MIRA INFORM REPORT

 

 

Report Date :

08.04.2013

 

IDENTIFICATION DETAILS

 

Name :

ADEPT FLUIDYNE PRIVATE LIMITED

 

 

Registered Office :

Plot No.4, S No.17/1-B, Kothrud Industrial Estate, Kothrud, Pune – 411 038, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

10.08.1983

 

 

Com. Reg. No.:

11-030609

 

 

Capital Investment / Paid-up Capital :

Rs.2.368 Millions

 

 

CIN No.:

[Company Identification No.]

U99999MH1983PTC030609

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Electrical Products.

 

 

No. of Employees :

56 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 22000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. The financial details are not made available with the Government Department since 2007.

 

As confirm with Mr. Vinayak the Director that company is active.

 

Mr. Vinayak also provided us the financial details however it is not verified.

 

However, trade relations are reported to be fair. Business is active. Payments are unknown.

 

The company can be considered for business dealings with great caution.

 

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)

India

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.

 

INFORMATION PARTED BY

 

Name :

Mr. Vinayak Shrinivas Gadre

Designation :

Director

Contact No.:

91-9881478230

Date :

09.03.2013

 

 

LOCATIONS

 

Registered Office/ Factory :

Plot No.4, S No.17/1-B, Kothrud Industrial Estate, Kothrud, Pune – 411 038, Maharashtra, India

Tel. No.:

91-20-25431474/ 25441124

Mobile No.:

91-9881478230 (Mr. Vinayak Gadre)

Fax No.:

91-20-25440480

E-Mail :

adept@vsnl.com

Website :

http://www.adeptfluidyne.com

Area :

11000 sq. ft.

Location :

Owned

 

 

DIRECTORS

 

As on 29.09.2012

 

Name :

Mr. Shrinivas Krishnaji Gadre

Designation :

Director

Address :

Sarasvati Niwas, 42, Ideal Colony, Kothrud, Pune - 411 038 , Maharashtra, India

Date of Birth/Age :

10.10.1956

Date of Appointment :

10.08.1983

DIN No.:

00966757

 

 

Name :

Mrs. Padmaja Shrinivas Gadre

Designation :

Director

Address :

Sarasvati Niwas, 42, Ideal Colony, Kothrud, Pune - 411 038 , Maharashtra, India

Date of Birth/Age :

25.04.1958

Date of Appointment :

26.10.1984

DIN No.:

00966712

 

 

Name :

Mr. Vinayak Shrinivas Gadre

Designation :

Director

Address :

Sarasvati Niwas, 42, Ideal Colony, Kothrud, Pune - 411 038 , Maharashtra, India

Date of Birth/Age :

31.08.1984

Date of Appointment :

30.09.2008

DIN No.:

02176448

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2012

 

Names of Shareholders

 

 

No. of Shares

Shrinivas Krishnaji Gadre

 

12320

Shrinivas Krishnaji Gadre (HUF)

 

2644

Padmaja Shrinivas Gadre

 

8700

Vinayak Shrinivas Gadre

 

5

Chinmay Shrinivas Gadre

 

6

Total

 

23675

 

As on 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Electrical Products.

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • South East Asia
  • Middle East

 

 

Imports :

 

Products :

Raw Material

Countries :

·         Singapore

·         China

·         Taiwan

·         America

 

 

Terms :

 

Selling :

Credit and Proforma Invoice

 

 

Purchasing :

Proforma Invoice

 

 

GENERAL INFORMATION

 

Customers :

End Users, OEM’s and Dealers

 

·         BHEL (Bangalore)

 

 

No. of Employees :

56 (Approximately)

 

 

Bankers :

Bank of Maharashtra, SSI Branch, Gultekdi, Pune, Maharashtra, India

 

 

Facilities :

CC – Rs. 4.000 Millions (From Bank of Maharashtra)

 

Secured Loan

As on 31.03.2007

(Rs. in Millions)

As on 31.03.2006

(Rs. in Millions)

Bank of Maharashtra, SSI Branch-CC A/c

(Secured against hypothecation of book debts and goods and mortgage of factory building)

3.469

1.984

Total

3.469

1.984

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name 1 :

SNDA and Company

Chartered Accountants

Address :

Shivaji Nagar, Pune, Maharashtra, India

 

 

Name 2 :

S.S. Gore and Company

Chartered Accountants

Address :

3, Shatdeep Society, 1032 B Model Colony, Pune – 411 016, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

ACSPG3167P

 

 

CAPITAL STRUCTURE

 

As on 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

24900

Equity Shares

Rs.100/- each

Rs.2.490 Millions

100

Preference Shares

Rs.100/- each

Rs.0.010 Million

 

Total

 

Rs.2.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

23675

Equity Shares

Rs.100/- each

Rs.2.368 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.368

2.368

2.368

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

3.276

2.302

1.524

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

5.644

4.670

3.892

LOAN FUNDS

 

 

 

1] Secured Loans

3.469

1.984

1.224

2] Unsecured Loans

4.138

3.596

3.801

TOTAL BORROWING

7.607

5.580

5.025

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

13.251

10.250

8.917

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

6.929

6.677

6.910

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
3.164

2.106

2.570

 

Sundry Debtors
7.400

3.981

2.265

 

Cash & Bank Balances
0.183

0.202

0.067

 

Other Current Assets
0.036

0.045

0.028

 

Loans & Advances
1.012

1.293

0.766

Total Current Assets
11.795

7.627

5.696

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
2.502

1.220

1.253

 

Other Current Liabilities
2.098

1.568

1.604

 

Provisions
0.873

1.266

0.832

Total Current Liabilities
5.473

4.054

3.689

Net Current Assets
6.322

3.573

2.007

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

13.251

10.250

8.917

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2007

31.03.2006

31.03.2005

 

SALES

 

 

 

 

 

Income

19.639

14.667

15.638

 

 

Other Income

1.458

0.000

0.680

 

 

TOTAL                                    

21.097

14.667

16.318

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

19.132

13.026

14.553

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                              

1.965

1.641

1.765

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.480

0.469

0.430

 

 

 

 

 

 

PROFIT BEFORE TAX             

1.485

1.172

1.335

 

 

 

 

 

Less

TAX                                                                 

0.511

0.395

0.605

 

 

 

 

 

 

PROFIT AFTER TAX                            

0.974

0.777

0.730

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1.599

1.057

0.527

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.315

0.235

0.200

 

BALANCE CARRIED TO THE B/S

2.258

1.599

1.057

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

0.000

0.176

N.A.

 

TOTAL EARNINGS

0.000

0.176

N.A.

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

0.243

0.262

N.A.

 

TOTAL IMPORTS

0.243

0.262

N.A.

 

 

 

 

 

 

Earnings Per Share (Rs.)

41.14

32.82

30.83

 

 

Particulars

 

 

31.03.2012

31.03.2011

Sales Turnover (Approximately)

 

31.000

30.000

 

 

 

 

 

Expected Sales (2012-2013): Rs. 45.000 Millions

 

The above information has been parted by Mr. Vinayak (Director).

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)

4.62

5.30

4.47

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

7.56

7.99

8.54

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

7.93

8.19

10.59

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.26

0.25

0.34

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.35

1.19

1.29

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.16

1.88

1.54

 

 

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

Yes

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last five years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

Yes

15) Capital in the business

Yes

16) Details of sister concerns

No

17) Major suppliers

No

18) Major customers

Yes

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

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

No

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

 

 


 

Unsecured Loan

As on 31.03.2007

(Rs. in Millions)

As on 31.03.2006

(Rs. in Millions)

Unsecured Loan - Others

2.580

2.220

Unsecured Loan - Directors

1.300

0.900

Car (Ford) Loan A/c-ICICI Bank

0.199

0.321

Car (Santro) Loan A/c-ICICI Bank

0.059

0.155

Total

4.138

3.596

 

TRADE REFERENCE:

 

·         BHEL (Bangalore)

 

FIXED ASSETS:

 

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         Moulds and Dies

·         Laboratory Equipment

·         Vehicles

·         Building

·         Factory Land

·         Electrification-M/Shop

·         Electrification-Office

·         Flow Lab

·         Car

·         Computer

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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.54.88

UK Pound

1

Rs.83.54

Euro

1

Rs.70.90 

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYN

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.