MIRA
INFORM REPORT
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Report Date : |
27.08.2007 |
IDENTIFICATION DETAILS
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Name : |
FLEXATHERM EXPANLLOW PRIVATE LIMITED |
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Registered Office : |
354 - G.I.D.C.,
Makarpura, Vadodara – 390 010, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.03.1992 |
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Com. Reg. No.: |
04-17330 |
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CIN No.: [Company
Identification No.] |
U29219GJ1992PTC017330 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDF00136D |
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PAN No.: [Permanent
Account No.] |
AAACF2849R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Metallic Expansion Bellows/Joints/
Compensators and Metallic Flexible Hoses. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 27000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
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
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Registered Office / Factory : |
354 - G.I.D.C.,
Makarpura, Vadodara – 390 010, |
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Tel. No.: |
91-265-2644837
/ 2644941 |
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Fax No.: |
91-265-2647134 /
2644837 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Piyush D. Patel |
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Designation : |
Director |
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Address : |
5 Gopal Nagar Soc, Wadi, Vadodara – 390017, |
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Date of Birth/Age : |
09.05.1960 |
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Date of Appointment : |
22.03.1992 |
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Name : |
Mrs. Anjanben P. Patel |
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Designation : |
Director |
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Address : |
5 Gopal Nagar Soc, Wadi, Vadodara – 390017, |
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Date of Birth/Age : |
22.11.1959 |
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Date of Appointment : |
15.10.2002 |
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Name : |
Mr. Navin D. Patel |
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Designation : |
Director |
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Address : |
115, Chanshyam Nagar, |
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Date of Birth/Age : |
28.04.1956 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mrs. Rashmi J. shah |
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Designation : |
Director |
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Address : |
401, |
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Date of Birth/Age : |
27.04.1956 |
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Date of Appointment : |
30.09.2004 |
KEY EXECUTIVES
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Name : |
Pathak Pillai and Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Equity
Shares |
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Piyush D. Patel |
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98948 |
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Navin D. Patel |
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11666 |
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Rashmi J. Shah |
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9384 |
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Janak M. Patel |
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10000 |
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Vijay M. Patel |
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10000 |
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Vijay Raina |
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1 |
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Bhikhabhai D. Patel |
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1 |
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Amrish K. Kaka |
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1 |
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Bharat J. Upadhyay |
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1 |
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Harshad T. Patel |
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1 |
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Jasubhai J. Patel |
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1 |
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Harshad H. Patel |
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1 |
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Total |
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140005 |
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Names of Shareholders |
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No. of
Preference Shares |
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Piyush D. Patel |
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50000 |
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Equity Share
Breakup |
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Percentage of Holding |
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Category |
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Directors or relatives of directors |
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85.71 |
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Other top fifty shareholders |
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14.29 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Metallic Expansion Bellows/Joints/ Compensators
and Metallic Flexible Hoses. |
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Products : |
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GENERAL INFORMATION
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Customers : |
Cement
Associated Cement Companies Kalyanpur Cements Limited Mangalam Cement Limited Rajshree Cement Saurashtra Cement Limited Consultants
Chemtex Engineering of India Limited Engineers India Limited
Jacob H&G. Krupp Industries India Limited Larsen & Toubro Limited Mecon Limited Nicco Corp. Limited Projects Development India Limited Subhash Projects Tata Consulting Engineers Uhde India Limited Chemicals
Birla Copper Deepak Fertilizers & Petrochemicals Corporation
Limited Diamines & Chemicals Limited Gujarat Heavy Chemicals Limited Engineering
Navin Heat Exchangers Private Limited Metallurgical Kajaria Iron And Casting Limited Mecon ( M. N. Dastur Limited Petrochemicals
Indian Oil Corporation Limited
Indian Petrochemical Corporation Limited Reliance Petrochemicals Corporation Limited Southern Petrochemical Corporation Limited Power
Gujarat Industrial Power Corporation Limited Kapsales Electricals Limited Steel
Bhilai Steel Plant Jindal Vijaynagar Steel Limited Mecon ( Otoklin Plants And Equipments Limited Vishakapatanam Steel Plant Others
National Thermal Power Corporation Limited Nuclear Power Corporation Shree Walchandnagar Industries Limited |
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Bankers : |
State Bank of Makarpura
Industrial Finance Branch, Makarpura, Vadodara – 390010, |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
P. N. Goradia and Company Chartered Accountants |
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Address : |
124, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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140,005 |
Equity Shares |
Rs. 10/- each |
Rs. 1.400
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.400 |
1.900 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.395 |
4.519 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.795 |
6.419 |
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LOAN FUNDS |
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1] Secured Loans |
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1.787 |
0.284 |
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2] Unsecured Loans |
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2.669 |
2.863 |
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TOTAL BORROWING |
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4.456 |
3.147 |
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DEFERRED TAX LIABILITIES |
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0.633 |
0.647 |
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TOTAL |
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11.884 |
10.213 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.231 |
5.890 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.676 |
2.744 |
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Sundry Debtors |
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6.605 |
7.364 |
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Cash & Bank Balances |
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3.534 |
0.670 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.763 |
2.396 |
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Total
Current Assets |
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16.578 |
13.174 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.037 |
7.864 |
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Provisions |
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1.888 |
0.987 |
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Total
Current Liabilities |
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10.925 |
8.851 |
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Net Current Assets |
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5.653 |
4.323 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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11.884 |
10.213 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.26 |
1.87 |
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Current Ratio (Current Asset/Current Liability) |
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1.52 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
FLEXATHERM
EXPANLLOW PRIVATE LIMITED |
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Presented By |
Piyush Patel,
Director |
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1) Date and description of instrument creating the change |
General agreement
for the grant of medium term advances to small scale industries and
hypothecation of movables book dents and other assets dated 14.06.2003 Ancillary
agreement for medium term loan against pledge of movable machineries dated
14.06.2003 Both agreements
constituting single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term loan of Rs.
2.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all present and future goods, book debts, movable and other assets of the
company including documents of title to goods and other assets such as
outstanding monies, receivables, claims, bills, invoices, documents,
contracts, engagements, securities, investments and rights, and the present
machineries and future machineries, belonging to or in the possession of or
under the control of the company wherever lying stored and kept whether in
possession of the company or of the bank or of any third party whether in
India or elsewhere including all such goods, machineries, movables and other
assets as may be in course of shipment, transit or delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of
interest Interest for the
term loan will be payable on monthly and will be debited directly to cash
credit account of the company and will be charged at the rate applicable as
per change in Bank’s policy and guidelines from time to time [present rate of
interest 11.60 % p.a.] Margin Raw Materials :
25 % Stock in Process
: 30 % Finished Goods :
30 % Book Debts : 50 %
Bank Guarantee :
25 % Repayment
Terms That the company
shall repay the amount of the said loan of Rs. 2.500 Millions to the bank by
equal quarterly installments of Rs. 0.100 Million |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Makarpura Industrial
Finance Branch Makarpura,
Vadodara – 390010 |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
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As Per Website
FLEXATHERM's
Exclusive Emergency Response Service :
To respond to emergencies
like meeting shutdown schedules and construction/erection schedules, they offer
a special service commited to delivery of Expansion Joints upto 1000 mm Dia. within 36 Hours and Expansion Joints with Dia. between 1000 mm and 6000
mm within 72 Hours, for standard designs.
- They provide
supervision of erection & fitment of bellows on piping systems.
- Through close
interaction with the consultants , they aim to achieve highest levels of customization
and economy of usage of metallic expansion bellows.
- Commitment to
the project is provided, by ensuring timely supply as well as speedy
clearing of other techno-commercial formalities.
- "One
Family" concept maintained with all their valued clients.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.41.12 |
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1 |
Rs.82.43 |
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Euro |
1 |
Rs.56.03 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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