MIRA
INFORM REPORT
|
Report Date : |
13.01.2012 |
IDENTIFICATION DETAILS
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Name : |
FLUOROLINED EQUIPMENT PRIVATE LIMITED |
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Registered
Office : |
5, Hind Service Industrial Estate, Ground Floor, Behind Parkway Hotel,
Shivaji Park, Dadar, Mumbai-400028, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.11.1995 |
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Com. Reg. No.: |
11-094529 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.005
Millions |
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CIN No.: [Company Identification
No.] |
U24110MH1995PTC094529 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Centrifugal Chemical Process Pumps. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
5, Hind Service Industrial Estate, Ground Floor, Behind Parkway Hotel,
Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India |
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Tel. No.: |
91-22-24460630/24460631/32403208 |
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Fax No.: |
91-22-24430397 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 727 and 728, Phase 2, GIDC, Gundlav, Gujarat, India |
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Tel. No.: |
91-2632-236701/329782/236464 |
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Fax No.: |
91-2632-236464 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Dhanraj Navinchandra Shah |
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Designation : |
Director |
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Address : |
22, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai-400007, Maharashtra,
India |
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Date of Birth/Age : |
13.09.1956 |
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Date of Appointment : |
16.11.1995 |
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Din No.: |
00215439 |
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Other Directorship:
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Name : |
Mrs. Daksha Dhanraj Shah |
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Designation : |
Director |
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Address : |
22, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai-400007, Maharashtra,
India |
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Date of Birth/Age : |
03.03.1957 |
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Date of Appointment : |
16.11.1995 |
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Name : |
Mr. Vinit Dhanraj Shah |
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Designation : |
Director |
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Address : |
22, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai-400007, Maharashtra,
India |
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Date of Birth/Age : |
27.03.1985 |
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Date of Appointment : |
01.08.2007 |
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Din No.: |
01682586 |
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Other Directorship:
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Name : |
Mr. Mihir Dhanraj Shah |
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Designation : |
Director |
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Address : |
22, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai-400007, Maharashtra,
India |
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Date of Birth/Age : |
04.01.1983 |
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Date of Appointment : |
01.05.2010 |
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Din No.: |
03045935 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Dhanraj Navinchandra Shah |
|
48200 |
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Daksha Dhanraj Shah |
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32200 |
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Vinit Dhanraj Shah |
|
10050 |
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Mihir Dhanraj Shah |
|
10050 |
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Total |
|
100500 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Centrifugal Chemical Process Pumps. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
|
PVDF Centrifugal Pumps |
Nos. |
1500 |
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Spares for Pumps |
Nos. |
10000 |
GENERAL INFORMATION
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Bankers : |
Bank of Baroda, Station Road Branch, Opposite Town Hall,
Bulsar-396001, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pradeep B. Bhatt and Company Chartered Accountants |
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Address : |
53/54, Krishna Niwas, 4th Floor, Near Edward Cinema,
Kalbadevi Road, Mumbai-400002, Maharashtra, India |
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Pan No.: |
AABPB2421P |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
245000 |
Equity Shares |
Rs.10/- each |
Rs.2.450 Millions |
|
5000 |
Preferences Shares |
Rs.10/- each |
Rs.0.050 Millions |
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|
Total |
|
Rs.2.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100500 |
Equity Shares |
Rs.10/- each |
Rs.1.005
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
1.005 |
1.005 |
1.005 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.138 |
39.520 |
36.554 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
43.143 |
40.525 |
37.559 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.247 |
5.488 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.247 |
5.488 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.143 |
40.772 |
43.047 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.427 |
9.954 |
9.871 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
0.255 |
0.191 |
0.044 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.356
|
8.279 |
10.013 |
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Sundry Debtors |
15.590
|
22.674 |
14.712 |
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Cash & Bank Balances |
4.692
|
6.203 |
13.943 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
14.052
|
7.247 |
6.524 |
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Total
Current Assets |
46.690
|
44.403 |
45.192 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
4.621
|
7.228 |
6.293 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
9.609
|
6.549 |
5.768 |
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Total
Current Liabilities |
14.230
|
13.777 |
12.061 |
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Net Current Assets |
32.460
|
30.626 |
33.131 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.143 |
40.772 |
43.047 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
91.556 |
86.764 |
71.848 |
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Other Income |
0.104 |
0.180 |
0.626 |
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TOTAL |
91.660 |
86.944 |
72.474 |
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Less |
EXPENSES |
|
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|
Cost of Sales |
56.922 |
56.358 |
46.347 |
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Sales and Administrative Expenses |
23.190 |
18.166 |
14.738 |
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|
Prior Period Expenses |
0.000 |
(0.003) |
0.000 |
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TOTAL |
80.112 |
74.524 |
61.085 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
11.548 |
12.420 |
11.389 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.832 |
1.781 |
1.868 |
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PROFIT BEFORE
TAX |
9.716 |
10.639 |
9.521 |
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Less |
TAX |
2.996 |
3.557 |
3.244 |
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PROFIT AFTER TAX
|
6.720 |
7.082 |
6.277 |
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Less |
APPROPRIATIONS |
|
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|
Interim Dividend Distributions |
3.518 |
3.518 |
0.000 |
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|
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Tax on Interim Dividend Distribution |
0.584 |
0.598 |
0.000 |
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|
BALANCE CARRIED
TO THE B/S |
2.618 |
2.966 |
6.277 |
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EARNINGS IN
FOREIGN CURRENCY |
11.161 |
9.638 |
9.388 |
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IMPORTS |
8.217 |
5.048 |
5.338 |
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Earnings Per
Share (Rs.) |
66.86 |
70.47 |
62.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.33
|
8.15 |
8.66 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
10.61
|
12.26 |
13.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.01
|
19.57 |
17.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.26 |
0.25 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.33
|
0.35 |
0.47 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.28
|
3.22 |
3.75 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has been shifted from 7, Dr. Kashibai Nawrange Marg, Gamdevi, Mumbai-400007, Maharashtra, India to the present address w.e.f. 01.09.2006.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24110MH1995PTC094529 |
|
Name of the
company |
FLUOROLINED
EQUIPMENT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
5, Hind Service Industrial Estate, Ground Floor, Behind Parkway Hotel,
Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Immovable
Property Any interest in
Immovable Property |
|
Particular of
charge holder |
Bank of Baroda, Station Road Branch, Opposite Town Hall,
Bulsar-396001, Gujarat, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Hypothecation
Agreement 2) Memorandum of
Entry (Collectively Constitute Single Charge) |
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Date of instrument
Creating the charge |
31.07.2008 |
|
Amount secured by
the charge |
Rs.7.500 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest - 0.50
< BPLR (presently 13.25%) = 12.75% Terms of
Repayment The Borrower
shall on demand pay the whole amount due to the Bank with interest and cost. Margin Cash Credit - 25% Bank Guarantee -
10% Cash Margin Extent and
Operation of the charge Security to cover
principal amount together with interest, costs, charges and expenses etc. Others Details of Credit
facilities as under :- 1) Cash
Credit - Rs.5.000 Millions 2) Bank
Guarantee - Rs.2.500 Millions -------------------- Total Rs.7.500 Millions |
|
Short particulars
of the property charged |
First and
exclusive charge and security by way of hypothecation of present and future Stocks,
Book Debts upto 90 days and Plant and Machinery at Plot No.727 and 728, Phase
II, GIDC, Gundlav, District Valsad, Gujarat, and Equitable Mortgage of
immovable properties being, all pieces and parcel of N.A. land Industrial RCC
building and open shed DTYPE property on Plot No.727 adm. 800 sq. mtrs. and
Plot No.728 adm. 800 sq. mtrs. situated at Phase II, Gundlav Industrial
Estate, Gundlav, Taluka and District Valsad. |
FIXED ASSETS:
·
Land
·
Building
·
Furniture and Fixtures
·
Plant and Machinery
·
Vehicles
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.51.83 |
|
|
1 |
Rs.79.42 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.