MIRA
INFORM REPORT
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Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLUIDLINE VALVES COMPANY PRIVATE LIMITED |
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Registered Office : |
401 A, Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai 400
018, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
27.03.1996 |
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Com. Reg. No.: |
098454 |
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CIN No.: [Company
Identification No.] |
U29120MH1996PTC098454 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF01772B |
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PAN No.: [Permanent
Account No.] |
AAACF0950F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Industrial Valves. |
RATING &
COMMENTS
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MIRAs 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 13000 |
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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 an old and established company but has not filed any
financials after 2005 with the Government departments. Mr. Salim, Finance
Manager parted some information but declined to part with financials. As per
last available financials the company had been faring well. Trade relations
are fair. Payments are usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Salim |
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Designation : |
Finance Manager |
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Date : |
23.07.2008 |
LOCATIONS
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Registered Office : |
401 A, Poonam Chambers, Dr. Annie Besant Road, Worli, Mumbai 400
018, Maharashtra, India. |
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Tel. No.: |
91-22-24944057/ 24944058 |
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Fax No.: |
91-22-24944059 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
516, GIDC Estate, Vatwa, Ahmedabad 382 445, India. |
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Tel. No.: |
91-79-25832333/ 2777 |
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Fax No.: |
91-79-25834888 |
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Zonal Office 1 : |
Mr. Sanjay Agarwal GM Marketing, FF 06, 1st Floor, National
Arcade, Plot No.4, Gazipur Shopping Complex, Gazipur (Main Road), Delhi 96,
India. |
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Tel. No.: |
91-11-22232137 |
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Mobile No.: |
91-9313055226 |
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E-Mail : |
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Zonal Office 2 : |
Mr. K.K. Ramachandran, No.27, Jeevanandham Street, K.K.Nagar, (West),
Chennai 600 078, India. |
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Tel. No.: |
91-44-42135859 |
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Fax No.: |
91-44-23641722 |
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E-Mail : |
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G.C.C. Office : |
Mr. Dinesh Pillay, Fluidline Valves (FZC), P.O. Box : 120 312, Saif
Zone, Sharjah, U.A.E. |
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Tel. No.: |
91-971-50 462 1070 |
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Fax No.: |
91-971-84 680 404 |
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Mobile No. : |
91-971-50 4621070 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Farooq Kasam Hawa |
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Designation : |
Director |
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Address : |
Al Aba, 83 Cyrus Avenue, Mumbai 400 008, Maharashtra, India. |
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Date of Birth/Age : |
03.04.1946 |
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Date of Appointment : |
27.03.1996 |
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Name : |
Mr. Zahir Farooq Hawa |
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Designation : |
Director |
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Address : |
Al Aba, 83 Cyrus Avenue, Mumbai 400 008, Maharashtra, India. |
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Date of Birth/Age : |
20.12.1973 |
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Date of Appointment : |
27.03.1996 |
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Name : |
Mr. Azim Farooq Hawa |
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Designation : |
Director |
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Address : |
Al Aba, 83 Cyrus Avenue, Mumbai 400 008, Maharashtra, India. |
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Date of Birth/Age : |
12.05.1976 |
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Date of Appointment : |
27.03.1996 |
KEY EXECUTIVES
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Name : |
Mr. R. Narmawala |
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Designation : |
General Manager (Works) |
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Name : |
Mr. A. Bamzai |
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Designation : |
Quality Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 24.09.2004
|
Names of Shareholders |
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No. of Shares |
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Mr. Farooq Kasam Hawa |
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7500 |
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Mr. Zahir Farooq Hawa |
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12500 |
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Mr. Azim Farooq Hawa |
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12500 |
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Ms. Noorbanu Farooq Hawa |
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17300 |
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Ms. Sabina Zahir Hawa |
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100 |
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Ms. Rumana Farooq Hawa |
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100 |
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TOTAL |
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50000 |
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Equity Share
Break-up |
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Percentage
of Holding |
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Directors or Relatives Of Directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Industrial Valves. |
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Products : |
· Forged Steel (Gate, Globe and Check) Valves |
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Exports : |
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Countries : |
Gulf, Europe |
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Imports : |
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Countries : |
Europe, USA, Africa, Asia, Middle East, Australia |
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Terms : |
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Selling : |
depends upon the Party |
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Purchasing : |
depends upon the Party |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and Manufacturers |
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No. of Employees : |
30 |
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Bankers : |
· Bombay
Mercantile Co-Operative Bank Limited 78, Mohammedali Road, Advances Department, 1st floor, Mumbai 400 003, Maharashtra, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rashmee and Associates Chartered Accountants |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/-each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/-each |
Rs.0.500 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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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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2.135 |
1.188 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.635 |
1.688 |
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LOAN FUNDS |
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1] Secured Loans |
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1.604 |
0.002 |
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2] Unsecured Loans |
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20.280 |
7.584 |
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TOTAL BORROWING |
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21.884 |
7.586 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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24.519 |
9.274 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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12.229 |
2.935 |
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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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0.050 |
0.050 |
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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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5.984 |
2.467 |
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Sundry Debtors |
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13.497 |
4.933 |
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Cash & Bank Balances |
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0.487 |
1.058 |
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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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1.504 |
0.449 |
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Total
Current Assets |
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21.472 |
8.907 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.234 |
2.621 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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9.234 |
2.621 |
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Net Current Assets |
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12.238 |
6.286 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.003 |
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TOTAL |
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24.519 |
9.274 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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64.525 |
30.844 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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64.525 |
30.844 |
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Profit/(Loss) Before Tax |
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0.947 |
0.150 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.947 |
0.150 |
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Expenditures : |
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Interest |
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1.388 |
0.810 |
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Depreciation & Amortization |
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0.946 |
0.517 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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1.47 |
0.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.47 |
0.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.81 |
1.27 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.81 |
6.05 |
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Current Ratio (Current Asset/Current Liability) |
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2.33 |
3.40 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
FLUIDLINE VALVES COMPANY PRIVATE LIMITED |
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Presented By |
Mr. Farooq Hawa |
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1) Date and description of instrument creating the change |
Agreement for
Book debts, Outstanding, Money, Receivables etc. Dated 18.02.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.200 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 |
All present and
future Undisputable Book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 50% Interest 17% |
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5) Name and Address and description of the person entitled to the charge. |
NA |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29120MH1996PTC098454 |
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Name of the
company |
FLUIDLINE VALVES COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Mumbai, Maharashtra, India. |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Bombay Mercantile Co-Operative Bank Limited 78, Mohammedali Road, Advances Department, 1st floor, Mumbai 400 003, Maharashtra, India. E-Mail: avmcompanysecretaries@gmail.com |
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Nature of description
of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Plant/ Machinery |
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Date of
instrument Creating the charge |
05.02.2007 |
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Amount secured by
the charge |
Rs.0.864 Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest @10.5% p.a. or such other rate as per the Loaning Agreement executed
by the borrower company with the Bank from time to time. Penal Interest- For overdue up to
3 installments 1% over the Contractual Interest Rate For overdue above
3 installments 2% over the Contractual Interest Rate Terms of
Repayment: Term Loan repayable in 36 monthly installments of Rs.0.024 million
each commencing one month after disbursement. Margin: Margin
@25% Extent and
Operation of the charge: At the request of the borrower company the Bank has
sanctioned Term Loan facility of Rs.0.864 million against Hypothecation of
Plant and Machinery of the company, viz. 1) 5 HP Hydraulic power pack 2) Weld
oscillator 3) Controller for hard facing system 4) Transformer rectifier type
power source with tap changing 5) Welding positioner, purchased and to be
purchased whether now lying or at any time hereafter during the continuance
of this security lying or being. |
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Short particulars
of the property charged |
At the request of the borrower company the
Bank has sanctioned Term Loan facility of Rs.0.864 million against
Hypothecation of Plant and Machinery of the company, viz. 1) 5 HP Hydraulic
power pack 2) Weld oscillator 3) Controller for hard facing system 4)
Transformer rectifier type power source with tap changing 5) Welding
positioner, purchased and to be purchased whether now lying or at any time
hereafter during the continuance of this security lying or being. |
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 Intl
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 companys 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.42.33 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.66.75 |
SCORE & RATING
EXPLANATIONS
|
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 |
YES |
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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 |
|
45 |
This score serves as a reference to assess SCs 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 |
|