MIRA
INFORM REPORT
|
Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
HONEYWELL TURBO TECHNOLOGIES [INDIA] PRIVATE LIMITED |
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Registered Office/ Factory : |
Plot No. 4A, Raisoni Industrial Estate Near, Hinjewadi Phase II,
Taluka Mulshi, Village Mann, Pune – 411057, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.11.2004 |
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Com. Reg. No.: |
11-19904 |
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CIN No.: [Company
Identification No.] |
U29299PN2004PTC019904 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH04792E |
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PAN No.: [Permanent
Account No.] |
AABCH5035J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Exporters, Importer and Traders of Turbochargers and
Exhaust Gas Coolers. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD
380000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Company’s profitability is under severe
pressure. It has some accumulated losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vinit Maheshwari |
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Designation : |
Secretary |
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Date : |
07.07.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 4A, Raisoni Industrial Estate Near, Hinjewadi Phase II,
Taluka Mulshi, Village Mann, Pune – 411057, Maharashtra, India |
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Tel No. : |
91-20-66524074 |
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E-Mail : |
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Website : |
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Corporate Office : |
Sakar 10, 1st Floor, 33 Sasoon Road, Village Kesnand, Pune
– 411001, Maharashtra, India |
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Tel. No.: |
91-20-56048573 / 56524000 |
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Fax No.: |
91-20-56032863 |
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Branches : |
Located at : Bangalore, Chennai and Gurgaon |
DIRECTORS
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Name : |
Mr. Raman Sharma |
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Designation : |
Director |
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Name : |
Mr. Ashwani Amar Gupta |
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Designation : |
Director |
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Date of Birth : |
09.01.1958 |
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Date of Appointment : |
03.11.2004 |
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Name : |
Mr. P N Thimmaiah |
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Designation : |
Managing Director |
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Address: |
401,
Sunflower Flower Vally, Wnawadi, Pune-411040, Maharashtra, India |
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Date of Birth/ Age: |
05.04.1969 |
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Date of Appointment: |
22.09.2005 |
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Name : |
Mr. Thomas Francis Larkins |
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Designation : |
Director |
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Name : |
Mr. John Chistopher Stephens |
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Designation : |
Director |
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Name : |
Ms. Sneha Padwe |
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Designation : |
Director |
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Name : |
Mr. Apurv Narayanprasad Choubey |
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Designation : |
Director |
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Date of Birth : |
24.10.1968 |
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Date of Appointment : |
24.11.2005 |
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Name : |
Mr. Stephan John Christopher (Foreigner) |
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Designation : |
Director |
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Date of Appointment : |
04.11.2004 |
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Name : |
Mr. Larkins Francis Thomas (Foreigner) |
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Designation : |
Director |
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Date of Appointment : |
04.11.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Vinit Maheshwari |
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Designation : |
Secretary |
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Address : |
“Sanchay”, G – 39, M.I.G. Colony, Indore – 452011, Madhya Pradesh |
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Date of Birth/Age : |
06.05.1978 |
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Date of Appointment : |
01.08.2006 |
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DIN / PAN No. : |
AGLPM1570C |
SHAREHOLDING
PATTERN
As on 29.09.2007
|
Names of
Shareholders |
|
No. of Shares |
|
Equity
Shareholders |
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Honeywell Technologies SARL, Switzerland |
|
2970000 |
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Honeywell Bermuda Limited |
|
30000 |
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Total |
|
3000000 |
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Preferential
Shareholders |
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Honeywell Technologies SARL, Switzerland |
|
1998350 |
Equity Share
Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Foreign holdings
(Foreign ilnstitutions(s), Foreign Companie(s), Foreign financial
institution(s), Non-resident Indian(s) or Overseas corporate bodies or
Others. |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporters, Importer and Traders of Turbochargers and
Exhaust Gas Coolers. |
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Imports : |
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Products: |
Components of Turbo |
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Countries: |
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Exports: |
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Products: |
Turbo Chargers |
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Countries: |
France |
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Brand Names : |
Honeywell |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
280 |
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Bankers : |
Citi
Bank, N. A., Pune |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
Price Waterhouse House, Veer Sawarkar Marg, Shivaji Park, Dadar, Mumbai
– 400028, Maharashtra, India |
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PAN No.: |
AADFP9359C |
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Holding Company : |
Honeywell
Turbo Technologies SARL Avenu
De La Gottaz, 34-36, 1110 Morgas, Switzerland |
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Associates/Subsidiaries : |
Honeywell
Group |
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Parent Company: |
Honewell
Technologies SARL Switzerland |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised
Capital
:
|
No.
of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.
10/- each |
Rs.
40.000 Millions |
|
50000000 |
Preferences Shares |
Rs.
10/- each |
Rs.
500.000 Millions |
|
|
Total |
|
Rs. 540.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.
10/- each |
Rs.
30.000 Millions |
|
19983500 |
Preference Shares |
Rs.
10/- each |
Rs.
199.835 Millions |
|
|
Total |
|
Rs. 229.835 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
229.835 |
29.700 |
29.365 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[152.486] |
[99.565] |
[16.482] |
|
|
NETWORTH |
77.349 |
[69.865] |
12.883 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
612.207 |
385.647 |
88.442 |
|
|
TOTAL BORROWING |
612.207 |
385.647 |
88.442 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
689.556 |
315.782 |
101.325 |
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
567.546 |
319.520 |
32.547 |
|
|
Capital work-in-progress |
21.057 |
6.013 |
52.371 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX
ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.351
|
0.981 |
0.000 |
|
|
Sundry Debtors |
102.241
|
5.807 |
0.000 |
|
|
Cash & Bank Balances |
0.228
|
1.629 |
19.914 |
|
|
Loans & Advances |
0.000
|
22.091 |
2.971 |
|
Total
Current Assets |
187.981
|
70.161
|
22.885 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
86.722
|
40.148 |
10.148 |
|
|
Provisions |
0.306
|
0.111 |
0.352 |
|
Total
Current Liabilities |
87.028
|
40.259 |
10.500 |
|
|
Net Current Assets |
100.953
|
[9.751] |
12.385 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
4.022 |
|
|
|
|
|
|
|
|
TOTAL |
689.556 |
315.782 |
101.325 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
150.276 |
22.756 |
2.514 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
|
22.756 |
2.514 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
[52.415] |
[81.339] |
[16.482] |
|
|
Provision for Taxation |
0.505 |
1.744 |
-- |
|
|
Profit/(Loss) After Tax |
[52.920] |
[83.083] |
[16.482] |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
0.000 |
11.543 |
0.000 |
|
Total Earnings |
0.000 |
11.543 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
47.199 |
11.599 |
0.225 |
|
|
Other Expenditure |
155.492 |
92.496 |
18.771 |
|
Total Expenditure |
202.691 |
104.095 |
18.996 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[35.22]
|
[368.02] |
[655.61] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[34.88]
|
[360.29] |
[655.61] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[6.93]
|
[23.24] |
[29.73] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.68]
|
[1.16] |
[1.28] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.04
|
[6.09] |
7.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.16
|
0.76 |
2.18 |
LOCAL AGENCY FURTHER
INFORMATION
WEBSITE DETAILS
Honeywell in India
Honeywell’s presence in India dates back to many decades and currently the Honeywell businesses are headquartered across four major locations in India – Pune, Bangalore, Chennai and Gurgaon, employing over 7500 people. Honeywell’s business presence in India is approximately USD 500 million and growing at an impressive rate. The Superbrands Council of India has recognized Honeywell as a “Business Superbrand”.
It 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 US. The Life Safety business has been the market leader for several years
now. Commercial and Defense Aerospace are poised to take off in a big way,
given India's present thrust on the aviation sector.
Honeywell Technology Solutions Lab in Bangalore started
operations as an offshore development centre. Today, it provides Product
Solutions & Analytics, New Product Introduction, Advanced Research and
Technology and IT & Business Process Solutions support to Honeywell
businesses across the globe. Easily one of the bigger R & D outfits (in the
top 10) established by multi-national corporations in India, it is a SEI CMMI
Level 5 company and has filed more than 50 patents so far. Recently, HTSL has
earned the recognition as one of the Top 10 Great Places to work in India (in a
survey conducted by Business World). It also has a campus in Madurai.
Honeywell Turbo Technologies has a state-of-the-art
manufacturing plant in Hingewadi, Pune and will be the first company in India
to manufacture VNT™ turbochargers. Honeywell’s VNT™ turbochargers, when used on
engines with common rail direct injection technology can improve fuel economy
by up to 20%, boosting fuel economy, increase low speed engine boost and reduce
emissions.
Honeywell ED&S (formerly Novar India) has manufacturing facilities in
Chennai is a market leader in electrical devices and switches.
Press Releases:
Honeywell Introduces New Microelectronic Product Line For Military And Space Computer Systems
Sophisticated, Reliable Electronics Components
Designed For Use in Military Applications, Space
PHOENIX, May 2, 2007 -- Honeywell (NYSE: HON) announced today
that it has developed a new line of sophisticated electronic components
designed specifically to meet the stringent reliability requirements for
computers operating in technically advanced military and commercial aerospace
conditions.
Honeywell’s microelectronics product offering includes next-generation integrated circuits manufactured to withstand the shock, vibration and extreme radiation conditions that occur in space and other military environments. The components are developed using the company’s radiation-hardened, silicon-on-insulator (SOI) complementary metal oxide semiconductor (CMOS) technology.
“We’re offering design engineers a large selection of
innovative products for use in new and existing systems,” said David Wick,
Director, Microelectronics Sales, Honeywell Defense and Space. “These highly
advanced, small circuits offer significantly reduced power consumption and
improved reliability in the harshest of environments.”
The new microelectronic produce line includes the following components:
• HX5000 - A 12-million gate Application Specific Integrated
Circuit (ASIC) specifically designed for radiation-tolerant and
radiation-hardened applications. The HX5000 can be configured by customers
using the Synopsys Design Automation Galaxy ASIC design software to integrate
digital logic, microcontrollers, multi-channel multi-gigabit per second
communication port and static memory functions onto a single integrated
circuit.
• HXSRO1608– A 16-million bit Static Read Access Memory (SRAM) that provides a memory function four times the memory density than earlier SRAM components. The HXSRO1608 features 60% lower power and requires 75% less circuit board space than previous available 5V SRAM products. The new SRAM can be used for new system designs or to replace older SRAM functions.
• HXNVO100– The first non volatile Magnetic RAM (MRAM) to combine SOI CMOS
technology with magnetic thin films. The HXNVO100 is a one-million bit MRAM for
strategic space electronics applications and can be used as a replacement for
plated wire memory, as the program memory function.
• RHPPC Processor – A single-package, radiation-hardened component for space
borne electronic systems based on Freescale’s 603e™ processor. Applications
include single board computers that manage data processing, and controls on
satellites and launch vehicles.
All of the new components are produced at Honeywell’s
Trusted Foundry in Plymouth, Minnesota. Honeywell is one of just two
radiation-hardened wafer foundries in the United States to earn the Department
of Defense’s Accreditation of Trust. The accreditation applies to the company’s
0.15-micron, 0.35-micron and 0.8-micron silicon wafer processes.
Silicon wafers are used to make Application Specific Integrated Circuits (ASIC)
and memory components, which are subsequently used in commercial and military
avionics systems, payload electronics for commercial and military space
systems, inertial measurement units, flight control systems, circuit
replacement programs and many other aerospace systems.
Honeywell International is a $33 billion diversified technology and
manufacturing leader, serving customers worldwide with aerospace products and
services; control technologies for buildings, homes and industry; automotive
products; turbochargers; and specialty materials. Based in Morris Township,
N.J., Honeywell’s shares are traded on the New York, London and Chicago Stock
Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial
Average and is also a component of the Standard & Poor’s 500 Index. For
additional information, please visit www.honeywell.com
Based in Phoenix, Honeywell’s aerospace business is a leading global provider
of integrated avionics, engines, systems and service solutions for aircraft
manufacturers, airlines, business and general aviation, military, space and
airport operations.
PRESS RELEASE
Honeywell
Turbo Tech India to make turbochargers
Pune, Nov. 15
THE Pune-based Honeywell
Turbo Technologies India Private Limited a wholly owned subsidiary of the
$2.4-billion Honeywell Turbo
Technologies, announced on Tuesday that it would start manufacture of a
range of turbochargers to cater to the growing demand in the country's
passenger and utility vehicle segments.
The company said the parent company will procure components
from India worth $100 million in three to four years and also use the Indian
operations, based at Hingewadi in Pune, to tap the export markets in Asia and
Europe.
Mr Sanjay Sondhi, Managing Director, said the company will
manufacture Honeywell's variable nozzle turbochargers for the first time in India and will initially manufacture
turbochargers for Tata Motor's 1.4 and 2.2 litre engines.
The company has invested $10 million to set up the
facilities which will initially manufacture 1,25,000 turbo chargers and eventually have the capacity to manufacture up
to five lakh units.
Turbo
chargers help vehicle users get better power, lower emissions and better fuel
efficiencies. Tighter emission control norms coupled with increasing acceptance
of diesel engines among vehicle owners is fuelling the Indian market for turbo
chargers, which is estimated at four lakh units this year. It is expected to
grow at 25 per cent over the next three to four years. While 50 per cent of the
vehicles on European roads are diesel powered, the Indian market is expected to
touch the 35-50 per cent level in the next three to four years.
Mr Sondhi said the company is to kick off commercial
production of turbo chargers for the
1.4-litre engine this month while that for the 2.2-litre engine will go into
commercial production in the first quarter of next year.
The company's export plans will take off next year, said Mr
Sondhi. He said the company has at least one European customer lined up through
its parent company.
Meanwhile, Honeywell
Turbo Technologies has drawn up other plans for India and will place orders
for components worth $20 million next year.
"We expect to place orders in India to supply machined and cast components and those requiring
precision machining, among other things, worth $100 million in three to four
years," Mr Sondhi said.
The company is also in negotiations with manufacturers of
heavy commercial vehicles and has in its portfolio products for industrial and
off-road applications, said Mr Sondhi. He said it will also tap the after or
replacement market for turbochargers.
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] 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.43.17 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
20 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|