MIRA
INFORM REPORT
|
Report Date : |
12.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
FLUIDYNE CONTROL SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
S. No. 79/2, Plot No. 12, Near Agarwal Godown, Shivne, Pune-411023,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.08.1994 |
|
|
|
|
Com. Reg. No.: |
11-080121 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33129PN1994PTC080121 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Liquid Measuring Equipment and Tools. |
|
|
|
|
No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 51000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Anand |
|
Designation : |
Executive Accounts Department |
|
Contact No.: |
91-9922507913 |
|
Date : |
24.02.2012 |
LOCATIONS
|
Registered Office / Factory : |
S. No. 79/2, Plot No. 12, Near Agarwal Godown, Shivne, Pune-411023,
Maharashtra, India |
|
Tel. No.: |
91-20-25290504/25290870/25290584 |
|
Mobile No.: |
91-9922507913 [Mr. Anand] |
|
Fax No.: |
91-20-25292773/25292775 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Shivdas Devidas Menon |
|
Designation : |
Director |
|
Address : |
301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004,
Maharashtra, India |
|
Date of Birth/Age : |
11.05.1956 |
|
Date of Appointment : |
05.08.1994 |
|
Din No.: |
00677463 |
|
|
|
|
Name : |
Mrs. Beena Shivdas Menon |
|
Designation : |
Director |
|
Address : |
301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004,
Maharashtra, India |
|
Date of Birth/Age : |
28.03.1963 |
|
Date of Appointment : |
05.08.1994 |
|
Din No.: |
00700802 |
|
|
|
|
Name : |
Ms. Devaki Shivdas Menon |
|
Designation : |
Director |
|
Address : |
301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004,
Maharashtra, India |
|
Date of Birth/Age : |
28.09.1985 |
|
Date of Appointment : |
16.08.2005 |
|
Din No.: |
00700673 |
KEY EXECUTIVES
|
Name : |
Mr. Anand |
|
Designation : |
Executive Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shivdas Devidas Menon |
|
108019 |
|
Beena Shivdas Menon |
|
6010 |
|
Devaki Shivdas Menon |
|
5971 |
|
|
|
|
|
Total |
|
120000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Liquid Measuring Equipment and Tools. |
|
|
|
|
Exports : |
|
|
Products : |
Liquid Measuring Equipment and Tools |
|
Countries : |
·
China ·
Germany ·
UK ·
Gulf Country |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
·
USA ·
China ·
Germany |
|
|
|
|
Terms : |
|
|
Selling : |
COD |
|
|
|
|
Purchasing : |
COD |
GENERAL INFORMATION
|
Customers : |
Others [Manufacture] |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
50 [Approximately] |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
Abhyudaya Co-Operative Bank Limited,
Administrative Office, K.K. Tower, Abhyudaya Bank, Lane, Off G.D. Ambekar Marg,
Parel Vilage, Mumbai-400012, Maharashtra, India ·
HDFC Bank Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ahirrao and Associates Chartered Accountant |
|
Address : |
No. 15/16, Ajinkyatara, Behind DCC Ganeshmala, |
|
Pan No.: |
AAJPA2416K |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000 |
Equity Shares |
Rs.10/- each |
Rs.1.200
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.200 |
1.200 |
1.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11.742 |
10.651 |
7.422 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12.942 |
11.851 |
8.622 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
32.858 |
34.250 |
5.658 |
|
|
2] Unsecured Loans |
12.444 |
3.430 |
2.130 |
|
|
TOTAL BORROWING |
45.302 |
37.680 |
7.788 |
|
|
DEFERRED TAX LIABILITIES |
0.890 |
0.624 |
0.387 |
|
|
|
|
|
|
|
|
TOTAL |
59.134 |
50.155 |
16.797 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
43.245 |
39.625 |
8.365 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.525 |
1.465 |
0.025 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.075
|
5.565
|
2.126 |
|
|
Sundry Debtors |
8.946
|
10.767
|
4.735 |
|
|
Cash & Bank Balances |
0.669
|
1.242
|
3.801 |
|
|
Other Current Assets |
1.215
|
1.661
|
3.365 |
|
|
Loans & Advances |
2.292
|
3.155
|
2.940 |
|
Total
Current Assets |
24.197
|
22.390
|
16.967 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.205
|
6.921
|
3.255 |
|
|
Other Current Liabilities |
1.628
|
4.422
|
3.965 |
|
|
Provisions |
1.000
|
1.982
|
1.340 |
|
Total
Current Liabilities |
8.833
|
13.325
|
8.560 |
|
|
Net Current Assets |
15.364
|
9.065
|
8.407 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
59.134 |
50.155 |
16.797 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
21.300 |
38.600 |
40.188 |
|
|
|
Other Income |
NA |
NA |
0.481 |
|
|
|
TOTAL |
NA |
NA |
40.669 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
35.324 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
35.324 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
NA |
5.345 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
1.698 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
NA |
3.647 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
30.39 |
|
Expected Sales (2011-12) : Rs.50.000 Millions.
The above information has been parted by Mr. Anand.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
8.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
13.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
21.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.18
|
4.30 |
1.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
1.68 |
1.98 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
NOTE:
The registered office of the company has been shifted from 301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004, Maharashtra, India to the present address w.e.f. 19.01.2012.
PERFORMANCE:
The company has achieved a turnover of
Rs.21.300 Millions.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U33129PN1994PTC080121 |
|
Name of the
company |
FLUIDYNE CONTROL SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004,
Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Abhyudaya Co-Operative Bank Limited, Administrative Office, K.K.
Tower, Abhyudaya Bank, Lane, Off G.D. Ambekar Marg, Parel Vilage,
Mumbai-400012, Maharashtra, India |
|
Email |
|
|
Nature of
instrument creating charge |
Deed of Mortgage |
|
Date of
instrument Creating the charge |
19.03.2010 |
|
Amount secured by
the charge |
Rs. 22.485
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest:
- 12% p. a. (floating) or at such other rate as may be decided by the Bank
from time to time. Terms of
Repayment Repayable in 78
monthly installments of Rs.0.418 million each, together with interest thereon Margin As may be
decided, from time to time, by the Bank. Extent and
Operation of the charge To secure the due
repayment of Term Loan of Rs.22.485 millions, together with accrued interest,
costs, charges and expenses thereon, granted by the Bank to the Company. Others Nil |
|
Particulars of
the property charged |
Plot No.41/A,
adm.869 sq.mts. Situated at Survey Nos. 7+8, Ramnagar Housing Colony at
Bavdhan Khurd, Tal: Mulshi, District Pune, Maharashtra, India Plot No.41/B,
adm.1237.10 sq. mts. with RCC Bunglow structure thereon, at Survey Nos. 7+8,
Ramnagar Housing Colony at Bavdhan Khurd, Tal: Mulshi, District Pune,
Maharashtra, India |
FIXED ASSETS:
- Land
- Building
- Machinery and Plant
- Furniture
- Measuring Instruments
- Testing Instruments
- Electrification Office
- Computer and Allied Products
- Mould and Dies
- Office Equipments
- Loose Tools
- Generator Set
- Vehicle
- Building under Construction
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.50.02 |
|
|
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.66.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
41 |
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.