MIRA INFORM REPORT
|
Report Date : |
07.11.2006 |
IDENTIFICATION DETAILS
|
Name : |
FLOWSERVE
INDIA CONTROLS PRIVATE LIMITED |
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Formely Known As : |
VALTAK
INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
Plot No. 4, 1A, EPIP,
Whietfield, Bangalore-560006, Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.11.1996 |
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Com. Reg. No.: |
08-21388 |
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CIN No.: [Company Identification No.] |
U29299KA1996PTC021388 |
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TAN No.: [Tax Deduction & Collection Account No.] |
BLRF00773D |
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PAN No.: [Permanent Account No.] |
AAACF3286G |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Manufacturer,
Importers, Exporters and Traders of Pums and Pump Sets for Special Purpose. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3250000 |
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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 a well-established and reputed company and a subsidiary of a US company.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Plot No. 4, 1A, EPIP,
Whietfield, Bangalore-560006, Karnataka, India |
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Tel. No.: |
91-80-28410289-293 |
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Fax No.: |
91-80-28410286 |
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E-Mail.: |
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Website : |
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Area : |
20000
sq. fts. – Owned |
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Location : |
Industrial
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Corporate Office : |
5215
N. O'Connor Blvd., Suite 2300 |
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Tel. No.: |
972-443-6500 |
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Fax No.: |
972-443-6800 |
DIRECTORS
|
Name : |
Mr.
Vinod Sharma |
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Designation : |
Managing
Director |
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Address : |
Ground
B, LA-Hachienda, 2, Pappanna Street,
Off. Street, Marks Road, Bangalore-560001 |
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Date of Birth/Age : |
05.04.1950 |
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Date of Appointment : |
13.11.1996 |
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Name : |
Mr.
Michael Douglas Olsen |
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Designation : |
Director
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Address : |
1302,
West 1150, North Provo, Utah- 84604, USA |
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Date of Birth/Age : |
07.02.1947 |
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Date of Appointment : |
13.11.1996 |
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Name : |
Mr.
Donald Hugh Blohm |
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Designation : |
Director
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Address : |
10675,
North Fortyway, South Jordon, Utan- 84095, USA |
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Date of Birth/Age : |
09.04.1945 |
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Date of Appointment : |
13.11.1996 |
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Name : |
Mr.
Donald Hugh Blohm |
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Designation : |
Director
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Address : |
10675
North Forty Way South Jordan, United States, America – 84095 |
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Date of Birth/Age : |
09.04.1945 |
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Date of Appointment : |
13.11.1996 |
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Name : |
Mr.
Dara Phirozehaw Metha |
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Designation : |
Director
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Address : |
120,
Wodehouse Road, Mumbai – 400005 |
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Date of Birth/Age : |
13.07.1933 |
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Date of Appointment : |
09.06.2000 |
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Name : |
Mr.
Sivashankar Gopinath |
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Designation : |
Director |
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Address : |
Villa
83, Palm Meadows Airport, Whitefield Road, Bangalore – 560066 |
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Date of Birth/Age : |
26.05.1946 |
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Date of Appointment : |
05.09.2002 |
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Name : |
Mr.
Nanos Michael John |
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Designation : |
Director
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Address : |
4220
ST Andren Boulevaro Irving |
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Date of Birth/Age : |
27.03.1947 |
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Date of Appointment : |
09.08.1999 |
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Name : |
Mr.
Kamat Krishna Uday |
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Designation : |
Director
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Address : |
17
bagesher Plot No. 75-76, TPS – 6 Road – 3, Khotnadi Santacruz, Mumbai –
400054 |
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Date of Birth/Age : |
14.05.1954 |
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Date of Appointment : |
09.06.2000 |
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Name : |
Mr.
Gopinath Sivasankar |
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Designation : |
Director
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Address : |
Villa
83, Meadows Airport, Whitefield Road, Bangalore – 560066 |
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Date of Birth/Age : |
26.05.1946 |
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Date of Appointment : |
10.02.2005 |
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Name : |
Mr.
Shankar Sivaramakriushan Tarakkad |
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Designation : |
Director
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Address : |
No.
9, A – Cil Layout, Sanjay Nagar, Bangalore – 560094 |
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Date of Birth/Age : |
19.05.1964 |
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Date of Appointment : |
02.05.2001 |
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Name : |
Mr.
John C Regan |
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Designation : |
Director
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Address : |
Firt
Worth, Texas, US – 76116 |
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Date of Birth/Age : |
22.12.1969 |
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Date of Appointment : |
31.03.2006 |
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Other personal |
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Name : |
Mr.
T. S. Shankar |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Flowserve FCD Corporation,
USA |
17363939 |
|
Flowserve FCD Corporation,
USA |
1 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Importers, Exporters and Traders of Pums and Pump Sets for Special Purpose. |
GENERAL INFORMATION
|
No. of Employees : |
Total
120 people : in factory 100 and in
office 20 people |
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Bankers : |
NA |
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Banking Relations : |
-- |
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Auditors : |
Price
Warehouse Chartered
Accountants |
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Address: |
Mittal
Towers, 10th Floor, C Wing, 47/6 M G Road, Bangalore – 560001 |
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Tel. No.: |
91-80-25587231 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
187500000 |
Equity
Shares |
Rs. 10 each |
Rs. 187.500 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17363900 |
Equity
Shares |
Rs. 10 each |
Rs. 173.639 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
173.639 |
173.639 |
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3] Reserves & Surplus |
|
660.136 |
529.147 |
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NETWORTH
|
|
833.775 |
702.786 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL
BORROWING
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|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL
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833.775 |
702.786 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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|
147.205 |
136.791 |
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Capital work-in-progress
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|
2.411 |
1.627 |
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INVESTMENT
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|
0.000 |
0.000 |
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DEFERREX TAX ASSETS
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|
8.977 |
3.916 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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196.294 |
245.380 |
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Sundry Debtors
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267.714 |
316.168 |
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Cash & Bank Balances
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408.918 |
207.589 |
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Other Current Assets
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|
0.074 |
0.006 |
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Loans & Advances
|
|
39.034 |
36.693 |
Total Current Assets
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|
912.034 |
805.836
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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|
221.709
|
225.737 |
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Provisions
|
|
15.158
|
19.677 |
Total Current Liabilities
|
|
236.867 |
245.414
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Net Current
Assets
|
|
675.167 |
560.422
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MISCELLANEOUS EXPENSES
|
|
0.015 |
0.030 |
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TOTAL
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833.775 |
702.786 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
Sales Turnover [including other income]
|
|
1157.602 |
1105.181 |
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Profit/(Loss) Before Tax
|
|
153.219 |
218.435 |
Provision for Taxation
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|
27.289 |
39.298 |
Profit/(Loss) After Tax
|
|
125.930 |
179.137 |
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Total Expenditure
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1004.383 |
886.746 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
|
10.87 |
16.20 |
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Net Profit Margin
(PBT/Sales) |
(%) |
|
13.23 |
19.76 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
|
14.46 |
23.17 |
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Return on Investment (ROI)
(PBT/Networth) |
|
|
0.18 |
0.31 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
|
0.28 |
0.34 |
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Current Ratio
(Current Asset/Current
Liability) |
|
|
3.85 |
3.28 |
LOCAL AGENCY FURTHER INFORMATION
History
The
company was incorporated as Valtak International Private Limited and the name
changed as Flowserve India Controls Private Limited, w.e.f. 12th
January 1998
Subject
exports pumps and pump sets.
Fixed
Assets :
Land
, Building, Plant And Machinery, Computer, Furniture And Fixture
AS PER WEBSITE
Flowserve is one of the most recognized and preferred
global suppliers of fluid motion and control products and services.
Flowserve will use
its collective resources and experience to deliver products, services and
solutions that help customers exceed their business goals.
About Flowserve
Flowserve is the
recognized world leader in supplying pumps, valves, seals automation and
services to the power, oil, gas, chemical and other industries. With more than
14,000 employees in more than 56 countries, they combine their global reach
with a local presence.
Flowserve
Corporate Brochure
A Local Presence with
a Global Reach
Flowserve people, processes and experience help companies in more than 70
countries around the world.
Flowserve Service Group
Flowserve's Service Group, a leader in
process equipment repair and service, has expanded the number of service
capabilities and solutions. Depending upon the needs they can be the
single-source supplier of repair services, diagnostic evaluations and
reliability solutions thereby reducing the total cost of process equipment
ownership. Services are delivered through a global network of service and
repair centers as well as through plant-site operations, both of which are
staffed by fully qualified, factory-certified technicians and engineers.
Flowserve's valve repair
centers are authorized by the American Society of Mechanical Engineers (ASME)
and the National Board of Boiler & Pressure Vessel Inspectors (NB) to
repair valves and their components.
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 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.44.83 |
|
UK
Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.21 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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 |
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
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |