MIRA INFORM REPORT

 

 

Report No. :

339866

Report Date :

07.09.2015

 

IDENTIFICATION DETAILS

 

Name :

HONEYWELL AUTOMATION INDIA LIMITED (w.e.f. 24.03.2005)

 

 

Formerly Known As :

TATA HONEYWELL LIMITED

 

 

Registered Office :

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

Tel. No.:

91-20-56039400

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

13.01.1984

 

 

Com. Reg. No.:

11-017951

 

 

Capital Investment / Paid-up Capital :

Rs.88.400 Million

 

 

CIN No.:

[Company Identification No.]

L29299PN1984PLC017951

 

 

IEC No.:

0388002956

 

 

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 the business of Automation and Control systems.

 

 

No. of Employees :

2842 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (77)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a subsidiary of "Honeywell Asia -Pacific Inc.

 

It is an established company incorporated in the year 1984 having a excellent track record,

 

Management of the company has changed its financial year from (December 2013 to March 2015) ranging from January 2014 to March 2015 for 15th Months.

 

Available financial indicates company strong financial risk profile marked by healthy net worth position with zero debt and decent profitability of the company

 

Fundamentals of the company are strong and healthy. Promoters are reported to be well experienced and knowledgeable businessmen.

 

Share price are quoted high on stock exchange (Face value Rs.10 with Share price Rs.8593/-).

 

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

 

The company can be considered good 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 31-03-2013.

 

INFORMATION DECLINED

 

MANAGEMENT NON CO-OPERATIVE (91-20-66039400)

 

LOCATIONS

 

Registered Office / Head Office :

56 and 57, Hadapsar Industrial Estate, Pune - 411013, 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 :

http://www.honeywell.com
http://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 31.03.2015

 

Name :

Mr. Surendra Rao

Designation :

Chairman and 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 :

Mr. Srinath Narasimhan

Designation :

Independent Director

 

 

Name :

Mr. Norman 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 Maheshwari

Designation :

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

 

 

Name :

Mr. Vikas Chadha

Designation :

Managing Director

 

 

Name :

Ms. Nisha Gupta

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Ms. Sangeet Hunjan

Designation :

Company Secretary

 

 

SENIOR MANAGEMENT TEAM

 

 

 

Name :

Ms. Anjani Ningoo

Designation :

Head - Audit & Internal Controls

 

 

Name :

Mr. Anurag Anand

Designation :

Head - Environment and Combustion Control – Homes and Solar Water Heater

 

 

Name :

Mr. Anurag Bhagania

Designation :

Chief Financial Officer

 

 

Name :

Mr. Aseem Joshi

Designation :

Head - Sensing & Controls

 

 

Name :

Mr. K. V. Ananthanarayanan

Designation :

Head - Legal

 

 

Name :

Mr. Praveen Mellacheruvu

Designation :

Head - Strategy & Marketing

 

 

Name :

Mr. Priyanshu Singh

Designation :

Head - Building Solutions

 

 

Name :

Ms. Rachna Parashar

Designation :

Head - Human Resources

 

 

Name :

Mr. Ravi Bagaitkar

Designation :

Head - Honeywell Operating System

 

 

Name :

Mr. Rohit Mirakhur

Designation :

Head - Integrated Supply Chain

 

 

Name :

Mr. Savyasachi Tumkur

Designation :

Head - Sales, Process Solutions

 

 

Name :

Mr. Vivek Bhatia

Designation :

Head - Global Services

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.06.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(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

1305661

14.77

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

814

0.01

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

285

0.00

http://www.bseindia.com/include/images/clear.gifInsurance Companies

3452

0.04

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

23244

0.26

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

618

0.01

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

618

0.01

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

1334074

15.09

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

 

 

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

115121

1.30

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

732177

8.28

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

28120

0.32

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

889

0.01

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

889

0.01

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

876307

9.91

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

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl.No.

Name of the Shareholder

No. of Shares held

As a % of grand total (A)+(B)+(C)

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

Honeywell Asia Pacific Inc

66,31,142

75.00

75.00

 

Total

66,31,142

75.00

75.00

 

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Sl. No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

Reliance Capital Trustee Co. Ltd. - A/C Reliance Tax Saver (Elss) Fund

207000

2.34

2.34

 

2

Reliance Capital Trustee Co Ltd A/C-Reliance Regular Savings Fund-Equity Option

175000

1.98

1.98

 

3

Birla Sun Life Trustee Company Private Limited A/C Birla Sun Life Mnc Fund

159918

1.81

1.81

 

4

Reliance Capital Trustee Co. Ltd A/C Relianceequity Opportunities Fund

158201

1.79

1.79

 

5

Birla Sun Life Trustee Company Private Limited A/C Birla Sun Life Tax Relief 96

132993

1.50

1.50

 

6

Sundaram Mutual Fund A/C Sundaram Select Midcap

99342

1.12

1.12

 

7

Reliance Capital Trustee Company Limited A/C Reliance Vision Fund

99000

1.12

1.12

 

 

Total

1031454

11.67

11.67

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged primarily in the business of Automation and Control systems.

 

 

Products :

Automation and Control systems.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

2842 (Approximately)

 

 

Bankers :

Banker Name

Citibank N. A.

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address:

7th Floor, Tower A, Wing 1, Business Bay, Airport Road, Yerwada, Pune – 411006, Maharashtra, India

Tel No.:

91-20-41004444

Fax No.:

91-20-41006161

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company:

Honeywell Asia -Pacific Inc

 

 

Ultimate holding company:

Honeywell International Inc

 

 

Fellow Subsidiaries:
  • Honeywell Middle East B.V.
  • Honeywell International (India) Private Limited
  • Honeywell Technology Solutions Quatar
  • Honeywell Limited Australia
  • Honeywell Tianjin Limited
  • Honeywell Limited
  • Honeywell Controls and Automation India Private Limited
  • Honeywell Enraf Americas, Inc.
  • Honeywell B.V.
  • Honeywell Measurex (Ireland) Limited.
  • Honeywell and Co. Oman L.L.C.
  • Honeywell Turkey Arabia Limited
  • Honeywell Pte Limited
  • Honeywell Controls System Limited
  • Honeywell Automation and Control Solutions South Africa (Pty) Limited
  • Honeywell International Middle East Limited
  • Honeywell Kuwait KSC. MST Technology GMBH
  • Automation and Control Solutions, S. de R.L. de C.V.
  • Honeywell Security France S.A.
  • Honeywell Europe N.V.
  • Honeywell GMBH
  • Honeywell Systems (Thailand) Limited
  • Honeywell S.A. (Belgium)
  • Honeywell Limited ( Hong Kong)
  • Honeywell Airport Systems Gmbh
  • Enraf B.V.
  • Honeywell s.r.l.
  • Honeywell Technology Solutions Lab Private Limited
  • UOP India Private Limited
  • Pittway Systems Technology Group Europe Limited
  • Honeywell Engineering Sdn. Bhd.
  • Honeywell Taiwan Inc. Honeywell Company Limited
  • Callidus Technologies India Private Limited
  • Honeywell S.L.
  • Honeywell Building Solutions Gmbh
  • Honeywell Portugal, Automacao e Contolo, S.A.
  • Novar Systems Limited
  • Honeywell Automation and control Solutions Carribean Limited
  • Honeywell Middle East FZE
  • Honeywell AS Norway
  • Honeywell Controls International Ltd. H
  • oneywell OY
  • Tridium Inc.
  • Matrikon Middle East Co WLL
  • Honeywell Limited (New Zealand)
  • Honeywell Environmental and Combustion Controls (Tianjin) Company Limited.
  • Honeywell Austria Gesellschaft mbh
  • Honeywell International s.a.r.l.
  • Honeywell A.B.
  • Honeywell Sensing and Control China Company Limited.
  • Matrikon Pty Limited
  • Honeywell Technologies SARL
  • Trend Control Systems Limited
  • Honeywell AG
  • Honeywell (China) Advanced Solutions Company Limited
  • Matrikon Inc.
  • Honeywell Southern Africa (Proprietary) Limited
  • Matrikon Industrial Solutions India Private Limited
  • Honeywell Japan Inc.
  • Honeywell Chile S.A.
  • Honeywell A/S (Denmark)
  • Honeywell Aerospace B.V.
  • ADI-Gardiner NV
  • Honeywell Turbo Technologies (India) Private Limited
  • Honeywell China Company Limited
  • Honeywell Electrical Devices and Systems India Limited
  • PT Honeywell Indonesia
  • Honeywell do Brasil Ltda.
  • Life Safety Distribution AG
  • Honeywell Egypt Limited
  • Honeywell Analytics Asia Pacific Company Limited
  • Honeywell EOOD
  • Honeywell Otomasyon ve Kontrol Sistemleri Sanayi ve Ticaret A.S.
  • Matrikon International, Inc.
  • Honeywell Analytics Inc,
  • Novar Gmbh
  • Sinpoec Honeywell Tianjin Limited.
  • Honeywell Integrated Technology (China) Company Limited.
  • ZAO Honeywell Ademco Asia Pacific Limited.
  • Maxon Corporation Tridium Asia Pacific Pte Limited.
  • Honeywell ASCa Inc.
  • Honeywell BeijingTechnology solution
  • Maxon Combustion Equipment (Shanghai) Company Limited
  • Honeywell Romania s.r.l.
  • Maxon International BVBA
  • Enraf Marine Systems S.A.S.
  • Fire Sentry Corporation
  • Honeywell Europe Services S.A.S.
  • Inncom International Inc
  • Honeywell Automation and Control Solutions West Africa Limited
  • Bryan Donkin RMG Gas Controls Limited
  • Honeywell Automation Controls LLP
  • Honeywell, S.L. [Spain]
  • Honeywell (Macau) Limited
  • Honeywell Iraq LLC
  • KAC Alarm Company Limited
  • Saia-Burgess Controls AG
  • RMG Regel + Messtechnik GmbH
  • Honeywell spol. s.r.o. [Slovak Republic]
  • Honeywell Sp. z o.o.
  • Integrated Technical Innovation Company for General Services and Trade
  • Honeywell Szabályozástechnikai Kft.
  • Honeywell NV [Belgium]
  • Honeywell Life Safety AS

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

Rs.10/- each

Rs.100.000 Million

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8841697

Equity Shares

Rs.10/- each

Rs.88.400 Million

 

 

 

 

 

 

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, 2013 : 6,631,142 ) Equity shares constituting 75% (December 31,2013 75%) 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 neither allotted any shares as fully paid up bonus shares nor pursuant to contract(s) payment being received in cash during 5 years immediately preceding March 31, 2015.

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

(15 Months)

31.12.2013

(12 Months)

31.12.2012

(12 Months)

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

88.400

88.400

88.400

(b) Reserves & Surplus

8730.300

7721.300

6963.100

(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)

8818.700

7809.700

7051.500

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(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

102.400

50.100

234.400

Total Non-current Liabilities (3)

102.400

50.100

234.400

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

4241.000

3761.300

3272.500

(c) Other current liabilities

903.700

1172.000

977.400

(d) Short-term provisions

699.600

520.700

481.700

Total Current Liabilities (4)

5844.300

5454.000

4731.600

 

 

 

 

TOTAL

14765.400

13313.800

12017.500

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

843.400

647.400

713.400

(ii) Intangible Assets

5.600

3.300

3.600

(iii) Capital work-in-progress

68.000

29.300

3.700

(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)

734.100

595.900

423.100

(d)  Long-term Loan and Advances

1567.000

1405.200

1177.700

(e) Other Non-current assets

189.500

236.700

135.900

Total Non-Current Assets

3407.600

2917.800

2457.400

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

759.600

0.000

0.000

(b) Inventories

1235.700

1101.500

1036.700

(c) Trade receivables

3456.400

3537.300

3754.800

(d) Cash and cash equivalents

2186.800

3107.600

1487.700

(e) Short-term loans and advances

492.000

321.400

510.300

(f) Other current assets

3227.300

2328.200

2770.600

Total Current Assets

11357.800

10396.000

9560.100

 

 

 

 

TOTAL

14765.400

13313.800

12017.500

 

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2015

(15 Months)

31.12.2013

(12 Months)

31.12.2012

(12 Months)

 

SALES

 

 

 

 

Income

24036.700

17069.900

16607.300

 

Other Income

224.400

186.400

111.900

 

TOTAL (A)

24261.100

17256.300

16719.200

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

11656.000

8562.200

8388.800

 

Purchases of Stock-in-Trade

1970.900

1420.700

1514.300

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(52.600)

(37.700)

(201.400)

 

Employees benefits expense

4285.100

3033.900

2972.900

 

Other expenses

4056.300

2906.300

2708.100

 

Exceptional item

400.200

0.000

0.000

 

TOTAL (B)

22315.900

15885.400

15382.700

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

1945.200

1370.900

1336.500

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

4.400

3.900

3.400

 

 

 

 

 

 

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

1940.800

1367.000

1333.100

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

168.600

139.200

139.900

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

1772.200

1227.800

1193.200

 

 

 

 

 

Less

TAX (H)

630.200

366.200

341.500

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

1142.000

861.600

851.700

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

6130.500

5458.500

4794.700

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

General Reserve

114.200

86.200

85.200

 

Proposed Dividend

110.500

88.400

88.400

 

Tax on proposed dividend

22.500

15.000

14.300

 

Balance Carried to the B/S

7025.300

6130.500

5458.500

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Export

2993.300

2244.300

2921.300

 

Services

3462.100

2446.600

2467.100

 

Reimbursements

1171.400

788.000

616.200

 

Others

1181.600

916.600

957.200

 

TOTAL EARNINGS

8808.400

6395.500

6961.800

 

 

 

 

 

 

IMPORTS

 

 

 

 

Capital goods

65.000

25.500

10.600

 

Raw materials

6015.300

4741.800

543.300

 

TOTAL IMPORTS

6080.300

4767.300

553.900

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

129.17

97.45

96.33

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

 

Particulars

 

31.03.2015

(15 Months)

31.12.2013

(12 Months)

31.12.2012

(12 Months)

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

922.000

2469.700

259.100

Net cash generated from operations

130.200

1915.000

(173.200)

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

 

30.06.2015

1st Quarter

Audited / UnAudited

 

 

 

 

 

 

 

Net Sales

 

 

5128.100

Total Expenditure

 

 

4554.000

PBIDT (Excl OI)

 

 

574.100

Other Income

 

 

58.900

Operating Profit

 

 

633.000

Interest

 

 

0.700

Exceptional Items

 

 

NA

PBDT

 

 

632.300

Depreciation

 

 

37.500

Profit Before Tax

 

 

594.800

Tax

 

 

222.700

Provisions and contingencies

 

 

NA

Profit After Tax

 

 

372.100

Extraordinary Items

 

 

NA

Prior Period Expenses

 

 

NA

Other Adjustments

 

 

NA

Net Profit

 

 

372.100

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

(15 Months)

31.12.2013

(12 Months)

31.12.2012

(12 Months)

Net Profit Margin

(PAT / Sales)

(%)

4.75

5.05

5.13

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

8.09

8.03

8.05

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.69

9.68

10.29

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.20

0.16

0.17

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.94

1.91

2.02

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.8593.00/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.12.2012

31.12.2013

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

88.400

88.400

88.400

Reserves & Surplus

6963.100

7721.300

8730.300

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

7051.500

7809.700

8818.700

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2012

31.12.2013

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

16607.300

17069.900

24036.700

 

 

2.786

40.813

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2012

31.12.2013

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

16607.300

17069.900

24036.700

Profit

851.700

861.600

1142.000

 

5.13%

5.05%

4.75%

 

 

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

No

8

Designation of contact person

No

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)

No

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

CASE DETAILS

BENCH:-BOMBAY

 

Lodging No.:-

ITXAL/1325/2015

Filing Date:-

28/08/2015

 

 

Petitioner:-

THE PR. COMMISSIONER OF INCOME TAX-1

 

Respondent:-

HONEYWELL AUTOMATION INDIA LIMITED

Petn.Adv.:-

Suresh Kumar (I2100)

 

 

District:-

PUNE

 

 

Bench:-

DIVISION

Status:-

Pre-Admission

Category:-

TAX APPEALS

 

Last Date:-

04/09/2015

Stage:-

 

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

 

 

Act :-

Income Tax Act, 1961

Under Section:-

260A

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

OPERATIONS:

 

The Management Discussion and Analysis Report annexed herewith provides full details of operational performance and business analysis of these business units.

 

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

 

• Honeywell Building Solutions (HBS) provides solutions and services for facilities such as Commercial and Industrial Buildings, IT and ITES industry, Hospitals, Hotels, Airports etc.

 

• Environment and Combustion Control (ECC) serves multiple brands through channels and offers environmental and combustion products and solutions to commercial, hospitality and industrial segments.

 

• Sensing and Control (SandC) 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 along 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.

 

In the period 2014-2015, the economy witnessed signs of growth revival and some of the key macroeconomic indicators have started moving in the right direction. GDP has begun to show an increasing trend, inflation has also moderated significantly in large part due to erosion in fuel prices following which RBI has also reduced interest rates. However, they are yet to witness significant activity on the ground that indicates a complete turnaround. While GDP growth has begun to show improvement, investment activity across sectors, particularly in industrial, continued to remain muted with uncertainty in the economy. Bank lending activity to the corporate sector has not significantly increased. The early signs of economic revival along with legislative and regulatory actions taken by the Central Government in 2014 should prove beneficial to the overall industry.

 

Economic and industry conditions impacting the Company's customers have an impact on the Company’s operations.

 

Some of the important market conditions were:

 

• Slow pace of capital investments continued in most areas that the Process Solutions business operates in.

• In the key commercial sector which is of critical importance to the Building solutions business, continued performance of IT/ITES companies has helped drive growth.

• Inventory in residential sector continues to be high and hence slowing trends witnessed in new launches and pace of construction activity. These trends have impacted the Company’s ECC business.

• Manufacturing activity in the core sector is a critical driver for the company’s SandC business. While activity in this sector has remained muted for 2014, it remains to be seen whether, several positive drivers including “Make in India” initiatives will help drive favorable trend in the near future.

• While the impact of lowering oil prices has been beneficial to the Indian economy, the company provides services to Honeywell entities located in regions which are oil-producing and processing (North America and Middle East). This impacts the Company’s operations negatively by reducing opportunities to serve those markets. However the reasonable stability in FX rates has remained a positive factor for the company’s global engineering / manufacturing businesses.

 

Honeywell Process Solutions (HPS):

 

HPS’ offerings include distributed control systems (DCS), transmitters, programmable logic controllers, emergency shutdown systems (ESD), quality controls systems (QCS), process and business performance improvement solutions and various value added services. HPS business has won several prestigious projects in the last year. Given the vast diversity of products, the company will strive to sustain its performance.

 

HPS business will need to drive continued focus to prevail over economic environment, slow recovery of growth of industrial production and continued competitive pressures in the market. Opportunities in the green field refining sector are fewer due to uncertainty of investments in oil and natural gas, petrochemicals and fertilizers.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

Honeywell Building Solutions (HBS):

 

HBS provides building solutions that are operationally intelligent and energy efficient. As part of its intelligent buildings suite, HBS provides building management systems (HVAC, lighting and utilities monitoring and control), fire detection and alarm systems, access control systems, video surveillance systems, integrated security systems and integrated building management systems leveraging Honeywell’s Enterprise Buildings Integrator™, i.e., EBI™. As part of its operational efficiency promise, HBS provides after market services for all control systems as well as comprehensive utilities operations and maintenance services for all mechanical and electrical systems in buildings. HBS provides energy management services, demand response solution, energy retrofits and energy performance contracts.

 

The strong results in this business continued during the year. Its track record in Infrastructure, Transportation, IT, Datacenters, Pharmaceutical and Office Space verticals has helped accelerate its presence in Government, Telecommunication and Healthcare verticals in 2014. The highlights of the year were major order wins from many large customers from Transportation, Telecommunications and IT.

 

Environment and Combustion Control (ECC):

 

Commercial real estate sector contributes around 2/3 of ECC business and continued to be the focus. In the current year, the sector drove good increase in revenues and in profitability for the business. This performance is primarily attributable to the company’s continuous improvement in sales and marketing strategy for field devices and building management business. The company continues to strengthen its presence in the residential vertical with a strategic investment in setting up a solar water heater factory in Vadodora. The factory was inaugurated in 2014 and will enable in taking Honeywell brand to Indian homes. Solar water heater business is in its early cycle and the company will strive to drive growth and expand margins in coming years. Combustion business has witnessed some headwinds due to challenging conditions in industrial sectors. Uncertainty in India’s gas availability and pricing continues to be the key barrier to the growth of this business.

 

ECC’s effort to utilize synergistic opportunity with Honeywell Electrical Devices and Systems (EDandS), which has similar end markets in commercial and residential verticals, has helped widening portfolio, sharing organization and support infrastructure and expand channel reach.

 

Sensing and Control (SandC):

 

With continued sluggishness in core industrial sectors, particularly construction equipment and automotive, SandC revenues were flat for the year. Electromechanical was down year on year, but was offset by modest improvements in electro sensing and test and measurement. Despite the difficult market conditions, the Company remained focused on identifying and winning new business opportunities. During the year, S&C secured significant program wins from key customers in transportation.

 

The Company will continue to remain focused on verticals such as industrial, transportation, military, aerospace and healthcare. The Company intends to expand the distribution network, especially for greater coverage of industrial customers. The channel management team that was deployed last year is helping to grow their channel business, is allowing their direct sales team to focus on key account management.

 

GENERAL INFORMATION:

 

Subject is engaged primarily in the business of Automation and Control systems on turnkey basis and otherwise. The Company is a public limited company and is listed on the Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE).

 

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2015

 

Sr No.:

Particulars

Quarter Ended

 

 

31.03.2015

Unaudited

1

Income From Operations

 

 

a. Net Sales/ Income from  Operations

(Net of Excise Duty)

5127.500

 

b. Other Operating Income

0.600

 

Total Income from Operations (Net)

5128.100

2

Expenditure

 

 

a. Cost of material Consumed

2339.20

 

b. Purchase of Stock-in trade

445.400

 

c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade

78.300

 

d. Employees Benefit Expenses

888.300

 

e. Depreciation and Amortisation Expenses

37.500

 

f. Other expenses

802.800

 

Total Expenses

4591.500

3

Profit from Operations before Other Income, Interest and Exceptional Items

536.600

4

Other Income

58.900

5

Profit from ordinary activities before finance cost & exceptional items

595.500

6

Finance Costs

0.700

7

Profit from ordinary activities after finance costs & exceptional items

594.800

8

Exceptional items

0.000

9

Profit from ordinary activities before tax

594.800

10

Tax Expense

222.700

11

Net Profit from ordinary activity after tax

372.100

12

Extraordinary Items

0.000

13

Net Profit After Tax

372.100

14

Paid-up equity share capital (face value of Rs.10 per share)

88.400

15

Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year

--

16

Earning Per Share (of Rs.10 each) (not annualized)

 

 

Basic EPS 

42.09

 

Diluted EPS

42.09

A

PARTICULARS OF SHAREHOLDING

 

17

Public Shareholding

 

 

- No. of shares

2210381

 

- Percentage of shareholding

25

18

Promoter & Promoter Group Shareholding

 

 

a) Pledged/Encumbered

 

 

- No. of shares

NIL

 

- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)

 

 

- Percentage of shareholding (as a % of the total share capital of the company)

 

 

b) Non-encumbered

 

 

- No. of shares

6631142

 

- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)

100

 

- Percentage of shareholding (as a % of the total share capital of the company)

75

 

 

Particulars

Quarter ended 30.06.2015

B

Investor Complaints

 

 

Pending at the beginning of the quarter

--

 

Received during the quarter

--

 

Disposed of during the quarter

--

 

Remaining unresolved at the end of the quarter

--

 

NOTE:

 

The above results have been reviewed by the Audit Committee and were taken on record by the Board of Directors in their meeting held on July 21, 2015.



The Limited Review under clause 4 of the Listing Agreement has been carried out by the Statutory Auditors. The Report does not contain anything which would have an impact on the results for the quarter ended June 30, 2015.

In the previous quarter, the Company had concluded its review to determine the extent by which costs had been recorded to incorrect projects. As a result, adjustments had been made for the fifteen month period ended March 31,2015 to reduce revenue by Rs. 545.000 Million and reduce profit before tax by Rs 672.900 Million. This reduction in profit before tax includes an impact of Rs. 127.900 Million for provision for future losses in accordance with Accounting Standard 7 - Accounting for construction contracts. Amounts of Rs. 400.200 Million which relate to prior periods, had been disclosed as an exceptional item (Rs. 261.000 Million for the quarter ended December 31. 2014 and the balancing figure of Rs. 139.200 Million for the quarter ended March 31, 2015). The Company is in the process of enhancing internal controls to minimize the risk of such incorrect recording of costs in the future.


The Company has only one segment viz. "Automation and Control Systems" as per Accounting Standard 17 (AS-17) -Segment Reporting,


Previous periods/year figures have been regrouped, wherever necessary.

 

CONTINGENT LIABILITIES

(Rs. in Million)

Particular

31.03.2015

(15 Months)

31.12.2013

(12 Months)

Income Tax claims against the Company

825.900

834.400

Excise duty claims against the Company

0.300

0.300

Sales tax refunds/claims against the Company

466.500

258.400

Customs duty claims against the Company

26.200

29.200

Claims against the Company not acknowledged as debts

151.600

151.600

Note: It is not practicable for the Company to estimate the timing of cash outflow, if any, in respect of the above pending resolutions of the respective proceedings.

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and machinery
  • Computers
  • Furniture and fixtures
  • Office equipments
  • Vehicles

 

Intangible assets

 

  • Product Distribution
  • Rights HSPL
  • 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, 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.66.40

UK Pound

1

Rs.101.19

Euro

1

Rs.73.89

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

8

--RESERVES

1~10

9

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

YES

--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

 

77

 

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.