MIRA
INFORM REPORT
|
Report Date : |
28.12.2006 |
IDENTIFICATION
DETAILS
|
Name : |
FLEX
TUBES |
|
|
|
|
Registered Office : |
41, Kibe
Compound, Indore-452001, Madhya Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1954 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BPLF00143D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAAFF2807L |
|
|
|
|
Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business : |
Manufacturers
of Metallic Flexible Coneluit, PVC Rein |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
5000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established concern having satisfactory track. Trade relations are
usually correct and as per commitments. Nothing
adverse reported. The concern
can be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/ Factory : |
41,
Kibe Compound, Indore-452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-4041333/
2706990 |
|
Fax No.: |
91-731-2702088 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
12000
Sq.ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr.
Muzaffar Hussain Muttani |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs.
Mariam B. |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs.
Jitun B. |
|
Designation : |
Partner |
|
|
|
|
Name : |
Master
Khalid |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name
: |
Mr.
Naseer Hussain Muthani |
|
Designation
: |
Chief
Executive Officer |
|
Date
of Birth/Age : |
42
years |
|
Qualification
: |
Graduate |
|
Experience
: |
20
years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Metallic Flexible Coneluit, PVC Rein |
|
|
|
|
Products : |
v
Galvanized
Steel Flexible Conduit/ Pipes and Fittings v
Galavanized
Steel Flexible Conduit P.V.C. Coated and Fittings v
Galvanized
Steel Flexible Conduit heavy (U.S.) and Fittings v
Galvanized
Steel Flexible Conduit Liquid Tight and Fittings v
Galvanized
Steel Flexible Conduit/ House double Interlock v
PVC
Trunking/ Casing Capping with Fittings v
Brass
Connectors Adapters and Conduit Fittings v
Copper
Tape v
G.I.
Electrical Conduit Fittings in all types v
PVC
Rigid Conduit/ Fittings and all Accessories v
Brass
Cable Glands and all types of electrical fittings v
Copper
and Aluminium Cable Terminal/ Connectors v
Copper
Coated Earth rods and Fittings v
Din
Rail and Lipped Channel |
|
|
|
|
Exports to : |
U.S.A., Mexico, Jordan, Egypt, Turkey,
Malaysia, Singapore, Hong Kong, Saudi Arabia, Greece & U.A.E. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C,
Cash and D/P |
|
|
|
|
Purchasing : |
Cash
and Credit (30 days) |
GENERAL
INFORMATION
|
No. of Employees : |
11 |
|
|
|
|
Bankers : |
State
Bank of India, Indore |
|
|
|
|
Facilities : |
Cash
Credit : Rs.2.0 millions |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Ramesh
Shah & Company Chartered
Accountants |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
1.500
millions |
|
Borrowed : |
-- |
|
Total : |
1.500
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
25.000 |
20.000 |
Expected
Sales : 2006-07 – Rs.25.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
v
Indian
Railways
v
BHEL
(Bharat Heavy Electricals Limited)
v
NTPC
(Natonal Thermal Power Corporation Limited)
Website Details :
Flex Tubes is an India based company that manufactures and exports
metallic flexible conduit, din rail and lipped channel etc. Since its
establishment in 1954, the company has been constantly producing the best
quality products.
MANAGEMENT:
Well-experienced & qualified
partners of the same family in the field of activity manage our Unit.
MARKETING:
The Company getting good response from
market only because of quality of its products and also providing better
services.
SALES TURNOVER:
The Sales Turnover of the Company is in increasing trend looking
to the past good performance of the company.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.23 |
|
UK
Pound |
1 |
Rs.86.91 |
|
Euro |
1 |
Rs.58.26 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|