MIRA INFORM REPORT

Report No. :	351344
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	BURCKHARDT COMPRESSION (INDIA) PRIVATE LIMITED
Registered Office :	Gat No 304, Village-Kondhapuri, Pune-Nagar Road, Taluka Shirur, District: Pune – 412209, Maharashtra
Tel. No.:	91-2137-614100/669400/616611
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.06.2004
Com. Reg. No.:	11-019442
Capital Investment / Paid-up Capital :	Rs.331.140 Million
CIN No.: [Company Identification No.]	U29120PN2004PTC019442
IEC No.:	3104010323
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCB2058D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture of Compressors, including components there of, Sales Representation and Trading of the same.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Burckhardt Compression (India) is a wholly owned subsidiary of “Burckhardt Compression AG, Switzerland”, one of the leading reciprocating compressors manufacturers in the world. It is an established company having satisfactory track record. The company has reported loss during the year 2014. However, overall financial position of the company seems to be good with comfortable capital structure and coverage indicators. Rating further derives strength from strong linkages with the parent company including financial and technical support and experienced promoters in the industry. The ratings are however constrained by comparatively small scale of operations of the company, working capital intensive nature of operations and stiff competition in the industry. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. In view of strong holding support, the company can be considered normal for business dealings at usual trade term sand conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Bank Facilities=BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	August, 2015

Rating Agency Name	ICRA
Rating	Short Term Bank Facilities=A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	August, 2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Ashok
Designation :	Assistant Manager
Contact No.:	91-40-39106142
Date :	21.11.2015

LOCATIONS

Registered Office/Factory :	Gat No 304, Village-Kondhapuri, Pune-Nagar Road, Taluka Shirur, District: Pune – 412209, Maharashtra, India
Tel. No.:	91-2137-614100/669400/616611
Fax No.:	91-2137-614196/669496
E-Mail :	info.india@burkardtcompression.com swapna.herwade@burckhardtcompression.com arihant.shah@burckhardtcompression.com aniruddha.joshi@burckhardtcompression.com
Website :	http://www.bc-india.com
Location :	Owned
Regional Office:	402/403, ROOTS Tower, 2/3 District: Center, Laxminagar – 110092, New Delhi, India
Tel. No.:	91-11-22430001/2/3
Fax No.:	91-11-22430004
E-Mail :	vinod.sharma@burskhardtcompression.com
Regional Office/ Service Centre:	Flat No. 202, Sree Sree Towers, 7-1-75, Dharam Karam Road, Ameerpet, Hyderabad-500 016, India
Tel. No.:	91-40-39106142
Fax No.:	91-40-39106140
E-Mail :	ro.hyderabad@burckhardtcompression.com
Regional Office:	Plot No. 1112, GIDC, Ranoli, District: Vadodara - 391 350, Gujarat, India
Tel. No.:	91-265-3253972/ 6451670
Fax No.:	91-265-2243972
E-Mail :	chinmay.upadhyay@burckhardtcompression.com
Regional Office:	Poddar Point, A Block, 6th Floor, 113 Park Street Kolkata - 700016, West Bengal, India. 700016
Tel. No.:	91-33-22276952 / 7012
Fax No.:	91-33-2227 6955
E-Mail :	rajan.bora@burckhardtcompression.com

DIRECTORS

As on 29.09.2014

Name :	Mr. Narasimharao Subrahmanya Venkata Rallabhandi
Designation :	Managing director
Address :	Flat No. 2A, Sayali Garden, Wireless Colony, Aundh Pune, Pune – 411007, Maharashtra, India
Date of Birth/Age :	07.07.1962
Date of Appointment :	25.06.2004
DIN No.:	00122631
Name :	Mr. Balaji Bakthisaran
Designation :	Director
Address :	D/30, Mantri Kishore Park, Bhosale Nagar, Pune – 411007, Maharashtra, India
Date of Birth/Age :	20.05.1960
Date of Appointment :	01.03.2006
DIN No.:	00122523
Name :	Mr. Brandli Richard Rolf
Designation :	Director
Address :	Rychenbergstrasse 164, Winterthur Switzerland - 8400
Date of Birth/Age :	05.09.1968
Date of Appointment :	14.10.2008
DIN No.:	02460292
Name :	Mr. Pawlicek Franz Marcel
Designation :	Director
Address :	Lindstrasse 29ch 8400, Winterthur Switzerland - 8400
Date of Birth/Age :	20.01.1963
Date of Appointment :	04.07.2011
DIN No.:	03550253

KEY EXECUTIVES

Name :	Mr. Ashok
Designation :	Assistant Manager
Name :	Mr. Avadhoot Mahadev Jadhav
Designation :	Secretary
Address:	969, B Ward, Raviwar Peth, Kolhapur - 416012, Maharashtra, India
Date of Appointment :	23.07.2015
PAN No.:	AGLPJ4538K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Burchardt Compression AG, Winterthur, Switzerland	33113964
Burckhardt Compression Holdings AG	01
Total	33113965

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacture of Compressors, including components there of, Sales Representation and Trading of the same.

Products :

Products	ITC Code
Other Gas Compressors	84148019

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• ICICI Bank Limited
• State Bank of India
• Deutsche Bank

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans from Bank	65.000	120.000
Short-term borrowings
Working Capital loans from banks (Secured by hypothecation of inventory and receivables of the Company. The loans are repayable within a year and carry interest between 7 % p.a. to 12.25% p.a)	58.463	56.017
Foreign Currency loans from banks (Secured by hypothecation of inventory and receivables of the Company. The loans are repayable within a year and carry interest between 1.23% p.a. to 4.61% p.a.)	47.562	0.000
Total	171.025	176.017

Auditors :
Name :	Price Waterhouse and Company Banglore LLP Chartered Accountants
Address :	Building 8, 7th and 8th Floor, Tower B, DLF Cyber City, Gurgaon - 122002, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Memberships :	--
Collaborators :	--
Holding company:	Burckhardt Compression AG, Switzerland
Fellow Subsidiary Company:	Prognost Systems GmBH, Germany MT Sealing Technology Inc, Switzerland Burckhardt Compression US, United States Burckhardt Compression UK, United Kingdom Burckhardt Compression Japan Limited, Japan Burckhardt Compression Espana SA, Spain Burckhardt Compression (Middle East) Fze, united arab emirates Burckhardt Compression (Italia) srl, Italy Burckhardt Compression (Italia) SRL Italy Burckhardt Compression (Canada) Inc, Canada Burckhardt Compression (Brazil), Brazil BC Components, Switzerland

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
47000000	Equity Shares	Rs.10/- each	Rs.470.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33113965	Equity Shares	Rs.10/- each	Rs.331.140 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	331.140	331.140	331.140
(b) Reserves & Surplus	348.586	364.218	265.199
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	679.726	695.358	596.339
(3) Non-Current Liabilities
(a) long-term borrowings	65.000	120.000	155.000
(b) Deferred tax liabilities (Net)	30.515	30.643	14.543
(c) Other long term liabilities	21.874	25.509	0.000
(d) long-term provisions	0.000	0.000	5.256
Total Non-current Liabilities (3)	117.389	176.152	174.799
(4) Current Liabilities
(a) Short term borrowings	106.025	56.017	330.473
(b) Trade payables	154.763	162.363	79.688
(c) Other current liabilities	175.373	179.958	226.652
(d) Short-term provisions	52.934	34.923	44.520
Total Current Liabilities (4)	489.095	433.261	681.333
TOTAL	1286.210	1304.771	1452.471
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	438.527	417.266	438.760
(ii) Intangible Assets	24.441	47.386	71.688
(iii) Capital work-in-progress	3.306	8.228	0.699
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	64.589	64.949	58.156
(e) Other Non-current assets	0.000	5.204	4.864
Total Non-Current Assets	530.873	543.043	574.177
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	260.905	249.329	389.449
(c) Trade receivables	214.142	256.954	425.457
(d) Cash and cash equivalents	220.309	199.876	2.564
(e) Short-term loans and advances	59.981	55.569	60.824
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	755.337	761.728	878.294
TOTAL	1286.210	1304.771	1452.471

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
TOTAL REVENUE	1011.630	1316.430	1247.810
TOTAL EXPENSES	NA	NA	NA
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	82.090	213.260	30.000
DEPRECIATION/ AMORTISATION	63.320	68.180	57.850
PROFIT/ (LOSS) BEFORE EXCEPTIONAL ITEMS	18.770	145.080	(27.850)
EXCEPTIONAL ITEMS	30.030	0.000	0.000
PROFIT/ (LOSS) BEFORE TAX	(11.250)	145.080	(27.850)
TAX	4.380	46.060	7.620
PROFIT/ (LOSS) AFTER TAX	(15.630)	99.020	(35.470)
EARNINGS IN FOREIGN CURRENCY
F.O.B. Value of Exports	472.470	643.190	274.280
TOTAL EARNINGS	472.470	643.190	274.280
Earnings / (Loss) Per Share (Rs.)	(0.47)	2.99	(1.07)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	20.000	35.000	20.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	130.304	599.855	66.124
Net cash flow from operating activities	94.235	568.413	51.738

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Revenue)	(%)	(1.55)	7.52	(2.84)
Return on Total Assets (PBT/Total Assets}	(%)	(0.88)	11.19	(1.92)
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.21	(0.05)
Debt Equity Ratio (Total Debt /Networth)		0.28	0.30	0.85
Current Ratio (Current Asset/Current Liability)		1.54	1.76	1.29

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	331.140	331.140	331.140
Reserves & Surplus	265.199	364.218	348.586
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	596.339	695.358	679.726
long-term borrowings	155.000	120.000	65.000
Short term borrowings	330.473	56.017	106.025
Current Maturities Of Long-Term Debts	20.000	35.000	20.000
Total borrowings	505.473	211.017	191.025
Debt/Equity ratio	0.848	0.303	0.281

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	1247.810	1316.430	1011.630
		5.499	(23.154)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	1247.810	1316.430	1011.630
Profit/ (Loss)	(35.470)	99.020	(15.630)
	(2.84%)	7.52%	(1.55%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INCORMATION:

The Company is engaged in the business of manufacture of Compressors, including components thereof, Sales Representation and Trading of the same. The Company has a plant located at Kondhapuri (District: Pune, Maharashtra) in India. The Company is a 100 percent subsidiary of Burckhardt Compression AG, Switzerland.

OPERATIONS:

The company suffered from a very low order intake of previous year, especially in compressor systems business and consequently revenue was down by 23% from previous year. The overall sentiment in domestic market was subdued with a lot of dependence on export orders. Customer support services continued to grow at a hectic pace registering its highest ever order intake and sales in the last year. This was possible due to a strong performance of field Services and spares business. The company has set up a new valve service center in Kolkata to support customers from Eastern and North Eastern India. The service center is operational and fully functioning.

The company started implementation of a new Enterprise Resource Planning software (ERP) SAP, to align its business processes with those of the parent company. The project has since been successfully completed and the company has gone live on SAP w.e.f September 1, 2014. This shift to the new ERP will further help the company to increase its operational efficiency and also facilitate work-load sharing with Parent company. The new ERP will be housed on a server which will be located in Switzerland and will be managed by there Parent Company. The company has written off an expenditure of INR 13 mio incurred till date on the project.

The financial performance of the company was further affected by an extraordinary expense of INR 16 mio, on account of shifting of its CNC machining center.

FUTURE PROSPECTS:

With a strong order intake during 2013-14, we expect the company to be back on its growth path with strong sales from compressor systems and an equally strong showing from Components Sales and Support (CSS).

The company will work towards stabilization of SAP in the current financial year to reap its full benefits.

We expect to see some signs of economic recovery in the domestic market towards the second half of the year 2014-15.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90087384	23/07/2012 *	120,000,000.00	State Bank of India Industrial Finance Branch	2nd floor, 'Tara Chambers' Near Mariaai Police Chowky, Old Pune Mumbai Highway, Wakdewadi, Pune, Maharashtra - 411003, INDIA	B45086816
2	90087260	14/04/2005	145,000,000.00	ICICI BANK LIMITED	A WING; SHANRILA GARDENS, THIRD FLOOR; BUND GARDEN ROAD, PUNE, Maharashtra - 411001, INDIA	-

FIXED ASSETS

• Land
• Building
• Office Equipment
• Furniture and Fixture
• Plant And Machinery
• Computer Equipment
• Plant and equipment
• Vehicle
• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.39
UK Pound	1	Rs.100.66
Euro	1	Rs.70.46

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	HNA
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.