systems Micro Clinic Private Limited, India (U74899DL1993PTC056168) · Hitachi South America Ltda · Hitachi Infrastructure Systems Asia Pte. Limited · Hitachi Asia Thailand Company Limited · Hitachi Asia (Vietnam) Company Limited · Hitachi Kokusai Linear Equipamentos Electricos S A · Hitachi Procurement Service Company Limited · Hitachi Asia (Malaysia) Sdn Bhd · Hitachi Australia Pty. Limited · Hitachi Metals (India) private limited 100% for. Sub.co, India (U27106DL2006PTC145552) · Hitachi Payment Services Private Limited, India (U72100TN2005PTC057463) · Mitsubishi Hitachi Power Systems India Private Limited, India (U29292DL2011FTC225628) ·
Johnson Controls-Hitachi Air Conditioning
India Limited, India (L29300GJ1984PLC007470) · Hitachi Chemical Asia Pacific Pte Limited ·
Hitachi International Treasury Limited. |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6500000 |
Equity Shares |
INR 10/- each |
INR 65.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5768243 |
Equity Shares |
INR 10/- each |
INR 57.682 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
57.682 |
57.682 |
55.932 |
|
(b) Reserves and Surplus |
855.434 |
875.083 |
791.202 |
|
(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) |
913.116 |
932.765 |
847.134 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
225.000 |
78.026 |
186.219 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.897 |
0.992 |
3.188 |
|
(d) long-term
provisions |
41.966 |
30.477 |
21.703 |
|
Total Non-current
Liabilities (3) |
267.863 |
109.495 |
211.110 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
770.991 |
704.895 |
674.807 |
|
(b) Trade
payables |
2149.645 |
1712.673 |
1421.075 |
|
(c) Other
current liabilities |
291.873 |
321.351 |
278.029 |
|
(d) Short-term
provisions |
21.475 |
20.553 |
13.806 |
|
Total Current
Liabilities (4) |
3233.984 |
2759.472 |
2387.717 |
|
|
|
|
|
|
TOTAL |
4414.963 |
3801.732 |
3445.961 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
695.062 |
709.458 |
701.032 |
|
(ii)
Intangible Assets |
15.241 |
19.510 |
17.077 |
|
(iii) Tangible assets
capital work-in-progress |
1.248 |
0.000 |
13.249 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term
loans and advances |
392.122 |
178.786 |
58.662 |
|
(e) Other
Non-current assets |
3.766 |
5.318 |
8.895 |
|
Total Non-Current
Assets |
1107.439 |
913.072 |
798.915 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
899.236 |
825.417 |
767.875 |
|
(c) Trade
receivables |
2057.009 |
1662.034 |
1509.796 |
|
(d) Cash and bank
balances |
71.511 |
92.793 |
105.081 |
|
(e)
Short-term loans and advances |
227.654 |
246.051 |
203.758 |
|
(f) Other
current assets |
52.114 |
62.365 |
60.536 |
|
Total
Current Assets |
3307.524 |
2888.660 |
2647.046 |
|
|
|
|
|
|
TOTAL |
4414.963 |
3801.732 |
3445.961 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
4579.582 |
4049.257 |
3345.354 |
|
|
Other Income |
33.968 |
18.462 |
28.846 |
|
|
TOTAL |
4613.550 |
4067.719 |
3374.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3025.312 |
2645.658 |
2069.202 |
|
|
Purchases of
Stock-in-Trade |
44.366 |
63.108 |
114.079 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
46.411 |
(115.230) |
48.920 |
|
|
Employee benefit expense |
668.431 |
569.346 |
441.576 |
|
|
CSR expenditure |
0.420 |
1.216 |
1.090 |
|
|
Other expenses |
649.200 |
682.019 |
486.591 |
|
|
TOTAL |
4434.140 |
3846.117 |
3161.458 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
179.410 |
221.602 |
212.742 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
135.235 |
111.551 |
110.793 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
44.175 |
110.051 |
101.949 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
64.493 |
62.220 |
62.075 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(20.318) |
47.831 |
39.874 |
|
|
|
|
|
|
|
Less |
TAX |
(0.670) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(19.648) |
47.831 |
39.874 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
364.917 |
342.216 |
286.466 |
|
|
TOTAL EARNINGS |
364.917 |
342.216 |
286.466 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
722.088 |
439.011 |
552.588 |
|
|
Components and spare
parts |
0.509 |
1.241 |
1.598 |
|
|
Capital Goods |
0.965 |
3.179 |
0.341 |
|
|
TOTAL IMPORTS |
723.561 |
443.432 |
554.527 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(3.41) |
8.42 |
7.13 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
52.394 |
114.093 |
112.127 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(36.103) |
197.172 |
189.564 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(19.245) |
170.441 |
162.088 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
163.95 |
149.82 |
164.73 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.23 |
2.44 |
2.22 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
255.60 |
230.78 |
237.57 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.20 |
0.27 |
0.28 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.25 |
0.30 |
0.29 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.80 |
0.78 |
0.78 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.15 |
0.96 |
1.15 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
3.54 |
2.96 |
2.82 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.78 |
0.78 |
0.86 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.33 |
1.99 |
1.92 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(10.95) |
21.58 |
18.74 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(0.45) |
1.26 |
1.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(2.15) |
5.13 |
4.71 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.02 |
1.05 |
1.11 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.74 |
0.75 |
0.79 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.21 |
0.25 |
0.25 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
18.18 |
15.55 |
17.40 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.02 |
1.05 |
1.11 |
FINANCIAL DATA
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
55.932 |
57.682 |
57.682 |
|
Reserves & Surplus |
791.202 |
875.083 |
855.434 |
|
Net
worth |
847.134 |
932.765 |
913.116 |
|
|
|
|
|
|
Long-term borrowings |
186.219 |
78.024 |
225.000 |
|
Short term borrowings |
674.807 |
704.895 |
770.991 |
|
Current maturities of
long-term debts |
112.127 |
114.093 |
52.394 |
|
Total
borrowings |
973.153 |
897.012 |
1048.385 |
|
Debt/Equity
ratio |
1.149 |
0.962 |
1.148 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
3345.354 |
4049.257 |
4579.582 |
|
|
|
21.041 |
13.097 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
3345.354 |
4049.257 |
4579.582 |
|
Profit/ (Loss) |
39.874 |
47.831 |
(19.648) |
|
|
1.19
% |
1.18
% |
(0.43
%) |
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 |
Yes |
|
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 |
GENERAL INFORMATION
Hitachi Hi-Rel Power Electronics Private Limited is a manufacturer and solution provider for products like Uninterrupted Power Supplies (UPSs), Drives and Automation equipment in local as well as overseas markets.
OPERATIONAL REVIEW:
Last year Government of India has launched an ambitious 'Make in India' initiative to locate India on the world map as a manufacturing hub and Indian economy to achieve global recognition. To control corruption and control black money, Government Demonetized rupees 500 /1000 currency notes. Many small and medium size businesses were affected due to this for 3-4 months. Overall Business conditions in the Indian manufacturing and engineering sector continue to remain positive. India has become one of the most attractive destinations for investments in the manufacturing sector. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of strategic importance to India's economy. The Government's thrust on developing industrial corridors and smart cities would further assist in integrating, monitoring and developing a fair environment for the industrial development and will promote advance practices in manufacturing and engineering sector. Indian UPS market expected to witness double-digit growth in the coming years.
Government of India is keeping the focus on renewable energy with target to achieve 100 GW Solar power generations by 2022. In 2016-17 approximately 5.5 GW solar plant commissioned and 12 GW bids are under finalization. Keeping green energy into the mind Solar will continuously be a focus area in coming few years. Surprising, Solar tariff has come down from INR 6 / unit to below INR 4 / unit.
Apart from Digital India, another high focused program of Government of India is Smart cities. Almost 100 cities have been identified and fund has been allocated to 30 cities. Wi-fi, CCTV surveillance, high speed transportation, Water, sanitation and power are the area where Government is aggressively working.
Company has shown close to 13% growth in top-line revenue. However, company booked a net loss, due to high cost of operations and price pressure on solar order booking.
New facilities at Sanand are being utilized mainly for Solar business. They expect solar business to continue to grow in this year also. The company is continuously focusing on overseas sales strategy so as to achieve its targets. Digital India program will help commercial UPS to focus on market share rise. Drives business shall have greater focus this year in India as well as overseas.
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G31755556 |
100068633 |
ICICI BANK LIMITED |
15/12/2016 |
- |
- |
250000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
2 |
A27812536 |
10101659 |
3i Infotech Trusteeship Services Limited |
08/12/2007 |
- |
- |
37500000.0 |
3rd to 6th floor, International Infotech Park,Tower No.5, Vashi Railway Station Complex, VashiNavi MumbaiMH400703IN |
|
3 |
C59643650 |
10090133 |
3i Infotech Trusteeship Services Limited |
07/12/2007 |
20/07/2015 |
- |
700000000.0 |
3rd to 6th floor, International Infotech Park,Tower No.5, Vashi Railway Station Complex, VashiNavi MumbaiMH400703IN |
|
4 |
A07914278 |
10032273 |
ICICI BANK LIMITED |
22/12/2006 |
- |
- |
102500000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
5 |
C59642520 |
10029144 |
ICICI BANK LIMITED |
12/12/2006 |
15/07/2015 |
- |
662500000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
6 |
A06609697 |
10025810 |
ICICI BANK LIMITED |
02/12/2006 |
- |
- |
102500000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
7 |
G77194181 |
10082594 |
3i Infotech Trusteeship Services Limited |
07/12/2007 |
16/02/2010 |
16/02/2018 |
210000000.0 |
3rd to 6th floor, International Infotech Park,Tower No.5, Vashi Railway Station Complex, VashiNavi MumbaiMH400703IN |
|
8 |
G45686359 |
10413494 |
The Bank of Tokyo - Mitsubishi UFJ Ltd. |
19/03/2013 |
- |
31/05/2017 |
177590000.0 |
15th floor, Hoechst House, Vinay K. Shah marg,Nariman PointMumbaiMH400021IN |
|
9 |
G45479128 |
10413517 |
The Bank of Tokyo-Mitsubishi UFJ Ltd. |
22/03/2013 |
- |
31/05/2017 |
177590000.0 |
15th floor, Hoechst House, Vinay K. Shah marg,Nariman PointMumbaiMH400021IN |
|
10 |
G02020568 |
10357254 |
ICICI BANK LIMITED |
16/05/2012 |
- |
25/04/2016 |
20000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
25.000 |
50.000 |
|
Foreign currency term loans from banks |
0.000 |
28.026 |
|
Term loans from others |
200.000 |
0.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
0.000 |
20.143 |
|
Working capital loans from banks |
620.000 |
400.000 |
|
Loans repayable on demand from banks |
79.416 |
284.209 |
|
Other loans and advances, others |
50.000 |
0.000 |
|
|
|
|
|
Total |
974.416 |
782.378 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against company not acknowledged as debt |
44.661 |
63.357 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
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
|
INR |
|
US Dollar |
1 |
INR 66.02 |
|
|
1 |
INR 92.73 |
|
Euro |
1 |
INR 81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.