MIRA INFORM REPORT
|
Report No. : |
350708 |
|
Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
HUSCO HYDRAULICS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Plot A-4, Talegaon Industrial Area, Taluka Maval, District Pune - 410507,
Maharashtra |
|
Tel. No.: |
91-2114-305306 |
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|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
24.02.2006 |
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Com. Reg. No.: |
11-133619 |
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|
|
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Capital Investment
/ Paid-up Capital : |
Rs. 417.455 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40101PN2006PTC133619 |
|
|
|
|
IEC No.: |
3106015144 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH06175B |
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|
|
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PAN No.: [Permanent Account No.] |
AABCH6810K |
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|
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Hydraulics Valves, Motor Graders, Wheel
Loaders and Cranes. |
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|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 107000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Husco International Inc., Untited States, It
was incorporated in the year 2006. It is the manufacturer of hydraulics
vales, motor graders, wheel loaders and cranes. For the financial year ended 2014, the company has healthy scale of
operations marked by decent revenue along with profitability margin of 5.4%. The company has decent financial base along with negligible
borrowings. Further, rating continue to derive comfort the long track record of
the promotors experience along with strong financial and managerial support
which it receives from its holding company. Trade relations are fair. Business is active. Payments are usually
correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Deepak D. Andhale |
|
Designation : |
Purchase Manager |
|
Contact No.: |
91-9325713029 |
|
Date : |
23.11.2015 |
LOCATIONS
|
Registered Office/ Factory: |
Plot A-4, Talegaon Industrial Area, Taluka Maval, District
Pune-410507, Maharashtra, India |
|
Tel. No.: |
91-2114-305300 / 305306 / 305402 |
|
Mobile No.: |
91-9325713029 (Mr. Deepak D. Andhale) |
|
Fax No.: |
91-2114-305400 / 305402 |
|
E-Mail : |
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|
Website : |
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|
Location: |
Owned |
|
Locality: |
Industrial |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Agustin Ramirez |
|
Designation : |
Director |
|
Address : |
316 Colony Drive, Naples, Florida - 341080000, United States of America |
|
Date of Birth/Age : |
07.04.1946 |
|
Date of Appointment : |
24.02.2006 |
|
DIN No.: |
02475017 |
|
|
|
|
Name : |
Mr. Austin Martin Ramirez |
|
Designation : |
Director |
|
Address : |
1313 N Franklin Pl No. 804, Milwaukee, Wi, Wisconsin - 53202, United States Of America |
|
Date of Birth/Age : |
30.06.1978 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
05114394 |
|
|
|
|
Name : |
Mr. Paul Edward Pomeroy |
|
Designation : |
Managing director |
|
Address : |
Flat No. 12, Solitare Apt 4 Kasturbh Samadhi Road, Off Pune Nagar Road, Yerwada, Pune - 411006, Maharashtra, India |
|
Date of Birth/Age : |
17.07.1961 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No.: |
06584325 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak D. Andhale |
|
Designation : |
Purchase Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Husco International Inc., USA |
41745050 |
|
Husco Automotive LLC, USA |
450 |
|
|
|
|
Total |
41745500 |
AS ON 30.09.2014
|
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] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hydraulics Valves, Motor Graders, Wheel
Loaders and Cranes. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
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Products : |
Raw Material |
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Countries : |
UK |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 Days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor, Suite No 8, Airport Road, Yerwada, Pune, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company: |
Husco International Inc. |
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Fellow
Subsidiary Company : |
· Husco International Limited · Husco Hydraulic (Shangai) Limited · Husco Automotive Holding |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41,745,500 |
Equity Shares |
Rs. 10/- each |
Rs. 417.455
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
417.455 |
417.455 |
417.455 |
|
(b) Reserves & Surplus |
(42.755) |
(95.655) |
(126.655) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
374.700 |
321.800 |
290.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
119.700 |
211.500 |
305.700 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
10.500 |
8.400 |
5.600 |
|
Total
Non-current Liabilities (3) |
130.200 |
219.900 |
311.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
50.000 |
|
(b)
Trade payables |
102.900 |
123.800 |
140.600 |
|
(c)
Other current liabilities |
137.400 |
128.800 |
24.500 |
|
(d)
Short-term provisions |
5.800 |
4.800 |
5.500 |
|
Total
Current Liabilities (4) |
246.100 |
257.400 |
220.600 |
|
|
|
|
|
|
TOTAL |
751.000 |
799.100 |
822.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
301.500 |
332.600 |
345.300 |
|
(ii)
Intangible Assets |
0.200 |
0.500 |
0.100 |
|
(iii)
Capital work-in-progress |
12.100 |
6.400 |
16.400 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
14.100 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
24.300 |
36.500 |
34.200 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
352.200 |
376.000 |
396.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
168.200 |
128.000 |
233.700 |
|
(c)
Trade receivables |
93.000 |
116.100 |
95.500 |
|
(d)
Cash and cash equivalents |
87.400 |
145.500 |
52.000 |
|
(e)
Short-term loans and advances |
50.200 |
33.500 |
45.500 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
398.800 |
423.100 |
426.700 |
|
|
|
|
|
|
TOTAL |
751.000 |
799.100 |
822.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
964.100 |
968.600 |
1006.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
906.000 |
937.600 |
992.600 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
58.100 |
31.000 |
13.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.200 |
0.000 |
0.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
52.900 |
31.000 |
13.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
59.000 |
42.100 |
20.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.27 |
0.74
|
0.32 |
|
|
PARTICULARS |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
970.000 |
|
|
|
|
|
The above information has been parted by Mr. Deepak D. Andhale (Purchase
Manager)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
111.900 |
109.300 |
0.000 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from used in Operations |
85.600 |
175.500 |
67.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.03 |
3.20 |
1.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.02 |
3.91 |
1.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.10 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.62 |
1.00 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62 |
1.64 |
1.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
417.455 |
417.455 |
417.455 |
|
Reserves & Surplus |
(126.655) |
(95.655) |
(42.755) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
290.800 |
321.800 |
374.700 |
|
|
|
|
|
|
Long-term borrowings |
305.700 |
211.500 |
119.700 |
|
Short term borrowings |
50.000 |
0.000 |
0.000 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
0.000 |
109.300 |
111.900 |
|
Total
borrowings |
355.700 |
320.800 |
231.600 |
|
Debt/Equity
ratio |
1.223 |
0.997 |
0.618 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
1006.100 |
968.600 |
964.100 |
|
|
|
(3.727) |
(0.465) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
1006.100 |
968.600 |
964.100 |
|
Profit |
13.400 |
31.000 |
52.900 |
|
|
1.33% |
3.20% |
5.49% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Other external Commercial borrowings |
119.700 |
211.500 |
|
|
|
|
|
Total |
119.700 |
211.500 |
CHANGE OF ADDRESS:
The Registered Office of the Company has been shifted from Readymoney
Mansion, 43 Veer Nariman Road, Fort, Mumbai – 400001, Maharashtra, India to the
present address w.e.f. 21.01.2009.
OPERATIONS
During the year ended on 31stMarch, 201 4 Sales and Other income amounted to Rs. 964.100 Million in comparison to Rs. 968.600 Million in the previous year. Company has made Net profit of Rs. 52.900 Million in comparison to Net profit of Rs. 31.000 Million in the previous year.
Company is taking necessary steps to increase its profitability further by imposing strict control over overheads.
FUTURE PLANS
Company is taking necessary steps to increase operations and earn sufficient margins on its operations.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.