MIRA INFORM REPORT
|
Report Date : |
16.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
HONEYWELL TURBO INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 4A, (Old Survey No. 287/1, 287/2A) Raisoni Industrial
Estate, Village Mann, Taluka Mulshi Near Hinjewadi Phase II, Pune – 411057, Maharshtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
18.07.2005 |
|
|
|
|
Com. Reg. No.: |
25-21030 |
|
|
|
|
CIN No.: [Company Identification No.] |
U34300PN2005PTC021030 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNEH05043D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH5865J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Turbochargers |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in
credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
-- |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is new company and a part of Honeywell Group. Company
has incurred losses during the first year of its operations. It has huge
accumulated losses. Payments are reported as slow and delayed. The company can be considered for small business dealings with
caution, initially, in view of accumulated losses. |
LOCATIONS
|
Registered Office : |
Plot No. 4A, (Old Survey No. 287/1, 287/2A) Raisoni Industrial
Estate, Village Mann, Taluka Mulshi Near Hinjewadi Phase II, Pune – 411057, Maharshtra |
|
Tel. No.: |
91-20-56524027 |
|
Fax No.: |
91-20-56520229 |
|
Email : |
Rk.ram@honeywell.com /
brijesh.parikh@honeywell.com
/ vinit.maheshwari@honeywell.com |
|
Website : |
|
|
Area : |
Large |
|
Location : |
Leased |
|
|
|
|
Factory 1 : |
First Floor, Sakar 10, |
DIRECTORS
|
Name : |
Mr. Sanjay Sondhi |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. N. P. Thimiah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajesh Kumar Ram |
|
Designation : |
Director |
|
Address : |
201, |
|
Date of Birth : |
14.06.1964 |
|
Date of Appointment : |
09.08.2005 |
|
|
|
|
Name : |
Mr. Koenraad Clems Willhem Van Himbeeck |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Oliver Jean Yves Rabilier |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Scott Allen Tozier |
|
Designation : |
Director |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Foreign
holdings |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Turbochargers |
|
|
|
|
Imports from : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
OEM’s |
|
|
|
|
No. of Employees : |
50 |
|
|
|
|
Bankers : |
Citi Bank, N. A., Pune |
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Water House And Company Chartered Accountants |
|
Address : |
Price Waterhouse, Veer Sawarkar Marg, |
|
|
|
|
Holding Company : |
Honeywell Turbo Technologies Sarl Avenu De La Gottaz, 34-36, 1110 |
|
|
|
|
Associates/Subsidiaries : |
Honeywell Group |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1]
Share Capital |
|
|
0.100 |
|
|
2] Share
Application Money |
|
|
0.000 |
|
|
3]
Reserves & Surplus |
|
|
0.000 |
|
|
4]
(Accumulated Losses) |
|
|
(18.611) |
|
|
NETWORTH |
|
|
(18.511) |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
|
0.000 |
|
|
2]
Unsecured Loans |
|
|
20.000 |
|
|
TOTAL BORROWING |
|
|
20.000 |
|
|
DEFERRED
TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1.489 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
|
|
395.754 |
|
|
Capital
work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX
TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
19.535 |
|
|
Sundry
Debtors |
|
|
9.146 |
|
|
Cash
& Bank Balances |
|
|
0.462 |
|
|
Other
Current Assets |
|
|
0.000 |
|
|
Loans
& Advances |
|
|
21.132 |
|
Total Current
Assets |
|
|
50.275 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
|
|
444.203 |
|
|
Provisions |
|
|
0.337 |
|
Total Current
Liabilities |
|
|
444.540 |
|
|
Net Current Assets |
|
|
(394.265) |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1.489 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 (18.07.2005 to 31.03.2006) |
|
|
Total
Income |
|
|
8.829 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
(18.381) |
|
|
Provision for Taxation |
|
|
0.230 |
|
|
Profit/(Loss) After Tax |
|
|
(18.611) |
|
|
|
|
|
|
|
|
Total
Earnings |
|
|
7.892 |
|
|
|
|
|
|
|
|
Total
Imports |
|
|
404.307 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
|
8.420 |
|
|
Other Expenditure |
|
|
10.370 |
|
Total
Expenditure |
|
|
18.790 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
PAT / Total Income |
(%) |
|
|
(210.79) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
(208.19) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(4.12) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.99) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
(25.09) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.11 |
LOCAL AGENCY FURTHER INFORMATION
It is a wholly owned subsidiary of Honeywell Technologies SARL,
As Per Website
Honeywell in
Honeywell’s presence in
Honeywell Automation India Limited is a listed
company on the Bombay Stock Exchange (BSE) and is headquartered in Pune. HAIL
businesses span across automation and control solutions for industrial and
commercial sectors, building management and products in the automation and
security space. The business has grown at an impressive 26% year on year for
the last 3 years.
In Gurgaon, Honeywell has teams supporting the Aerospace, Specialty Materials
and Life Safety business groups. A newly established call centre is engaged in
providing customer support to the Automation and Control Solutions business in
the
Honeywell Technology Solutions Lab in
Honeywell Turbo Technologies has a state-of-the-art
manufacturing plant in Hingewadi, Pune and will be the first company in
Tomorrow’s Powertrain Technology Will Vary;
Its Need for Air Will Not
Adriane Brown, President and CEO of Honeywell Transportation Systems, addressed
more than 400 automotive executives at the Management Briefing Seminar in
Ms. Brown shared her three "guiding principles" for powertrain
planning and turbocharger’s role as an enabling technology.
They have heard the word
"turbo" tossed around a lot, especially by performance car
enthusiasts. But all you know is that it means an engine has more
"oomph" to it than normal. But what exactly is going on underneath
that hood? Let's open it up and take a look.
It's All About Better Combustion
Before you can truly appreciate
what a turbocharger does for an engine, you need to understand the basics of
internal combustion.
Internal combustion engines are
"breathing" engines. That is to say, they draw in air and fuel for
energy. This energy is realized as power when the air-fuel mixture is ignited.
Afterward, the waste created by the combustion is expelled. All of this is
typically accomplished in four strokes of the pistons.
What a turbocharger does is to
make the air-fuel mixture more combustible by fitting more air into the
engine's chambers which, in turn, creates more power and torque when the piston
is forced downward by the resulting explosion. It accomplishes this task by
condensing, or compressing, the air molecules so that the air the engine draws
in is denser. Now, how it does that is the real story here.
A Tale Of Two Wheels
A turbocharger is basically an
air pump. Hot exhaust gases leaving the engine after combustion are routed
directly to the turbine wheel side of the turbocharger to make it rotate. That
turbine wheel is connected by a shaft to a compressor wheel. As the turbine
wheel spins faster and faster, it causes the compressor wheel to also spin
quickly. The rotation of the compressor wheel pulls in ambient air and
compresses it before pumping it into the engine's chambers.
As you may have guessed, the
compressed air leaving the compressor wheel housing is very hot as a result of
both compression and friction. So what's needed is a way to cool that air down
before it enters the chambers. That's where a charge-air cooler (or "heat
exchanger") comes in. It reduces the temperature of the compressed air so
that it is denser when it enters the chamber (heat causes things to expand, as
they all learned in science class). The charge-air cooler also helps to keep
the temperature down in the combustion chamber. All together, the engine,
turbocharger and charge-air cooler form what is known as a "charge-air
system".
Some systems also include a tip
turbine fan which draws air across the charge-air cooler to further reduce the
temperature of the compressed air generated by the turbocharger.
Not As Easy As It Looks
The basic principal behind turbocharging is fairly simple, but a
turbocharger is a very complex piece of machinery. Not only must the components
within the turbocharger itself be precisely coordinated, but the turbocharger
and the engine it services must also be exactly matched. If they're not, engine
inefficiency and even damage can be the results. That's why it's important to
follow correct installation, operating and preventative maintenance procedures.
Honeywell
Turbo Technologies
Honeywell Turbo Technologies Limited (HTT), a part of Honeywell’s
Transportation Systems business is a worldwide leader and the leading
manufacturer of automotive turbochargers. Committed to providing
technologically superior turbochargers, HTT is considered as the supplier of
choice by leading global engine and vehicle manufacturers.
Honeywell’s pioneering effort in manufacturing cutting edge hassle free
turbochargers has catapulted the business annual revenues to 2.4 billion with
over 6000. Acknowledged as a technology leader, HTT provides a wide range of
turbochargers, charge air coolers and EGR systems sold under the Garrett ®
name. These pioneering products improve an engine's overall performance,
including better fuel economy and emission reduction. Employees are constantly
striving hard to meet today’s global automotive challenges and those of the
future.
An enviable track record of surpassing customer’s expectations has strengthened
their need to take advantage of the many opportunities opened up in the Indian
Automotive sector. The growing demand and increasing diesel penetration in this
part of the sub continent has been the impetus for setting up the first
manufacturing facility in
Performance Products
As the leader in
turbocharging innovation, Garrett® performance turbochargers incorporate the
latest advances in boosting technology and aerodynamic design.
Improved Efficiency
New, efficient turbine stages deliver more power to the engine and
allow Garrett® turbochargers to spool up faster than ever. Their engineers have
eliminated old efficiency killers, including on-center turbine housings,
clipped turbine wheels, and antiquated aerodynamics with the new GT product
line.
Increased Boost Capacity
Their performance turbochargers feature compressor wheels that can
handle a higher boost pressure. So go ahead – increase the PSI. The Garrett®
turbocharger can handle it.
True Ball-Bearing Turbochargers
Thanks to their single-cartridge, dual ball-bearing technology,
Garrett® turbochargers generate far less frictional drag and are 10 times more
durable than traditional journal-bearing turbochargers. While first developed
for racing, over 100,000 ball-bearing turbos have been produced for OE
applications, and are now available in a range of sizes for the street.
Proven Durability
Their engineering team puts their turbochargers through more than
20 durability and performance tests before they reach consumers. They produce
more than 7 million turbos each year. Rest assured that a Garrett® turbo is a
dependable one.
It was in the
middle of
Although only four years old at the outset of the WWII, the fledgling company
made an impact. Boeing's B-17 bombers, credited with a major difference in the
air war in
The fifties were marked by Garrett's diversification and expansion. On the
industrial side, the first T-15 Turbocharger was delivered to the Caterpillar
Company. It was followed by an order for 5,000 production units, leading to the
formation of the AiResearch Industrial Division.
In 1963, the board announced its intent to merge with Signal Oil and Gas
Company (later, of course, The Signal Companies). While aviation products for
the civil market and the Defense Department continued as the foundation of the
firm's overall business, ground transportation became a key market too.
In the next decade, the biggest automotive news was the 1977 announcement that
the 1978 Buick Regal and Le Sabre sports coupes would be turbocharged by
Garrett.
As the eighties unfolded, however, products and technologies weren't the only
changes occurring. The most significant was the merger of Allied Corporation
and the Signal Companies into a single entity, Allied-Signal, Inc.
In the 90’s, Garrett Engine Boosting Systems experienced continued growth in
its turbo business, propelled by strong demand for VNT™ turbos in
In 2004, its business name was formally changed to Honeywell Turbo
Technologies, while Garrett® has been retained as a product brand.
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.40.37 |
|
|
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.55.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
TOTAL |
|
26 |
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 |
Unfavourable & favourable factors carry similar weight in
credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |