MIRA
INFORM REPORT
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Report Date : |
07.01.2011 |
Note:
The Registered office of the company has been shifted from 736,
IDENTIFICATION DETAILS
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Name : |
HYDRO BUILDING SYSTEMS PRIVATE LIMITED |
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Formerly Known
As : |
HYDRO ALUMINIUM EXTRUSION BUILDING SYSTEMS (I) LIMITED |
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Registered
Office : |
No. 54, Virgo Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.10.1996 |
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Com. Reg. No.: |
08-29779 |
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CIN No.: [Company Identification
No.] |
U27203KA1996PTC029779 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 560000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
The Management non cooperative
LOCATIONS
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Registered Office : |
No. 54, Virgo Nagar, |
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Tel. No.: |
91-80-30604000 |
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Fax No.: |
91-80-30604010 |
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E-Mail : |
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Website : |
DIRECTORS
As On 15.09.2010
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Name : |
Lars Hauk Ringvold |
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Designation : |
Director |
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Address : |
Chemin Des Vignettes 18, Crans – Pres – Celigny 1299, |
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Date of Birth/Age : |
22.07.1955 |
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Date of Appointment : |
28.01.2003 |
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DIN No. : |
00232224 |
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Name : |
Jean Francois Cavalie |
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Designation : |
Director |
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Address : |
Rue De Lausanne 66, Morges 1110, |
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Date of Birth/Age : |
30.07.1946 |
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Date of Appointment : |
31.01.2002 |
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DIN No. : |
00233435 |
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Name : |
Helene Roux |
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Designation : |
Director |
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Address : |
4 Avenue De Courrege, |
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Date of Birth/Age : |
27.10.1968 |
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Date of Appointment : |
20.03.2008 |
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DIN No. : |
01779259 |
KEY EXECUTIVES
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Name : |
Ms. Padmavathi |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 15.09.2010
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Names of Shareholders |
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No. of Shares |
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Hydro |
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1999997 |
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Norsk Hydro Aluminium A.S - |
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3 |
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Total |
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2000000 |
As On 15.09.2010
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Category |
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 |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
Deloitte Centre, |
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Tel. No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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Pan No. : |
AACFD3771D |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000
Millions |
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Note:
Out of the above 1999997 equity shares of Rs.
10/- each are held by
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
120.621 |
81.977 |
53.971 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
140.621 |
101.977 |
73.971 |
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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 |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.426 |
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TOTAL |
140.621 |
101.977 |
74.397 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.171 |
13.349 |
11.506 |
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Capital work-in-progress |
13.669 |
1.803 |
2.564 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
3.099 |
2.032 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.128
|
21.822 |
19.241 |
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Sundry Debtors |
80.117
|
26.237 |
23.326 |
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Cash & Bank Balances |
41.621
|
69.788 |
66.057 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
31.591
|
10.884 |
15.714 |
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Total
Current Assets |
185.457
|
128.731 |
124.338 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
53.674 |
31.854 |
30.310 |
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Other Current Liabilities |
2.144
|
0.796 |
6.238 |
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Provisions |
28.957
|
11.288 |
27.463 |
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Total
Current Liabilities |
84.775
|
43.938 |
64.011 |
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Net Current Assets |
100.682
|
84.793 |
60.327 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
140.621 |
101.977 |
74.397 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
246.347 |
152.159 |
145.682 |
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Other Income |
21.669 |
14.042 |
6.307 |
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TOTAL (A) |
268.016 |
166.201 |
151.989 |
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Less |
EXPENSES |
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Cost of goods sold |
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|
83.766 |
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Employees remuneration and other benefits |
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|
10.794 |
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Selling and administrative expenses |
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|
24.086 |
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TOTAL (B) |
206.380 |
142.153 |
118.646 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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|
33.343 |
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Less |
FINANCIAL
EXPENSES (D) |
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|
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
33.343 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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|
1.391 |
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PROFIT BEFORE
TAX (E-F) (G) |
61.636 |
24.048 |
31.952 |
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Less |
TAX (I) |
22.972 |
3.959 |
15.237 |
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PROFIT AFTER TAX
(G-I) (J) |
38.644 |
28.007 |
16.715 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.982 |
(7.025) |
(23.740) |
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BALANCE CARRIED
TO THE B/S |
59.626 |
20.982 |
(7.025) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
2.000 |
0.000 |
0.000 |
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Other Earnings |
18.355 |
6.972 |
4.073 |
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TOTAL EARNINGS |
20.355 |
6.972 |
4.073 |
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IMPORTS |
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Stock-in-trade |
32.948 |
26.137 |
9.426 |
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Capital Goods |
10.170 |
0.359 |
0.000 |
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TOTAL IMPORTS |
43.118 |
26.496 |
9.426 |
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Earnings Per Share
(Rs.) |
19.32 |
14.00 |
8.36 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.42
|
16.85 |
10.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
25.02
|
15.80 |
21.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
29.54
|
16.92 |
23.52 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.23 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.43 |
0.86 |
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Current Ratio (Current Asset/Current Liability) |
|
2.19
|
2.93 |
1.94 |
LOCAL AGENCY FURTHER INFORMATION
The details of
sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
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|
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Due to other than Micro, small and medium enterprises |
22.393 |
9.299 |
27.196 |
|
Due to fellow subsidiaries |
31.281 |
22.555 |
3.114 |
|
Total |
53.674 |
31.854 |
30.310 |
OVERVIEW ON
PERFORMANCE OF THE COMPANY:
During the fiscal
year, the Directors are overwhelmed to report that the Company has performed extremely
well and showed a better spurt, overall augmentation and greater momentum in
operational activities despite a backdrop of global economic slowdown and
recession. This was primarily due to the hard work put in by the team in the
Company, and the directors wish to place on record their appreciation for the
excellent work done by the team.
During this fiscal
year, the Company's turnover has increased by 61.26%, which is of great
attribute for the Company, when compared to previous year. Further, the Net
Profit earned by the Company during the financial year after adjusting tax
liabilities amounted to Rs. 38.644 millions (Previous year Rs. 28.007
millions), which has embarked an increase of 37.98% in Company's profits.
Fixed Assets:
- Improvements to leasehold buildings
- Plant and machinery
- Dies
- Office equipment
- Furniture and fixtures
- Vehicles
- Software
As per web site details:
Profile:
In
The Hydro Building Systems sector's facility in
The logistics system is aimed at supplying
customers according to their needs. Through the project support they help the
customers to develop energy-efficient buildings and cost-effective solutions.
They combine the advantages of being one of the largest building systems
suppliers with a local approach in each market. This is why each of the local
companies selects its own brand portfolio and adapts products and services to
suit customers’ requirements.
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 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.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.