MIRA INFORM REPORT

 

 

Report Date :

25.05.2011

 

IDENTIFICATION DETAILS

 

Name :

HYVA (INDIA) PRIVATE LIMITED (w.e.f 24.01.2001)

 

 

Formerly Known As:

HYVA INDIA TRANSPORTATION SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

Plot # EL – 215, M.I.D.C., Mahape, Navi Mumbai – 400 701, Maharashtra

 

 

Country:

India

 

 

Financials as on:

31.12.2008

 

 

Date of Incorporation :

02.09.1996

 

 

Com. Reg. No.:

11-102299

 

 

CIN No.:

U50100MH1996PTC102299

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMH07261C

 

 

PAN No.:

[Permanent Account No.]

AAACH2006C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Tipper Bodies 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (64)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 5300000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active.  Payments are reported to be regular and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

The latest Profit and Loss of the company is not available.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

INFORMATION PARTED BY

 

Name :

Mr. Sudhir

Designation :

Accounts Department

Date :

18.03.2011

 

 

LOCATIONS

 

Registered Office/Factory :

Plot # EL – 215, M.I.D.C., Mahape, Navi Mumbai – 400 701, Maharashtra, India

Tel. No.:

91-22-67618888/  27610504 / 56165590 / 56165440 / 27671512/ 27672846

Fax No.:

91-22-27672846/ 27610504/ 27672182

E-Mail :

sudhirp@hyvaindia.com

info@hyvaindia.com
rajuk@hyvaindia.com

asha@hyvaindia.com

Website :

http://www.hyvaindia.com

Area:

1.10 Lacs sq. mtr.

Location :

Leased

 

 

Administrative Office :

Plot # C – 246, MIDC, TTC, Pwane, Navi Mumbai – 400 705, Maharashtra, India 

Tel. No.:

91-22-27905441 / 2 / 4 / 27683425

Fax No.:

91-22-27672846 / 25118307

E-Mail :

hyvaind@bom3.vsnl.net.in

 

 

Factory 1 :

Plot No. D-222/ 34, MIDC, TTC Shiravane, Navi Mumbai – 400 706, Maharashtra, India 

Tel. No.:

91-22-27672272 / 27636909

Area:

Owned

 

 

Factory 2 :

Located at:

 

  • Germany
  • Brazil
  • China
  • India

 

 

Sales Office :

Hyderabad

D.No: 7-1-613/14/A/201, Lakshmishree Complex, Amirpet – Hyderabad, Andhra Pradesh, India

 

Bangalore

C/o M/s.Sri Naga Motors (Hyva), No.893,Ist Floor,Swaraj Building, MES Ring Road, Muthyalamma Nagar, Gokula Post, Bangalore – 560 054, Karnataka, India 

Ph.: 91-80-23454816

For Sales Enquiries : sales@hyvaindia.com

 

 

Branch Office :

 Located at:

 

  • Navi Mumbai
  • Bangalore
  • Jamshedpur
  • Hyderabad

 

 

DIRECTORS

 

As on 28.09.2010

 

Name :

Mr. Jagadish Adde Bhat

Designation :

Managing Director

Address :

C-1302, 13th Floor, BOCL Housing Co-Operative Society, Plot No. 3, Sector 46A, Nerul, Navi Mumbai – 400 706, Maharashtra, India

Date of Birth/Age :

23.10.1964

Date of Appointment :

02.12.2008

DIN No. :

02470009

 

 

Name :

Mr. Dijkstra Louwrence

Designation :

Director

Address :

Hyva Beheer BV, Ondernemingsweg-1, 2404HM Alphen A d Rijn., Holland

Date of Birth/Age :

01.10.1955

Date of Appointment :

18.11.1997

 

 

Name :

Mr. Roelof Koch

Designation :

Director

Address :

Hyva Beheer BV, Ondernemingsweg-1, 2404HM Alphen A d Rijn., Holland

Date of Birth/Age :

04.11.1954

Date of Appointment :

02.09.2004

 

 

Name :

Mr. Sudhir Govind Mhetre

Designation :

Director

Address :

Flat No. B304, Ramdev Complex, Sector 19, Airoli, Navi Mumbai - 400 708 Maharashtra, India

Date of Birth/Age :

21.04.1970

Date of Appointment :

02.12.2008

Date of Ceasing :

02.09.2009

DIN No. :

02549626

 

 

Name :

Mr. Rupayan Santanu Majumdar

Designation :

Director

Address :

B – 1/103, Hyde Park, Ghodbunder Road, Manpada, Thane – 400 607, Maharashtra, India

Date of Appointment :

02.09.2009

DIN No. :

02780347

 

 

KEY EXECUTIVES

 

Name :

Mr. Sudhir

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 28.09.2010

 

Names of Shareholders

 

 

No. of Shares

Sudhir M. Prabhu

 

20

Hyva Transport Technik GmbH, Austria

 

1251000

 Total

 

1251020

 

As on 28.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

99.99

Others

 

0.01

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Tipper Bodies 

 

 

Products :

Item Code No.:  [ITC Code]

Product Description

842610

Cranes, Compactors, Scissor – Tipping System and other Transportation System

 

 

Exports :

 

Products :
  • Tipper Bodies

Countries :
  • European Countries

 

 

Imports :

 

Products :
  • Raw Materials

Countries :
  • Italy

 

 

Terms :

 

Selling :

L/C, Cash, Credit

 

 

Purchasing :

L/C, Cash, Credit

 

 

GENERAL INFORMATION

 

Customers :
  • End Users

 

 

No. of Employees :

800 (approximately) [40 – In Office + 760 – In Factory)

 

 

Bankers :
  • ABN Amro Bank N.A., 14, Veer Nariman Point Road, Now Shifted to, 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India
  • Deutche Bank – Branch Fort, Mumbai, Maharashtra, India

 

 

Facilities :

Secured Loans

31.12.2008

Rs. In Millions

31.12.2007

Rs. In Millions

Term Loan from a Bank

[Repayable within one year Rs. Nil (Previous Year: Rs.33.310 Millions)]

(Secured against mortgage of immovable properties at Plot EL-215 at Mahape, Navi Mumbai and hypothecation of fixed assets, existing and future) 

0.000

41.637

Hire Purchase Loan

[Repayable within one year Rs. Nil (Previous Year: Rs.0.021 Million)]  

(Secured by underlying assets)

0.000

0.021

Finance Lease Liability

[Repayable within one year Rs.15.232 Millions (Previous Year: Rs.17.745 Millions)]

(Secured by Underlying Assets)

30.342

44.923

Total

30.342

86.581

 

Unsecured Loans

31.12.2008

Rs. In Millions

31.12.2007

Rs. In Millions

Short Term Loans from Banks

[Repayable within one year Rs.8.327 Millions (Previous Year: Rs. Nil)]

(Secured against corporate guarantee executed by Hyva Holding B.V.)

8.327

0.000

Short Term Loan (Interest Free) – Others

[Repayable within one year Rs.3.736 Millions (Previous Year: Rs.10.867 Millions)]

3.736

10.867

Total

12.063

10.867

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra, India

Pan No.:

AAEFP5579P

 

 

 

 

Holding Company :
  • Hyva Transport Technic GMBH

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1500000

Equity Shares

Rs.10/- each

Rs.15.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1251020

Equity Shares

Rs.10/- each

Rs.12.510 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2008

31.12.2007

31.12.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

12.510

12.510

12.510

2] Share Application Money

0.005

0.005

0.005

3] Reserves & Surplus

1332.834

958.885

540.043

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1345.349

971.400

552.558

LOAN FUNDS

 

 

 

1] Secured Loans

30.342

86.581

75.062

2] Unsecured Loans

12.063

10.867

0.000

TOTAL BORROWING

42.405

97.448

75.062

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

1387.754

1068.848

627.620

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

392.227

310.772

145.418

Capital work-in-progress

30.326

75.697

27.334

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

14.634

4.144

4.142

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
831.906

608.643

457.290

 

Sundry Debtors
839.026

659.754

353.918

 

Cash & Bank Balances
95.730

143.515

56.554

 

Other Current Assets
0.000

0.203

0.176

 

Loans & Advances
89.552

107.030

103.233

Total Current Assets
1856.214

1519.145

971.171

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

807.818

620.231

298.883

 

Other Current Liabilities
44.378

180.350

198.315

 

Provisions
53.451

40.329

23.247

Total Current Liabilities
905.647

840.910

520.445

Net Current Assets
950.567

678.235

450.726

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1387.754

1068.848

627.620

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.12.2007

31.12.2006

 

SALES

 

 

 

 

 

Income

 

3647.201

2346.550

 

 

Other Income

 

20.381

3.663

 

 

TOTAL                                     (A)

 

3667.582

2350.213

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Sales

 

2375.949

1555.565

 

 

Employees Costs

 

96.644

75.401

 

 

Manufacturing and Other Expenses

 

477.727

382.863

 

 

TOTAL                                     (B)

 

2950.320

2013.829

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

 

717.262

336.384

 

 

 

 

 

Less

INTEREST & FINANCIAL EXPENSES                 (D)

 

24.099

11.935

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

693.163

324.449

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

46.403

12.710

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

 

646.759

311.738

 

 

 

 

 

Less

TAX                                                                  (H)

 

227.917

111.097

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

 

418.842

200.641

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

 

540.043

339.402

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

 

958.885

540.043

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

334.80

160.38

 

 

Particulars

 

 

31.12.2010

31.12.2009

Sales Turnover

 

5130.000

5000.000

 

 

 

 

 

Expected Sales (2011): Rs. 6700.000 Millions

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2008

31.12.2007

31.12.2006

PAT / Total Income

(%)
NA

11.42

8.54

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

17.73

13.28

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
NA

35.34

27.91

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
NA

0.67

0.56

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.70

0.97

1.08

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.05

1.81

1.87

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Details of Sundry Creditors

Rs. In Millions

Particulars

31.12.2008

31.12.2007

31.12.2006

Sundry Creditors

 

 

 

- Due to micro and small enterprises

--

--

--

- Due to Creditors other than micro and small enterprise

807.818

620.231

298.883

Total

807.818

620.231

298.883

 

 

Note:

 

The Registered Office of the company has been shifted from Plot # C 255, MIDC Pawane Village, Navi Mumbai – 400705, Maharashtra, India, to the present address with effect from 23.12.2006.

 

FORM 8

 

Corporate identity number of the company

U50100MH1996PTC102299

Name of the company

HYVA INDIA PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Plot # EL – 215, M.I.D.C., Mahape, Navi Mumbai – 400 701, Maharashtra, India 

This form is for

Modification of charge

Type of charge

Equitable mortgage or mortgage of property by deposition the title deeds

Particular of charge holder

ABN Amro Bank N.A., 14, Veer Nariman Road, Now Shifted To, 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India

E-Mail: in.bs.ccc@in.abnamro.com

Amount secured by the charge

Rs.45.000 Millions

Description of the property charged indicating whether it is a charged on

Plant and Machinery

Particulars of the property charged

Hypothecation of the borrower’s fixed assets more fully described in the schedule II to the agreement, whether installed or not and whether lying loose or in cases or being on or upon or at any time hereafter during the continuance of this security being on or upon or about the premises and godowns, factory or wherever else the same may be or be held by the party to the order or disposition of the borrow or in the course of transit.

Charge identification number of the charge to be modified

 90148543

Date of instrument modifying the charge

18.04.2006

 

 

Name of the company

HYVA (INDIA) PRIVATE LIMITED

Presented By

ABN Amro Bank N.A. and Hyva (India) Private Limited

1) Date and description of instrument creating the change

Dated: 13th January, 2004

Special Hypothecation Agreement

2) Amount secured by the charge/amount owing on the securities of charge

1) Import and Inland LC – Rs.45.000 millions

2) Overdraft/ STPLR (within the sub limit of facility 1) – (Rs.45.000 millions)

3) OBSI – EURO 500000/-

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of the Borrower’s fixed assets more fully described in the Schedule II to the agreement, whether installed or not and whether lying loose or in cases or being on or upon or at any time hereafter during the continuance of this security being on or upon or about the premises and godowns, factory or wherever else the same may be or be held by the party to the order or disposition of the of the Borrower or in the course of transit. 

4) Gist of the terms and conditions and extent and operation of the charge.

The above assets hypothecated to the Bank as security for the payment by the borrower to the bank of all the moneys that may be due and payable by the Borrower to the Bank under the facilities aggregating INR 45.000 millions plus EURO 500000/- with all interest, charges, costs and expenses payable to and incurred by the Bank in relation thereto.

5) Name and Address and description of the person entitled to the charge.

ABN Amro Bank N.A., Sakhar Bhavan, Nariman Point, Mumbai - 400 021, Maharashtra, India

6) Date  and brief description of instrument modifying the charge

N.A.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

N.A.

 

 

FIXED ASSETS:

 

·          Leasehold Land (Leased)

·          Plant and Machinery (Leased)

·         Building on Leasehold Land

·         Plant and Machinery (Owned)

·         Vehicles

·         Computers

·         Furniture and Fittings

·         Electrical Installation

·         Tools and Equipments

·         Office Equipments

·         Computer Software

 

Trade References:

o        Tata Motors

 

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

Indian Rupees

US Dollar

1

Rs.45.25

UK Pound

1

Rs.72.82

Euro

1

Rs.63.58

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--CREDIT LINES

1~10

7

--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

 

64

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.