MIRA
INFORM REPORT
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Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
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Name : |
TECNIK FLUID CONTROLS PRIVATE LIMITED |
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Registered Office : |
C-410, Twin Arcade Near Raj Oil Mills, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.11.2006 |
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Com. Reg. No.: |
165481 |
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CIN No.: [Company
Identification No.] |
U23209MH2006PTC165481 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT14417E |
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PAN No.: [Permanent
Account No.] |
AACCT6216E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor of Valves, Instrumentation, Pumps, Hoses. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Kaushal Goradia |
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Designation : |
Director |
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Contact No.: |
91-9820293950 |
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Date: |
06.04.2011 |
LOCATIONS
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Registered Office : |
C-410, Twin Arcade Near Raj Oil Mills, |
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Tel. No.: |
91-22-29208457/ 58 |
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Fax No.: |
91-22-29208459 |
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E-Mail : |
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Website : |
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Area : |
550 sq.ft |
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Location : |
Owned |
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Factory : |
W 124-125, MIDC, Tarapur Baisar, Thane, |
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Tel. No.: |
91-252-645473 |
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Area : |
Owned |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Bharat L Ajwani |
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Designation : |
Director |
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Address : |
2, Silver Beach Society, Gulmohar, Cross road No. 12, Juhu Scheme,
Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
09.12.1972 |
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Qualification : |
B.E |
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Date of Appointment : |
10.11.2006 |
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Name : |
Mr. Kaushal S. Gardia |
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Designation : |
Director |
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Address : |
A 401, 4th Floor, New Gopal Baugh, Shantilal Modi, Cross
Road, Kandivali, Mumbai-400067, |
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Date of Birth/Age : |
07.08.1972 |
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Qualification : |
B.E |
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Date of Appointment : |
10.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Bharat Lachman Ajwani |
2910 |
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Kaushal Sureshchnadra Goradia |
2000 |
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Sangeeta Bharat Ajwani |
90 |
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Total |
5000 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of Valves, Instrumentation, Pumps, Hoses. |
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Products: |
Bio Pharma
Industrial
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
30 ( Approximately) |
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Bankers : |
The North Kanara G.S.B Co-Operative Bank Limited, |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M L Mohalkar and Company Chartered Accountant |
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Address : |
Prem Nagar Co-operative Society Limited, D/86, Ground Floor, Kopari,
Thane, Mumbai-400603, Maharashtra, India |
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Name : |
Haren Sanghvi and Associates Chartered Accountant |
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Address : |
403, Amber Apartments, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.310 |
0.039 |
0.121 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.810 |
0.139 |
0.221 |
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LOAN FUNDS |
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1] Secured Loans |
5.614 |
4.892 |
2.866 |
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2] Unsecured Loans |
2.617 |
2.152 |
1.299 |
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TOTAL BORROWING |
8.231 |
7.044 |
4.165 |
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DEFERRED TAX LIABILITIES |
0.298 |
0.130 |
0.006 |
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TOTAL |
9.339 |
7.313 |
4.392 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.335 |
6.499 |
1.484 |
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Capital work-in-progress |
0.000 |
0.000 |
3.406 |
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INVESTMENT |
0.115 |
0.115 |
0.115 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.999
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0.752 |
0.000 |
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Sundry Debtors |
1.139
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0.823 |
0.000 |
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Cash & Bank Balances |
0.014
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0.041 |
0.018 |
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Other Current Assets |
0.514
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0.414 |
0.105 |
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Loans & Advances |
0.300
|
0.053 |
0.000 |
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Total
Current Assets |
6.966
|
2.083 |
0.123 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.373
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0.903 |
0.018 |
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Current Liabilities |
1.423
|
0.474 |
0.601 |
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Provisions |
0.291
|
0.028 |
0.147 |
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Total
Current Liabilities |
6.087
|
1.405 |
0.766 |
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Net Current Assets |
0.879
|
0.678 |
(0.643) |
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MISCELLANEOUS EXPENSES |
0.010 |
0.021 |
0.030 |
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TOTAL |
9.339 |
7.313 |
4.392 |
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Expected Sales (2010-2011) : Rs.15.000 Millions
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales and Other Income |
10.160 |
3.180 |
1.075 |
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TOTAL (A) |
10.160 |
3.180 |
1.075 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
9.252 |
2.948 |
0.867 |
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Advertising Expenses |
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TOTAL (B) |
9.252 |
2.948 |
0.867 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.908 |
0.232 |
0.208 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.908 |
0.232 |
0.208 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.251 |
0.180 |
0.010 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.657 |
0.052 |
0.198 |
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Less |
TAX (H) |
0.387 |
0.133 |
0.062 |
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PROFIT AFTER TAX
(G-H) (I) |
0.270 |
(0.081) |
0.136 |
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Earnings Per
Share (Rs.) |
54.00 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.65
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(2.54) |
12.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.46
|
1.63 |
18.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.29
|
0.60 |
12.32 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.81
|
0.37 |
0.89 |
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Debt Equity Ratio (Total Liability/Networth) |
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18.04
|
61.71 |
22.31 |
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Current Ratio (Current Asset/Current Liability) |
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1.14
|
1.48 |
0.16 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
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Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
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Sundry Creditors
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For Goods |
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Aflex House Limited Executive Engineer MIDC Force Enggineers Gautem Stainless Private Limited ITT Flow Control Limited Novatek Corporation ITT Flow Control Limited Swiss Engineers Tata Indicom Lucky Trading R.K.Control Instruments Valisons and Company TSA Process Equipment Private Limited |
4.071 0.000 0.115 0.012 0.036 0.005 0.000 0.000 0.001 0.000 0.052 0.005 0.074 |
0.118 0.000 0.189 0.000 0.000 0.000 0.279 0.009 0.000 0.000 0.302 0.005 0.000 |
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.018 0.000 0.000 0.000 |
|
For Expenses |
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B P Enterprises Charuhas Naik Design Element D.R. Karela and Associates Gala Electronics Private Limited Haren Sanghvi and Associates Hemant Kapadia and Company Hitesh Jain I.A. Khan Rajeev Sabnis Sai krupa construction Samsher Khan Santosh Makhar MIDC Viraj Logistics Shree Gurudev Traders Commission Payable |
0.007 0.000 0.000 0.000 0.000 0.152 0.007 0.000 0.000 0.000 0.141 0.000 0.020 0.000 0.319 0.000 0.587 |
0.000 0.019 0.027 0.013 0.000 0.000 0.000 0.019 0.018 0.018 0.228 0.002 0.000 0.003 0.030 0.000 0.000 |
0.000 0.019 0.039 0.013 0.000 0.021 0.000 0.019 0.018 0.018 0.428 0.021 0.000 0.003 0.000 0.000 0.000 |
NOTES:
Mr. Bharat Ajwani Confirmed that this company has recently stated work.
We have one more company “ Technik Fluid Controls” Partnership Company
which was started in 1995. It’s a trading company which does export, imports
also pneumatic values, Instrument Fittings, Feeling Instruments, Sanitary
fitting Instrument etc and Mr. Ajwani
has daught that this inquiry an them will be from Pizer
OPERATIONS:
Sales for the year amounted to Rs. 8.695 millions. Company has
successfully started the manufacturing activity during the year.
Profitability during the year company has earned profit before tax of
RS. 0.657 as compared to profit of earlier year of RS. 0.052.
Trade References:
- Serum Institutions
of India Limited
- Ranbaxy
Laboratories Limited
- Pharmalab
India Private Limited
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U23209MH2006PTC165481 |
|
Name of the
company |
TECNIK FLUID CONTROLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
C-410, Twin Arcade Near Raj Oil Mills, |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
The North Kanara G.S.B Co-Operative Bank Limited, |
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Nature of description
of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement |
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Date of
instrument Creating the charge |
06.09.2007 |
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Amount secured by
the charge |
Rs. 6.400
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1) In respect of Term Loan : 13.5% p.a. 2) In respect of cash Credit facility: 13.5%
p.a. Terms of
Repayment Term Loan of Rs. 5.400
Millions repayable by way of 78 equal monthly installments of Rs. 0.113
Million Margin In Respect of
Term Loan : 25% In Respect of
Cash Credit : 25% Extent and
Operation of the charge To secure the due
repayment of Term Loan of Rs. 5.400 Millions and cash credit facility of Rs.
1.000 Millions, aggregating Rs. 6.400 Millions granted by the Bank of the
Company. |
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Short particulars
of the property charged |
All, Present and
future, stocks and consumables and movables (Raw materials/ work in progress/finished
goods) of the company All, present and
future, machineries consumabels/ moulds of the company All, present and
future, Book debts outstanding monies receivables, claimes, bills, contracts,
securities, investments, goodwill, rights and assets due to the company. |
FORM 8
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Corporate
identity number of the company |
U23209MH2006PTC165481 |
|
Name of the
company |
TECNIK FLUID CONTROLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
C-410, Twin Arcade Near Raj Oil Mills, |
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This form is for |
Modification of
charge |
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Type of charge |
Movable property
(not being pledge) |
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Particular of charge
holder |
The North Kanara G.S.B Co-Operative Bank Limited, Email: yardiprabhu@vsnl.net |
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Nature of
instrument creating charge |
1) Deed of
extension of charge of memorandum of deposit of title deeds with intent to
create equitable mortgage dated 31.03.2010 2) Composite
hypothecation of agreement dated 31.03.2010 (CC-Rs. 1.000 million (both the
agreements constitute a single modification) |
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Date of
instrument Creating the charge |
31.03.2010 |
|
Amount secured by
the charge |
Rs. 7.400
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Rate of interest :
@ 13.50% p.a. with monthly rests, penal interest @2% over the agreed rate of
interst as above will charged on the defaulted loan amount for non compliance
of terms Terms of repayment Repayable on
demand or as per sanction by the bank Margin 25% against stock
and 40% on book debts Extent and operation of the charge As per deed of
extension of charge of memorandum of deposit of title deeds with intent to
create equitable mortgage |
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Short particulars
of the property charged (Including location of the property) |
1) All present and future stocks and
consumables and movables (raw materials, work in progress, finsihed goods) of
the company 2) All present and future, machineries
consumables, moulds of the company 3) All present and future book debts,
outstanding monies receivables, claims, bills, contracts, securities,
investments, goodwill, rights and assets due to the company |
|
Date of
instrument modifying the charge |
06.09.2007 |
|
Particulars of the
present modification |
Original charge
created for Rs. 5.400 millions further modified on 06.09.2007 for Rs. 6.400
millions register on 05.10.2007, now by this present modification, the bank
has grant the additional credit facility by way of cash credit of
rs.10,00,000/-, 1) all present
and future stocks and book debts and consumables and movables (raw mat., work
in progress, finished goods) of the company 2) all present
and future, machineries, moulds of the company 3) all the
present and future book (attached) The limit
enhanced upto Rs. 7.400 millions |
Fixed Assets:
·
·
Computer
·
Furniture and Fixture
·
Plant and Machinery
·
Factory Premises
AS PER WEBSITE
Profile:
TECNIK is a distributor of valves, Instrumentation,
pumps, hoses and other critical components.
They represent several foreign companies of international repute and
market their products and technologies successfully. They are agents for many
companies to develop trade opportunities and are partners to many others to
manage their business in this region.
They provide quality solutions to diverse verticals such as
Biotech, Pharmaceutical, Cosmetics, Food and Dairy.
Oil and Gas, Petrochemical and Refineries,
Pilot Plants, R and D Laboratries
A basic part of the working is value added services under which they
provide:
Market development
Sales In Foreign/Local Currency
Execution :- Installation Supervision, Commissioning,
Servicing, Training and Maintenance
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 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.44.20 |
|
|
1 |
Rs.72.24 |
|
Euro |
1 |
Rs.63.09 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.