MIRA
INFORM REPORT
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Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
HYVA INDIA
PRIVATE LIMITED |
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Formerly Known
As: |
HYVA INDIA
TRANSPORTATION SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
Plot
# EL – 215, MIDC, Mahape, Navi Mumbai – 400701, Maharashtra |
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Country: |
India |
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Financials as
on: |
31.12.2006 |
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Date of
Incorporation : |
02.09.1996 |
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Com. Reg. No.: |
11-102299 |
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CIN No.: |
U50100MH1996PTC102299 |
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TAN No.: (Tax
Deduction & Collection Account No.) |
MUMH07261C |
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PAN No.: (Permanent
Account No.) |
AAACH2006C |
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Legal Form : |
Private
Limited Liability company. Subject is a subsidiary of Hyva Holding B.V.,
Holland |
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Line of
Business : |
Manufacturing of Front End Telescopic
Tipping Cylinders for Tippers and Tip Trailer Segment. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2210232 |
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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 company having satisfactory track. General financial
position is satisfactory. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
Plot
# EL – 215, MIDC, Mahape, Navi Mumbai – 400701, Maharashtra, India |
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Tel. No.: |
91-22-56165590
/ 56165440
/ 27671512/ 67618888 |
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Fax No.: |
91-22-27672846/
27610504 |
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E-Mail : |
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Website : |
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Administrative
Office : |
Plot
# C – 246, MIDC, TTC, Pwane, Navi Mumbai – 400705, Maharashtra |
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Tel. No.: |
91-22-27905441
/ 2 / 4 / 27683425 |
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Fax No.: |
91-22-27672846
/ 25118307 |
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E-Mail : |
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Bangalore Office : |
SY NO 18, Balgaranhally,
Attibely Ind Estate, Hosur Main Road, angalore - 562107 |
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Email : |
info@hyvaindia.com |
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Jamshedpur Office : |
C-23, 24, 25, 26, 29, 30 31, III Phase, Adityapur
industrial estate, Adityapur, Jamshedpur - 831013 |
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Tel No.: |
91-657-6541522 |
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Email : |
info@hyvaindia.com |
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Factory 1: |
Plot No.
D-222/ 34, MIDC, TTC Shiravane, Navi Mumbai - 400706, Maharashtra |
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Tel. No.: |
91-22-27672272
/ 27636909 |
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Sales Office : |
Hyderabad D.No: 7-1-613/14/A/201, Lakshmishree Complex, Amirpet – Hyderabad – 16 Bangalore C/o M/s.Sri Naga Motors (Hyva), No.893,Ist Floor,Swaraj Building, MES Ring Road, Muthyalamma Nagar, Gokula Post, Banagalore – 560054. Ph.: 080-23454816 Mob.: 09343662689/ 09886762689 For Sales Enquiries : sales@hyvaindia.com |
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Factory 2: |
Located
at :
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DIRECTORS
|
Name : |
Mr.
Sudhir M. Prabhu |
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Designation : |
Managing
Director |
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Address : |
Bunglow
No.3, Madhuvan, Deonar Cooperative Housing Society, Gowandi Station Road,
Deonar, Mumbai – 400088, Maharashtra, India |
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Date of
Birth/Age : |
25.11.1950 |
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Qualification
: |
Diploma
in Production |
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Experience : |
25
years |
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Date of
Appointment : |
21.09.1998 |
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Email : |
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Name : |
Mr.
Ashok Suresh Deshmukh |
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Designation : |
Alternate
Director to Mr. Lawrence Dijkstra |
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Name : |
Mr.
Jacob W. Vaandrager (Foreign) |
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Designation : |
Director
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Address : |
Hyva
Beheer B V, Ondernemingsweg-1, 2404HM, Alphen Ad Rijn, Holland |
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Date of
Appointment : |
18.11.1997 |
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Name : |
Mr.
Louwrens M. Dijkstra (Foreign) |
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Designation : |
Director |
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Address : |
Hyva Beheer
B V, Ondernemingsweg-1, 2404HM, Alphen Ad Rijn, Holland |
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Date of
Birth/Age : |
01.10.1955 |
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Date of
Appointment : |
18.11.1997 |
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Name : |
Mr.
Haresh M. Sanghvi |
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Designation : |
Alternate
Director to Mr. Jacob Vaandrager |
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Address : |
1/69,
Jabareya Court, Marine Drive, Mumbai – 400020, Maharashtra, India |
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Date of
Appointment : |
15.01.1998 |
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|
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Name : |
Mrs.
Madhuvanti Kamath Prabhu |
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Designation : |
Alternate
Director |
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Address : |
Bunglow
No. 3, Madhuvan, Deonar Co-op. Hsg. Soc. Gowandi Station Road, Deonar, Mumbai
- 400088 |
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Date of
Birth/Age : |
26.01.1957 |
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Date of
Appointment : |
02.09.2004 |
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Name : |
Mrs.
Kirti Vijay Shenoy |
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Designation : |
Alternate
Director |
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Address : |
B-116,
Meghdoot, Raheja Township, Malad (East), Mumbai – 400097, Maharashtra |
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Date of
Birth/Age : |
18.11.1966 |
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Date of
Appointment : |
14.08.2004 |
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Name : |
Mr.
Roelof Koch |
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Designation : |
Director |
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Address : |
Hyva Beheer
B V, Ondernemingsweg-1, 2404HM, Alphen Ad Rijn, Holland |
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Date of
Birth/Age : |
04.11.1954 |
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Date of
Appointment : |
02.09.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Shrirang Vasant Khadilkar |
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Designation : |
Company Secretary |
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Address : |
605, “C” Wing, Krushal Towers, M G Road, Chembur, Mumbai – 400089,
Maharashtra, India |
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Date of Birth/Age : |
23.12.1955 |
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Date of Appointment : |
17.04.2006 |
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Email : |
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Name : |
Mr.
B. R. Tarafdar |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.12.2006)
|
Names of Shareholders |
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No. of Shares |
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Mr.
Sudhir M. Prabhu |
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20 |
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Hyva
Beteiligungs Verwaltungs GmbH,
Austria |
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1251000 |
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Total |
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1251020 |
(As on 31.12.2006)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Front End Telescopic
Tipping Cylinders for Tippers and Tip Trailer Segment. |
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Products : |
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Agencies Held : |
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GENERAL
INFORMATION
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No. of Employees : |
96 |
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Bankers : |
Sakhar Bhavan,
Nariman Point, Mumbai-400021
Bandra
Kurla Complex, G-Block, Bandra (East), Mumbai - 400 051
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Banking Relations : |
Satisfactory |
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Auditors : |
Price
Waterhouse Chartered
Accountants |
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Address: |
252, Veer
Savarkar Marg, Shivaji Park, Dadar- 400028, Maharashtra, India |
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Associates/Subsidiaries
: |
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Parent
Company: |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1251020 |
Equity Shares |
Rs.10/- each |
Rs.12.510 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2006 |
31.12.2005 |
31.03.2005 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
12.510 |
12.510 |
12.510 |
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2] Share
Application Money |
0.005 |
0.005 |
0.005 |
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3] Reserves &
Surplus |
540.043 |
339.402 |
193.908 |
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NETWORTH
|
552.558 |
351.917 |
206.423 |
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LOAN FUNDS |
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1] Secured Loans |
75.062 |
51.205 |
126.393 |
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2] Unsecured
Loans |
0.000 |
100.000 |
0.000 |
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TOTAL BORROWING
|
75.062 |
151.205 |
126.393 |
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DEFERREX TAX LIABILITIES
|
0.000 |
0.962 |
1.221 |
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TOTAL
|
627.620 |
504.084 |
332.816 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
145.418 |
69.318 |
65.516 |
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Capital work-in-progress
|
27.333 |
9.594 |
0.486 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
4.142 |
0.000 |
1.221 |
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CURRENT ASSETS, LOANS & ADVANCES
|
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Inventories
|
457.291 |
301.448 |
217.146 |
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Sundry Debtors
|
353.918 |
335.322 |
181.399 |
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Cash & Bank Balances
|
56.554 |
76.400 |
23.308 |
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Other Current Assets
|
0.176 |
0.003 |
0.000 |
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Loans & Advances
|
103.233 |
86.342 |
169.155 |
Total Current Assets
|
971.172
|
799.515
|
591.009
|
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
497.198 |
352.463 |
244.595 |
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Provisions
|
23.247 |
21.880 |
80.335 |
Total Current Liabilities
|
520.445
|
374.343
|
324.930
|
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Net Current Assets
|
450.727 |
425.172 |
266.079 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
627.620 |
504.084 |
332.816 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.03.2005 |
|
|
Sales Turnover |
2350.213 |
1300.826 |
1271.962 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
2350.213 |
1300.826 |
1271.962 |
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Profit/(Loss) Before Tax
|
311.738 |
213.442 |
173.401 |
|
Provision for Taxation
|
0.000 |
0.000 |
66.989 |
|
Profit/(Loss) After Tax
|
311.738 |
213.442 |
106.412 |
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Export Value
|
94.973 |
25.677 |
66.777 |
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Import Value
|
NA |
NA |
296.798 |
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Expenditures:
|
|
|
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|
|
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Interest |
11.935 |
7.301 |
2.638 |
|
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Depreciation |
12.709 |
0.000 |
0.000 |
|
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Other Expenditure |
2013.831 |
1080.083 |
1095.924 |
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Total
Expenditure |
2038.475 |
1087.384 |
1098.562 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.03.2005 |
PAT / Total Income
|
(%)
|
13.26
|
16.41 |
8.37
|
|
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|
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|
Net Profit Margin
(PBT/Sales) |
(%) |
13.26
|
16.41 |
13.63
|
|
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|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
27.91
|
24.57 |
26.41
|
|
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|
Return on Investment (ROI)
(PBT/Networth) |
|
0.56
|
0.61
|
0.84 |
|
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|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.08
|
1.49 |
2.19
|
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|
Current Ratio
(Current
Asset/Current Liability) |
|
1.87
|
2.14 |
1.82
|
LOCAL AGENCY
FURTHER INFORMATION
History:
The
name of the company was changed to present with effect from 24th
January, 2001.
The
Registered office of the company has been shifted from Plot # C 255, MIDC Pawane
Village, Navi Mumbai – 400705, Maharashtra, India to the present address w.e.f.
23.12.2006
Subject
is a wholly owned Dutch subsidiary of Hyva Holding B.V, Holland. They commenced their operations on TEST
basis to feel and know the Indian Business by making absolute minimum
investments as well as exposure.
The
company is the 22nd Daughter Company of Hyva Holding B.V. At present, they are consolidating their
business plan for 2000-2010 based on hands on experience gained by them.
Their
customers are their sister companies around the world. Their world-wide suppliers are channelized
through their Dutch Office. They would
prefer dealing with companies whom they know well, it can be a customer or
suppliers.
Subject
is engaged in manufacturing and trading of Cranes, Compactors, Scissors-Tipping
Systems and other Transportation Systems.
This involves assembly of various components that are either imported
from foreign countries or purchased in the domestic markets.
As
such, considering the number, various sizes and specification of such parts and
lack of uniform meaningful unit of measurement for the items, the management is
of the opinion that it was not possible to had separate quantitative details
for various items involved in the manufacturing business.
Form 8
|
Name of the
Company HYVA INDIA PRIVATE
LIMITED Presented by
Mr. ABN AMRO
Bank N V and HYVA INDIA PRIVATE LIMITED |
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|
Dated: 13th
January, 2004 Special
Hypothecation Agreement |
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Import and Inland
LC : INR Rs. 45.000 million Overdraft/STPLR
(Within the sub limit of facility 1) : (INR Rs. 45.000 million) OBSI: EURO Rs.
0.500 millions |
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Hypothecation of
the Borrower’s fixed assets morefully described in the Schedule II to the
agreement, whether installed or not and whether lying loose or in cases or
being on or upon or at any time hereafter during the continuance of this security
being on or upon or about the premises and godowns, factory or wherever else
the same may be or be held by the party to the order or disposition of the
Borrower or in the course of transit |
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The above assets
hypothecated to the bank as security for the payment by borrower to the bank
of all the moneys that may be due and payable by the Borrower to the bank of
all the moneys that may be due and payable by the Borrower to the Bank under
facilities aggregating INR Rs. 45.000 millions plus Euro Rs. 0.500 millions
with all interest, charges, costs and expenses payable to and incurred by the
bank in relation thereto |
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ABN Amro Bank N V Sakhar Bhavan,
Nariman Point, Mumbai-400021, India |
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Dated: 8th
March, 2005 Supplemental
Special Hypothecation Agreement |
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|
At the request of
the Borrower the bank has agreed to revise/modified the credit facility/ies
upto INR Rs. 87.500 millions against hypothecation of borrowers fixed assets
including as detailed in the Schedule to the Agreement, whether installed or
not and whether now lying loose or in case of being on or at any time
hereafter during the continuance of this security being on or upon or about
the premises and godowns, factory or wherever else the same may be or be held
by any party to the order or disposition of the Borrower or in the course of
transit Interest at
negotiated rate. Thus, the charge
now stands secured at INR Rs. 87.500 millions |
|
Corporate
identity number of the company |
U50100MH1996PTC102299 |
|
Name of the
company |
HYVA INDIA
TRANSPORTATION SYSTEMS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Plot
# C 255, MIDC Pawane Village, Navi Mumbai – 400705, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Equitable mortgage or mortgage of property by deposition the title deeds |
|
Particular of
charge holder |
ABN Amro Bank N V Sakhar Bhavan,
Nariman Point, Mumbai-400021, Maharashtra |
|
Date of
instrument modifying the charge |
18.04.2006 |
|
Amount secured by
the charge |
Rs. 45.000
Millions |
|
Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery |
|
Particulars of
the property charged |
Hypothecation of
the borrower’s fixed assets more fully described in the schedule II to the
agreement, whether installed or not and whether lying loose or in cases or
being on or upon or at any time hereafter during the continuance of this
security being on or upon or about the premises and godowns, factory or
wherever else the same may be or be held by the party to the order or
disposition of the borrow or in the course of transit |
|
Charge
identification number of the charge to be modified |
90148543 |
|
Brief description
of the instrument modifying the charge under section 135 |
Memorandum of
entry |
Trade Reference:
·
Suhail
and Company
·
Vora
Industries
·
Swastik
Engineers Private Limited
·
Weldon
Engineers Private Limited
·
Excel
Engfab Private Limited
·
Unique
Welding Products Private Limited
·
Metcoan
Coating and Chemicals
·
Intercrome
·
Powerlift
Equipments Private Limited
Fixed Assets:
·
Land
·
Leasehold
Improvements
·
Plant &
Machinery
·
Vehicles
·
Computers
·
Furniture and
Fittings
·
Electrical
Installation
·
Tools and
Equipments
·
Office
Equipments
AS PER WEBSITE
PROFILE
Subject is a 100% subsidiary of
Netherland based Multinational Company Hyva Group. The Company is dedicated to provide
World Class Transport Efficiency Solution to Indian Commercial Vehicle
Industry.
HYVA Group started its journey in Alphen aan den Rijn in Netherlands in 1979.
Hyva group’s global existence in proven through its strong manufacturing base
spread in Netherlands , Germany , Italy , Brazil , China and India .
Subject is recognized as a leading
supplier of quality products marketed through 24 fully owned subsidiaries and
65 dealerships across the globe. Subject products are available in 130
countries across the globe with a customer base of more than 25,000. The group
turns over for the year 2006 has been euro 250 m and the group looks forward
for quantum growth in coming years.
Subject emerged in Indian Market
in 1997 and now spread its wings in 3 manufacturing plant spread in Navi
Mumbai, Bangalore and Jamshedpur. In India, the company is a strong brand name
for Tipper and Tipper Hydraulics and an automatic choice for all established
and emerging Automobile Companies. Hyva Front End and Special Underbody
Cylinders are today symbol of
Apart from Tippers, subject also
is a ‘one stop shop’ for customers, who want to add value to their trucks by
adding hydraulic efficiency to it. Hyva’s global manufacturing capacity of
Truck Mounted Crane, Hook Lift System; Moving Floors are at disposal for Indian
customers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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.40.14 |
|
UK Pound |
1 |
Rs.79.66 |
|
Euro |
1 |
Rs.62.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|