MIRA
INFORM REPORT
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Report Date : |
13.10.2007 |
IDENTIFICATION DETAILS
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Name : |
HONEYWELL INTERNATIONAL INDIA PRIVATE LIMITED |
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Formerly Known As : |
RIGHT CHOICE INDIA PRIVATE LIMITED |
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Registered Office : |
1, DDA Community Centre, Geetanjali Enclave, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.08.1995 |
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Com. Reg. No.: |
071592 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC071592 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKH01684E |
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PAN No.: [Permanent
Account No.] |
AABCA7954K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of serving customers worldwide with
Aerospace products and services, Control technologies for buildings, homes
and industry, Automotive products, Turbochagers and Specialty materials |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3412508 |
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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 well established and reputed company and a part of Honeywell Group. Directors are
reported as experienced, respectable and resourceful businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1, DDA Community Centre, Geetanjali Enclave, |
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Tel No.: |
91-11-52399900 |
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Fax No.: |
91-11-52399999 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Krishna Mikkilineni |
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Designation : |
Director |
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Address : |
House No. 667, Sector – 7B, |
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Date of Birth/Age : |
13.09.1959 |
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Date of Appointment : |
29.05.2002 |
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Name : |
Mr. Desmond Limpang Boon |
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Designation : |
Director |
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Date of Birth/Age : |
05.10.1968 |
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Date of Appointment : |
29.05.2002 |
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Name : |
Mr. Ashwani Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
09.01.1958 |
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Date of Appointment : |
10.12.2002 |
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Name : |
Mr. Rhonda Germany Balluntyn |
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Designation : |
Director |
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Address : |
63, 5th Cross Centreal Excise Layout RMV Ext, |
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Date of Birth/Age : |
22.08.1956 |
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Date of Appointment : |
22.08.2003 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
8 / 25, South Patel Nagar, |
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Date of Birth/Age : |
15.01.1971 |
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Date of Appointment : |
25.03.2007 |
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Name : |
Mr. Jonathan Hung Chou |
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Designation : |
Director |
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Name : |
Mr. Rajan Sachdev |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Neeraj Dewan |
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Designation : |
Company Secretary |
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Address : |
House No. 667, Sector – 7B, |
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Date of Birth/Age : |
07.01.1967 |
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Date of Appointment : |
14.06.2005 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Honeywell International Finance Corporation |
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35025775 |
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Honeywell International Asia Pacific INC |
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10 |
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Category |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of serving customers worldwide with
Aerospace products and services, Control technologies for buildings, homes and
industry, Automotive products, Turbochagers and Specialty materials |
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GENERAL INFORMATION
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No. of Employees : |
40 |
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Bankers : |
Citibank NA |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. V Nijhawan – Price Water House Chartered Accountants |
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Address : |
P – 1, Aditya Vihar, Saiduljab, Opposite D Block, Saket, |
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Subsidiaries : |
ł
Honeywell Pte Limited, ł
Fire Lite Alarms ł
Notifier Fire System ł
Novar Inida Limited ł
KAC Alarm Company Limited ł
Pittway Technologies SPA ł
System Sensor ł
Xian System Sensor Electronics Limited ł
] ł
Honeywell Technology Solution Lab India Private
Limited ł
Honeywell ( |
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Holding Company : |
Honeywell International Finance Corporation |
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Ultimate Holding Company : |
Honeywell International Inc Holding company - Honeywell International Finance Corporation |
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Joint Venture : |
Tata – |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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36000000 |
Equity Shares |
Rs.10/- each |
Rs.360.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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35025777 |
Equity Shares |
Rs.10/- each |
Rs.350.257
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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350.258 |
350.258 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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502.869 |
383.239 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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853.127 |
733.497 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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9.658 |
16.152 |
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TOTAL |
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862.785 |
749.649 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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250.054 |
273.296 |
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Capital work-in-progress |
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1.171 |
2.497 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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58.777 |
47.010 |
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Sundry Debtors |
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98.653 |
58.652 |
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Cash & Bank Balances |
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263.608 |
363.678 |
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Other Current Assets |
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0.194 |
1.467 |
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Loans & Advances |
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442.519 |
153.231 |
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Total
Current Assets |
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863.751 |
624.038 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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142.316 |
86.499 |
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Provisions |
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109.876 |
63.683 |
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Total
Current Liabilities |
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252.192 |
150.182 |
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Net Current Assets |
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611.560 |
473.856 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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826.785 |
749.649 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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533.564 |
286.238 |
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Other Income |
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77.891 |
53.944 |
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Total Income |
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611.455 |
340.182 |
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Profit/(Loss) Before Tax |
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162.062 |
88.405 |
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Provision for Taxation |
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42.431 |
36.711 |
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Profit/(Loss) After Tax |
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119.631 |
51.694 |
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Earnings in Foreign Currency |
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301.973 |
182.936 |
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Imports |
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219.075 |
150.381 |
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Expenditures : |
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Total Expenditure |
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449.393 |
251.777 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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19.56 |
15.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
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30.37 |
30.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.45 |
1.09 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.29 |
0.20 |
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Current Ratio (Current Asset/Current Liability) |
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3.42 |
4.15 |
LOCAL AGENCY FURTHER INFORMATION
Notes:
The Registered
Address of the subject was shifted from
4TH Floor, Zone B Nirlac House, B – 25, Qutab Institutional
Area, New Delhi – 110016, India
to
Present address w.e.f. 1309.2007
1, DDA Community Centre, Geetanjali Enclave,
As Per Web Details
Company Profile:
Honeytheyll in
Honeywell’s presence in
Honeywell Automation
India Limited (HAIL) 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
Honeywell ED and S (formerly Novar
Honeywell International India Private Limited
Subject is a wholly owned subsidiary of Honeywell Inc., was established in 1995
and has its registered office in
Subject is a multi-business company with various Strategic Business Units
(SBUs) operating out of this entity. Corporate and Business Development teams
for
A
leading player in the industry with SBUs -Aerospace Electronic Systems,
Engines, Systems & Services and Aircraft Landing Systems, serves a wide
range of markets.
One
of the top five providers of materials and solutions to the electronics
industry, Honeywell Speciality Materials is a lead player in high-performance
specialty materials.
Honeywell International Services
HIS
assists global Honeywell SBUs in creating greater value for its customers and
stakeholders through business transformation off-shoring solutions.
An
industry leader providing commercial fire alarms, advanced smoke detection
products and home patient remote tracking.
Honeywell
Security is an international supplier and distributor of electronic security
systems and solutions. Our products monitor and protect millions of homes,
businesses and government facilities across the globe.
ADI
is a $1.8 billion leading distribution business encompassing security, fire,
sound and low voltage products with over 219 branches across North America,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.33 |
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1 |
Rs.79.74 |
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Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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63 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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