|
Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
FLEXATHERM EXPANLLOW PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
354, GIDC Industrial Estate, Makarpura 10, Vadodara – 390010, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.03.1992 |
|
|
|
|
Com. Reg. No.: |
04-017330 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29219GJ1992PTC017330 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDF00136D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF2849R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Metallic Expansion Bellows/Joints/
Compensators and Metallic Flexible Hoses. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 96000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company has
incurred some losses in the current year. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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
|
Name : |
Mr. Satish |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-265-2644837 |
|
Date : |
04.05.2012 |
LOCATIONS
|
Registered Office/ Factory : |
354, GIDC Industrial Estate, Makarpura 10, Vadodara – 390010, Gujarat,
India |
|
Tel. No.: |
91-265-2657862/
2644837/ 2644941 |
|
Fax No.: |
91-265-2647134/
2644837 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Piyush Dhulabhai Patel |
|
Designation : |
Director |
|
Address : |
5 Gopal Nagar, Kapadi Pole Wadi, Vadodara – 390017, Gujarat, India |
|
Date of Birth/Age : |
09.05.1960 |
|
Date of Appointment : |
22.03.1992 |
|
DIN No.: |
00467482 |
|
|
|
|
Name : |
Mrs. Anjana Piyushbhai Patel |
|
Designation : |
Director |
|
Address : |
B8, Zaverchand Park, Old Padra Road, Vadodara – 390010, Gujarat, India
|
|
Date of Birth/Age : |
22.11.1959 |
|
Date of Appointment : |
15.10.2002 |
|
DIN No.: |
02608412 |
|
|
|
|
Name : |
Mr. Darshan Piyushkumar Patel |
|
Designation : |
Director |
|
Address : |
B8, Zaverchand Park, Old Padra Road, Vadodara – 390010, Gujarat, India |
|
Date of Birth/Age : |
16.01.1986 |
|
Date of Appointment : |
24.07.2009 |
|
DIN No.: |
02710945 |
KEY EXECUTIVES
|
Name : |
Mr. Satish |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Piyush D. Patel |
|
98948 |
|
Navin D. Patel |
|
11666 |
|
Rashmi J. Shah |
|
9384 |
|
Vijay M. Patel |
|
10000 |
|
Janak M. Patel |
|
10000 |
|
Vijay Raina |
|
1 |
|
Bikhabhai D. Patel |
|
1 |
|
Amrish K. Kaka |
|
1 |
|
Bharat J. Upadhayay |
|
1 |
|
Jasubhai J. Patel |
|
1 |
|
Harshad T. Raval |
|
1 |
|
Harshad H. Patel |
|
1 |
|
|
|
|
|
Total |
|
140005 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2011
|
Category |
Percentage |
|
|
|
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Metallic Expansion Bellows/Joints/ Compensators
and Metallic Flexible Hoses. |
|
|
|
|
Products : |
·
Axial Joint ·
Universal
Joint ( Tied/Untied) ·
Hinged
Joint ·
Gimble
Joint ·
Pressure
Balance Joint ·
Rectangular
Bellows |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra, India ·
State
Bank of India, Makarpura
Industrial Finance Branch, Makarpura, Vadodara – 390010, Gujarat, India |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. N. Gordia and Company Chartered Accountant |
|
Address : |
124, Windsor Plaza, R. C. Dutt Road, Vadodara – 390007, Gujarat, India |
|
Tel No.: |
91-265-2321576/ 6581425/ (R) 2341693 |
|
Tele/ Fax No.: |
91-265-2335596 |
|
Mobile No.: |
91-9825014860 |
|
Email : |
|
|
PAN.: |
ABGPG6525N |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140005 |
Equity Shares |
Rs.10/- each |
Rs.1.400
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 |
1.400 |
1.400 |
1.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22.544 |
22.630 |
22.205 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
23.944 |
24.030 |
23.605 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.617 |
1.841 |
0.424 |
|
|
2] Unsecured Loans |
1.988 |
1.488 |
1.488 |
|
|
TOTAL BORROWING |
9.605 |
3.329 |
1.912 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
33.549 |
27.359 |
25.517 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.229 |
13.387 |
12.547 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.161 |
0.183 |
0.205 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.772
|
6.397 |
6.711 |
|
|
Sundry Debtors |
21.868
|
16.337 |
28.725 |
|
|
Cash & Bank Balances |
5.014
|
3.751 |
4.023 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.711
|
4.572 |
2.877 |
|
Total
Current Assets |
52.365
|
31.057 |
42.336 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
27.655 |
15.433 |
25.527 |
|
|
Other Current Liabilities |
5.042
|
0.536 |
1.195 |
|
|
Provisions |
1.652
|
1.584 |
2.849 |
|
Total
Current Liabilities |
34.349
|
17.553 |
29.571 |
|
|
Net Current Assets |
18.016
|
13.504 |
12.765 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.143 |
0.285 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
33.549 |
27.359 |
25.517 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.160 |
2.335 |
7.984 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.705 |
1.592 |
1.498 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
EXPENSES |
0.000 |
0.002 |
0.026 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ITEMS INCOME |
0.000 |
0.000 |
0.003 |
|
|
|
|
|
|
|
|
|
Less |
EXTRA ORDINARY
ITEMS |
0.111 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.344 |
0.741 |
6.463 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.430 |
0.316 |
2.169 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(0.086) |
0.425 |
4.294 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
21.430 |
21.005 |
16.711 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
21.344 |
21.430 |
21.005 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
4.203 |
0.648 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
0.465 |
0.000 |
|
|
|
Capital Goods |
NA |
0.827 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
1.292 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.61) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.51
|
1.67 |
11.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.03 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.84
|
0.87 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.77 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
-
For Goods |
16.457 |
14.255 |
22.912 |
|
-
For Expenses |
10.988 |
1.178 |
2.090 |
|
-
For Bamangam Site |
0.136 |
0.000 |
0.000 |
|
-
For New Office Building |
0.074 |
0.000 |
0.525 |
|
|
|
|
|
|
Total |
27.655 |
15.433 |
25.527 |
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
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 |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
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 |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
CONTINGENT LIABILITIES - (AS ON 31.03.2010)
Bank Guarantee is Rs.12.391 Millions (Rs. 16.305
Millions)
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29219GJ1992PTC017330 |
|
Name of the
company |
FLEXATHERM
EXPANLLOW PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
354, GIDC Industrial Estate, Makarpura 10, Vadodara – 390010, Gujarat,
India Email : maildeveshpathak@rediffmail.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property (not being
pledge) |
|
Particular of
charge holder |
HDFC Bank Limited, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra, India Email: |
|
Nature of
instrument creating charge |
Agreement for
Autoloan - 20280662 |
|
Date of
instrument Creating the charge |
19.12.2011 |
|
Amount secured by
the charge |
Rs.4.000 Millions
|
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Extent and
Operation of the charge The charge created
by borrower shall stand as security to the repayment and payment by borrower
of the loan granted or to be granted to the borrower by the bank and all
fees, interests, coasts, and expenses incurred or to be incurred by bank
shall be paid by the borrower |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
One Motor
Vehicle/ Car (AUDI Q5 2.0 TDI) |
FIXED ASSETS:
· Air Conditioner
· Computer
· Electrical Installation
· Factory Building
· Land
· Mobile Phone
· Office Building
· Office Equipment
· 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.53.24 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.