MIRA INFORM REPORT

 

 

Report Date :

20.12.2013

 

IDENTIFICATION DETAILS

 

Name :

HONEYWELL AUTOMATION INDIA LIMITED (w.e.f. March 24, 2005)

 

 

Formerly Known As :

TATA HONEYWELL LIMITED

 

 

Registered Office :

56 and 57, Hadapsar Industrial Estate, Pune – 411013, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

13.01.1984

 

 

Com. Reg. No.:

11-017951

 

 

Capital Investment / Paid-up Capital :

Rs. 88.400 Millions

 

 

CIN No.:

[Company Identification No.]

L29299PN1984PLC017951

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNET00043B

 

 

PAN No.:

[Permanent Account No.]

AAACT3904F

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged primarily in business of Process Control and Management Systems field on turnkey basis and otherwise.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (63)

 

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 28000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having a good track record. There appears slight dip in its profitability.

 

However, general financial position of the company seems to be strong. Liquidity position is good. There appears no external borrowing.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment.

 

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

 

NOTES :

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

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

 

LOCATIONS

 

Registered Office / Head Office :

56 and 57, Hadapsar Industrial Estate, Pune – 411 013, Maharashtra, India

Tel. No.:

91-20-66039400 / 26870445 / 26870446 / 26872170 / 26870153 / 66008187 / 66072725

Fax No.:

91-20-66039800 / 26872205 / 26875957 / 66039979

E-Mail :

corpcomm@honeywell.com

milinddixit@honeywell.com

CorpComIndia@honeywell.com

Sanjeev.rao@honeywell.com

Website :

www.honeywell.com
www.honeywellautomationindia.com

 

 

Regional Offices :

Eco-Elite Building, Near Marol Fire Bridge, Marol Maroshi Road Next to Zakaria Industrial Estate, Andheri (East), Mumbai – 400059, Maharashtra, India

 

Located At:

 

·         Bangalore

·         Baroda

·         Chennai

·         Hyderabad

·         Jamshedpur

·         Kolkata

·         New Delhi

·         Goa

 

 

DIRECTORS

 

As on: 31.12.2012

 

Name :

Mr. Madhukar Narayan Bhagwat

Designation :

Chairman and Independent Director

Address :

62, Blue Haven, 14, Mount Pleasant Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

04.06.1932

Qualification :

M .Mechanical Engineering

Date of Appointment :

02.11.2004

DIN No.:

00036692

 

 

Name :

Mr. Surendra Laxminarayan Rao

Designation :

Independent Director

Address :

D1, Chartered Cottage, #8, Langford Road, Bangalore – 560 025, Karnataka, India

Date of Birth/Age :

22.01.1936

Qualification :

B.Com, M.A in Economic

Date of Appointment :

24.01.2002

DIN No.:

00005675

 

 

Name :

Gerard Milton Willis

Designation :

Director

Address :

Jia Xin Garden, RM14A, Block 46, Yanan XI RD, Shanghai, China

Date of Birth/Age :

27.12.1953

Qualification :

MA International Affairs, BA

Date of Appointment :

01.01.2006

DIN No.:

02696947

 

 

Name :

Shane Shahrooz Tedjarati

Designation :

Director

Address :

# 58, Le Chateau 2000, Jian He Road, Shanghai, China 200336

Date of Birth/Age :

16.11.1962

Qualification :

MBA

Date of Appointment :

14.10.2008

DIN No.:

02396256

 

 

Name :

Norman Lee Gilsdorf

Designation :

Director

Address :

Flat # 20, Dorchester House, 8, Strand Drive, Richmond Survey, United Kingdom, TW94DX

Date of Birth/Age :

18.12.1953

Qualification :

Chemical engineering degree, MBA in international business and finance

Date of Appointment :

06.02.2009

DIN No.:

02558302

 

 

Name :

Mr. Anant Hari Maheshwari

Designation :

Managing Director

Address :

73, National Media Center, Shanker Chowk, National Highway 8, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

07.04.1973

Qualification :

MBA, MS Economics, BE

Date of Appointment :

01.03.2010

DIN No.:

02963839

 

 

KEY EXECUTIVES

 

Name :

Ms. Sneha Prashant Padve

Designation :

Company Secretary

Address :

Building I, Flat # 8, Parmar Nagar, Fatima Nagar, Pune – 411 013, Maharashtra, India

Date of Birth/Age :

19.04.1967

Qualification :

LLB, B commerce

Date of Appointment :

14.08.1996

PAN No.:

AEVPP7162B

 

 

SENIOR MANAGEMENT TEAM:

 

 

Name :

Mr. Ananthanarayanan K. V.

Designation :

Head - Lega

 

 

Name :

Mr. Bagaitkar Ravi

Designation :

Head - Honeywell Operating System

 

 

Name :

Mr. Bansal Rohit

Designation :

Head - Sensing and Controls

 

 

Name :

Mr. Bhatia Vivek

Designation :

Head - Global Services

 

 

Name :

Mr. Biswas Amitava

Designation :

Head - Process Solutions

 

 

Name :

Mr. Chadha Vikas

Designation :

Head - Building Solutions

 

 

Name :

Mr. Kamal Asad

Designation :

Head - Strategy and Marketing

 

 

Name :

Mr. Kelkar Anant

Designation :

Head - Integrated Supply Chain

 

 

Name :

Mr. Limaye Prasad

Designation :

Head - Audit and Internal Controls

 

 

Name :

Mr. Mitter Kaushik

Designation :

Head - Human Resources

 

 

Name :

Mr. Patil Ajay

Designation :

Chief Financial Officer

 

 

Name :

Mr. Pradhan Ninad

Designation :

Head - Environment and Combustion Controls

 

 

SHAREHOLDING PATTERN

 

As on: 30.09.2013

 

Category of Shareholder

Number of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

6631142

75.00

http://www.bseindia.com/include/images/clear.gifSub Total

6631142

75.00

Total shareholding of Promoter and Promoter Group (A)

6631142

75.00

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

1141544

12.91

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

1187

0.01

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

285

0.00

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

37081

0.42

http://www.bseindia.com/include/images/clear.gifSub Total

1180097

13.35

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

162902

1.84

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 million

825315

9.33

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 million

40553

0.46

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1514

0.02

http://www.bseindia.com/include/images/clear.gifTrusts

814

0.01

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

700

0.01

http://www.bseindia.com/include/images/clear.gifSub Total

1030284

11.65

Total Public shareholding (B)

2210381

25.00

Total (A)+(B)

8841523

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

8841523

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged primarily in business of Process Control and Management Systems field on turnkey basis and otherwise.

 

 

Products :

Product Description

ITC Code

Distribution Control Systems

903289.04

Building Control Systems

853220.00

Smart Transmitters

902680.09

 

PRODUCTION STATUS (As on 31.12.2011)

 

Particulars

Unit

Actual Production

Systems

Nos

399

Transmitters

Nos.

37933

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Divulged

 

 

Bankers :
  • Royal Bank of Scotland
  • ABN – Amro Bank N.V
  • Citibank N.A, Hadapsar Branch, Pune, Maharashtra, India
  • Canara Bank
  • Bank of Baroda
  • State Bank of Travancor
  • HDFC Bank Limited
  • ICICI Bank Limited
  • State Bank of India, Golibar Madian Branch, Shankashet Road, Camp, Pune – 411 001, Maharashtra, India

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

Mutha Towers, Suite 8, 5th Floor, Off Airport Road, Yerwada, Pune – 411 006, Maharashtra, India

PAN No.:

AADFP9359C

 

 

Holding Company :

Honeywell Asia -Pacific Inc.

 

 

Ultimate Holding Company :

Honeywell International Inc.

 

 

Fellow Subsidiaries :

·         Honeywell Middle East B.V.

·         Honeywell Technology Solutions Quatar

·         Honeywell Tianjin Limited

·         Honeywell Controls and Automation India Private Limited

·         Honeywell B.V.

·         Honeywell and Company Oman L.L.C.

·         Honeywell Pte Limited

·         Honeywell Automation and Control Solutions South Africa (Pty) Limited

·         Honeywell Kuwait KSC.

·         Automation and Control Solutions, S. de R.L. de C.V.

·         Honeywell Europe N.V.

·         Honeywell Systems (Thailand) Limited

·         Honeywell Limited. ( Hong Kong)

·         Enraf B.V.

·         Honeywell Technology Solutions Lab Private Limited

·         Pittway Systems Technology Group Europe Limited

·         Honeywell Taiwan Inc.

·         Honeywell International (India) Private Limited

·         Honeywell Limited Australia

·         Honeywell Limited

·         Honeywell Enraf Americas, Inc.

·         Honeywell Measurex (Ireland) Limited

·         Honeywell Turkey Arabia Limited

·         Honeywell Controls System Limited

·         Honeywell International Middle East Limited

·         MST Technology GMBH

·         Honeywell Security France S.A.

·         Honeywell GMBH

·         Honeywell S.A. (Belgium)

·         Honeywell Airport Systems Gmbh

·         Honeywell s.r.l.

·         UOP India Private Limited

·         Honeywell Engineering Sdn. Bhd.

·         Honeywell Company Limited

·         Callidus Technologies India Private Limited

·         Honeywell Building Solutions Gmbh

·         Novar Systems Limited

·         Honeywell Middle East FZE

·         Honeywell Controls International Limited

·         Tridium Inc.

·         Honeywell Limited (New Zeland)

·         Honeywell Austria Gesellschaft mbh

·         Honeywell A.B.

·         Matrikon Pty Limited

·         Trend Control Systems Limited

·         Honeywell (China) Advanced Solutions Company Limited

·         Honeywell Southern Africa (Proprietary) Limited

·         Honeywell Japan Inc.

·         Honeywell A/S (Denmark)

·         ADI-Gardiner NV

·         Honeywell China Company Limited

·         PT Honeywell Indonesia

·         Life Safety Distribution AG

·         Honeywell Analytics Asia Pacific Company Limited

·         Honeywell Otomasyon ve Kontrol Sistemleri Sanayi ve

·         Ticaret A.S.

·         Honeywell Analytics Inc,

·         Honeywell Xinyao Automotive Sensors (Shanghai) Company Limited

·         Honeywell Specialty Chemicals (Singapore) Pte. Limited

·         Maxon Corporation

·         Honeywell ASCa Inc.

·         Maxon Combustion Equipment (Shanghai) Company Limited

·         Maxon International BVBA

·         Fire Sentry Corporation

·         Honeywell NV [Belgium]

·         Honeywell S.L.

·         Honeywell Portugal, Automacao e Contolo, S.A.

·         Honeywell Automation and control Solutions Carribean Limited

·         Honeywell AS Norway

·         Honeywell OY

·         Matrikon Middle East Co WLL

·         RMF US Holding Gmbh

·         Honeywell International s.a.r.l.

·         Honeywell Sensing and Control China Company Limited

·         Honeywell E.P.E.

·         Honeywell AG

·         Honeywell International 108 LM and C

·         Matrikon Industrial Solutions India Private Limited

·         Honeywell Chile S.A.

·         Honeywell Aerospace B.V.

·         Honeywell Turbo Technologies (India) Private Limited

·         Honeywell Electrical Devices and Systems Limited, India

·         Honeywell do Brasil Ltda.

·         Honeywell Egypt Limited

·         Honeywell EOOD

·         Honeywell SPA

·         Novar Gmbh

·         Enraf Fluid Technology UK Limited

·         Ademco Asia Pacific Limited

·         Tridium Asia Pacific Pte Limited

·         Honeywell BeijingTechnology solution

·         Honeywell Romania s.r.l.

·         Enraf Marine Systems S.A.S.

·         Honeywell Company Limited

·         Honeywell Turbo (India) Private Limited

·         Enraf Tanksystem SA

·         Honeywell Safety Products Chuzhou Company Limited

·         Honeywell Szabalyozastechnikai es Automatizalasi Kft.

·         Sinpoec Honeywell Tianjin Limited

·         Honeywell Humanitarian Relief Foundation Inc.

·         Honeywell ECC novar

·         Matrikon Deutschland AG

·         Novar Controls Corporation

·         Honeywell Specialty Materials Korea Limited

·         Notifier Sicherheitssysteme GmbH

·         Honeywell C.A.

·         Caradon Friedland Inc.

·         Novar Link Inc.

·         SM Acquisition Corp.

·         Honeywell Analytics Holdings Inc.

·         Integrated Guidance Systems LLC

·         Tampa Waters LLC

·         Microelectronics and Computer Technology Corp.

·         Honeywell Aerospace Professional Services, S. de R.L. de C.V.

·         Honeywell Aerospace De Puerto Rico, Inc.

·         Honeywell Automation Controls System LLP s(Kazakhstan)

·         Honeywell Finance (Cyprus) Limited

·         Honeywell Colombia S.A.

·         Honeywell Luxembourg Finance SARL

·         Hand Held Products, Inc.

·         Energy Services Group, LLC

·         Hand Held Products International Limited

·         Honeywell Angola Lda

·         HONEYWELL URUGUAY S.R.L.

·         Innovative Security Systems LLC

·         Honeywell Bermuda Holdings III LP

·         Honeywell International Avionics China Inc.

·         Honeywell International Wheels and Brakes China Inc.

·         Akuacom, LLC

·         E-MON, LLC

·         Honeywell ESCO Hungary Energy Service Company Limited

·         Honeywell Turbo Sp.z.o.o. in liquidation

·         Honeywell Plastics S.A.

·         Asahi-Schwebel (Taiwan) Company Limited.

·         Honeywell Specialty Chemicals (Singapore) Pte Limited

·         SN-Centro de Pesquisase Promocaode Sulfatode Amonio Ltda.

·         Honeywell Electronic Materials (Thailand) Company Limited

·         Honeywell International de Mexico, S. de R.L. de C.V.

·         Compania Metalurgica de Parral, S.A.

·         FMP Automotive (Malaysia) Sdn Bhd

·         FMP Group (Australia) Pty Limited

·         Prestolite International de Mexico, S.A.

·         Norplex Oak India Limited

·         Allied-Signal Global Finance B.V.

·         Honeywell Aerospace Singapore Pte. Limited

·         Duraplug (M) Sdn Bhd

·         Honeywell ACS Ventures LLC

·         Brand-Rex Inc. (Philippines)

·         Honeywell Analytics Asia Pacific Company Limited

·         Honeywell Global Finance LLC

·         Automation and Control Solutions Holding Mexico, S. de R.L. de C.V.

·         801 Route 440 Funding Company, LLC

·         Honeywell Building Solutions SES Corporation

·         Honeywell Aerospace Servicios, S. de R.L. de C.V.

·         Northern Computers Internacional Cia. limited (Ecuador)

·         MMComm, LLC

·         Honeywell ManageAbility Leasing Company Jamaica LLC

·         Honeywell Capital Management LLC

·         Honeywell Holdings (Thailand) Company Limited

·         Honeywell Aerospace Avionics Malaysia Sdn Bhd

·         UOP Malaysia Sdn Bhd

·         Callidus Technologies, L.L.C.

·         Grimes Aerospace Company

·         Honeywell International Services SRL

·         Honeywell Automation and Control Products Limited

·         Honeywell International Flight Controls China Inc.

·         Honeywell International APU China Inc.

·         Honeywell Iraq LLC

·         Honeywell HBS Solutions LLC

·         Sperian Protection USA, Inc.

·         Honeywell Friction Materials Sp.z.o.o. in liquidation

·         Ademco Brasil Ltda.

·         Honeywell Britannia Finance Limited

·         Honeywell-Asiatic Pte Limited

·         King Radio S.A.

·         Allied Chemical do Brasil Comercio e Participacoes, Ltda.

·         Allied Chemical Nuclear Products, Inc.

·         Compania Industrial de Fluorita, S.A.

·         FMP Group Pty Limited

·         AlliedSignal Foreign Sales Corporation

·         Rubix Limited Liability Company

·         Cheshire Castings Limited

·         Honeywell Systems (Philippines), Inc.

·         Morristown Airport Customs Association

·         Honeywell Optoelectronica S. de R.L. de C.V.

·         Universal Assets Inc.

·         CFE Company

·         Light Helicopter Turbine Engine Company

·         Honeywell International Asia Pacific Inc.

·         Honeywell Energy Services Inc.

·         International Auto Parts Limited (a/k/a Interzapchast)

·         Honeywell Technology Solutions Inc.

·         yet2.com

·         Honeywell Aircraft Leasing LLC

·         Honeywell Funding LLC

·         Babcock and Wilcox Technical Services Pantex, LLC

·         Honeywell Holding AG (Switzerland)

·         Honeywell Aerospace s.r.o.

·         ADI de Mexico S.A. de C.V.

·         BRH LLC ( f/k/a Honeywell Intellectual Properties Inc.)

·         AlliedSignal TBS Holdings, Inc.

·         Honeywell, S.A. de C.V.

·         Honeywell Bremsbelag GmbH

·         Alchem Assurance Limited

·         Turbodina S.A.I.y.C.

·         Baker Electronics, Inc.

·         Honeywell Controls, S.A.

·         Friction Materials LLC

·         Cordiem, LLC

·         Xian System Sensor Electronics Limited

·         ZAO Honeywell

·         Honeywell Peru S.A.

·         Honeywell Dominicana C. Por A.

·         Honeywell S.A.I.C.

·         Honeywell Federal Manufacturing and Technologies, LLC

·         Authentication Technologies LLC

·         Honeywell Electronic Materials, Inc.

·         Honeywell Resins and Chemicals LLC

·         Vindicator Technologies, Inc.

·         Honeywell HomMed LLC

·         465 Route 440 Property LLC

·         Novar International PTE Limited

·         MK Electric (Malaysia) SDN BHD

·         MK Electric (Singapore) Pte Limited

·         Honeywell Building Solutions West, Inc.

·         Aeronautical Communication International LLC

·         Ademco Internacional de Mexico S.A. de C.V.

·         UltraGlas Power Products L.L.C.

·         Honeywell ManageAbility Leasing Company Brazil LLC

·         Honeywell ManageAbility Leasing Company Jamaica LLC

·         ADI of Puerto Rico, Inc.

·         Honeywell Latinoamericana, S.A.

·         Honeywell Specialty Materials, LLC

·         Honeywell POMS Corp.

·         Honeywell China Inc.

·         Honeywell (Macau) Limited

·         Honeywell Oil and Gas Exploration LLC

·         Bayfront Redevelopment LLC

·         International Turbine Engine Company LLC

·         Select Electric (M) SDN BHD

·         MK Cable Management (Saudi Arabia) Limited

·         MK Electric Zimbabwe (Private) Limited

·         Honeywell Electronic Chemicals LLC

·         AlarmNet, Inc.

·         Honeywell ManageAbility Leasing Company Suriname LLC

·         Honeywell ManageAbility Service Company Suriname LLC

·         HoltraChem Manufacturing Company, L.L.C.

·         Honeywell ManageAbility Service Company Jamaica LLC

·         Pharmaceutical Fine Chemicals Portuguesa Producao e

·         Comercio de Productos Farmeuticos Lda.

 

 

CAPITAL STRUCTURE

 

As on: As on: 31.12.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

Rs.10/- each

Rs.100.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8841697

Equity Shares

Rs.10/- each

Rs.88.400 Millions

 

 

 

 

 

 

Rights, preferences and restrictions attached to the shares

 

Equity Shares: The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

 

Reconciliation of shares:

 

Particular

Number of shares

Rs. In Millions

Equity shares

 

 

Balance as at the beginning and end of the year

8841523

88.400

 

 

Shares held by holding company and subsidiary of holding company

 

Particular

Number of shares

Rs. In Millions

Equity shares

 

 

Honeywell Asia Pacific Inc. (Holding company)

6,631,142

66.300

 

 

Number of shares held by shareholders holding more than 5% of the aggregate shares in the Company

 

Particular

Number of shares

Percentage

Equity shares

 

 

Honeywell Asia Pacific Inc. (Holding company)

6,631,142

75.00%

 

a)       6,631,142 (December 31, 2011 : 7,182,475) Equity Shares constituting 75% (December 31, 2011 : 81.24%) of the paid-up capital of the Company are held by Honeywell International Inc., the ultimate holding company, through its 100% subsidiary, Honeywell Asia Pacific Inc.

 

b)       The Company has not allotted any shares as fully paid up bonus shares or pursuant to contract(s) neither payment being received in cash during 5 years immediately preceding December 31, 2012

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

88.400

88.400

(b) Reserves & Surplus

 

6963.100

6214.100

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

7051.500

6302.500

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

0.000

0.000

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

0.000

0.000

(d) long-term provisions

 

234.400

175.300

Total Non-current Liabilities (3)

 

234.400

175.300

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

0.000

0.000

(b) Trade payables

 

3272.500

3508.700

(c) Other current liabilities

 

795.100

679.100

(d) Short-term provisions

 

481.700

595.800

Total Current Liabilities (4)

 

4549.300

4783.600

 

 

 

 

TOTAL

 

11835.200

11261.400

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

713.400

736.800

(ii) Intangible Assets

 

3.600

4.900

(iii) Capital work-in-progress

 

3.700

27.200

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.000

0.000

(c) Deferred tax assets (net)

 

423.100

403.600

(d)  Long-term Loan and Advances

 

1177.700

1084.900

(e) Other Non-current assets

 

135.900

178.800

Total Non-Current Assets

 

2457.400

2436.200

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

1036.700

834.600

(c) Trade receivables

 

3754.800

3478.100

(d) Cash and cash equivalents

 

1487.700

1765.600

(e) Short-term loans and advances

 

510.300

277.400

(f) Other current assets

 

2588.300

2469.500

Total Current Assets

 

9377.800

8825.200

 

 

 

 

TOTAL

 

11835.200

11261.400

 

SOURCES OF FUNDS

 

 

 

31.12.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

88.415

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

5245.428

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

5333.843

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.000

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

0.000

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

5333.843

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

753.143

Capital work-in-progress

 

 

8.772

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

308.868

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

788.267

 

Sundry Debtors
 

 

3215.054

 

Contracts in progress
 

 

1010.354

 

Cash & Bank Balances
 

 

2111.825

 

Other Current Assets
 

 

28.850

 

Loans & Advances
 

 

1022.703

Total Current Assets
 

 

8177.053

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

2721.773

 

Other Current Liabilities
 

 

541.000

 

Provisions
 

 

651.220

Total Current Liabilities
 

 

3913.993

Net Current Assets
 

 

4263.060

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

5333.843

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2012

31.12.2011

31.12.2010

 

SALES

 

 

 

 

 

Revenue from operations

16607.300

16130.400

13547.084

 

 

Other Income

111.900

163.200

90.571

 

 

TOTAL                                     (A)

16719.200

16293.600

13637.655

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of materials consumed

8362.000

8448.600

12118.866

 

 

Purchases of traded goods

1514.300

1293.700

 

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(201.400)

(39.900)

 

 

 

Employee benefits expense

2972.900

2835.500

 

 

 

Other expenses

2734.900

2142.000

 

 

 

TOTAL                                     (B)

15382.700

14679.900

12118.866

 

 

 

 

 

Less

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

1336.500

1613.700

1518.789

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

3.400

8.500

0.843

 

 

 

 

 

 

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

1333.100

1605.200

1517.946

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

139.900

148.100

128.990

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1193.200

1457.100

1388.956

 

 

 

 

 

Less

TAX                                                                  (H)

341.500

385.700

338.496

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

851.700

1071.400

1050.460

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

4794.700

3933.100

3090.810

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

85.200

107.100

105.046

 

 

Dividend

88.400

88.400

88.415

 

 

Tax on Dividend

14.300

14.300

14.685

 

BALANCE CARRIED TO THE B/S

5458.500

4794.700

3933.124

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B. Value of Export

2921.300

2166.000

2112.510

 

 

Services

2467.100

2724.900

2327.678

 

 

Reimbursements

616.200

487.500

378.741

 

 

Others

957.200

670.800

430.529

 

TOTAL EARNINGS

6961.800

6049.200

5249.458

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

10.600

22.300

24.292

 

 

Raw Materials

5453.300

4629.400

3679.173

 

TOTAL IMPORTS

5463.900

4651.700

3703.465

 

 

 

 

 

 

Earnings Per Share (Rs.)

96.33

121.18

118.81

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2013

30.03.2013

Audited / UnAudited

 

UnAudited

UnAudited

Net Sales

 

4338.000

3854.100

Total Expenditure

 

3973.600

3614.500

PBIDT (Excl OI)

 

364.400

239.600

Other Income

 

60.900

 21.500

Operating Profit

 

425.300

261.100

Interest

 

1.000

0.200

Exceptional Items

 

0.000

0.000

PBDT

 

424.300

260.900

Depreciation

 

34.800

35.200

Profit Before Tax

 

389.500

225.700

Tax

 

108.900

72.900

Provisions and contingencies

 

0.000

0.000

Profit After Tax

 

280.600

152.800

Extraordinary Items

 

0.000

0.000

Prior Period Expenses

 

0.000

0.000

Other Adjustments

 

0.000

0.000

Net Profit

 

280.600

152.800

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2012

31.12.2011

31.12.2010

PAT / Total Income

(%)
5.09

6.58

7.70

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
7.18

9.03

10.25

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
10.46

13.45

15.55

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.17

0.23

0.26

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
0.00

0.00

0.00

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.06

1.84

2.09

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

----------------------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------------------

26]

Buyer visit details

----------------------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

INDEX CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

90084835

10/09/2003 *

1,600,000,000.00

ABN AMRO BANK N.V.

327; M.G. ROAD, PUNE CAMP, PUNE, Maharashtra - 411001, INDIA

-

 

* Date of charge modification

 

 

OPERATIONS:

 

·         Honeywell Process Solutions (HPS) – business serves core industrial sectors of Refining, Oil and Gas, Pulp and Paper, Metal and Cement etc.

 

·         Honeywell Building Solutions (HBS) – business provides solutions and services for facilities such as Commercial and Industrial Buildings, IT and ITES industry, Hospitals, Hotels, Airports, Mass Rapid Transit (MRT) etc.

 

·         Environment and Combustion Control (ECC) – Through multi channels and multiple brands, offers environmental and combustion products and solutions to commercial, hospitality and industrial segments.

 

·         Sensing and Control (SandC) – Products business provides various sensors and switches to manufacturing and automobile industry. This business serves primarily OEMs in various manufacturing industries such as auto, medical instrumentation, IT, etc.

 

·         Exports Business Group (EBG) – Addresses manufacturing and engineering services needs of Honeywell long with some other non Honeywell customers across the globe, leveraging the cost, skills and knowledge arbitrage.

 

 

INDUSTRY OUTLOOK AND OPPORTUNITIES

 

The Company's operating results are significantly influenced by macro-economic trends such as Industrial Production, Capital Spending on Process and Building Automation, Commercial and Infrastructure Construction, Commodity prices and Foreign Exchange variations.

 

During the year Indian economy grew at a rate significantly lower compared to that in the prior year. This impacted capital expenditure cycle and high inflation kept interest rates higher which slowed down investments. More specifically, the industrial and infrastructure sectors served by the Company saw significant slow-down during the year, which impacted both, new order inflow and also revenue recognition due to slow progress on existing backlog of long-cycle projects won in previous years. This was coupled with continued cost escalation on delayed projects. Economic and industry conditions regarding Environment, Security and Safety and Regulations for fire safety standards, security specifications for buildings etc., also have an impact on the Company's operation. Some of the important market conditions were:

 

·         Government spending is critical for development of core infrastructure like Roads, Ports, Airports, Mass Transportation Systems etc. Such spending supports volume growth of Buildings Solutions and ECC business groups of the Company. Such spending is slowed downed as several large projects are behind schedule.

 

·         For Process Solutions Business, delayed incremental investments in Refining, Power Generation, Transmission and Distribution, Oil Exploration projects coupled with delayed decisions in Oil Marketing and Distribution investments and private investments in Chemicals, Mining, Paper and other Small and Medium Enterprises (SME) Process Industries.

 

·         For S and C business, the general slowdown in industrial and infrastructure construction sectors, meant significant shrinkage of available opportunities.

 

·         During the year there have been significant economic and competitive pressures caused due to slow down in developed markets. Overall geographic mix of global business is also shifting from North America and Western Europe earlier, to other countries in Asia, Middle-east, South America and Eastern Europe - these changes significantly reduce the cost benefit of sourcing services from India by Honeywell entities. Competitive pressures especially from developing nations in Eastern Europe and Central Asia are ever increasing with comparable options available to customers closer to their geographies. In order to sustain competitiveness as well to respond to prevailing economic conditions, billings rates for export services were rationalized with effect from January 1, 2012. A communication to this effect was released in Q4, 2011. Such changes in billing rates has helped in maintaining business volumes originating from Honeywell companies around the world.

 

 

FINANCIALS:

 

Despite challenges noted above, overall Net Sales at Rs.16604.100 Millions (Net revenue from operations Rs.16607.300 Millions), is up 3% compared to previous year. The exports segment of the business registered growth of 11.5%. This growth was achieved amidst competitive challenges on pricing and adverse order backlog mix affecting sales volumes. The domestic business growth declined by 1.4%, driven by an economic slowdown in the segment.

 

Overall Net Income was Rs. 851.700 Millions, decreased by 20.5%, primarily due to

 

·         Marginal growth in revenue, driven by slowing Indian economy coupled with higher costs due to high inflation and

·         wage increases.

 

·         Weaker Indian rupee impacted import cost structure causing cost of production to go up during the year. Some of this impact was offset by the strong performance of exports segment.

 

·         Corporate allocation is higher by Rs. 208.100 Millions, impacted due to significantly weaker rupee as invoicing of allocation is in US Dollars, besides, marginal increase in allocation compared to prior year based on inflation and general increases. Allocations represent the Company's fair share of expenses allocated by Honeywell International Inc. to all its affiliate companies worldwide in compliance with global Transfer Pricing regulations. Also refer to Note 42 of financial statement, page 50.

 

·         Competitive pressure on margins in the project and product businesses driven by lower selling prices as a result of the competitive market environment, offset partially by favorable revenue mix driving overall decrease in cost of goods sold by 200 bps.

 

·         Competitive pressure on margins in the project and product businesses driven by lower selling prices as a result of the competitive market environment.

 

·         The Company continues to invest in attracting top talent and also to remain a preferred employer. During the year, manpower expense was higher by 5%. The average headcount for the year stood lower by 4% over prior year.

 

·         Pressure due to delayed payments from customers and increased working capital cycles for delayed projects. These were driven by tight money market conditions and a very challenging business and economic environment, which caused the Company to take higher charge on account of Provision for doubtful debts and Bad debt by 26% year on year.

 

 

CONTINGENT LIABILITIES AS ON 31.03.2012

(Rs. in Millions)

Particular

31.12.2012

31.12.2011

Income Tax claims against the Company

617.200

563.575

Excise duty claims against the Company

0.400

1.475

Sales tax refunds/claims against the Company

233.600

196.221

Customs duty claims against the Company

29.200

3.553

Claims against the Company not acknowledged as debts

179.000

--

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Furniture and Fixtures

·         Office Equipments

·         Vehicles

 

Intangible Assets

 

·         Product Distribution Rights HSPL

·         Oracle License

·         Software

 

PRESS RELEASE:

 

HONEYWELL AUTOMATION PROMOTER OFFLOADS 6.24 PC STAKE

 

Industrial solutions provider Honeywell Automation India today said its promoter Honeywell Asia Pacific Inc has sold 6.24 per cent stake in the company for an estimated Rs 1300.000 millions. In a filing to the BSE, the company said Honeywell Asia Pacific Inc has offloaded 5,51,333 equity shares on December 14 according to SEBI's directive to bring down promoters' holding to 75 per cent.

           

Post this transaction, Honeywell Asia Pacific Inc's stake in the Honeywell Automation India will come down to 75 per cent from 81.24 per cent, it added. Although the company did not share financial details, as per the BSE closing share price of Rs 2,396.10 on December 14, the promoter is estimated to have received about Rs 1300.000 millions from the transaction. Shares of Honeywell Automation India today closed trading at Rs 2,604.40 apiece, 6.50 per cent down, on the BSE.

 

 

HONEYWELL AUTO OFS OVER SUBSCRIBED 7.27 TIMES; STK UP 13%

 

Honeywell Automation  offer for sale (OFS) has over subscribed 7.27x times at indicative price of Rs 2314.7 per share, reports CNBC-TV18.

 

At 09:23 hrs Honeywell Automation was quoting at Rs 2,710, up Rs 313.90, or 13.10%. It has touched an intraday high of Rs 2,875.30 and an intraday low of Rs 2,660.   It was trading with volumes of 42,796 shares, compared to its five day average of 17,614 shares, an increase of 142.97%.  

 

In the previous trading session, the share closed up 0.33% or Rs 7.95 at Rs 2,396.10.  

 

The share touched its 52-week high Rs 3,391.80 and 52-week low Rs 1,620 on 19 November, 2012 and 15 December, 2011, respectively.  

 

Currently, it is trading 20.1% below its 52-week high and 67.28% above its 52-week low.



HONEYWELL AUTOMATION DENIES NEWS OF DE-LISTING


With reference to the news item appearing in a leading news channel regarding de-listing of Company, Honeywell Automation India Ltd has clarified to BSE that: "we do not comment on market speculation. The news item is clearly speculative and incorrect in nature and they have not accounted for the official statement from Honeywell."Source : BSE

 

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 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 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.62.38

UK Pound

1

Rs.102.15

Euro

1

Rs.85.29

 

 

INFORMATION DETAILS

 

Report Prepared by :

ANK

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

63

 

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.