MIRA
INFORM REPORT
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Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
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Name : |
PATIL RAIL INFRASTRUCTURE PRIVATE LIMITED (w.e.f. 16.01.2007) |
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Formerly Known
As : |
PATIL RAIL INFRASTRUCTURE LIMITED (w.e.f. 02.04.2004) PATIL VOSSLOH RAIL FASTNERS LIMITED |
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Registered
Office : |
Flat No.205 and 206, Amarchand Sharma Complex, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.04.1996 |
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Com. Reg. No.: |
01-023894 |
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CIN No.: [Company Identification
No.] |
U60100AP1996PTC023894 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDP04603E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of different types of Railway Track Fastening Systems and
Components of the Rail Fastening Sets. |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 6182000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under pressure. There appears some accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings some caution. |
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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
INFORMATION DECLINED BY
Management Non-Cooperative
LOCATIONS
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Registered Office : |
205 and 206, Amar Chand Sharma Complex, |
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Tel. No.: |
91-40-44556700/ 44556800/ 27805759 |
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Fax No.: |
91-40-44556750/ 44556890/ 27800936 |
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E-Mail : |
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Website : |
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Corporate Office : |
The Grand,6-3-1090/B/4, 3rd and 4th
Floor, Raj |
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Tel. No.: |
91-40-44556700/ 6800 |
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Fax No.: |
91-40-44556750/ 6890 |
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E-Mail : |
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Factory 1 : |
Railway Yard, Wadiyaram, Chegunta Mandal, Medak District –
502 255, |
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Tel. No.: |
91-8452-225134 |
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Fax No.: |
91-8452-225134 |
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Factory 2 : |
Udwada Railway Quarry Area, NH – 8, PO Udwada (R.S.)
District Valsad – 396 185, |
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Tel. No.: |
91-260-2340701 |
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Fax No.: |
91-260-2340040 |
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E-Mail : |
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Marketing Office : |
B-5/4, IInd Floor, Safdarjung Enclave, |
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Tel. No.: |
91 11 2617 8765 |
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Fax No.: |
91 11 2617 8765 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Lingraj Shantlingappa Patil |
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Designation : |
Director |
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Address : |
Bungalow 3 and 4, |
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Date of Birth/Age : |
31.12.1967 |
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Date of Appointment : |
29.06.1989 |
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DIN No.: |
00731663 |
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Name : |
Padmaja Patil |
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Designation : |
Director |
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Address : |
Bungalow 3 and 4, |
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Date of Birth/Age : |
27.06.1971 |
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Date of Appointment : |
30.03.2003 |
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DIN No.: |
00731574 |
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Name : |
Siddaling S. Patil |
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Designation : |
Director |
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Address : |
Siddalinga Krupa, Nehru Gunj, Gulgarga – 585 101, |
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Date of Birth/Age : |
07.10.1939 |
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Date of Appointment : |
06.06.2007 |
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Name : |
Mr. Thomas J. Kichler |
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Designation : |
Nominee Director |
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Address : |
1350, N Sutton, PL Chicago – 60610 |
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Date of Birth/Age : |
01.09.1961 |
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Date of Appointment : |
06.06.2007 |
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DIN No.: |
01542742 |
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Name : |
Mr. Burkhard Christian Schuchmann |
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Designation : |
Nominee Director |
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Address : |
Philippstarbe 15, Ludebschrid 58511 |
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Date of Birth/Age : |
27.06.1942 |
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Date of Appointment : |
01.12.2010 |
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DIN No.: |
01681129 |
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Name : |
Mr. Rajgopal Swami |
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Designation : |
Whole Time Director |
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Address : |
Flat No.201, Jyothiraditya 2 Sri Nagar Colony, |
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Date of Birth/Age : |
29.12.1960 |
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Date of Appointment : |
21.07.2008 |
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DIN No.: |
01445467 |
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Name : |
Mr. James Bradley Alger Cherry |
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Designation : |
Director |
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Address : |
1920, |
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Date of Birth/Age : |
21.07.1979 |
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Date of Appointment : |
01.12.2010 |
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DIN No.: |
02470717 |
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Name : |
Mr. Hans Bachmann |
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Designation : |
Director |
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Address : |
Langobardenstrabe, 12, 92318, Neumarkt 92318 |
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Date of Birth/Age : |
17.02.1943 |
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Date of Appointment : |
15.12.2009 |
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DIN No.: |
02452095 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
L.S. Patil |
|
5265380 |
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Padmaja Patil |
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4098510 |
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Sangamma Patil |
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695000 |
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Kartikeyan Patil |
|
814150 |
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Vaishnavi Patil |
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553000 |
|
Isabella Limited, |
|
10977960 |
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Total
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|
22404000 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.00 |
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Directors
or relatives of directors |
|
51.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of different types of Railway Track Fastening Systems and
Components of the Rail Fastening Sets. |
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Products/ Services : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
205, 2nd Floor , Ashok Bhoopal Chambers, |
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Tel. No.: |
91-40-67362000 |
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Fax No.: |
91-40-67362200 |
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Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23000000 |
Equity Shares |
Rs.10/- each |
Rs.230.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22404000 |
Equity Shares |
Rs.10/- each
|
Rs.224.040
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 |
224.040 |
224.040 |
224.040 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1413.734 |
1413.734 |
1442.821 |
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|
4] (Accumulated Losses) |
(92.294) |
(3.767) |
0.000 |
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NETWORTH |
1545.480 |
1634.007 |
1666.861 |
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LOAN FUNDS |
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|
1] Secured Loans |
171.105 |
1.389 |
299.779 |
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2] Unsecured Loans |
328.255 |
0.000 |
0.000 |
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TOTAL BORROWING |
499.360 |
1.389 |
299.779 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.105 |
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TOTAL |
2044.840 |
1635.396 |
1967.745 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
237.099 |
194.794 |
66.102 |
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Capital work-in-progress |
16.665 |
46.000 |
70.658 |
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INVESTMENT |
474.726 |
447.447 |
449.947 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
254.427
|
150.668 |
8.177 |
|
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Sundry Debtors |
46.751
|
6.956 |
0.000 |
|
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Cash & Bank Balances |
91.768
|
269.719 |
954.565 |
|
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Other Current Assets |
3.763
|
6.388 |
81.831 |
|
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Loans & Advances |
1143.090
|
600.911 |
372.200 |
|
Total
Current Assets |
1539.799
|
1034.642 |
1416.773 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
104.931 |
61.400 |
30.098 |
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Other Current Liabilities |
121.104
|
26.091 |
4.681 |
|
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Provisions |
2.168
|
1.602 |
0.956 |
|
Total
Current Liabilities |
228.203
|
89.093 |
35.735 |
|
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Net Current Assets |
1311.596
|
945.549 |
1381.038 |
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MISCELLANEOUS EXPENSES |
4.754 |
1.606 |
0.000 |
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|
|
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TOTAL |
2044.840 |
1635.396 |
1967.745 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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SALES |
|
|
|
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Income |
|
489.883 |
114.621 |
|
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Other Income |
|
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TOTAL |
|
489.883 |
114.621 |
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|
|
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EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
177.906 |
|
|
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Administrative Expenses |
|
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Advertising Expenses |
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TOTAL |
|
577.882 |
177.906 |
|
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PROFIT BEFORE
TAX |
|
(87.999) |
(33.285) |
|
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Less |
TAX |
|
0.528 |
(0.431) |
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PROFIT AFTER TAX
|
|
(88.527) |
(32.854) |
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Earnings Per
Share (Rs.) |
|
(3.95) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(18.07)
|
(28.66) |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.95)
|
(2.71)
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06)
|
(0.02)
|
NA |
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
0.06 |
0.20 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
6.75
|
11.61 |
39.65 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
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|
|
- Total
outstanding dues of micro, medium and small enterprises |
-- |
-- |
-- |
|
- Total
outstanding dues of other than micro, medium and small enterprises |
104.931 |
61.400 |
30.098 |
|
|
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|
FINANCIAL RESULTS
During the financial year ended 31 March 2010, the Company earned an
income of Rs.489.883 millions (Previous year Rs.114.621 millions) with an
expenditure of Rs.577.882 millions (Previous year Rs.177.906 millions), Loss
before tax of Rs.87.999 millions (Previous year loss Rs.33.285 millions) and a
net loss after tax and prior period expenses is Rs.88.527 millions (Previous
year Rs.32.854 millions).
REVIEW OF
OPERATIONS
During the year the Company has produced 386413 concrete sleepers
(Previous year 125,983) sleepers and sold 317904 concrete sleepers (Previous
year 68,801 concrete sleepers). During the year the production at the plant
based at Udvada was severely affected due to labour shortage. The Company’s
Management has taken adequate steps to obviate such a situation arising in
future.
FUTURE PROSPECTS
The order book position for the first 5 months of the financial year
2010-2011 was a comfortable 100% for the plant at Udvada and 75% for the plant
at Wadiyaram. The Company has bagged sufficient orders to be able to run the
plants at 75% capacity for the rest of the year. The Company’s Management is
happy to inform that on 2 March 2010 Railway siding at Wadiyaram was
commissioned. The Company’s Management is also happy to report that the Company
has the required capability to accept orders for points and crossing sleepers
from various Zonal Railways and Dedicated Freight Corridors.
FORM 8:
|
Corporate
identity number of the company |
U60100AP1996PTC023894 |
|
Name of the
company |
PATIL RAIL INFRASTRUCTURE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat No.205 and 206, Amarchand Sharma Complex, E-Mail: srilatha@patilgroup.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others (Corporate
Guarantee) |
|
Particular of
charge holder |
State Bank of E-Mail: t.srinivas2@sbhyd.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Guarantee
Agreement |
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Date of
instrument Creating the charge |
27/09/2010 |
|
Amount secured by
the charge |
Rs.25.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 0.50% below SBH
BPLR presently 12.25% p.a. Terms of
Repayment: On demand. Valid
for twenty four months with twelve month review. Margin: Fund based
limits: Raw Material -
imported - 25% Finished Goods -
imported - 25% Domestic
Receivables - 50% Extent and
Operation of the charge: The charge operates
as security inter alia for the due repayment of the Cash Credit facility of
Rs.25.000 millions together with interest and additional interest. |
|
Short particulars
of the property charged |
Corporate
Guarantee for the limits of Rs.25.000 millions sanctioned to Patil Steel
Wires Private Limited by the Company. |
FIXED ASSETS:
Tangible Assets
·
Land
·
Leasehold Improvements
·
Buildings
·
Plant and Machinery
·
Electrical Installations
·
Vehicles
·
Furniture and Fixtures
·
Office Equipments
·
Computers and Computer Equipments
·
Railway Sidings
Intangible Assets
·
Licenses
·
Software
WEBSITE DETAILS:
Patil Group started its operations in 1933 from
Cement Spun Pipes, PCC and RCC Poles and Pre-Stressed Concrete Sleepers, Health-care. The main activity, however, is related to the Indian Railways.
This partnership with the Indian Railways is continuing for more than three decades. Over the years Patil Group played its part in tiding over the transition from Wooden Sleepers to Concrete Sleepers and now to Composite Sleepers. Each phase adding another milestone in its quest for exploring new possibilities and making innovative products.
Patil Group of Industries is one of the leading company in
Railway Track Engineering, the Group has its activities spread in the areas of
manufacturing of Concrete Sleepers, Rail Fittings for normal track, elevated
and underground track for Metro Rail, Switches and Crossings (Thick Web
Technology), Ballastless Track suitable for High-Speed Lines, Bridges, Tunnels
and Aprons. The Group has got its activities spread in the states of West
Bengal, Orissa, Chattisgarh,
Patil Group of Industries is also involved in the drawing and stranding of High Tensile Steel Wire which is a major and most crucial input in the manufacture of Pre-Stressed Concrete Sleepers. HTS Wire units are equipped with the latest technological facilities as a part of backward integration.
Now Patil Group is making its contribution in Metro Rail
projects. It is supplying Fasteners exclusively for use in the Urban Rapid Mass
Transport projects in
ACHIEVEMENTS:
· Supplied over 11 million Sleepers to Indian Railways and Industrial Giants.
· Leading Supplier / Manufacturer for Indian Railways in gauge conversion from Meter Gauge to Broad Gauge for over 3000 track kilometers
·
Instrumental in the completion of the most
prestigious and time bound 760kms long US$1.00 billion Konkan Railway project
linking the two cities of Mumbai and
·
Bagged contracts from Bangladesh Railway and
IRCON for supplying of Dual Guage Sleepers for the " Januma Bridge Rail
Link Project",
·
First Concrete Sleeper Plant in
·
One of the pioneers in
·
Bagged HTS wires export order worth US $ 1.50
Million for sleeper manufacture by
· Collaborated with Owens - Corning of US to introduce Composite Sleepers as a subsiture for Wooden Sleepers to Indian Railway for special applications
· Qualified team built to run and manage the factories
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.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
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.