MIRA
INFORM REPORT
|
Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BURCKHARDT
COMPRESSION [INDIA] PRIVATE LIMITED |
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Registered Office : |
Gat No. 304, Pune
– Nagar Road, Village Kondhapuri, Taluka Shirur, Pune District, Pune –
412209, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.06.2004 |
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Com. Reg. No.: |
25-19442 |
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CIN No.: [Company
Identification No.] |
U29120PN2004PTC019442 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB03947G |
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PAN No.: [Permanent
Account No.] |
AAGFB2614K |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Compressors and Spares |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 410000 |
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Status : |
New Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new
company and in the process of establishing itself. Directors are reported as experienced and respectable
businessmen. Payments are reported as usually correct and as per commitments. The company can
be considered for small business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered/Head Office : |
Gat No. 304, Pune
– Nagar Road, Village Kondhapuri, Taluka Shirur, Pune District, Pune – 412209,
Maharashtra, India |
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Tel. No.: |
91-2137-270254 /
669400/569472 |
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Fax No.: |
91-2137-270232 |
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E-Mail : |
milind.gumaste@burckhartdcompression.com,
info.india@burckhardtcompression.com,
manoj.augustine@burckhartedcompression.com |
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Website : |
http://www.bc-india.com, http://wwww.burckhardtcompression.com |
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Regional
Office : |
20, Bishop
Wallers, Avenue [West], C.I.T. Colony, Mylapore, Chennai – 600004, Tamilnadu,
India Tel. No. :
91-44-24992436 / 2448 Fax No. :
91-44-24997276 Poddar Point, A
Block, 6th Floor, 113 Park Street, Kolkata – 700016, West Bengal,
India Tel. No. :
91-33-22276952 Fax No. :
91-33-22276955 1015-1019, Ansal
Tower, 38, Nehru Place, New Delhi – 110019, India Tel. No. : 91-11-26294771
/ 12 / 26440869 Fax No. :
91-11-26294226 Plot No. 219,
GIDC Ranoli, District Vadodra – 391350, Gujarat Tel. No. :
91-265-6451670 / 78 Fax No. :
91-265-2243972 |
DIRECTORS
|
Name : |
Mr. Balaji
Thiruvadanthi Bakthisaran |
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Designation : |
Additional
Director |
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Address : |
D / 30, Mantri
Kishor Park, Bhosale Nagar, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
22.05.1960 |
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Date of Appointment : |
01.03.2006 |
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PAN No. : |
00122523 |
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Previous Employment : |
Enginvest India
Limited – Director CIN No. :
U65923PN1994PLC078067 |
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Name : |
Mr. Leonhard Jean
Keller |
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Designation : |
Director |
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Name : |
Mr. Narasimha Rao
S Rallabhandi |
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Designation : |
Managing Director
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Name : |
Mr. Abhay Anant
Gulvani |
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Designation : |
Director |
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Name : |
Mr. Valentin
Armin Vogt |
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Designation : |
Director |
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Name : |
Mr. Harry Fritz
Otz |
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Designation : |
Director |
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Name : |
Mr. Shriniwas
Keshav Joshi |
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Designation : |
Director |
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Name : |
Mr. Jambunathaaan
J Malik |
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Designation : |
Director |
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Name : |
Mr. Balaji T
Bakthisaran |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Compressors and Spares |
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Products : |
v High Pressure
Multistage Air v Gas Compressors v Pusher
Centrifuges |
GENERAL
INFORMATION
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No. of Employees : |
About 250 |
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Bankers : |
State Bank of India,
Industrial Finance Branch, Tara Chambers, Wakdewadi, Pune – 411003,
Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse
and Company Chartered
Accountants, |
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Address : |
252, Veer
Savarkar Marg, Shivaji Park, Dadar, Pune – 400028, Maharashtra, India |
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Holding Company: |
Burckhardt Compression AG, Switzerland |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
20.000 |
20.000 |
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2] Share Application Money |
|
89.342 |
43.291 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(5.278) |
(13.780) |
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NETWORTH |
|
104.064 |
49.511 |
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LOAN FUNDS |
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1] Secured Loans |
|
58.894 |
0.000 |
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2] Unsecured Loans |
|
217.739 |
224.880 |
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TOTAL BORROWING |
|
276.633 |
224.880 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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380.697 |
274.391 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
340.459 |
242.570 |
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Capital work-in-progress |
|
6.640 |
59.008 |
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INVESTMENT |
|
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
|
3.102 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
154.931 |
78.588 |
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Sundry Debtors |
|
77.642 |
83.116 |
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Cash & Bank Balances |
|
7.387 |
8.249 |
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Other Current Assets |
|
1.746 |
0.775 |
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Loans & Advances |
|
45.920 |
17.077 |
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Total
Current Assets |
|
287.626 |
187.805 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
243.890 |
203.923 |
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Provisions |
|
13.250 |
11.079 |
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Total
Current Liabilities |
|
257.140 |
215.002 |
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Net Current Assets |
|
30.486 |
(27.197) |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
380.697 |
274.391 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
366.410 |
45.535 |
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Total Income |
|
366.410 |
45.535 |
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Profit/(Loss) Before Tax |
|
12.035 |
(13.780) |
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Provision for Taxation |
|
3.533 |
0.000 |
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Profit/(Loss) After Tax |
|
8.502 |
(13.780) |
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Earnings in Foreign Currency : |
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Export Earnings |
|
58.414 |
3.023 |
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Commission Earnings |
|
18.087 |
0.880 |
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Total Earnings |
|
76.501 |
3.903 |
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Imports : |
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Stores & Spares |
|
93.440 |
8.420 |
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Capital Goods |
|
5.527 |
0.000 |
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Total Imports |
|
98.967 |
8.420 |
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Expenditures : |
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Other Expenditure |
|
323.378 |
52.528 |
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Total Expenditure |
|
323.378 |
52.528 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.32 |
(30.26) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
3.28 |
(30.26) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.91 |
(3.20) |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.11 |
(0.27) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
5.12 |
8.88 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.11 |
0.87 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U29120PN2004PTC019442 |
|
Name of the company |
BURCKHARDT
COMPRESSION [INDIA] PRIVATE LIMITED |
|
Address |
Gat No. 304, Pune
– Nagar Road, Village Kondhapuri, Taluka Shirur, Pune District, Pune – 412209,
Maharashtra |
|
This Form is for |
Modification of
charge |
|
Type of Charges |
Book Debts, Movable Property and others If others, specify Current Assets |
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Particular of the charge holder |
State Bank of
India Industrial
Finance Branch, Tara Chambers, Wakdewadi, Pune – 411003, Maharashtra, India |
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Nature or description of the instrument creating charge |
Supplemental Agreement of Hypothecation of Goods and Assets for Increase in Overall limit |
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Date of the instrument creating charge |
21.12.2006 |
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Amount Secure by the charge |
Rs. 105.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
1% above existing cash credit Interest Rate Terms of repayment : Loan should be repaid in 90 days Margin : Raw materials Ind/Imp. 25%, stock in process 25%, finished goods 25%, book debts 25% Ad Hoc LC/BG at Existing Level Extent and operation of the charge : Charge will be in operation till repayment or 90 days which ever is earlier |
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Particulars of the Property charged |
Raw materials & stores, book debts, stocks in process, finished goods |
|
Particulars of the present modification |
Memorandum of agreement made on 21st December, 2006, Limit sanctioned of Rs. 40 millions for a period of 90 days |
WEBSITE DETAILS
Burckhardt
Compression, a world leader in reciprocating compressor technology
Burckhardt Compression is one of the world's largest
manufacturers of reciprocating compressors. The company is recognized as the only
compressor manufacturer of a complete range of Laby® (labyrinth piston),
process gas, and hyper compressors. The compressors are engineered and
manufactured in the company’s own works in Winterthur, Switzerland, (in
accordance with ISO 9001:2000 standards) and Pune, India. Burckhardt
Compression’s global sales and service network consists of 12 subsidiaries and
over 42 representatives.
Customers of Burckhardt Compression are companies in the field
of oil refining, chemical and petrochemical industries, air separation, as well
as gas transport and storage. These industries use compressors to raise the
pressure, to reduce the volume and to cool or liquefy gases such as hydrocarbon
gases, industrial gases and boil-off gases.
Burckhardt Compression’s worldwide service network
ensures the full range of customer support service. Experts with on-going
training have expertise in each particular compressor application and can
provide the necessary service, such as analysis of compressor performance,
complete plant overhaul, consultation, or fulfilling extensive maintenance
contracts.
Burckhardt Compression offers unparalleled expertise and
reliability for all reciprocating compressors, components and services. The
company is recognized as the global technology leader in the compressor world.
As an original equipment manufacturer with over 160 years of experience in
developing, engineering and manufacturing compressors, Burckhardt Compression
is committed to reliability and quality.
Key Figures Burckhardt Compression Worldwide
|
CHF millions |
April 05 - March 06 |
April 05 - Sept 05 |
April 06 - Sept 06 |
Change 2005/2006 |
|
Order intake |
323.5 |
142.6 |
215.5 |
+ 51% |
|
Sales revenues |
210.4 |
111.6 |
119.5 |
+ 7% |
|
EBIT revenues |
29.6 |
14.4 |
24.8 |
+ 72% |
|
Profit for the year as % of sales revenues |
22.1 |
10.8 |
17.8 |
+ 65% |
|
Total assets |
181 |
163.4 |
220.7 |
+ 35% |
|
Shareholders' equity |
66.1 |
53.5 |
85.1 |
+ 59% |
|
Headcount |
638 |
628 |
676 |
+ 6% |
Company
Milestones
2006
On June 26, Burckhardt Compression
Holding AG is listing its shares at the SWX Swiss Exchange.
2005
Acquisition of the
compressor division of Sulzer India Limited
2002
The company becomes legally independent through a management buyout,
Engineering Works Sulzer-Burckhardt Limited becomes Burckhardt Compression AG
2001
Winterthur becomes the company’s domicile
2001
Divestiture of standard high-pressure compressor business to Nord Holding,
Germany; the business activities continue under the name Greenfield Limited
2000
Divestiture of vacuum systems business to Onpro AG, Switzerland; the business
activities continue under the name NSB Gas Processing Limited
2000
Consolidation of all business activities in Winterthur; manufacturing
facilities and offices in Basel closed-down
1999
World's most powerful hyper compressor with 23'500 kW
1990
Relocation of the Winterthur workshop and offices to Oberwinterthur
1982
The Sulzer group's entire range of reciprocating compressor activities are
amalgamated into a single business unit entitled Sulzer–Burckhardt Engineering
Works Limited
1969
The company Engineering Works Burckhardt becomes part of the Sulzer Group;
there are now two sites: Basel and Winterthur (Switzerland)
1952
First hyper compressor for ldPE production at 1'500 bar
1948
Hyper compressor with an end pressure of 4000 bar for a pilot plant in the USA
1935
First labyrinth piston compressor (Laby®)
1920
Start of development of ammonia synthesis compressors for 850 bar (Casale
process) and 1000 bar (Claude process)
1890
Relocation to Dornacherstrasse, Basel; establishment as “Engineering Works
Burckhardt, Limited Company”
1883
First compressor sale
1878
Compressors and vacuum pumps enter the product range
1876
August Burckhardt-Schaub becomes the head of the reconstituted business,
Burckhardt & Co., a limited partnership; sale of foundry
1844
Establishment of the company “Franz Burckhardt, mechanic” in Basel
(Switzerland)
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.90 |
|
UK Pound |
1 |
Rs.84.69 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
30 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|