MIRA INFORM REPORT
1. Summary Information
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Country |
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Company Name |
PUTZMEISTER INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Milind Bhadbhade |
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Status |
Satisfactory |
Principal Name 2 |
Mr. Ashok Dikshit |
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|
|
Registration # |
24-2511 |
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Street Address |
115, |
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Established Date |
23.01.1998 |
SIC Code |
-- |
|
Telephone# |
91-832-2396334 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-832-2396253 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Concrete Pumps |
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|
# of employees |
25 |
Product Name 2 |
-- |
|
Paid up capital |
Rs.12,500,000 |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings – 24.00 Directors or relatives of
directors – 76.00 |
Banking |
The Federal Bank
Limited |
|
Public Limited Corp. |
-- |
Business Period |
13 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
-- |
Company
Name |
-- |
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Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2009 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
48,518,000 |
Current Liabilities |
90,807,000 |
|
Inventories |
115,858,000 |
Long-term Liabilities |
72,286,000 |
|
Fixed Assets |
16,706,000 |
Other Liabilities |
1,663,000 |
|
Deferred Assets |
213,000 |
Total Liabilities |
164,756,000 |
|
Invest& other Assets |
44,858,000 |
Retained Earnings |
48,897,000 |
|
|
|
Net Worth |
61,397,000 |
|
Total Assets |
226,153,000 |
Total Liab. & Equity |
226,153,000 |
|
Total Assets (Previous Year) |
282,033,000 |
|
|
|
P/L Statement as of |
31.03.2009 |
(Unit: Indian Rs.) |
|
|
Sales |
306,956,000 |
Net Profit |
5,488,000 |
|
Sales(Previous yr) |
490,214,000 |
Net Profit(Prev.yr) |
28,847,000 |
MIRA
INFORM REPORT
|
Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
PUTZMEISTER INDIA PRIVATE LIMITED |
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Formerly Known As : |
PUTZ PUMPS ( |
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Registered Office : |
115, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.01.1998 |
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Com. Reg. No.: |
24-2511 |
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CIN No.: [Company
Identification No.] |
U29120GA1998PTC002511 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP02972E |
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|
PAN No.: [Permanent
Account No.] |
AABCP1503H |
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|
Legal Form : |
Private
Limited Liability Company. |
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|
|
|
Line of Business : |
Manufacturers of concrete pumps. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 311344 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
115, |
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Tel. No.: |
91-832-2396334 |
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Fax No.: |
91-832-2396253 |
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E-Mail : |
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Website : |
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Factory 1 : |
190-191, Kundaim Industrial Estate, Ponda – 403115, |
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Tel. No.: |
91-20-25445227 |
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Fax No.: |
91-20-25445228 |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Milind Bhadbhade |
|
Designation : |
Managing Director |
|
Address : |
7, Anand Baugh Society, Navi Peth, Pune – 411030, |
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Date of Birth/Age : |
27.01.1955 |
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Date of Appointment : |
23.01.1998 |
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Name : |
Mr. Ashok V. Dikshit |
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Designation : |
Director |
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Address : |
12 Shamali Society, |
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Date of Birth/Age : |
13.01.1953 |
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Date of Appointment : |
23.01.1998 |
KEY EXECUTIVES
|
Name : |
Mr. Shridhar S Kulkarni |
|
Designation : |
Company Secretary |
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Address : |
Flat # 195, Building # 14, Lokmanya Nagar, Off. L.B. Shastri Marg,
Opposite Lane to Kamat Hotel, Pune – 411030, |
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Tel No. : |
91-20-24327972 |
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E Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Milind S. Bhadbhade |
|
100 |
|
Ashok V. Dikshit |
|
100 |
|
Milind Bhadbhad Jointly with Bhadbhade M Nita |
|
937400 |
|
Dikshit V Ashok Jointly with Dikshit A Veena |
|
12400 |
|
Putzmeister A G |
|
300000 |
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Total |
|
1250000 |
AS ON 29.09.2010
|
Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
24.00 |
|
Directors or relatives of directors |
|
76.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of concrete pumps. |
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Products : |
ITC CODE |
Product Description |
|
8413.40 |
Concrete Pumps
and Accessories |
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|
7304.90 |
Delivery Lines
and Accessories |
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Imports : |
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Products : |
Components and Raw Materials |
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Countries : |
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Terms : |
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Purchasing : |
L/C terms |
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PRODUCTION STATUS
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Particulars |
Unit |
31.03.2009 |
|
Actual Production |
Nos |
151 |
GENERAL INFORMATION
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No. of Employees : |
25 |
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Bankers : |
The Federal Bank Limited, Federal Towersp B No 103,
Alwaye, Eranakulam - 683101, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Kenkre and Associates Chartered Accountants |
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Address : |
115, |
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Pan No : |
ADKPK6570A |
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Tel No. : |
91-832-2438811 / 2438812 / 6643358 |
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Fax No. : |
91-832-2438612 |
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Email : |
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Associates : |
Aquaris Engineers Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.500 |
12.500 |
12.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
65.336 |
48.897 |
43.408 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
77.836 |
61.397 |
55.908 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
68.696 |
72.286 |
38.289 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
68.696 |
72.286 |
38.289 |
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DEFERRED TAX LIABILITIES |
3.874 |
1.663 |
1.520 |
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TOTAL |
150.406 |
135.346 |
95.717 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.587 |
16.706 |
17.700 |
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Capital work-in-progress |
0.000 |
33.670 |
0.058 |
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INVESTMENT |
28.083 |
11.188 |
4.021 |
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DEFERREX TAX ASSETS |
0.259 |
0.213 |
0.128 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
93.030
|
115.858
|
88.748
|
|
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Sundry Debtors |
34.303
|
18.524
|
35.726
|
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Cash & Bank Balances |
22.167
|
20.952
|
45.218
|
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Loans & Advances |
13.867
|
9.042
|
16.624
|
|
Total
Current Assets |
163.367
|
164.376
|
186.316 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
69.296
|
50.868
|
61.415
|
|
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Other Current Liabilities |
41.821
|
37.232
|
41.475
|
|
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Provisions |
6.773
|
2.707
|
9.616
|
|
Total
Current Liabilities |
117.890
|
90.807
|
112.506
|
|
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Net Current Assets |
45.477
|
73.569
|
73.810
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
150.406 |
135.346 |
95.717 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL |
321.957 |
306.956 |
490.214 |
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Less |
EXPENSES |
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TOTAL |
297.060 |
NA |
NA |
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PROFIT BEFORE
TAX |
24.897 |
8.004 |
38.311 |
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Less |
TAX |
11.105 |
2.211 |
9.364 |
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PROFIT AFTER TAX |
16.439 |
5.488 |
28.947 |
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IMPORTS |
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Raw Materials |
33.617 |
16.692 |
60.578 |
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TOTAL IMPORTS |
33.617 |
16.692 |
60.578 |
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Earnings Per
Share (Rs.) |
13.15 |
4.39 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.10 |
1.79 |
5.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.37 |
4.42 |
18.78 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.13 |
0.69 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.40 |
2.66 |
2.01 |
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Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.81 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The Company has achieved sales of Rs.343.600 Millions during the as compared
to Rs.306.900 Millions of the previous year, which is 11.94% increased over
last year.
Various measure taken by the
company for cost cutting and introduction of some new models of concrete pump
has resulted in improved working in the company and net profit after tax has
increased from Rs.5.489 Millions to Rs.16.440 Millions.
With change in overall business environment and especially in infrastructure sector your directors are
confident of achieving good worth this year.
FIXED ASSETS:
v
v Computers and Equipments
v Software
v Plant and Machinery
v Factory Equipments and Tools
v Office Equipments
v Plant and Machinery
v Jigs and Fixtures
v Furniture and Fixtures
v Vehicles
v Capital work in progress
v Buildings
v Software
FORM: 8
|
Corporate identity
number of the company |
U29120GA1998PTC002511 |
|
Name of the
company |
PUTZMEISTER INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
115, |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
The Federal Bank Limited,
Federal Towersp B No. 103, Alwaye, Eranakulam – 683101, |
|
Nature of
instrument creating charge |
Single Counter
Guarantee |
|
Date of
instrument Creating the charge |
23.11.2009 |
|
Amount secured by
the charge |
Rs. 5.000 Million |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 18%
p.a. Terms of
Repayment Lumpsum on
Demand Margin 20% cash margin Extent and
Operation of the charge
|
|
Description of the
property charged indicating whether it is a charged on |
Stock / raw
materials / spares, semi processed parts and finished pumps and book debts. Leasehold land
bearing no. 190 and 191 of Kundiam Industrial Estate in SY No. 34 in Ponda, |
|
Corporate
identity number of the company |
U29120GA1998PTC002511 |
|
Name of the
company |
PUTZMEISTER INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
115, |
|
This form is for |
Creation of charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Kotak Mahindra Prime Limited 36-38A, Nariman Bhavan, 227 Nariman Point, Mumbai – 400021, |
|
Nature of
instrument creating charge |
Loan availed for
purchase of a vehicle |
|
Date of
instrument Creating the charge |
22.05.2006 |
|
Amount secured by
the charge |
Rs. 0.676 Million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
No of installments
– 36, EMI Rs. 0.022 Million repayment period 10.06.2006 to 10.04.2009,
charges for dishonour installment 3 % of EMI |
|
Description of
the property charged indicating whether it is a charged on |
Vehicles |
|
Particulars of the
property charged |
1 No Honda city
ZX-V-TEC-MT-Petrol right had drive with standard equipment and tools. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10106466 |
|
Corporate identity
number of the company |
U29120GA1998PTC002511 |
|
Name of the
company |
PUTZMEISTER INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
115, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
The Federal Bank Limited, Federal Towersp B No 103, Alwaye, Eranakulam
– 683 101, E-Mail: secretarial@federalbank.co.in CIN No: L65191KL1931PLC000368 |
|
Nature of
description of the instrument creating or modifying the charge |
Oral assent and
consent to continue to hold the title deeds |
|
Date of
instrument Creating the charge |
26.06.2008 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.75% per annum
for Original charge dated 29.11.2007 Terms of
Repayment Facility granted
for initial period of twelve months Interest to be
paid on borrowings including interest outstanding with monthly / Quarterly
rests Margin NIL Extent and
Operation of the charge Equitable
Mortgage of premises at – 34 Village Kundaim, Taluka – Ponda North Goa
District by way of first charge as security |
|
Short particulars
of the property charged |
Immovable
property situated at – 34 Village Kundam, Taluka – Ponda North Goa District. |
|
Date of latest modification
prior to the present modification |
02.06.2008 |
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
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 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.