MIRA
INFORM REPORT
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Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
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Name : |
FLUIDLINE VALVES COMPANY PRIVATE LIMITED |
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Registered Office : |
401-A, Poonam Chambers 115, Dr. |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.03.1996 |
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Com. Reg. No.: |
11-098454 |
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Capital
Investment/ Paid-up Capital: |
Rs.0.500
Million |
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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. |
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No. of Employees: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 170000 |
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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 company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be correct and as per commitments. The company can be considered normal for 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.
INFORMATION DECLINED BY
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Name : |
Mr. Husan |
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Designation : |
Key Executive |
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Date : |
11.06.20110 |
LOCATIONS
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Registered/ Corporate Office : |
401-A, Poonam Chambers 115, Dr. Annie Besant Road, Worli,
Mumbai-400018, Maharashtra, India |
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Tel. No.: |
91-22-24944057 / 24944058/ 2494 |
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Mobile No.: |
91-9313055226 (Mr. Sanjay Agarwal) |
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Fax No.: |
91-22-24944059/ 24944039 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq.ft. |
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Location : |
Owned |
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Factory : |
516, Phase IV, GIDC Estate, Vatva, Ahmedabad – 382445, |
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Tel. No.: |
91-79-25832333 / 2777 |
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Fax No.: |
91-79-25834888 |
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Area : |
46000 Sq.ft. |
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Location : |
Owned |
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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, |
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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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International
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 : |
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Representative
International Offices: |
Located at:
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Representative
Office: |
Located at:
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Branches : |
Located at:
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DIRECTORS
As on 24.09.2010
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Name : |
Mr. Farooq Kasam Hawa |
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Designation : |
Director |
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Address : |
AL – |
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Date of Birth/Age : |
03.04.1946 |
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Qualification : |
B. Com |
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Date of Appointment : |
27.03.1996 |
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DIN No.: |
01812157 |
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Name : |
Mr. Zahir Farooq Hawa |
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Designation : |
Director |
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Address : |
AL – |
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Date of Birth/Age : |
20.12.1973 |
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Qualification : |
B. Com |
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Date of Appointment : |
27.03.1996 |
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DIN No.: |
01812094 |
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Name : |
Mr. Azim Farooq Hawa |
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Designation : |
Director |
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Address : |
AL – |
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Date of Birth/Age : |
12.05.1976 |
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Qualification : |
B. Com |
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Date of Appointment : |
27.03.1996 |
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DIN No.: |
01812223 |
KEY EXECUTIVES
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Name : |
Mr. Salim |
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Designation : |
Manager- Accounts and Finance |
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Name : |
Mr. Husan |
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Designation : |
Key Executive |
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Name : |
Mr. R Narmawala |
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Designation : |
General Manager (Works) |
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Name : |
Mr. R M Wadgana |
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Designation : |
Manager (Quality) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
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Names of Shareholders |
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No. of Shares |
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Farooq Kasam Hawa |
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7300 |
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Zahir Farooq Hawa |
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12500 |
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Azim Farooq Hawa |
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12500 |
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Noorbanu Farooq Hawa |
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17300 |
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Sabina Zahir Hawa |
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100 |
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Rumana Farooq Hawa |
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100 |
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Surolia Sunil |
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100 |
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Merchant Izhar |
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100 |
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TOTAL |
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50000 |
Equity Share Breakup (Percentage of Total Equity)
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Industrial Valves. |
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Products : |
· Gate Valves · Globe Valves · Forged Steel (Gate, Globe and Check) Valves · Check Valves · Ball Valves · Butterfly Valves · Dual Plate Check Valves · Pipeline Strainers · Cast Iron Sluice Valves · API 6D Through Port Conduit Valves · Special Service Valves |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Actual
Production |
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Valves |
Nos |
4489 |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers
and Manufacturers INTERNATIONAL
INDIAN Oil and Petroleum Industries
Power Plants And State Electricity Boards
Steel Plants
Chemicals And Fertilizer Plants
Paper Plants
Sugar Plant
Refineries
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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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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Address : |
203, Laxmi Bhavan, 2nd Floor, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Share |
Rs.10/- Each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Share |
Rs.10/- Each |
Rs.0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.995 |
26.853 |
10.997 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
43.495 |
27.353 |
11.497 |
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LOAN FUNDS |
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1] Secured Loans |
0.023 |
15.217 |
7.298 |
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2] Unsecured Loans |
62.279 |
37.350 |
47.351 |
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TOTAL BORROWING |
62.302 |
52.567 |
54.649 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
105.797 |
79.920 |
66.146 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.368 |
19.068 |
17.779 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.299 |
0.299 |
0.299 |
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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 |
23.594
|
51.316
|
25.714 |
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Sundry Debtors |
54.033
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34.361
|
44.167 |
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Cash & Bank Balances |
15.552
|
6.512
|
1.088 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
20.178
|
14.194
|
8.643 |
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Total
Current Assets |
113.357
|
106.383
|
79.612 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
16.435
|
20.382
|
24.284 |
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Other Current Liabilities |
9.180
|
13.904
|
2.675 |
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Provisions |
17.612
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11.544
|
4.585 |
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Total
Current Liabilities |
43.227
|
45.830
|
31.544 |
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Net Current Assets |
70.130
|
60.553
|
48.068 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
105.797 |
79.920 |
66.146 |
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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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Gross Turnover |
342.962 |
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Other Income |
NA |
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TOTAL |
NA |
377.848 |
241.873 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
NA |
349.944 |
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Advertising Expenses |
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TOTAL |
NA |
349.944 |
231.916 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
27.735 |
27.905 |
9.957 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.173 |
3.129 |
2.333 |
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PROFIT BEFORE
TAX |
24.562 |
24.775 |
7.624 |
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Less |
TAX |
8.420 |
8.919 |
2.901 |
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PROFIT AFTER TAX |
16.142 |
15.856 |
4.723 |
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BALANCE CARRIED
TO THE B/S |
16.142 |
15.856 |
4.723 |
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EARNINGS IN FOREIGN
CURRENCY |
NA |
207.442 |
NA |
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Earnings Per
Share (Rs.) |
322.84 |
317 |
94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA |
4.20 |
1.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
31.25 |
19.75 |
7.83 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.56 |
0.91 |
0.66 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.43 |
3.60 |
7.50 |
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Current Ratio (Current Asset/Current Liability) |
|
2.62 |
2.32 |
2.52 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAIL
|
Particulars |
As on 31.03.2010 (Rs. In Millions
) |
As on 31.03.2009 (Rs. In Millions
) |
As on 31.03.2008 (Rs. In Millions
) |
|
Sundry Creditor for goods |
16.435
|
20.382
|
24.284 |
PERFORMANCE OF THE COMPANY
The company has made a gross turnover of
Rs.342.962 millions in the year, as against the turnover of Rs.377.848 millions
in the previous year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29120MH1996PTC098454 |
|
Name of the
company |
FLUIDLINE VALVES COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
401-A, Poonam Chambers 115, Dr. Annie Besant Road, Worli,
Mumbai-400018, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10103187 |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Citi Bank N.A., Trent House, 2nd Floor, Plot No. C-60, G Block,
Bandra Kurla Complex, Bandra (East), Mumbai-400051, |
|
Nature of
instrument creating charge |
a) Business Loan Agreement (Loan granted to
M/s. Fluidline Valves Company P Limited) b) Business Loan Agreement (Loan granted to
M/s Fluidline Valves Company) (Collectively
constitute a single charge for Rs. 40.000 Millions) |
|
Date of
instrument Creating the charge |
15.02.2011 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest BG: Interest as
per trade terms AROD: Interest
12% Terms of
Repayment BG of Rs. 30.000
Millions, AROD of Rs. 1.000 Million and BG of Rs. 4.000 Millions : shall be repayable
in 12 months AROD of Rs. 5.000 Millions shall be renewable Margin As may be
stipulated by bank from time to time Extent and
Operation of the charge The bank has
agreed to restructured facilities granted to company and there for the
aggregate charge shall now stand reduced to Rs. 40.000 Millions as shown
hereunder: Fluidline Valves
Company Private Limited : Existing BG of Rs. 35.000 Millions reduced to Rs.
30.000 Millions, Existing AROD of Rs. 1.500 Millions increased upto Rs. 5.000
Millions and Existing PCFC has been completely paid off. Fludline Valves
Company: Existing BG of Rs. 3.000 Millions increased to Rs. 4.000 Millions,
Existing AROD of Rs. 0.500 Million increased upto Rs. 1.000 Million |
|
Short particulars
of the property charged |
Property being
lying and situate at 401-A, Poonam Chambers, 115, Dr. Annie Besant Road,
Worli, Mumbai-400018 |
|
Date of
instrument modifying the charge |
20.12.2008 |
|
Particulars of
the present modification |
In view of restructuring
of facilities, aggregate charge shall now stand reduced from Rs. 60.000
Millions to Rs. 40.000 Millions as shown hereunder. Fluidline Valves Company Private Limited: Existing BG
of Rs. 35.000 Millions reduced to Rs. 30.000 Millions, Existing AROD of Rs.
1.500 Millions increased upto Rs. 5.000 Millions and Existing PCFC has been
completely paid off. Fludline Valves
Company: Existing BG of Rs. 3.000 Millions increased to Rs. 4.000 Millions,
Existing AROD of Rs. 0.500 Million increased upto Rs. 1.000 Million |
FIXED ASSETS
- Buildings
- Plant and Machinery
- Furniture and Fixture
- Air Conditioner
- Computers
- Fax Machine
- Zerox Machine
- Water Cooler
- Aqua Guard
- Motor Car
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.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |
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.