MIRA
INFORM REPORT
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Report Date : |
29.10.2007 |
IDENTIFICATION DETAILS
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Name : |
FLOWSERVE INDIA CONTROLS PRIVATE LIMITED |
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Formerly Known As : |
VALTAK INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
Plot No. 4, 1A, Road No. 8, Export Promotion Industrial Park,
Whietfield, Bangalore – 560006, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2007 |
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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 : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 4097620 |
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Status : |
Good |
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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 and a
subsidiary of a The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 4, 1A, Road No. 8, Export Promotion Industrial Park,
Whietfield, Bangalore – 560006, Karnataka |
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Tel. No.: |
91-80-24146302 |
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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. |
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Location : |
Owned |
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Corporate Office : |
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Tel. No.: |
+1-972-443-6500 |
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Fax No.: |
+1-972-443-6800 |
DIRECTORS
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Name : |
Mr. Vinod Sharma |
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Designation : |
Managing Director |
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Address : |
Ground B, LA-Hachienda, 2, |
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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, |
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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, |
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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 : |
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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 Mehta |
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Designation : |
Director |
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Address : |
120, |
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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, |
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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, |
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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, |
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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 : |
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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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Name : |
Mr. Sivasankar Gopinath |
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Designation : |
Director |
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Name : |
Mr. Palghat Sivaramakrishnan |
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Designation : |
Director |
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Name : |
Mr. Willliam Durant Brown III |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Lewis M. Kling |
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Designation : |
President and Chief Executive officer |
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Name : |
Mr. Andrew J. Beall |
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Designation : |
Senior Vice President, Flow Solutions Division |
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Name : |
Mr. Mark A. Blinn |
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Designation : |
Senior Vie president and Chief Financial officer |
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Name : |
Mr. Deborah K. Bethune |
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Designation : |
Vice President of Tax |
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Name : |
Mr. Paul W. Fehlman |
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Designation : |
Vice president and treasurer |
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Name : |
Mr. Thomas E. Ferguson |
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Designation : |
President, Flowserve Pump Division |
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Name : |
Mr. Richard J. Guiltinan |
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Designation : |
Vice president and Chief Accounting Officer |
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Name : |
Mr. Linda P. Jojo |
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Designation : |
Chief Information Officer |
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Name : |
Mr. Thomas L. Pajonas |
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Designation : |
President, Flow Control Division |
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Name : |
Mr. Jerry L. Rockstroh |
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Designation : |
Senior Vice president of Supply Chain and Continuous Improvement |
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Name : |
Mr. Ronald F. Shuff |
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Designation : |
Secretary and General Counsel |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Flowserve FCD Corporation, |
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17363939 |
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Flowserve FCD Corporation, |
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1 |
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Category |
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Percentage of
Holding |
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Foreign Holding (FIIs / FCs / FFIs / NRIs / OCBs) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importers, Exporters and Traders of Pums and
Pump Sets for Special Purpose. |
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GENERAL INFORMATION
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No. of Employees : |
Total 120 people :
in factory 100 and in office 20 people |
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Bankers : |
Not Available |
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Auditors : |
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Name : |
Price Warehouse Chartered Accountants |
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Address : |
Mittal Towers, 10th Floor, C Wing, 47/6 M G
Road, |
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Tel. No.: |
91-80-25587231 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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18750000 |
Equity Shares |
Rs.10/- each |
Rs.187.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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17363940 |
Equity Shares |
Rs.10/- each |
Rs.173.639
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
173.639 |
173.639 |
173.639 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
850.766 |
660.136 |
529.147 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1024.405 |
833.775 |
702.786 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
1024.405 |
833.775 |
702.786 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
160.655 |
147.205 |
136.791 |
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Capital work-in-progress |
151.488 |
2.411 |
1.627 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
9.705 |
8.977 |
3.916 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
301.394
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196.294 |
245.380 |
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Sundry Debtors |
291.417
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267.714 |
316.168 |
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Cash & Bank Balances |
426.453
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408.919 |
207.589 |
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Other Current Assets |
0.328
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0.073 |
0.006 |
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Loans & Advances |
67.092
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39.034 |
36.693 |
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Total
Current Assets |
1086.684
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912.034 |
805.836 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
355.503
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221.709 |
225.737 |
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Provisions |
28.624
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15.158 |
19.677 |
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Total
Current Liabilities |
384.127
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236.867 |
245.414 |
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Net Current Assets |
702.557
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675.167 |
560.422 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.015 |
0.030 |
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TOTAL |
1024.405 |
833.775 |
702.786 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1500.000 |
1157.601 |
1105.181 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
1500.000 |
1157.601 |
1105.181 |
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Profit/(Loss) Before Tax |
294.406 |
153.218 |
218.432 |
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Provision for Taxation |
127.550 |
22.229 |
36.150 |
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Profit/(Loss) After Tax |
166.856 |
130.989 |
182.282 |
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FOB value of Exports |
1042.591 |
761.288 |
NA |
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CIF value of Imports |
230.475 |
189.671 |
NA |
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Expenditures : |
23.294 |
1004.383 |
266.612 |
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Total Expenditure |
23.294 |
1004.383 |
266.612 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
11.12
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11.31 |
16.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
19.62
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13.23 |
19.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.60
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14.46 |
23.17 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.18 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.37
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0.28 |
0.34 |
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Current Ratio (Current Asset/Current Liability) |
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2.82
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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
Fixed Assets:
˛
Land and Building
˛
Plant And Machinery
˛
Computer
˛
Furniture And Fixture
AS PER
WEBSITE
Subject is one of the most
recognized and preferred global suppliers of fluid motion and control products
and services.
Subject will use its collective resources and
experience to deliver products, services and solutions that help customers
exceed their business goals.
Company Profile:
Subject
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.
A
Local Presence with a Global Reach
Subject
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,
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.39.51 |
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|
1 |
Rs.81.16 |
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Euro |
1 |
Rs.56.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
|