Yash Highvoltage Limited
Company
| Website 🔗 |  |
| Business Activity | Manufacture |
| Division | Electrical |
| Sub-class | Power Transmission -Transformer Bushings |
| Location | Vadodara, Gujarat |
| Establishment Year | 2002 |
Management
| Managing Director | Keyur Girishchandra Shah |
| Educational Qualifications | Diploma in Business Management from the Institute of Management Technology, Ghaziabad Diploma in Mechanical Engineering from the Board of Technical Education, Rajasthan |
| Experience | Over 16 years of experience in the electrical and power industry |
| Annual Salary | ₹ 147.17 Lakhs |
| Total Number of Employees | 157 |
About
Yash Highvoltage Limited is an Indian manufacturer specializing in the production of high-voltage transformer bushings, serving the power transmission and distribution industry.
Products and Services:
High Current Bushings:
These bushings are used in generator step-up (GSU) transformers, which are responsible for increasing the voltage of electricity generated at power plants to facilitate long-distance transmission.
OIP Condenser Bushings:
These bushings are used in power transformers, which are responsible for stepping up or down the voltage of electricity at various points in the transmission and distribution network.
IP/RIS Condenser Bushings:
These bushings are also used in power transformers and offer improved safety and reliability compared to traditional OIP bushings.
OIP Wall Bushings/Oil to Oil Bushings:
These bushings are used in power transformers to allow for the passage of high-voltage conductors through walls or barriers, ensuring safe and efficient operation.
In addition to manufacturing, Yash Highvoltage Limited offers a range of services, including:
Repairing:
Repairing damaged or faulty bushings to restore their functionality and extend their lifespan.
Retrofitting:
Upgrading existing bushings with newer technologies or designs to improve their performance or meet changing requirements.
Replacement:
Replacing old or obsolete bushings with new ones to ensure the continued safe and efficient operation of high-voltage electrical equipment.
Clients:
Government Enterprises:
Yash Highvoltage Limited is an approved vendor for various Indian Government Enterprises involved in power generation, transmission, and distribution.
Large Private Companies:
The company also serves large private companies engaged in the power sector, providing them with high-quality transformer bushings and related services.
International Clients:
Yash Highvoltage Limited has a growing international presence, exporting its products and services to numerous countries across the globe.
Manufacturing Process:
Yash Highvoltage Limited’s work process involves a combination of advanced manufacturing techniques and stringent quality control measures to ensure the production of high-quality transformer bushings. Their manufacturing process includes the following key stages:
- Designing:
The process begins with the design of the bushings using advanced CAD software. The designs are customized to meet specific customer requirements, such as voltage rating, current rating, and mounting dimensions. - Raw Material Procurement:
The company procures raw materials from both domestic and international suppliers, ensuring that all materials meet stringent quality standards. - Manufacturing:
The manufacturing process involves a combination of automated and manual processes, including winding, drying, impregnation, assembly, and testing. - Quality Inspection:
Each bushing undergoes rigorous quality checks at various stages of the manufacturing process to ensure that it meets the required standards. - Customer Inspection and Dispatch:
Before dispatching the finished products, Yash Highvoltage Limited allows customers to conduct their inspections, if required. This ensures complete transparency and customer satisfaction.
Raw Materials:
- Mineral Oil:
Used as an insulating and cooling medium in OIP bushings. - Kraft Paper:
Used as an insulating material in both OIP and RIP bushings. - Aluminium/Brass/Copper Foils:
Used for capacitive grading in condenser bushings, ensuring uniform voltage distribution. - Aluminium/Copper/Steel Components:
Used for various structural and conductive elements in the bushings. - Polyurethane:
Used as an insulating material in RIS bushings. - RIP Bushing Body:
Imported from overseas suppliers for the assembly of RIP bushings. - Porcelain Insulators:
Used as external insulation in OIP bushings. - Hollow Composite Insulators:
Used as external insulation in RIP bushings. - Transformer Oil:
Used for filling the annular space between various components in OIP bushings.
Suppliers:
MGC Moser-Glaser AG (Switzerland):
A major supplier of RIP bushing components and other specialized materials.
Other International Suppliers:
The company also imports raw materials from China, Singapore, Germany, Sweden, and Vietnam.
Domestic Suppliers:
Yash Highvoltage Limited sources a significant portion of its raw materials from domestic suppliers in India.
Other Key Aspects:
Manufacturing Facilities:
Yash Highvoltage Limited operates a state-of-the-art manufacturing facility equipped with advanced machinery and testing equipment. The facility is designed to produce a wide range of transformer bushings, including OIP, RIP, and RIS bushings, as well as high-current bushings.
Certifications:
The company is ISO 9001:2015 certified, demonstrating its commitment to quality management systems.
Achievements and Awards:
Yash Highvoltage Limited has received numerous awards and recognitions for its excellence in the field of transformer bushing manufacturing. Some of the notable achievements include:
- Certificate of Merit by the Federation of Gujarat Industries for exceptional work in Research in Science & Technology.
- Certificate of Merit for excellence in the field of Outstanding MSME from the Federation of Gujarat Industries.
- Featured in the special edition on Bushings of the international magazine “Transformers.”
- Certificate of Appreciation awarded by Bharat Heavy Electricals Limited (BHEL) for the best supplier in the category “For carrying out Import substitution under the Make in India Initiative.”
- Accreditation by the National Accreditation Board for Testing and Calibration Laboratories for compliance with the ISO/IEC 17025:2017 standard.
Revenue – Category
Revenue – Region
Audit and Legal
Auditor’s Remarks:
The auditors have issued an unqualified opinion on Yash Highvoltage Limited’s financial statements, indicating that the financial information is presented fairly and in accordance with Indian Generally Accepted Accounting Principles (GAAP).
Non-Compliances and Other Issues:
Inability to trace certain corporate records:
The company is unable to trace certain corporate records and regulatory filings, such as minutes of meetings and Forms 23B and MGT-14.
Inaccuracies in regulatory filings:
The company has had some inaccuracies in its regulatory filings with the Registrar of Companies (RoC), including clerical errors in annual returns.
Delays in filing and depositing EPF, ESIC, TDS, and TCS returns:
The company has been subject to penalties and interest for delays in filing and depositing these statutory dues.
Contingent Liabilities:
As of June 30, 2024, Yash Highvoltage Limited has contingent liabilities amounting to ₹ 229.93 lakhs, including:
- Sales tax demand for the financial year 2015-16: ₹ 4.76 lakhs
- CST demand for the financial years 2015-16 and 2017-18: ₹ 4.22 lakhs
- GST litigation for the period July 2017 to 2022: ₹ 220.95 lakhs
Legal Cases:
Cases Filed Against the Company
Cases Filed by the Company
Tax Proceedings against the Company:
Tax proceedings:
The company has received a show-cause notice from the Assistant Commissioner of CGST-Audit for matters related to input tax credit, supplying goods exported at a zero-rated, supplying goods to SEZ, and other matters aggregating to an amount of GST liability of ₹ 207.79 lakhs plus interest of ₹ 13.15 lakhs.
SWOT Analysis
Strengths
| Strong Industry Tailwinds: The global transformer bushing market is expected to witness a compound annual growth rate (CAGR) of 5.6% from 2024 to 2034, driven by the shift towards renewable energy projects, the implementation of smart grids, and the modernization of power distribution networks. |
| Unique Positioning: Yash Highvoltage Limited holds a unique position in the Indian transformer bushing market as one of the few manufacturers offering a wide range of bushings compliant with international standards, including IEC, IEEE, and ANSI. |
| Long-Standing Customer Relationships: The company has fostered long-standing relationships with key customers, including government enterprises and large private companies in the power sector. |
| Advanced Infrastructure and R&D Capabilities: Yash Highvoltage Limited boasts advanced manufacturing facilities and research and development capabilities. The company’s in-house testing facilities and focus on innovation enable it to develop high-quality products and maintain a competitive edge in the market. |
Weaknesses
| Dependence on Key Customers: Yash Highvoltage Limited is dependent on a few key customers for a significant portion of its revenue. The loss of any of these customers could adversely affect the company’s financial performance. |
| Lack of Diversification: Yash Highvoltage Limited is primarily focused on the manufacturing of transformer bushings. This lack of diversification exposes the company to risks associated with fluctuations in demand and competition in the transformer bushing market. |
Opportunities
| Expanding Global Footprint: The global transformer bushing market is expected to witness significant growth in the coming years. Yash Highvoltage Limited can capitalize on this opportunity by expanding its presence in international markets, particularly in regions with a growing demand for power infrastructure. |
| Tapping into the Retrofit and Replacement Market: The aging power infrastructure in many countries presents a significant opportunity for Yash Highvoltage Limited to offer retrofit and replacement solutions for existing transformer bushings. This can be a lucrative market for the company, providing additional revenue streams and strengthening customer relationships. |
Threats
| Intense Competition: The transformer bushing market is highly competitive, with the presence of several large and established players. Yash Highvoltage Limited faces competition from both domestic and international companies, which could put pressure on its profit margins and market share. |
| Increase in Raw Material Prices: The prices of raw materials used in the manufacturing of transformer bushings, such as copper and aluminium, are subject to volatility. Any significant increase in raw material prices could adversely affect the company’s profitability. |
| Regulatory Changes: Changes in government regulations or policies related to the power sector could impact Yash Highvoltage Limited’s business operations and financial performance. The company needs to remain adaptable and responsive to regulatory changes to mitigate potential risks. |
Porter’s Five Forces1
| Threat of New Entrants | MODERATE |
| The transformer bushing industry in India has high entry barriers due to the significant capital investment required, the need for specialized technical expertise, and compliance with stringent national and international standards. However, the presence of a growing market and government initiatives, such as the “Make in India” program, could attract new players to the industry. |
| Bargaining Power of Suppliers | LOW – MODERATE |
| Yash Highvoltage Limited relies on a limited number of suppliers for its raw materials, which could give suppliers some bargaining power. However, the company has qualified alternative vendors and entered into long-term contracts with critical vendors to reduce single-vendor dependency. The bargaining power of suppliers is also moderated by the availability of alternative materials and the company’s ability to negotiate favourable terms with suppliers. |
| Bargaining Power of Buyers | HIGH |
| The bargaining power of buyers is high due to the presence of multiple suppliers in the market. Large buyers, such as government enterprises and major private companies, can leverage their purchasing power to negotiate favourable prices and terms. Additionally, the ability of buyers to switch between suppliers further increases their bargaining power. |
| Threat of Substitute Products or Services | LOW |
| There are limited direct substitutes for transformer bushings in high-voltage electrical systems. While some alternative technologies exist, they often have limitations in terms of performance, safety, or cost-effectiveness. The low threat of substitutes provides Yash Highvoltage Limited with a stable market for its products. |
| Rivalry Among Existing Competitors | HIGH |
| The transformer bushing market is highly competitive, with the presence of several large and established players, both domestically and internationally. Yash Highvoltage Limited faces intense competition from these players, which could put pressure on its profit margins and market share. The company’s ability to differentiate its products through innovation, quality, and customer service is crucial for maintaining its competitive edge. |
Peer Comparison
There are no listed peers in the same business as Yash Highvoltage for comparison.
Green Box
Positive Operating Cash Flow:
Yash Highvoltage Limited has maintained a positive operating cash flow over the past three financial years. This indicates the company’s ability to generate sufficient cash flow from its operations to cover its expenses and invest in its growth.
IPO Funds:
Funding Capacity Expansion:
The company plans to use the proceeds from the IPO to set up a new factory to manufacture Resin Impregnated Paper (RIP) / Resin Impregnated Synthetic (RIS) transformer condenser-graded bushings. The estimated cost for this project is ₹ 7,033.98 lakhs.
Industry Outlook:
The global transformer bushing market is expected to witness a CAGR of 5.6% from 2024 to 2034, driven by the increasing demand for electricity, the growth of renewable energy projects, and the modernization of power grids. The Indian transformer bushing market is also expected to witness significant growth, with a projected CAGR of 7.0% from 2024 to 2034. This positive industry outlook presents Yash Highvoltage Limited with favourable growth opportunities.
Amber Box
Capacity Utilization:
The current capacity utilization rate of Yash Highvoltage Limited is as follows:
- OIP Condenser Bushing: 78.30%
- RIP Condenser Bushing: 96.83%
- High Current Bushing: 30.00%
Repeat Customers contributed 96% of total revenue and the top 10 customers contributed 80% of total revenue for FY 2024
Red Box
Images
- The force value of “LOW” is considered good Click Porter’s Five Forces article for more information. ↩︎
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