MIRA
INFORM REPORT
|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
HYVA (INDIA) PRIVATE LIMITED (w.e.f. 24.01.2011) |
|
|
|
|
Formerly Known
as : |
HYVA INDIA TRANSPORTATION SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. EL-215, M.I.D.C, Mahape, Navi Mumbai – 400701, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation
: |
02.09.1996 |
|
|
|
|
Com. Reg. No.: |
11-102299 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 12.510 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U50100MH1996PTC102299 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2006C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Hydraulic Cylinders, Garbage Compactors
and also Fabrication of Tipper Bodies, Tipping Trailers, Mounting/ Installation
of Hydraulic Systems. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. As per available financial 2012, financial positon of the company
seems to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. Note: Management of the company failed to file its 23AC for the year
2013 with the government department. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Dilip |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-67618888 |
|
Date : |
06.08.2014 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. EL-215, M.I.D.C, Mahape, Navi Mumbai – 400701, Maharashtra,
India |
|
Tel. No. : |
91-22-67618888 |
|
Fax No. : |
91-22-27672182 |
|
E-Mail : |
|
|
Website: |
|
|
Location: |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Factory : |
Located
at Navi Mumbai Pune Bengaluru Jamshedpur |
DIRECTORS
As on 30.06.2014
|
Name : |
Mr. Sudhir Govind Mhetre |
|
Designation : |
Alternate Director |
|
Address : |
Ramdev Complex, Flat No. B-204, Sector-19, Airoli, Navi Mumbai - 400705, Maharashtra, India |
|
Date of Appointment : |
23.06.2012 |
|
DIN No. : |
02549626 |
|
|
|
|
Name : |
Brice Henry Bricheateau De La Morandiere |
|
Designation : |
Director |
|
Address : |
B Rue Du Vieux Colombier, Paris, 75006, , France |
|
Date of Appointment : |
13.10.2011 |
|
DIN No. : |
05106756 |
|
|
|
|
Name : |
Mr. Ranjan Kar |
|
Designation : |
Managing director |
|
Address : |
B-12, Nidhi CHS, Sector 16A, Vashi, Navi Mumbai - 400703, Maharashtra, India |
|
Date of Appointment : |
16.10.2012 |
|
PAN No. : |
AADPK1453G |
|
DIN No. : |
06439953 |
KEY EXECUTIVES
|
Name : |
Mr. Dilip |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of Shareholders |
No. of Shares |
|
Sudhir Madhav Prabhu(Nominee shareholder) |
20 |
|
Hyva Transport Technik GMBH, Austria |
1251000 |
|
Total |
1251020 |
Equity Share Break up (Percentage of Total Equity)
As on 30.06.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20280320_MIRA%2008-Aug-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Hydraulic Cylinders, Garbage Compactors and
also Fabrication of Tipper Bodies, Tipping Trailers, Mounting/ Installation
of Hydraulic Systems. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Exports : |
|
||||||
|
Products : |
Finished Goods |
||||||
|
Countries : |
Netherlands |
||||||
|
|
|
||||||
|
Imports : |
|
||||||
|
Products : |
Raw Materials |
||||||
|
Countries : |
Italy |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
L/C and Credit |
||||||
|
|
|
||||||
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Unit |
Actual
Production |
|
Tipper Bodies |
Nos. |
8744 |
|
Hydraulic Cylinders (Including for captive consumption) |
Nos. |
18968 |
|
Compactors |
Nos. |
42 |
|
Fiftth Wheel Coupling |
Nos. |
81 |
NOTE:
The installed capacity of the company’s products cannot be determined as the company’s products can be manufactured in different types and sizes as per customers needs and requirements.
Actual production includes quantities manufactured by others on job work basis.
The above does not include products where assembly/ mounting operations are carried out.
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
· Citi Bank N.A., Bandra Kurla Complex, G - Block; Bandra East, Mumbai - 400051, Maharashtra, India ABM Amro Bank N.V., 14, Veer Nariman Road, Mumbai -
400023, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Cooper Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
|
|
|
|
Holding Company : |
· Hyva Holding B.V., Netherlands - Ultimate Holding Company (upto April 13, 2011) Hyva Global B.V., Netherlands - Ultimate Holding Company
(effective April 13, 2011) |
|
|
|
|
Fellow Subsidiary
Company : |
· Hyva do Brasil Hidráulica Limited Technamics B.V. Hyva Mechanics (Yang Zhou) Limited Hyva (UK) Limited Hyva Ibérica S.A. Georg Hydraulik GmbH Hyva International B.V Hyva Thailand Company Limited Tecnomet S.R.L Amco Veba S.R.L Ferrari International, SpA PT Hyva Indonesia |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,251,020 |
Equity Shares |
Rs.10/- each |
Rs. 12.510 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
12.510 |
12.510 |
|
(b) Reserves & Surplus |
|
2354.944 |
2198.892 |
|
(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) |
|
2367.454 |
2211.402 |
|
|
|
|
|
|
(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 |
|
14.987 |
14.493 |
|
Total Non-current Liabilities (3) |
|
14.987 |
14.493 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short Term Borrowings |
|
115.492 |
78.176 |
|
(b) Trade Payables |
|
694.468 |
1370.097 |
|
(c) Other Current
Liabilities |
|
119.215 |
126.205 |
|
(d) Short-term Provisions |
|
30.957 |
45.968 |
|
Total Current Liabilities (4) |
|
960.132 |
1620.446 |
|
|
|
|
|
|
TOTAL |
|
3342.573 |
3846.341 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible Assets |
|
345.246 |
379.231 |
|
(ii) Intangible Assets |
|
7.901 |
7.282 |
|
(iii) Capital
Work-in-Progress |
|
0.988 |
1.820 |
|
(iv)
Intangible assets under Development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred Tax Assets (net) |
|
59.671 |
52.894 |
|
(d) Long-term Loan and Advances |
|
112.129 |
117.698 |
|
(e) Other Non-current Assets |
|
5.264 |
4.901 |
|
Total Non-Current Assets |
|
531.199 |
563.826 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current Investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
786.202 |
1638.610 |
|
(c) Trade Receivables |
|
790.658 |
1136.461 |
|
(d) Cash and Cash
Equivalents |
|
901.703 |
120.222 |
|
(e) Short-term Loans and
Advances |
|
326.021 |
385.629 |
|
(f) Other Current Assets |
|
6.790 |
1.593 |
|
Total Current Assets |
|
2811.374 |
3282.515 |
|
|
|
|
|
|
TOTAL |
|
3342.573 |
3846.341 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
12.510 |
|
|
2] Share Application Money |
|
|
0.005 |
|
|
3] Reserves & Surplus |
|
|
1819.406 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1831.921 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3.367 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
3.367 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1835.288 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
336.136 |
|
|
Capital work-in-progress |
|
|
37.302 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
44.300 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
945.472 |
|
|
Sundry Debtors |
|
|
710.215 |
|
|
Cash & Bank Balances |
|
|
333.490 |
|
|
Other Current Assets |
|
|
1.713 |
|
|
Loans & Advances |
|
|
206.027 |
|
Total
Current Assets |
|
|
2196.917 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
592.594 |
|
|
Other Current Liabilities |
|
|
52.057 |
|
|
Provisions |
|
|
134.716 |
|
Total
Current Liabilities |
|
|
779.367 |
|
|
Net Current Assets |
|
|
1417.550 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1835.288 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Turnover |
5892.840 |
6700.580 |
5238.640 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
334.690 |
660.880 |
659.570 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
4.150 |
1.080 |
2.530 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
95.260 |
93.350 |
75.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
235.270 |
566.440 |
581.080 |
|
|
|
|
|
|
|
|
|
|
TAX |
79.220 |
186.960 |
206.060 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
156.050 |
379.490 |
375.020 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
F.O.B. Value of Exports |
|
|
94.458 |
|
|
|
Commission |
|
|
1.947 |
|
|
|
TOTAL EARNINGS |
427.170 |
141.290 |
96.405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raw Materials and Components |
|
|
1161.639 |
|
|
|
Stores & Spares |
|
|
8.016 |
|
|
|
Capital Goods |
|
|
16.721 |
|
|
|
TOTAL IMPORTS |
NA |
NA |
1186.376 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
124.74 |
303.34 |
299.700 |
|
%20PRIVATE%20LIMITED%20-%20280320_MIRA%2008-Aug-2014_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20280320_MIRA%2008-Aug-2014_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20280320_MIRA%2008-Aug-2014_files/image005.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20280320_MIRA%2008-Aug-2014_files/image006.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.17 |
14.94 |
22.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.26 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05 |
0.04 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.93 |
2.03 |
2.82 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2011 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
12.510 |
12.510 |
|
Reserves & Surplus |
2198.892 |
2354.944 |
|
Net
worth |
2211.402 |
2367.454 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
78.176 |
115.492 |
|
Total
borrowings |
78.176 |
115.492 |
|
Debt/Equity
ratio |
0.035 |
0.049 |
%20PRIVATE%20LIMITED%20-%20280320_MIRA%2008-Aug-2014_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Net Turnover |
5238.640 |
6700.580 |
5892.840 |
|
|
|
27.907 |
(12.055) |
%20PRIVATE%20LIMITED%20-%20280320_MIRA%2008-Aug-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Net Turnover |
5238.640 |
6700.580 |
5892.840 |
|
Profit |
375.020 |
379.490 |
156.050 |
|
|
7.16% |
5.66% |
2.65% |
%20PRIVATE%20LIMITED%20-%20280320_MIRA%2008-Aug-2014_files/image012.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
115.492 |
78.176 |
|
Total |
115.492 |
78.176 |
NOTE: Buyers Credit Loan from Banks (Secured by Promissory Note in favour of Bankers).
CHANGE OF ADDRESS
The registered office of the company has been shifted from Plot No. C-255, MIDC, Pawane Village, Navi Mumbai - 400705, Mahrashtra, India to the present address w.e.f. 23.12.2006.
COMPANY PROFILE
The Company is a Company incorporated under The Companies Act, 1956. The Company is primarily engaged in fabrication of tipper bodies, tipping trailers, mounting/ installation of hydraulic systems, manufacturing of hydraulic cylinders, garbage compactors. The Company has its own manufacturing facilities at Navi Mumbai and Pune in the state of Maharashtra, Bengaluru in the state of Karnataka and Jamshedpur in the state of Jharkhand.
BUSINESS SCENARIO
India continues to be an emerging global automotive power offering vast opportunities for Investment. The economic growth in India is expected to improve by the last quarter of 2013. GDP growth for 2013 for Indian economy is expected to be above 5%, and to further improve to above 6% in 2014. Industrial growth is also expected to be positive. A general election scheduled for Q2’ 2014 is widely perceived to be boosting consumption. The Company has been able to improve its market share with all it’s major customers. New OEM’s are entering into the manufacturing of commercial vehicles and adding more opportunities for the company.
BUSINESS OPERATIONS
Management is proposing to invest in a cylinder capacity over three stages. The primary reason is volume growth in India, additional product now made in India (UMB/E) and additional customers i.e. Daimler, Volvo and Scania. The investment is for an additional 40k cylinder capacity (10k 2013, 20k 2014, 10k 2016). The nature of capacity expansion allows incremental volume at varying levels of investment. This proposal ensures Hyva’s continued business with a growing customer base in the Indian market, and also allows their exports to grow significantly to emerging markets like MEA. The investment is $3.5M in tranches of $0.6M, $2.3M, $0.6M. Management is seeking approval for Tipper Factory at Chennai, which will mainly cater to Daimler. Total Capex requirement of $2.7 M will be invested out of internal accrual. Overall the project expected pay back is in 4th year and it´s NPV is $27.5 M @ 15,8% Discounting rates in 10 years. DIVIDEND In view of the substantial expansion undertaken by the Company, the Directors do not recommend any dividend for the year ended 31st December, 2012.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.12.2012 (Rs.
In Millions) |
|
Claims against the Company not acknowledged as debts: |
|
|
(a) Service Tax Matters |
11.141 |
|
(b) Excise Matters |
99.581 |
|
(c) Wealth Tax |
0.600 |
|
(d) Income Tax Matters |
43.141 |
|
(e) Entry Tax |
3.526 |
|
(f) Sales Tax |
5.034 |
|
(g) Sales invoices discounted with the bank and outstanding at the
year end |
223.936 |
NOTES:
i. Future cash outflows in respect of above, if any, are determined only
on receipt of judgement/ decision pending with various
ii. The Company has received demand of Rs. 522.089 Millions (Previous
Year: Rs. 492.716 Millions) towards excise duty from the Central Excise
Valuation (Determination of Price of Excisable Goods) Rules, 2000 against
which, it has filed replies/ appeals the Management, the additional excise duty
under these orders would aggregate to Rs. 94.814 Millions (Previous Year: Rs.
by them, as against the excise duty of Rs. 522.089 Millions (Previous Year: Rs.
492.716 Millions) demanded by the authorities. acknowledge the aforesaid amount
computed by the Management. Based on legal advice obtained, the Company has a
demand and accordingly, the amount of Rs. 427.275 Millions (Previous Year: Rs.
424.170 Millions) is not considered as contingent (Previous Year: Rs. 68.547
Millions) is reimbursable from a customer, considering the confirmation
received from the customer the customer towards this obligation.
FIXED ASSETS
Tangible Assets
· Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
Intangible Assets
· Computer 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 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.61.41 |
|
|
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.