MIRA INFORM REPORT

 

 

Report Date :

18.03.2008

 

IDENTIFICATION DETAILS

 

Name :

FLUIDYNE CONTROL SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

301/1, Satyajeet Co-operative Society, Near Abhishek Hotel, Erandavane, Pune 411004, Maharashtra

 

 

Country :

India

 

 

Date of Incorporation :

05.08.1994

 

 

Com. Reg. No.:

080121

 

 

CIN No.:

[Company Identification No.]

U33129MH1994PTC080121

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEF00507D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Flow Meters, Positive Displacement Flow Meters.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

 

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a 13 Years old Company but it has not filed any financials with the Government Registry till date.  We spoke to Mr. Praful Patil, who parted some general information after a lot of persuasion, but declined to part with financial details.  No further details could be made available from any of the sources.

 

The company can be considered for small to mediocre business dealings with slight caution initially, in view of non availability of financial details. 

 

 

LOCATIONS

 

Registered Office :

301/1, Satyajeet Co-operative Society, Near Abhishek Hotel, Erandavane, Pune 411004, Maharashtra, India

Mobile No.:

91-9922507918 [Mr. Praful Patil – Marketing]

E-Mail :

fluidyne@vsnl.net

Area :

Approximately 2000 Sq. yards

Location :

Owned

 

 

Factory 1 :

S. No. 79/2, Plot No. 12, Near Agarwal Godown, Shivne, Pune 411023, Maharashtra, India

Tel. No.:

91-20-25290504/ 0870

Fax No.:

91-20-25292773

Area :

Approximately 7000 Sq. fts.

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Shivdas Devidas Menon

Designation :

Director

Address :

301/1, Satyajeet Co-operative Society, Near Abhishek Hotel, Erandavane, Pune 411004, Maharashtra, India

Date of Birth/Age :

11.05.1956

Date of Appointment :

05.08.1994

 

 

Name :

Mrs. Beena Shivdas Menon

Designation :

Director

Address :

301/1, Satyajeet Co-operative Society, Near Abhishek Hotel, Erandavane, Pune 411004, Maharashtra, India

Date of Birth/Age :

28.03.1963

Date of Appointment :

05.08.1994

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2005

 

Names of Shareholders

 

No. of Shares

Shivdas Devidas Menon

 

8019

Beena Shivdas Menon

 

4010

Devki Shivdas Menon

 

1

Total

 

12030

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Flow Meters, Positive Displacement Flow Meters.

 

 

Exports :

 

Products :

All Products

Countries :

Ø       Dubai

Ø       European Countries

 

 

Imports :

 

Products :

Machinery

Countries :

Germany

 

 

Terms :

 

Selling :

L/C, Credit [15 days]

 

 

Purchasing :

L/C, Cash and Credit [30 days]

 

 

GENERAL INFORMATION

 

Customers :

Other manufacturers

 

 

No. of Employees :

45 [ In Office 15 + In Factory 30]

 

 

Bankers :

Ø       HDFC Bank, Kothrud Branch, Pune

Ø       The Saraswat Co-operative Bank, Karve Road Branch, Pune  

 

 

 

Banking Relations :

---

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs. 10/- each

Rs. 0.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

12030

Equity Shares

Rs. 10/- each

Rs. 0.120 Million

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Financials not available.

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8

 

Bankers Charges Report as per Registry

 

This Form is for

Creation of Charge

Charge identification number of the charge to be modified

NA

Corporate identity number of the company

U33129MH1994PTC080121

Name of the company

FLUIDYNE CONTROL SYSTEMS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

301/1, Satyajeet Co-operative Society, Near Abhishek Hotel, Erandavane, Pune 411004, Maharashtra

Type of charge

Ø       Immovable Property

Ø       Movable Property

Ø       Others

Particular of charge holder

The Saraswat Co-operative Bank Limited

Karve Road Branch, Pune 411004, Maharashtra, India

E-mail: amd_cs@rediffmail.com

 

Nature of description of the instrument creating or modifying the charge

Agreement of hypothecation of moveable property dated 24.03.2007.

Equitable mortgage by way deposit of original title deeds dated 24.03.2007 [ both these documents create a single charge]

Date of instrument Creating the charge

24.03.2007

Amount secured by the charge

Rs. 0.500 Million

Brief particulars of the principal terms an conditions and extent and operation of the charge

[a] Rate of interest

PLR + 0.5% P.A = 12.5% p.a. with monthly rates or at such rates as may be prescribed in future  by the bank from time to time.

 

[b] Terms of repayment

Repayable on demand

 

[c] Margin

Margin 30% Debtors [within 90 days]

 

[d] Extent and operation of the charge

Type of facility – Cash Credit

 

[e] Others

As per agreement

Short particulars of the property charged

Borrowers both do hereby hypothecate to and in favour of the Bank their all the stock, tangible movable property and hypothecated goods and all of the borrowers reference.  The business of borrowers place of business at 79/2, Plot No. 12, Near Agarwal Godown Shivane, Pune.

 

Equitable mortgage of factory building at S. No. 79/2, Near Agarwal Godown Shivne, Pune 411023 and Company Property at plot No. 12 admeasuring about 7000 sq. fts. I.E. 650.55 Sq. mtrs. Out of Sr. No. 79, Hissa No. 2, of Mouje Shivane.

Date of latest modification prior to the present modification

NA

Particulars of the present modification 

NA

 

 

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. 40.77

UK Pound

1

Rs. 82.10

Euro

1

Rs. 64.48

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

-

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

1

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

20

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions