MIRA
INFORM REPORT
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Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
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Name : |
FLUIDTECQ PNEUMATICS PRIVATE LIMITED |
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Registered
Office : |
W – 97, Anand Nagar, M I D C, Ambernath (East) - 421506, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.02.1990 |
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Com. Reg. No.: |
055444 |
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CIN No.: [Company Identification
No.] |
U99999MH1990PTC055444 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.460 million |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEF0906D |
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PAN No.: [Permanent Account No.] |
AAACF4140R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Valves, Pneurnatic Cylinder Rotary Actuators with Ball
Valves, Butterfly Valves, Gate and Globe Valves etc. |
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No. of Employees : |
20 (In office) (Approximately) |
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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 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually 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.
ECGC Country Risk Classification List – April 1, 2010
|
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. Hemal Mehta |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9819201752 |
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Date : |
24.06.2011 |
LOCATIONS
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Registered Office / Branch/ Factory 1 : |
W – 97, Anand Nagar, M I D C, Ambernath (East) - 421506, |
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Tel. No.: |
91-251-2620491 |
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Fax No.: |
91-251-2620491 |
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E-Mail : |
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Website : |
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Area : |
8000sq.fts |
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Location : |
Leased |
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Factory 2 : |
G-122, Udyogvihar, Vithlwadi, Opposite Railway Station, Vithalwadi
(West), Mumbai-421003, Maharashtra, India |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Pascal Mathews Mathias |
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Designation : |
Director |
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Address : |
A/2, Jay Narayan Apartments, Ground Floor, Vishnu Nagar, Dombivali
West, Thane – 421202, Maharashtra, India |
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Date of Birth/Age : |
07.06.1945 |
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Qualification : |
Technocrat |
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Experience : |
30 years |
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Date of Appointment : |
01.07.1989 |
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DIN No : |
02538480 |
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Name : |
Mr. Praful Manharlal Mehta |
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Designation : |
Director |
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Address : |
A/16, Gavsdevi Terrace, Near Gavdevi Mandir, Ayre Road,
Dombivli-421202, Maharashtra, Inida |
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Date of Birth/Age : |
11.04.1949 |
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Qualification : |
Diploma Mechanical |
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Experience : |
30 years |
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Date of Appointment : |
27.07.2006 |
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DIN No : |
01606974 |
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Name : |
Mr. Chittur Subramanian Natrajan |
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Designation : |
Director |
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Address : |
4/38, Palluji Prchiul Don Proted, Matunga, Mumbai-400019, Maharashtra,
India |
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Date of Birth/Age : |
12.01.1955 |
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Qualification : |
BSC |
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Experience : |
15 years |
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Date of Appointment : |
24.07.2006 |
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DIN No : |
02451352 |
KEY EXECUTIVES
|
Name : |
Mr. Hemal Mehta |
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Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Praful Manharlal Mehta |
15350 |
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Chittur Subramanian Natrajan |
15300 |
|
Pascal Mathews Mathias |
15300 |
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Total |
45950 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Valves, Pneurnatic Cylinder Rotary Actuators with Ball
Valves, Butterfly Valves, Gate and Globe Valves etc. |
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Terms : |
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Selling : |
Cash, Credit (30 Days) |
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Purchasing : |
Cash, Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
End Users ·
BARC ·
Gujarat Electricity Board ·
IPCL ·
Aditya Birla Group ·
Bevcon Wayors Private Limited. ·
Jaiprakash Associates Group ·
Corromandal Group ·
ACC Cement ·
Ion Exchange India Limited ·
Diesel Loko Works, Varanasi ·
Dry tech Engineers, Pune ·
Salem Steel Plant ·
Bokaro Steel Plant ·
National Thermal Power corporation ·
Northern coalfields Limited |
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No. of Employees : |
20 (In office) (Approximately) |
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Bankers : |
·
Canara Bank, Dombivali West Branch, Dombivali West,
Dombivali – 421202, Maharashtra, India ·
Kotak Mahindra Bank ·
HDFC Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Thakur Naik and Deo Chartered Accountant |
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Address : |
Shanti Cottage, Thakur Blocks, 2nd Floor, Above Shubha
Manas, |
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Tel. No.: |
91-22-5402062/5410333 |
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Fax No.: |
91-22-5401398 |
CAPITAL STRUCTURE
AS ON 31.03.2010
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 :
|
No. of Shares |
Type |
Value |
Amount |
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45950 |
Equity Shares |
Rs.10/- each |
Rs.0.460 Million |
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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 |
0.460 |
0.460 |
0.460 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.789 |
1.234 |
0.874 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.249 |
1.694 |
1.334 |
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LOAN FUNDS |
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1] Secured Loans |
0.860 |
1.459 |
0.096 |
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2] Unsecured Loans |
0.112 |
0.112 |
0.112 |
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TOTAL BORROWING |
0.972 |
1.571 |
0.208 |
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DEFERRED TAX LIABILITIES |
0.078 |
0.082 |
0.071 |
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TOTAL |
3.299 |
3.347 |
1.613 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.314 |
2.703 |
0.880 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.107 |
0.108 |
0.026 |
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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 |
1.522
|
1.385 |
0.995 |
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Sundry Debtors |
2.665
|
2.538 |
2.798 |
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Cash & Bank Balances |
0.766
|
0.487 |
0.975 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.858
|
0.892 |
0.492 |
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Total
Current Assets |
5.811
|
5.302 |
5.260 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.845
|
3.993 |
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Other Current Liabilities |
0.630
|
0.483 |
4.553 |
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Provisions |
0.458
|
0.290 |
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Total
Current Liabilities |
4.933
|
4.766 |
4.553 |
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Net Current Assets |
0.878
|
0.536 |
0.707 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.299 |
3.347 |
1.613 |
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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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Income / Gross Income |
19.312 |
12.173 |
11.656 |
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Other Income |
NA |
0.209 |
0.035 |
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TOTAL (A) |
NA |
12.382 |
11.691 |
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Less |
EXPENSES |
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Cost of Goods Sold |
|
7.361 |
6.434 |
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Directors Remuneration |
|
0.377 |
0.479 |
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Administrative Expenses |
|
1.166 |
1.064 |
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Selling and Distribution Expenses |
|
0.195 |
0.235 |
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Labour Charges |
|
0.811 |
1.661 |
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Direct Expenses |
|
1.667 |
1.239 |
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TOTAL (B) |
NA |
11.577 |
11.112 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
0.805 |
0.579 |
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Less |
FINANCIAL
EXPENSES (D) |
|
0.00 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.805 |
0.579 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.234 |
0.184 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.286 |
0.572 |
0.395 |
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Less |
TAX (I) |
1.497 |
0.212 |
1.028 |
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PROFIT AFTER TAX
(G-I) (J) |
1.789 |
0.360 |
(0.633) |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
|
|
25.000 |
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|
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|
The above information has been parted by Mr. Hemal Mehta.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
2.90 |
(5.41) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
4.69 |
3.38 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
40.44
|
7.14 |
6.43 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.46
|
0.33 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.66
|
3.74 |
3.57 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.11 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL REVIEW :
During the period, the company achieved a
turnover of Rs.17.563 millions. As compared to Rs. 12.339 millions in previous financial
year. And made a net profit of Rs. 1.789 millions.
FORM 8
|
Corporate
identity number of the company |
U99999MH1990PTC055444 |
|
Name of the
company |
FLUIDTECQ
PNEUMATICS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
W – 97, Anand Nagar, M I D C, Ambernath (East) - 421506, Maharashtra,
India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Others |
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Particular of
charge holder |
Canara Bank, Dombivali West Branch, Dombivali West, Dombivali –
421202, Maharashtra, India |
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Nature of
instrument creating charge |
Cash credit agreement |
|
Date of
instrument Creating the charge |
20.05.2010 |
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Amount secured by
the charge |
Rs. 1.000 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 11.25% Terms of
repayment As
Per Sanction Letter Margin Stock
15% Book
Debts 30% Extent and operation
of the charge The
charge will operate on the primary security on stock of raw materials, semi
finished goods and finished goods kept in the plant and book debts for dp
book debts less than 90days only to be taken for the amount of Rs. 1.000
million and on the colleteral security on emt of factory land and building of
m/s. Fluidtecq Pnemaic Private Limited, at Plot No: W-97, MIDC , Addl/Anand
Nagar, Ambernath (East), valued at Rs.5.169
millions (vr dated 18/07/2009) |
|
Short particulars
of the property charged (Including location of the property) |
Primary
security : stock of raw materials, semi finished goods and finished goods
kept in the plant and book debts for dp book debts less than 90days only to
be taken. Colleteral
security on emt of factory land and building of m/s. Fluidtecq Pnemaic
Private Limited, At Plot No: W-97, MIDC , Addl/Anand Nagar, Ambernath (East),
valued at Rs.5.169 millions (vr Dated 18.07.2009) |
FIXED ASSETS
·
Computer
·
Furniture and Fixtures
·
Air Conditioner
·
Factory Building
·
Motor Car
·
Moulds and Dies
·
Office Equipments
·
Plant and Machinery
·
Scooter
·
Tools, Jigs and others
·
Typewriter
Trade References:
Neuclear Fluid Private Limited
WEB SITE DETAILS
PROFILE
They are a privately owned firm engaged in the manufacturing
and exporting of industrial valves, solenoid valve and automatic actuators.
Their precision automation and instrumentation pneumatic products are serving
numerous applications in diverse industries. Owing to the proficient management
of their directors MR. P. M. Mehta, Mr. Pascal Mathias and Mr. Chittur, their
company is successfully crossing all barriers to become a market-leading name.
Their foresightedness and enormous industrial experience have been of great
help in executing all their activities in a competent manner. Empowered by
their state-of-the-art infrastructure and world class designing facilities,
they are able to meet and even exceed the requirements of their clients. Their
engineers and technocrats work cordially in close co-ordination with their
clients to understand and deliver products exactly according to their specific
requirements.
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.