|
Report Date : |
17.10.2012 |
|
|
|
Country |
India |
|
Company Name |
Flowserve India Controls Private Limited |
Principal Name 1 |
Mr. Palghat Subramanian Sivaramakrishnan |
|
Status |
Good |
Principal Name 2 |
Mr. Willliam Durant Brown III |
|
|
|
Registration # |
08-21388 |
|
Street Address |
Plot No.4, 1-A, Road No.8, Export Promotion Industrial Park Whitefield
Bangalore – 560066, Karnataka, India |
||
|
Established Date |
13.11.1996 |
SIC Code |
-- |
|
Telephone# |
91-80-40146200 |
Business Style 1 |
Manufacturer, |
|
Fax # |
91-80-28410286 |
Business Style 2 |
Service Provider |
|
Homepage |
Product Name 1 |
Flow Control Product and Services |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.173,639,400/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings- 100% |
Banking |
ABN Amro Bank |
|
Public Limited Corp. |
No |
Business Period |
16 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
A (63) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Fellow
Subsidiary |
Taiwan |
Flowserve PTE Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,569,853,000 |
Current Liabilities |
1,564,244,000 |
|
Inventories |
1,221,975,000 |
Long-term Liabilities |
0,000 |
|
Fixed Assets |
609,754,000 |
Other Liabilities |
92,929,000 |
|
Deferred Assets |
37,825,000 |
Total Liabilities |
1,657,173,000 |
|
Invest& other Assets |
48,036,000 |
Retained Earnings |
1,656,631,000 |
|
|
|
Net Worth |
1,830,270,000 |
|
Total Assets |
3,487,443,000 |
Total Liab. & Equity |
3,487,443,000 |
|
Total Assets (Previous Year) |
2,562,504,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
4,983,200,000 |
Net Profit |
647,400,000 |
|
Sales(Previous yr) |
4,102,800,000 |
Net Profit(Prev.yr) |
668,100,000 |
IDENTIFICATION DETAILS
|
Name : |
FLOWSERVE INDIA CONTROLS PRIVATE LIMITED (12th January
1998) |
|
|
|
|
Formerly Known
As : |
VALTAK INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.4, 1-A, Road No.8, Export Promotion Industrial Park Whitefield
Bangalore – 560066, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
13.11.1996 |
|
|
|
|
Com. Reg. No.: |
08-21388 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.173.639
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1996PTC021388 (New) U29299KA1996PTC021388 (Old) |
|
|
|
|
IEC No.: |
0703005308 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRF00773D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF3286G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Importer, Exporter and Service Provider of
Flow Control Product and Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 7300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Flowserve International Inc, USA. It is a
well established company having good track. Financial position of the company appears to be sound. Directors are
reported to be well experienced and knowledgeable businessmen. It has achieved some growth in its sales turnover during 2011.
Profitability appears to be good. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered for business dealing 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Plot No.4, 1-A, Road No.8, Export Promotion Industrial Park Whitefield
Bangalore – 560066, Karnataka, India |
|
Tel. No.: |
91-80-40146200 |
|
Fax No.: |
91-80-28410286 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
“The Oval”, III Floor, New No.10-12, Venkatnarayana Road, T. Nagar, Chennai – 600017, Tamilnadu, India |
|
Tel No.: |
91-44-24324800/ 24504100 |
|
Fax No.: |
91-44-24328754 |
|
|
|
|
Corporate Office : |
Unit-II, Plot No.31-C, 2nd Cross, Veerasandra Industrial
Estate, Hosur Road, Bangalore – 560100, Karnataka, India |
|
Tel. No.: |
91-80-33247903 |
|
|
|
|
Factory : |
S. F. Nos.136/3 and 137, Myleripalayam Road, Coimbatore – 641032, Tamilnadu, India |
|
Tel. No.: |
91-422-2612117/ 2612001 |
|
Fax No.: |
91-422-2612002 |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Palghat Subramanian Sivaramakrishnan |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
Block 22, 04-04, Melville Park, Simeri Street 1, Singapore – 529945 |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.06.1958 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
31.03.2006 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00194097 |
||||||||||||||||||||||||||||||||||||
|
Other Directorships :
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Willliam Durant Brown III |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
608, Fairway View Terrace, Southlake, USA - 76092 |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
17.11.1958 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
03.08.2007 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01758279 |
||||||||||||||||||||||||||||||||||||
|
Other Directorships :
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Asokan Venugopalan |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
No.67/12, K g Layout Bharathi Park, 8th Cross Road,
Coimbatore – 641011, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
04.06.1964 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
BE – Mechanical |
||||||||||||||||||||||||||||||||||||
|
Experience : |
23 years |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.09.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03629587 |
||||||||||||||||||||||||||||||||||||
|
Other Directorships :
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ajit Frances Devotta |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
No. 19, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
04.02.1960 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
BE Mechanical, MS Industrial Engineering, MBA in Finance |
||||||||||||||||||||||||||||||||||||
|
Experience : |
27 years |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.03.2009 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00349560 |
||||||||||||||||||||||||||||||||||||
|
Other Directorships :
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Fehlman Paul Wesley |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
3116, Westminter Ave, Dallas, Tx75205 USA |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
31.08.1963 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.09.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
05105422 |
||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Krishna Kumar V.S |
|
Designation : |
Secretary |
|
Address : |
No. 369. 2nd Cross, 9th Block, Nagarbavi II stage,
Bangalore-560072, |
|
Date of Birth/Age : |
03.05.1966 |
|
Date of Appointment : |
20.03.2012 |
|
PAN No.: |
AEVPK0184N |
|
Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Flowserve International Inc.USA |
|
17363939 |
|
Flowserve International Inc., USA Jointly with Dara P Mehta and Uday Kamat |
|
1 |
|
|
|
|
|
Total |
|
17363940 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer, Exporter and Service Provider of
Flow Control Product and Services. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Valves and Heavy Duty Actuators |
12750 |
-- |
3429 |
|
Pumps |
40000 |
-- |
4446 |
|
Electrical Actuator |
500 |
-- |
51 |
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· ABN Amro Bank Presige Towers, Bangalore, Karnataka, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Warehouse Chartered Accountants |
|
Address : |
Mittal Towers, 10th Floor, C Wing, 47/6 M G Road, Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-25587231 |
|
Email : |
AAEFP5579P |
|
|
|
|
Holding Company : |
Flowserve International Inc, USA |
|
|
|
|
Ultimate Holding Company : |
Flowserve Corporation, USA |
|
|
|
|
Fellows Subsidiaries : |
· Flow Technologies Pte Limited · Flowserve PTE Limited, Taiwan · Flowserve Ahaus Gmbh · Flowserve Australi Pty Limited · Flowserve Sanmar Limited · Flowserve Austria Gmbh · Flowserve B.V. Roosendal · Flowserve Brunn · Flowserve Brazil · Flowserve Canada · Flowserve Cookeville · Flowserve Corporation Calgary · Flowserve Corporation Houston · Flowserve Corporation Inc · Flowserve Corporation Irvin-Texas · Flowserve Corporation Kalamazoo · Flowserve Desio - ltaly · Flowserve Do Brasil Ltda · Flowserve Essen Gmbh · Flowserve Etten Leur · Flowserve Ettlingen Gmbh- Germany · Flowserve Flow Control Benelux B.V · Flowserve Fluid Motion and Control (Suzhou) Company Limited · Flowserve France · Flowserve GB Limited · Flowserve Germany · Flowserve Hastings · Flowserve ltaly · Flowserve Lynchburg · Flowserve Management Company · Flowserve Netherlands · Flowserve Newark · FPD North America · Flowserve PMV · Flowservepte Limited - Singapore · Flowserve Pump Division. Worthington SPA · Flowserve. Pump Scranton · Flowserve Sas Theirs - France · Flowserve Singapore · Flowserve South Africa · Flowserve Springville · Flowserve Sweden · Flowserve FPD Caserta · Flowserve Switzerland · Flowserve Vernon · FPD Etten Leur · FPD Hamburg · Flowserve Arnage · FPD Santa Clara Mexico · FPD-Argentina · FPD-Hengelo · FPD-Moosic · FPD-Newark United Kingdom · FS FPD Taneytown · FS Valbart ltaly · Niigata Worthington Company Limited · Flowserve Solution Group - Coslada · Flowserve Chesapeake · Flowserve Corporation Calgary · Flowserve Corporation Tulsa · Flowserve Thomson Kelly · FPD Nilgata · Flowserve Gulf FZE · Flowserve Arnage - France · FPD Brantford - Canada · FPD ENG'D Dresser Singapore · Flowserve Flow Control (UK) Limited · Flowserve S.P.A · Flowserve (Valtek Controls) · Flowserve Abahsain Flow Control Company Limited · Flowserve S.R.L · Flowserve S. De. R.L.De C.V · Gestra Espanola, SA · Flowserve AL Rushaid Company Limited · Flowserve Columbia LTDA · Flowserve Do Brasil LTDA · Flowserve Thailand Limited · Flowserve Limitorque · FPD Coslada |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18750000 |
Equity Shares |
Rs.10/- each |
Rs.187.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17363940 |
Equity Shares |
Rs.10/- each |
Rs.173.639
millions |
|
|
|
|
|
NOTE:
Out of above 17,363,939 Equity Shares are held
by Flowserve International Inc., USA the Holding Company.
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 |
173.639 |
173.639 |
173.639 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1656.631 |
1009.270 |
940.221 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1830.270 |
1182.909 |
1113.860 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1830.270 |
1182.909 |
1113.860 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
609.754 |
561.501 |
528.103 |
|
|
Capital work-in-progress |
48.036 |
7.379 |
29.131 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
37.825 |
37.228 |
71.262 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1221.975
|
691.315 |
502.982
|
|
|
Sundry Debtors |
870.813
|
598.561 |
676.270
|
|
|
Cash & Bank Balances |
342.103
|
412.220 |
359.269
|
|
|
Other Current Assets |
153.267
|
158.801 |
0.291
|
|
|
Loans & Advances |
203.670
|
95.499 |
159.796
|
|
Total
Current Assets |
2791.828
|
1956.396 |
1698.608 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1027.031
|
554.194 |
427.026
|
|
|
Other Current Liabilities |
537.213
|
462.294 |
318.996
|
|
|
Provisions |
92.929
|
363.107 |
467.222 |
|
Total
Current Liabilities |
1657.173
|
1379.595 |
1213.244
|
|
|
Net Current Assets |
1134.655
|
576.801 |
485.364
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1830.270 |
1182.909 |
1113.860 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
4983.200 |
4102.800 |
3617.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
3946.800 |
3012.600 |
2614.200 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1036.400 |
1090.200 |
1003.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
74.600 |
68.000 |
54.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
961.800 |
1022.200 |
948.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
314.400 |
354.100 |
327.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
647.400 |
668.100 |
620.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
800.400 |
798.200 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
66.800 |
NA |
|
|
|
Dividend Tax |
0.000 |
86.200 |
NA |
|
|
|
Interim and Proposed Final Dividend |
0.000 |
512.800 |
NA |
|
|
BALANCE CARRIED TO
THE B/S |
1447.800 |
800.500 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2905.376 |
2624.116 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
1233.807 |
845.457 |
NA |
|
|
|
Stores & Spares |
4.497 |
12.828 |
NA |
|
|
|
Capital Goods |
8.582 |
11.721 |
NA |
|
|
|
Trade Goods |
29.782 |
45.684 |
NA |
|
|
TOTAL IMPORTS |
1276.668 |
915.690 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
37.28 |
38.48 |
35.76 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
12.99
|
16.28 |
17.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.28
|
40.60 |
42.61
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.86 |
0.85
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.91
|
1.17 |
1.09
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
1.42 |
1.40
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
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 |
Yes |
|
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
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 |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
BUSINESS PERFORMANCE:
Values Division:
The value Division performance is satisfactory with a sale and other income of Rs.1970.817 Millions for the year ending 31st March 2011. This has resulted in the growth of 15% over the previous year. More focus was ensured by splitting the product range amongst the sectors like Oil/ Gas and Chemicals. The focus on the Indian Market is continued to a larger extent.
Pumps Division
The Pump Division performance is satisfactory with a sale and other income of Rs.2579.072 Millions for the year ending 31st March 2011. This has resulted in the growth of 28% over the last financial year. The domestic markets for the Pumps and expansion in export markets for different pumps are also expected in the coming years. The second unit of the pump manufacturing activity was commissioned in 2008 which will added to the manufacturing capacity. The capacity increase through the Block III has already begun for which the required land has already bought. The capital expenditure approval is in place and the necessary statutory approvals are being sought for.
Limitorque Division
Limitorque Division was started during the last quarter of
2008 with basic objective of entering and serving the local Indian market with
low cost Electrical Actuators which are at present imported for Lynchburg.
Engineering Centers
There are three engineering catering to the need of various Flowserve units worldwide. The seals engineering center located at Chennai, Pump Engineering center located in Bangalore and the Valves Engineering Center located at the Valves manufacturing unit are serving on the Design, Engineering services etc to the whole of Flowserve units across the globe. The revenue recorded was rs.125.097 Millions (Seals Eng), Rs.117.975 Millions (Pumps Eng), and Rs.88.391 Millions (Valves Eng) respectively for the financial year 2010-11.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Sales Tax related (C forms not collected) |
81.798 |
23.775 |
|
Tax and Excise related matter |
61.023 |
39.637 |
|
* Does not include guarantee given by bank Rs.1123.480 Millions which in the opinion of management is not a contingent liability as at the balance sheet date. |
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS:
· Freehold Land
· Building
· Plant and Machinery
· Office Equipment
· Furniture and Fixture
· Computer and Computer Software
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 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.52.70 |
|
|
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.