MIRA
INFORM REPORT
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Report Date : |
05.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
HOERBIGER INDIA MANUFACTURING EXPORTS PRIVATE LIMITED |
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Registered Office : |
Shop No. 9, 11-13, Ground Floor, Utlam Tower, Opposite Agakhan Palace,
Nagar Road, Pune – 411 006, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.01.2003 |
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Com. Reg. No.: |
11-17557 |
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CIN No.: [Company
Identification No.] |
U29120PN2003PTC017557 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH04336D |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer and Exporter of Compressor Components. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 900000 |
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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 having fine track. Trade
relations are fair. Financial position is satisfactory. Payments are correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ramesh Narawade |
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Designation : |
HR Manager |
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Contact No.: |
91-9890974738 |
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Date : |
03.11.2008 |
LOCATIONS
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Registered Office : |
Shop No. 9, 11-13, Ground Floor, Utlam Tower, Opposite Agakhan Palace,
Nagar Road, Pune – 411 006, Maharashtra, India |
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Tel. No.: |
91-20-26681985 |
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Mobile No.: |
91-9890974738 (Mr. Ramesh Narawade) |
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Fax No.: |
91-20-26681943 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq.fts |
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Location : |
Owned |
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Factory : |
Village Kondhapuri 302/1, 312/313, Taluka Shirur, District Pune – 412
209, Maharashtra, India |
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Tel. No.: |
91-2137-270 236 / 270 273 / 270 210 / 270 189 (Mr. Subhash Walke) |
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Fax No.: |
91-2137-270210 / 270255 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sanjai Kulkarni |
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Designation : |
Director |
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Address : |
E -702, Riturang Society, Aranyeshwar Road. Parvati, Pune – 411 009,
Maharashtra, India |
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Date of Birth/Age : |
27.03.1958 |
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Qualification : |
B.E |
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Date of Appointment : |
07.03.2006 |
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E-Mail: |
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Name : |
Mr. Johann Hubert Hipfl |
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Designation : |
Director |
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Address : |
77 Joo Koon Circle, Singpaore |
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Date of Birth/Age : |
14.12.1954 |
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Date of Appointment : |
08.01.2003 |
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E-Mail: |
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Name : |
Mr. Nitin J Divadkar |
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Designation : |
Director |
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Address : |
11-06 Tower A Regent Heights Block 56 Bukit Batok East Avenue 5,
Singapore - 656 804 |
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Date of Birth/Age : |
25.03.1956 |
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Qualification : |
Engineer |
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Date of Appointment : |
17.11.2003 |
KEY EXECUTIVES
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Name : |
Mr. Ramesh Narawade |
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Designation : |
HR Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Hoerbiger KT Asia Holding Pte Limited |
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10008533 |
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Hoebiger India Private Limited |
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1006 |
List of Allottees
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Names of Allottees (As on 26.12.2006) |
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No. of Shares |
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Hoerbiger KT Asia Holding Pte Limited |
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6008583 |
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Hoebiger India Private Limited |
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601 |
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Total
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6009184 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 30.06.2008) |
Percentage |
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Foreign Holdings (Foreign Institutional
Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non – Resident
Indian(s) or Overseas Corporate Bodies or Others |
99.99 |
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Bodies Corporate |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Compressor Components. |
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Exports : |
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Countries : |
China |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Parent Company |
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No. of Employees : |
150 |
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Bankers : |
Deutsche Bank, Mumbai Branch, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R Raghavan and Company Chartered Accountants |
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Address : |
Deloitte Haskins and Sells, Worli, Mumbai – 400 018, Maharashtra,
India |
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Holding Company : |
Hoerbiger KT Asia Holding Pte Limited |
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Parent Company : |
Hoerbiger Vental Works, Vienna, Austria |
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Group Company : |
Hoerbiger India Private Limited |
CAPITAL STRUCTURE
(As on 30.06.2008)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs. 10/- each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10009539 |
Equity Shares |
Rs. 10/-
each |
Rs.100.095
millions |
Notes:-
(Out of above 10008533 (2006:10008533) Equity
Shares are held by Hoerbiger KT Asia Holding Pte Limited – Singapore, Holding
company and their nominees)
(Shares held by Hoerbiger Kt Holding GMBH
Viena – ultimate holding company: Nil (2006 : nil)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2007 |
31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.095 |
100.095 |
40.004 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
72.158 |
36.838 |
3.524 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
172.253 |
136.933 |
43.528 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
112.360 |
133.274 |
131.814 |
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TOTAL BORROWING |
112.360 |
133.274 |
131.814 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
284.613 |
270.207 |
175.342 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
173.741 |
119.712 |
107.057 |
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Capital work-in-progress |
4.962 |
27.057 |
9.825 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.752 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
56.009
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58.733 |
47.884 |
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Sundry Debtors |
69.467
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55.037 |
34.368 |
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Cash & Bank Balances |
11.006
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47.860 |
0.271 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
24.488
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12.775 |
15.408 |
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Total
Current Assets |
160.970
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174.405 |
97.931 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
56.151
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50.049 |
38.840 |
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Provisions |
0.634
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0.918 |
0.631 |
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Total
Current Liabilities |
56.785
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50.967 |
39.471 |
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Net Current Assets |
104.185
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123.438 |
58.460 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
284.613 |
270.207 |
175.342 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.12.2007 |
31.12.2006 |
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Total Income |
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390.591 |
277.505 |
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Profit/(Loss) Before Tax |
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35.739 |
23.861 |
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Provision for Taxation |
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0.418 |
0.462 |
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Profit/(Loss) After Tax |
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35.321 |
23.399 |
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Export Value |
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392.509 |
NA |
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Import Value |
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7.534 |
NA |
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Total Expenditure |
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354.852 |
253.644 |
KEY RATIOS
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PARTICULARS |
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31.12.2007 |
31.12.2006 |
31.12.2005 |
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PAT / Total Income |
(%) |
9.15
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8.60 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.80
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7.43 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.21
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0.17 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.98
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1.35 |
3.94 |
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Current Ratio (Current Asset/Current Liability) |
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2.83
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3.42 |
2.48 |
LOCAL AGENCY
FURTHER INFORMATION
fixed assets:-
·
Buildings
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Plant and
Machinery
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Data processing Equipments
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Furniture
and Fixtures
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Office and
other Equipment
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Vehicles
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Software
OTHER DETAILS:-
Proposal for Merger
The board of
director the company are considering to merge the company with Hoerbiger India
Private Limited, a group company to gain on the levels of technology, manpower,
market and resources.
The merger
proposal in under finalization and will be placed before the members in due
course.
Operations:
The Total revenue
for the year was Rs. 390.590 millions compared to Rs. 277.504 millions in year
2006, a growth of 40.75%. Profit Before Tax was at Rs. 35.738 millions compared
to Rs. 23.861 millions in 2006, an increase of 40.09%.
WEBSITE DETAILS:-
History
The Hoerbiger
brand is synonymous throughout the world with courage und pioneering spirit; in
gas and process technology, in the automotive industry and in mechanical
engineering. Generations of engineers have shaped this image.
Technological
niches have always provided the focus of challenge for the company: optimum
problem solutions with clear competitive and cost advantages for customers.
The series of
patent registrations goes back to 1894 when the charismatic inventor and
scientist Hanns Hörbiger laid the foundation for over 100 years of successful
corporate history. His idea was a simple but, at that time, revolutionary and
efficient valve.
HOERBIGER Group —
Organization
Operative strength with efficient support.
The Board of
Directors has the organizational, supervisory and financial responsibilities
for HOERBIGER Holding AG and hence for the HOERBIGER Group. The Board ensures
the Group´s management in compliance with the bylaws.
The Executive
Board is responsible for developing and implementing the strategy adopted by
the Board of Directors and for the operational management of the HOERBIGER
Group.
The Group's three
strategic business units
·
HOERBIGER
Compression Technology
·
HOERBIGER
Automation Technology
·
HOERBIGER
Drive Technology
are backed up by
strategic support functions:
·
Strategic
Business Unit Finances and Controlling
·
Corporate
Services Information Technology
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Corporate
Services Personnel
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Corporate
Services Corporate Communication
·
Corporate
Services: Research and Development
·
Corporate
Services Business Development
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
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Indian Rupees |
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US Dollar |
1 |
Rs.48.62 |
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UK Pound |
1 |
Rs.76.71 |
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Euro |
1 |
Rs.61.30 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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54 |
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 |
|
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 |
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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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