%20PRIVATE%20LIMITED-130597%2024-Jan-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
24.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
HAMPSON PRECISION AUTOMOTIVE (INDIA) PRIVATE LIMITED (w.e.f.
8.06.2006) |
|
|
|
|
Formerly Known
As : |
HAMPSON MAINI ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Sy. No. 40/41, Thonnachi Kuppe Village, Kasaba Hobli, Nelamangala
Taluk, Tumkur Road, Bangalore-562123, Karnataka |
|
|
|
|
Country : |
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|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
10.11.2004 |
|
|
|
|
Com. Reg. No.: |
08-35007 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109KA2004PTC035007 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH02432D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH4968A |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturing components for turbo charger applications |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having moderate track records. There
appears some accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution.
|
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
Management non co-operative.
LOCATIONS
|
Registered Office : |
Sy. No. 40/41, Thonnachi Kuppe Village, Kasaba Hobli, Nelamangala Taluk,
Tumkur Road, Bangalore-562123, Karnataka, India |
|
Tel. No.: |
91-80-22995001/ 5050/ 22995000/ 25 |
|
Fax No.: |
91-80-27730313 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 19.08.2010
|
Name : |
Mr. Howard Kimberley |
|
Designation : |
Director |
|
Address : |
8, |
|
Date of Birth/Age : |
26.06.1966 |
|
Date of Appointment : |
10.11.2004 |
|
|
|
|
Name : |
Mr. Harish Chandra Pant |
|
Designation : |
Managing Director |
|
Address : |
A4, Tripura Nest, 11th Cross, 7th Main,
Malleswaram, Bangalore-560003, |
|
Date of Birth/Age : |
25.12.1965 |
|
Date of Appointment : |
13.07.2007 |
|
|
|
|
Name : |
Mr. Shuva Mandal |
|
Designation : |
Director |
|
Address : |
9/1, Davis Road, Bangalore-560084, |
|
Date of Appointment : |
10.11.2004 |
|
|
|
|
Name : |
Mr. Kim Ward |
|
Designation : |
Director |
|
Address : |
7, |
|
Date of Appointment : |
10.11.2004 |
|
|
|
|
Name : |
Mr. Roger Mackrill |
|
Designation : |
Director |
|
Address : |
Giggleswick, |
|
Date of Appointment : |
10.11.2004 |
|
|
|
|
Name : |
Mr. Gautam Maini |
|
Designation : |
Director |
|
Address : |
103/104, Silver Crest Apartments, 13, Rest House Road,
Bangalore-560001, |
|
Date of Appointment : |
10.11.2004 |
|
|
|
|
Name : |
Mr. Sandeep Maini |
|
Designation : |
Director |
|
Address : |
G-101, |
|
Date of Appointment : |
10.11.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Kumar Ojha |
|
Designation : |
Secretary |
|
Address : |
J-35, Shriram Sadhana Apartment, Gokula, MSR Road, Bangalore-560054, |
|
Date of Birth/Age : |
01.12.2006 |
|
Date of Appointment : |
01.12.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hampson Industries PLC, |
|
3969128 |
|
Hampson Industries India Private Limited, |
|
60486 |
|
Total |
|
4029614 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
98.50 |
|
Bodies corporate |
1.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing components for turbo charger applications |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
|
|
Installed
Capacity |
Actual
Production |
|
Shaft |
|
|
151200 |
64440 |
|
Space Sleeve |
|
|
580200 |
-- |
|
Thrust Washer |
|
|
1896000 |
4015 |
|
Thrust Sleeve |
|
|
816000 |
75294 |
|
Thrust Bearing |
|
|
320400 |
178415 |
|
Fuel Injection parts |
|
|
590400 |
143355 |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management |
|||||||||
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|||||||||
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Bankers : |
Not Available |
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|||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountant |
|
Address : |
Maruti Infotech Centre, 11-12, |
|
|
|
|
Holding company |
Hampson Industries PLC 7, Tel No. : +44 (0) 1384 485345 Fax No.: +44(0) 1384 472962 E mail: hq@hampsongroup.com |
CAPITAL STRUCTURE
As on 19.08.2010
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs. 100/- each |
Rs. 450.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4029614 |
Equity Shares |
Rs. 100/-
each |
Rs. 402.961
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs. 100/- each |
Rs. 400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3629614 |
Equity Shares |
Rs. 100/-
each |
Rs. 362.961
Millions |
|
|
(Of the above 3569128 (Previous year
2202000) Equity Shares are held by Hampson Industries Plc, UK, the ultimate
holding company, Nil (Previous year 967128) equity shares are held by Hampson
Precision Automotive Limited, UK, ands the balance 60486 (Previous year
60486) Equity shares are held by Hampson Industries India Private Limited) |
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
362.961 |
322.961 |
282.961 |
|
|
2] Share Application Money |
40.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[176.122] |
[215.948] |
[66.335] |
|
|
NETWORTH |
226.839 |
107.013 |
216.626 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.093 |
0.269 |
0.429 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.093 |
0.269 |
0.429 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
226.932 |
107.282 |
217.055 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
159.055 |
135.165 |
244.853 |
|
|
Capital work-in-progress |
7.240 |
5.726 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.413
|
5.381 |
16.367 |
|
|
Sundry Debtors |
70.267
|
46.724 |
57.410 |
|
|
Cash & Bank Balances |
38.104
|
11.570 |
24.596 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
14.870
|
12.098 |
10.232 |
|
Total
Current Assets |
136.654
|
75.773 |
108.605 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
73.800
|
107.816 |
134.934 |
|
|
Other Current Liabilities |
1.054
|
0.944 |
0.960 |
|
|
Provisions |
1.163
|
0.622 |
0.509 |
|
Total
Current Liabilities |
76.017
|
109.382 |
136.403 |
|
|
Net Current Assets |
60.637
|
[33.698] |
[27.798] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
226.932 |
107.282 |
217.055 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
101.970 |
54.560 |
48.590 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
101.970 |
54.560 |
48.590 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
54.470 |
77.290 |
80.820 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
54.470 |
77.290 |
80.820 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
47.500 |
[22.730] |
[32.230] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.670 |
126.750 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
39.830 |
[149.480] |
[32.230] |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
1.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
39.830 |
[149.610] |
[32.230] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
25.767 |
50.824 |
NA |
|
|
TOTAL EARNINGS |
25.767 |
50.824 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10.464 |
24.597 |
NA |
|
|
|
Capital Goods |
37.542 |
9.896 |
NA |
|
|
TOTAL IMPORTS |
48.006 |
34.493 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.58 |
[48.00] |
[13.67] |
|
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%20PRIVATE%20LIMITED-130597%2024-Jan-2011_files/image004.gif){kind=small}
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%20PRIVATE%20LIMITED-130597%2024-Jan-2011_files/image006.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
39.06
|
[274.21] |
[66.33] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.47
|
[70.86] |
[9.12] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
[1.40] |
[0.15] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.34
|
1.40 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
0.69 |
0.80 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
(Rs. In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
SUNDRY CREDITORS |
|
|
|
|
- Due to micro and small enterprises |
0.000 |
0.380 |
0.199 |
|
- Dues to Others |
73.800 |
107.436 |
134.735 |
|
Total |
73.800 |
107.816 |
134.934 |
Note:
The Registered office of the company has been
shifted from No. 43 Thonchinnakuppe
Village Kasaba Hobli, Nelamangala Taluk, Bangalore District,
Bangalore-562123,
Background
Hampson Precision Automotive (
PERFORMANCE
The Company achieved improved performance in 2009/10 in comparison to
2008/09. Conditions in the first half of the year remained tough as they faced
the impact of the global recession. Following the exit of a number of major customers
from the turbo business, the Company has successfully diversified its
operations into General engineering, already winning one major customer
(Stanadyne Amalgamation Private Limited), to whom the Company will supply
rotary pump and fuel injection parts. They have successfully developed rotary
pump fuel injection parts such as barrels, sleeves, seat springs and plungers
using the in-house engineering capabilities and resources. Many other parts for
use in hydraulic pumps are currently under development. The new customer
development has improved the moral of the Hampson India Team and has proved
their capability. A number of idle machines have been converted for use in the
manufacture of general engineering components, minimising investment in new equipment.
Considering the present business scenario management have taken the
decision to align with the core business of the Hampson Group, i.e. Aerospace.
Management have also taken the decision to merge Hampson Industries India
Private Limited with the Company to have one entity in
Aggressive marketing and sales initiatives resulted in the generation of
many RFQs and visits of many probable customers to the facility. Hampson
CAPITAL STRUCTURE
The authorised Share Capital of the Company has been increased from MINR
350 to MINR 400 during the year to facilitate the funding requirements of the
Company’s expansion program.
The paid up capital of the Company as on 31.3.2010 was MINR 362.96
against MINR 322.96 as at 31st March 2009. The Equity shares of MINR
40 were issued to Hampson Industries PLC during the year. The complete
shareholding of Hampson Precision Automotive Limited
|
Share Holders |
Equity Shares |
% |
|
Hampson Industries PLC |
3,569,128 |
98.33 |
|
Hampson Industries India Private Limited |
60,486 |
1.67 |
|
Total |
3,629,614 |
100.00 |
FUTURE OUTLOOK
The future plan for the growth of the Company is based on the following
objectives while operating in niche markets and products:
·
Expansion of the product portfolio by:
o
expanding operations in the core sector of the
Group, aerospace,
o
continuing to focus on the in-house developed
business of fuel injection and general engineering manufacturing, and focussing
on the local and Asian market
·
Add critical capabilities in engineering and
manufacturing to support future growth
·
Create operational excellence to drive cost
effectiveness throughout the organization
·
Implement progressive HR policies to retain talent
and make the Company the best Company to work
·
Achieve compliance with all statutory corporate
governance requirements.
As
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fittings
·
Computer Equipments
·
Vehicles
AS PER WEBSITE
Profile:
Providing added-value
solutions in precision engineering and manufacturing to the world’s most
innovative companies.
With Phase 1 of a planned 4 phase “campus” development now complete and
operational, they support both domestic and export requirements for highly-engineered,
precision-manufactured components and assemblies to customers globally.
The brand new, purpose-designed facility provides 50,000 sq. ft. of initial
production space on a 14 acre
o
World-class Lean production system
o
High calibre, highly educated multi-national
management team
o
o
Training to all levels on 5s and Kaizen (Kaizen
Institute)
o
Established local sourcing expertise and supply
chain management
o
SAP ERP system, ISO and TS quality systems
approvals
o
Planned modular expansion to 200,000 sq. ft.
o
Automotive, aerospace and industrial product capability
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] 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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.