MIRA
INFORM REPORT
|
Report Date : |
29.10.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FLOWMECH ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
C – 196/2, IInd Floor, Mayapuri Industrial Area, Phase II, New Delhi –
110064 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
27.01.1987 |
|
|
|
|
Com. Reg. No.: |
55-26791 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1987PTC026791 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELF01865D / DELF01248C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Hydraulic Equipments – Hydraulic Press and Pneumatic
Cylinder |
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 18000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience 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 : |
C – 196/2, IInd Floor, Mayapuri Industrial Area, Phase II, New Delhi –
110064, India |
|
Tel. No.: |
91-11-28116456 / 28116457 / 28116458 |
|
Mobile No.: |
91-9871398140 |
|
Fax No.: |
91-11-25191255 / 25437988 / 41848415 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Ajit Kumar Mittal |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 113, Punjab Bagh Apartments, Rohtak Road, New Delhi – 110063,
India |
|
Date of Birth/Age : |
23.04.1957 |
|
Date of Appointment : |
27.01.1987 |
|
|
|
|
Name : |
Mr. Atul Kumar Mittal |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No 505, GH 5 & 7, Paschim Vihar, New Delhi – 110063, India |
|
Date of Birth/Age : |
23.03.1964 |
|
Date of Appointment : |
01.06.1988 |
KEY EXECUTIVES
|
Name : |
Agarwal Manish and Associates |
|
Designation : |
Company Secretary |
|
Address : |
78 Arya Nagar, S K Road, Meerut, Uttar Pradesh |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Anjana Mittal |
|
5760 |
|
Salek Chand Mittal |
|
6600 |
|
Ajit Kimar Mittal |
|
20830 |
|
Atul Kumar Mittal |
|
4800 |
|
Other / Relatives of Directors |
|
7010 |
|
Total |
|
45000 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Hydraulic Equipments – Hydraulic Press and Pneumatic
Cylinder |
|
|
|
|
Products : |
Hydraulic
Presses for Sheet Metal Deep Draw Presses Hydraulic Deep Draw Presses Single Action Hydraulic Presses Double Action Hydraulic Presses Hydraulic Forming Presses Tripple Action Presses Hydraulic Press Brakes Hydraulic Shearing Machines Cutting Presses C-Frame Presses Hydraulic Presses
for Moulding Rubber Moulding Presses Hydraulic Moulding Presses Injection Moulding Presses Rubber Mixing Mills Rubber Extruders Transfer Moulding Presses Vacuum Compression Moulding Presses Compression Moulding Presses Solid Tyre Moulding Presses Hydraulic Hot Moulding Presses Hydraulic SMC Moulding Presses Hydraulic
Presses for Special Purpose Powder Compacting Presses Hydraulic Squeezing Presses Hydraulic Lab Testing Machines Lab Testing Machines Transformer Sheet Machines Hydro Pneumatic Presses High Precision Test Units Hydraulic
Presses for Other Purposes Hydraulic Baling Presses Hydraulic Brick Presses Hydraulic Preforming Presses Hydraulic Plywood Presses Hydraulic Sintering Presses Hydraulic Cylinders Hydraulic Power Packs |
|
|
|
|
Exports : |
|
|
Countries : |
Gulf countries, Sri Lanka and
Indonesia |
GENERAL
INFORMATION
|
Customers : |
·
H.A.L
(Hindustan Aeromatics Limited) - Bangalore ·
H.A.L -
Kanpur ·
H.A.L -
Koraput ·
O.N.G.C (Oil
and Natural Gas Corporation Limited) - Chennai ·
R.V. - Tifac
Composites Design Centre - Bangalore ·
B.H.E.L -
Haridwar ·
I.B.P.
Company, C.B.R.I. - Roorkee ·
Cochin Port
Trust - Cochin, MRF Limited - Chennai ·
Modi Rubber
Limited ·
Allied
Nippon Limited
·
Titagarh
Steels Limited - Calcutta ·
Panihati
Rubber Limited - Calcutta ·
Hoogil Mills
Limited - Vijayanagram ·
Elgi Tyre
and Tread Limited - Coimbatore ·
Timken India
Limited - Jamshedpur ·
Jyoti Metal
India Private Limited - (NIRALI) ·
Pradeep
Steel - Chennai |
|
|
|
|
No. of Employees : |
35 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Rajiv Kirti and Company Chartered Accountants |
|
Address : |
207, JMD House, 4378/4-D Ansari Road, Sarya Ganj, New Delhi – 110002 |
|
Tel. No.: |
91-11-23242281 / 41042281 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity Shares |
Rs. 100/-
each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45,000 |
Equity Shares |
Rs. 100/-
each |
Rs. 4.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.500 |
3.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.078 |
0.010 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
4.578 |
3.010 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
9.360 |
8.274 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
9.360 |
8.274 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
13.938 |
11.284 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4.341 |
3.291 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
10.356 |
9.542 |
|
|
Sundry Debtors |
|
14.461 |
4.336 |
|
|
Cash & Bank Balances |
|
0.130 |
1.836 |
|
|
Loans & Advances |
|
3.393 |
0.803 |
|
Total
Current Assets |
|
28.340 |
16.517 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
18.521 |
8.456 |
|
|
Provisions |
|
0.222 |
0.068 |
|
Total
Current Liabilities |
|
18.743 |
8.524 |
|
|
Net Current Assets |
|
9.597 |
7.993 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
13.938 |
11.284 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
36.779 |
13.511 |
|
Total Income |
|
36.779 |
13.511 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.261 |
0.032 |
|
Provision for Taxation |
|
0.193 |
0.000 |
|
Profit/(Loss) After Tax |
|
0.068 |
0.032 |
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
Total Earnings |
|
269.419 |
0.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.18 |
0.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.71 |
0.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.80 |
0.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.14 |
5.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.51 |
1.94 |
LOCAL AGENCY
FURTHER INFORMATION
The
Registered Office of the company has been shifted from G. Ext 1, Kirti Nagar, New
Delhi – 110015, India to the present address w.e.f. 01.08.2007
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74899DL1987PTC026791 |
|
Name of the
company |
FLOWMECH ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
C – 196/2, IInd Floor, Mayapuri Industrial Area, Phase II, New Delhi –
110064 |
|
Particular of
charge holder |
The Bank of
Rajasthan Limited New Rohtak Road,
New Delhi – 110005, India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of instrument
Creating the charge |
10.06.2007 |
|
Amount secured by
the charge |
Rs. 7.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest @
1.00 % over the PLR with the minimum of 15.50 % p.a. subject to change, from
time to time. Terms of
repayment Payable on demand
Margin Bank Guarantee 35
% Extent operation
of the charge Extend and
operation of the charge – 100 % |
|
Short particulars
of the property charged |
Lien on duly
signed and discharged STDRs / Counter Guarantee of the company. |
AS PER WEBSITE
Profile
Subject
have come a long way since their inception in the year 1987. Their company has grown
from strength to strength and has attained the zenith of success by its quality
products and services to its customers. As a leading manufacturer, exporter and supplier of
an extensive range of Hydraulic Presses, they deal in various varieties of Hydraulic Presses for Sheet
Metal, Hydraulic Presses for Moulding, Hydraulic Presses for Special Purposes
and Hydraulic Presses for Other Purposes. The manufactured Hydraulic presses range from 2 to 1500 tonnes.
Their newly developed fully automatic PLC control two station hydraulic rubber
moulding and fully automatic PLC control hydraulic deep draw press for
stainless steel sink have received accolades at a global level.
Quality is the hallmark at Flowmech Engineers Private Limited, where customer
satisfaction is the fulcrum of their existence. Their products have a huge
demand not only in the domestic market, but globally as well. They export to
various places, including Gulf countries, Sri Lanka and Indonesia. Their
clientele is the envy of all their competitors, as it includes some big names
in the industry like B.H.E.L, Hoogil Mills Limited, Pradeep Steel, Allied
Nippon Limited, and many more. Though many a decades have gone by, but they
constantly strive towards growth of the organization. It is their constant aim
to keep on improving with time and amassing the trust of their customers.
Product Range
Flowmech
Engineers Private Limited is a reputed manufacturer, exporter and supplier of a
wide range of hydraulic presses used in various industries like wooden, rubber,
metal, auto parts and other related industries.
Quality
Quality is given prime importance at Flowmech Engineers Private Limited,, as
the customer satisfaction is what matters the most to them. Quality control tests
are performed at all levels, right from the production stage, till the time
they are dispatched for sale. Special imported gauges are used during these
tests to determine the tolerance level and the dimensions of the manufactured
products. The hydraulic and electric parts used in the presses are purchased
from branded suppliers, like Yuken, Polyhydron, Vickers, Rexroth (Hydraulic
Accessories), ABB/Siemens, L&T (electrical accessories). The company also
provides its clients with a quality certificate, inspection report and test
report. Each product comes with full quality assurance and a replacement
guarantee. All the quality checks conform to the national and international
quality standards.
Infrastructure
Subject is a company well equipped with all state of the art machinery of the
latest technology. They have their own computerized design unit with the latest
design software. The machine designs are first formulated on the computer, then
assembled and duly checked. Their low cost of production enables them to offer
their products to their valued customers at competitive prices. This gives them
an added edge over their competitors. A well experienced and qualified
technical staff is the backbone of the company. They consistently work towards
taking the organization to new heights. The Research and Development department
is always on its toes, moulding the products according to the needs and
requirements of the customers.
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.39.32 |
|
UK Pound |
1 |
Rs.81.82 |
|
Euro |
1 |
Rs.56.90 |
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 |
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 |
NO |
|
--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
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. |
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 |
|