%20PRIVATE%20LIMITED%20-%20149799%2030-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
30.07.2011 |
IDENTIFICATION DETAILS
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Name : |
HONEYWELL TURBO TECHNOLOGIES ( |
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Registered Office : |
Plot No. 4A, Raisoni Industrial Estate Near, Hinjewadi Phase II,
Taluka Mulshi, Village Mann, Pune – 411057, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.11.2004 |
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Com. Reg. No.: |
11-019904 |
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Paid-up Capital : |
Rs. 2303.755 Millions |
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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. |
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No. of Employees : |
349 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 8300000 |
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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 established company having moderate track. 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.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
The Management non cooperative
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 / 66524000 |
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Fax No.: |
91-20-66032863/66520229/30 |
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E-Mail : |
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Website : |
DIRECTORS
As On 30.07.2010
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Name : |
Mr. Shirish Keshav Bhide |
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Designation : |
Director |
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Address : |
4 A2/7, New |
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Date of Birth : |
23.05.1967 |
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Qualification : |
ICWA |
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Date of Appointment : |
01.09.2008 |
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DIN No.: |
02349487 |
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Previous
Employment : |
Mercedez Benz |
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Name : |
Mr. Thomas Francis Larkins |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
15.06.1961 |
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Date of Appointment : |
04.11.2004 |
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DIN No.: |
00548731 |
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Name : |
Mr. Oliver Philippe COnstantin Opihele |
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Designation : |
Director |
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Address : |
268 Route De La Combe De L Eau 01220 Divonne Les Bains |
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Date of Birth/Age : |
09.01.1973 |
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Date of Appointment : |
10.12.2008 |
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DIN No.: |
02653238 |
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Name : |
Mr. Sharad Rangnath Tankasali |
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Designation : |
Director |
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Address : |
1930, 5th Cross, 20th Main J. P.
Nagar, 2nd Phase, |
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Date of Birth/Age : |
14.01.1966 |
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Date of Appointment : |
29.06.2010 |
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DIN No.: |
03182571 |
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Name : |
Mr. Apurva Narayanprasad Choubey |
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Designation : |
Director |
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Address : |
Flat No. 8, S No. 264/2, Shrushti Apartment, Baner Road, Near Sagar
Hotel, Pune – 411 045, Maharashtra, India |
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Date of Birth/Age : |
24.10.1968 |
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Date of Appointment : |
24.11.2005 |
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DIN No.: |
01515311 |
KEY EXECUTIVES
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Name : |
Mr. Vinit Maheshwari |
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Designation : |
Company Secretary |
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Address : |
D 23, Shri Swami Samath Society, |
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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 30.07.2010
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Names of
Shareholders |
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No. of Shares |
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Honeywell Technologies SARL, |
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2303455 |
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Honeywell Bermuda II Limited – |
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30000 |
As On 21.10.2010
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List of
Alottees |
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No. of Shares |
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Honeywell Technologies SARL – |
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9641000 |
As On 19.01.2011
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List of
Alottees |
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No. of Shares |
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Honeywell Technologies SARL – |
|
19983500 |
As On 30.07.2010
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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 : |
Manufacturers, Exporters, Importer and Traders of Turbochargers and
Exhaust Gas Coolers. |
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GENERAL INFORMATION
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No. of Employees : |
349 (approximately) |
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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 : |
Price Waterhouse and Company Chartered Accountants |
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Address 1: |
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PAN No.: |
AADFP9359C |
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Holding Company : |
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Associates/Subsidiaries (As On
31.03.2008) : |
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Parent Company (As On 31.03.2008)
: |
·
Honewell Technologies SARL, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised
Capital
:
|
No.
of Shares |
Type |
Value |
Amount |
|
240016500 |
Equity Shares |
Rs.10/- each |
Rs. 2400.165 Millions |
|
19983500 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.
199.835 Millions |
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Total |
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Rs.
2600.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
230375500 |
Equity Shares Out of the above, 2970000 equity shares
are held by Honeywell Technologies, SARL (Holding Company) |
Rs.10/- each |
Rs.2303.755 Millions |
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Total |
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Rs.2303.755
Millions |
Note:
Out of the above 230345500 (previous year 33970000) equity shares are held by Honeywell Technologies, SARL (Holding Company)
Notes:
- The Authorised share capital of the company was increased from Rs. 340.165 millions (34016500 equity shares Rs. 10/- each) to Rs. 2400.165 millions (240016500 equity shares of Rs. 10/- each) vide special resolution passed in extra ordinary general meeting held on 12.12.2009.
- 19983500
equity shares of Rs. 10/- each fully paid up issued consequent to the
conversion of 6%, 10 year fully convertible cumulative preference shares
as per letter of offer dated 11.01.2010.
- 176392000 equity shares of Rs. 10/- each fully paid up have been
issued against cash subscription of Rs. 1227.800 millions (122780000
equity shares) and conversion of the ECB loan amounting to Rs. 536.120
millions (53612000 equity shares)
After 30.07.2010
Authorised
Capital
: Rs.
2600.000 Millions
Issued,
Subscribed & Paid-up Capital : Rs. 2600.000 Millions
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 |
2303.755 |
539.835 |
229.835 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(214.094) |
(252.809) |
(166.383) |
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NETWORTH |
2089.661 |
287.026 |
63.452 |
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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 |
1544.073 |
1319.385 |
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TOTAL BORROWING |
0.000 |
1544.073 |
1319.385 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2089.661 |
1831.099 |
1382.837 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1697.763 |
1482.095 |
649.623 |
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Capital work-in-progress |
98.856 |
205.889 |
528.556 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX
ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
87.743
|
90.694 |
50.664
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Sundry Debtors |
98.753
|
87.241 |
240.780
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Cash & Bank Balances |
201.250
|
104.834 |
2.941
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
123.122
|
156.382 |
359.919
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Total
Current Assets |
510.868
|
439.151
|
654.304 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
80.136 |
210.236 |
171.208
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Other Current Liabilities |
132.617
|
82.304 |
275.787
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Provisions |
5.073
|
3.496 |
2.651
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Total
Current Liabilities |
217.826
|
296.036 |
449.646
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Net Current Assets |
293.042
|
143.115 |
204.658
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2089.661 |
1831.099 |
1382.837 |
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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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TURNOVER AND
OTHER INCOME |
590.414 |
449.273 |
303.001 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
344.185
(Including Financial Expenses) |
400.342
(Including Financial Expenses) |
221.565
(Including Financial Expenses) |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
246.229 |
48.931 |
81.436 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
207.514 |
134.109 |
94.433 |
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PROFIT BEFORE
TAX |
38.715 |
(85.178) |
(12.997) |
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Less |
TAX |
0.000 |
1.249 |
0.900 |
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PROFIT AFTER TAX
|
38.715 |
(86.427) |
(13.897) |
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Less |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(252.810) |
(166.383) |
(152.486) |
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BALANCE CARRIED
TO THE B/S |
(214.095) |
(252.810) |
(166.383) |
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Earnings Per
Share (Rs.) |
0.17 |
(1.60) |
(7.66) |
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%20PRIVATE%20LIMITED%20-%20149799%2030-Jul-2011_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20149799%2030-Jul-2011_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
6.56
|
(19.24) |
(4.59)
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.75
|
(4.43) |
(0.99)
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.30 |
(0.20)
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Debt Equity Ratio (Total Liability/Networth) |
|
0.10
|
6.41 |
27.88
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Current Ratio (Current Asset/Current Liability) |
|
2.35
|
1.48 |
1.46
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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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|
|
Due to micro and small enterprises |
0.144 |
0.242 |
0.061 |
|
Due to creditors other than micro and small enterprises |
79.992 |
209.994 |
171.147 |
|
Total |
80.136 |
210.236 |
171.208 |
OPERATIONS:
During the year
the Company produced 395,599 no. of turbochargers against the last year’s
production of 354,684 turbochargers.
FUTURE OUTLOOK
The future appears
to be bright for the Company considering the huge demand of Turbochargers in
the export as well as domestic markets. The Company is making additional
investments in the facility which will enable the company to meet the expected
demand
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Tooling
·
Furniture and Fittings
·
Computers and Peripherals
·
Office Equipment
·
Software
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.44.16 |
|
|
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.