MIRA
INFORM REPORT
|
Report Date : |
29.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
POTAIN INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
SHIRKE CONSTRUCTION EQUIPMENTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
72/76, Industrial Estate,
Mundhwa, Pune 411 036, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
07.09.1970 |
|
|
|
|
Com. Reg. No.: |
11-014775 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29150MH1970PTC014775 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Equipment for Construction and Post Harvesting |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 310000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. It is a part of Siporex Group a Pune based
medium sized industrial house. Trade relations
are fair. Financial position is
good. Payments are usually correct and as per commitments. The Company can be considered good for normal business dealing at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
72/76, Industrial Estate,
Mundhwa, Pune 411 036, |
|
Tel. No.: |
91-20-26870151 |
|
Fax No.: |
91-20-26871612 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Robert Michael Pavrey |
|
Designation : |
Director |
|
Address : |
345, |
|
Date of Birth/Age : |
16.03.1962 |
|
Date of Appointment : |
19.07.2007 |
|
|
|
|
Name : |
Mr. Baburao Shirke |
|
Designation : |
Director |
|
Address : |
1205, |
|
Date of Birth/Age : |
01.08.1918 |
|
Date of Appointment : |
27.11.1988 |
|
|
|
|
Name : |
Mr. Padmaja Shrike |
|
Designation : |
Director |
|
Address : |
1205, |
|
Date of Birth/Age : |
14.10.1958 |
|
Date of Appointment : |
16.011999 |
|
|
|
|
Name : |
Mr. Eric Paul Etchart |
|
Designation : |
Director |
|
Address : |
27, |
|
Date of Birth/Age : |
12.07.1956 |
|
Date of Appointment : |
19.07.2007 |
|
|
|
|
Name : |
Mr. Glen Erwin Tellock |
|
Designation : |
Director |
|
Address : |
8529, |
|
Date of Birth/Age : |
20.02.1961 |
|
Date of Appointment : |
19.07.2007 |
|
|
|
|
Name : |
Mr. Lawrence Richard Bryce |
|
Designation : |
Director |
|
Address : |
367, |
|
Date of Birth/Age : |
03.05.1962 |
|
Date of Appointment : |
19.07.2007 |
|
|
|
|
Name : |
Mr. Vijay Shirke |
|
Designation : |
Director |
|
Address : |
1205, |
|
Date of Birth/Age : |
04.11.1949 |
|
Date of Appointment : |
16.01.1999 |
|
|
|
|
Name : |
Mr. Ajay Shirke |
|
Designation : |
Director |
|
Address : |
1205, |
|
Date of Birth/Age : |
26.04.1958 |
|
Date of Appointment : |
16.01.1999 |
KEY EXECUTIVES
|
Name : |
Sunil N. Adhiya |
|
Designation : |
Company Secretary |
|
Address : |
201, Pallavi House, Dr. Ketkar Marg, Erandwane, Pune 411004, |
|
Tel No. : |
91-20-25661392 |
|
Mobile No. : |
91-9823122984 |
|
E-mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Baburao Govindrao Shirke |
|
310 |
|
Vijay Baburao Shirke |
|
210 |
|
Jayasingrao Chimanrao Shinde |
|
6000 |
|
Padmaja Vijay Shirke |
|
2000 |
|
Ajay Baburao Shirke |
|
9020 |
|
Pratap Baburao Shirke |
|
1050 |
|
Avanti Vijay Shirke |
|
22400 |
|
Trust Jay |
|
27300 |
|
Gayatri Vijay Shirke |
|
22210 |
|
Anavi Ajay Shirke |
|
8500 |
|
Total |
|
99000 |
|
|
|
|
|
Equity Share Breakup |
|
Percentage of
Holding |
|
Directors or relatives of Directors |
|
100.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Equipment for Construction and Post Harvesting |
GENERAL INFORMATION
|
No. of Employees : |
250 |
|
|
|
|
Bankers : |
Bank of |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R. C. Jain & Company Chartered Accountant |
|
Address : |
696, Narayan Peth, 1st floor, Kunte Chowk, Laxmi Road, Pune
411030, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
115000 |
Equity Shares |
Rs. 100/- each |
Rs. 11.500 Millions |
|
15000 |
Preference Shares |
Rs. 100/- each |
Rs. 1.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99000 |
Equity Shares |
Rs. 100/- each |
Rs. 9.900
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.900 |
9.900 |
9.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
68.042 |
173.328 |
107.981 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
77.942 |
183.228 |
117.881 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
273.782 |
92.519 |
62.985 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
273.782 |
92.519 |
62.985 |
|
|
DEFERRED TAX LIABILITIES |
4.341 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
356.065 |
275.747 |
180.866 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
169.578 |
57.276 |
19.912 |
|
|
Capital work-in-progress |
31.114 |
49.737 |
2.529 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
28.234 |
1.234 |
|
|
DEFERREX TAX ASSETS |
0.000 |
3.008 |
4.197 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
358.804
|
206.884 |
148.807 |
|
|
Sundry Debtors |
121.978
|
101.846 |
41.523 |
|
|
Cash & Bank Balances |
62.592
|
38.463 |
83.689 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
184.940
|
74.262 |
37.709 |
|
Total
Current Assets |
728.314
|
421.455 |
311.728 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
309.222
|
211.187 |
123.042 |
|
|
Provisions |
263.719
|
72.776 |
35.692 |
|
Total
Current Liabilities |
572.941
|
283.963 |
158.734 |
|
|
Net Current Assets |
155.373
|
137.492 |
152.994 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
356.065 |
275.747 |
180.866 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover (including other income) |
1204.900 |
659.200 |
430.500 |
|
|
Total Income |
1204.900 |
659.200 |
430.500 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
339.400 |
103.700 |
28.600 |
|
|
Provision for Taxation |
121.900 |
38.400 |
15.400 |
|
|
Profit/(Loss) After Tax |
217.500 |
65.300 |
13.200 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
8.400 |
0.000 |
5.800 |
|
|
|
|
|
|
|
|
Total Imports |
290.600 |
183.500 |
77.700 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
33.900 |
11.500 |
4.400 |
|
|
Depreciation & Amortization |
10.500 |
7.100 |
3.800 |
|
|
Other Expenditure |
776.700 |
518.300 |
385.500 |
|
Total Expenditure |
821.100 |
536.900 |
393.700 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
18.05
|
9.90 |
3.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
28.16
|
15.73 |
6.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
37.79
|
21.66 |
8.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
4.35
|
0.56 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
10.86
|
2.05 |
1.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.48 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
SHIRKE CONSTRUCTION EQUIPMENTS PRIVATE LIMITED |
|
Presented By |
Vijay B. Shirke,
Managing Director |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation dated 07.08.1997 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 171.500
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
present and future movable plant, machinery, goods, stocks, materials,
inventories of raw material semi finished goods stock in trade, goods in
process movables in transit and all of he company’s movable assets and
properties wherever situated and all receivables and book debts present and
future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on
all the assets of the company |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of |
|
6) Date and brief description of instrument modifying the charge |
Joint deed of
Hypothecation dated 18.01.2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Amount covered
under the charge is increased from Rs. 136.500 Millions to Rs. 200.000
Millions |
Form 8
|
Corporate identity
number of the company |
U29150MH1970PTC014775 |
|
Name of the
company |
SHIRKE CONSTRUCTION EQUIPMENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
72/76, Industrial Estate,
Mundhwa, Pune 411 036, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Srei
Infrastructure Finance Limited Vishwa Karma 86C,
|
|
Nature of
instrument creating charge |
Agreement no. Deed of
hypothecation [both the
instruments constitute a single charge] |
|
Date of
instrument Creating the charge |
08.09.2006 |
|
Amount secured by
the charge |
Rs. 6.140
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
First charge on
Disa make Shot Blasting Machine Rate of interest
10.50% p.a. on monthly rest. No. of EMI 59 Amount of EMI Rs.
0.133 Millions Margin : Rs.
1.535 Millions |
|
Description of
the property charged |
Plant and
machinery |
|
Particulars of
the property charged |
One no. Disa make
shot blasting machine The property is
situated in India |
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 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. 39.51 |
|
|
1 |
Rs. 81.16 |
|
Euro |
1 |
Rs. 56.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
54 |
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. |
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 |
|