MIRA INFORM REPORT
|
Report Date : |
22.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
FLUIDLINE VALVES COMPANY PRIVATE LIMITED |
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Registered
Office : |
401-A, Poonam Chambers 115, Dr. Annie Besant Road, Worli, Mumbai -
400018, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
27.03.1996 |
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Com. Reg. No.: |
11-098454 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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CIN No.: [Company Identification
No.] |
U29120MH1996PTC098454 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF01772B |
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PAN No.: [Permanent Account No.] |
AAACF0950F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Industrial Valves. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 282000 |
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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 a satisfactory track
record. There appears slight dip in sales and profitability during 2011-2012. However, general financial position is good. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered for normal 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.
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. Javed |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-8898222034 |
|
Date : |
22.05.2013 |
LOCATIONS
|
Registered / Corporate 1 / Head Office : |
401-A, Poonam Chambers 115, Dr. Annie Besant Road, Worli,
Mumbai-400018, Maharashtra, India |
|
Tel. No.: |
91-22-24944057/ 24944058/ 2494 |
|
Mobile No.: |
91-9313055226 (Mr. Sanjay Agarwal) 91-8898222034 (Mr. Javed) |
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Fax No.: |
91-22-24944059/ 24944039 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. ft. |
|
Location : |
Owned |
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Corporate Office
2/ Factory : |
516, Phase IV, GIDC Estate, Vatva, Ahmedabad – 382445, Gujarat, India |
|
Tel. No.: |
91-79-25832333 / 2777 |
|
Fax No.: |
91-79-25834888 |
|
Area : |
46000 Sq. ft. |
|
Location : |
Owned |
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Zonal Office 1 : |
Mr. Sanjay Agarwal – GM Marketing, FF – 06, 1st Floor, National
Arcade, Plot No.4, Gazipur Shopping Complex, Gazipur (Main Road), New Delhi -
110096, India |
|
Tel. No.: |
91-11-22232137 |
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Mobile No.: |
91-9313055226 |
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E-Mail : |
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Zonal Office 2 : |
Mr. K.K. Ramachandran, No.27, Jeevanandham Street, K.K. Nagar, (West),
Chennai – 600078, Tamilnadu, India |
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Tel. No.: |
91-44-42135859 |
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Fax No.: |
91-44-23641722 |
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E-Mail : |
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International
Office: |
Mr. Dinesh Pillay, Fluidline Valves (FZC), P.O. Box : 120312, Saif
Zone, Sharjah, U.A.E |
|
Tel. No.: |
91-971-50 462 1070 |
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Fax No.: |
91-971-84 680 404 |
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Mobile No. : |
91-971-50 4621070 |
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E-Mail : |
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Representative
International Office : |
Located at: Ø
Muscat, Oman Ø
Abu Dhabi - UAE Ø
Malaysia |
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Representative
Office: |
Located at: Ø Bhilai Ø New Delhi Ø Bhopal Ø Vishakhapatnam |
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Branch Office : |
Located at: Ø New Delhi Ø Chennai Ø Kolkata Ø Pune |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Zahir Farooq Hawa |
|
Designation : |
Director |
|
Address : |
1301, Zahra Tower, Dr. E. Mozes Road, Worli, Mumbai – 400018,
Maharashtra, India |
|
Date of Birth/Age : |
20.12.1972 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
27.03.1996 |
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DIN No.: |
01812094 |
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|
Name : |
Mr. Farooq Kasam Hawa |
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Designation : |
Director |
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Address : |
7th Floor, AL – Aba Building, 83, Cyrus Avenue, Mumbai –
400008, Maharashtra, India. |
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Date of Birth/Age : |
03.03.1946 |
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Qualification : |
B. Com |
|
Date of Appointment : |
27.03.1996 |
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DIN No.: |
01812157 |
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|
|
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Name : |
Mr. Azim Farooq Hawa |
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Designation : |
Director |
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Address : |
7th Floor, AL – Aba Building, 83, Cyrus Avenue, Mumbai –
400008, Maharashtra, India. |
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Date of Birth/Age : |
12.05.1976 |
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Qualification : |
B. Com |
|
Date of Appointment : |
27.03.1996 |
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DIN No.: |
01812223 |
KEY EXECUTIVES
|
Name : |
Mr. Javed |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Farooq Kasam Hawa |
|
7400 |
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Zahir Farooq Hawa |
|
12500 |
|
Azim Farooq Hawa |
|
12500 |
|
Noorbanu Farooq Hawa |
|
17300 |
|
Sabiha Zahir Hawa |
|
100 |
|
Rumana Farooq Hawa |
|
100 |
|
Merchant Izhar |
|
100 |
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Total |
|
50000 |
AS ON 27.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Industrial Valves. |
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Products : |
Ø Gate Valves Ø Globe Valves Ø Forged Steel (Gate, Globe and Check) Valves Ø Check Valves Ø Ball Valves Ø Butterfly Valves Ø Dual Plate Check Valves Ø Pipeline Strainers Ø Cast Iron Sluice Valves Ø API 6D Through Port Conduit Valves Ø Special Service Valves |
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Exports : |
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Products : |
Industrial Valves |
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Countries : |
Ø Oman Ø Saudi Arabia Ø Europe |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Ø UAE Ø China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Actual
Production |
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Valves |
Nos. |
46862 |
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GENERAL INFORMATION
|
Customers : |
End Users Ø Bharat Petroleum
Corporation Limited Ø Chennai
Petroleum Corporation Limited Ø Petroleum Development Oman L.L.C. Ø Al-Huraish
and Al-Mojel Company Limited Ø Abdulla
Ahmed Nass and Sons Ø Indian
Oil Corporation (IOC) Ø Hindustan
Petroleum Corporation Limited (HPCL) Ø Reliance
Industries Limited (RIL) Ø Haldia
Petrochemicals Limited (HPL) Ø Gujarat
Industries Power Corporation Limited Ø Nuclear
Power Corporation Limited Ø Chhattisgarh
State Electricity Board Ø West
Bengal State Electricity Board Ø Electrotherm
Steel Limited Ø National
Fertilizers Limited Ø Oswal
Chemicals and Fertilizers Limited Ø Abhishek
Paper Limited |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
Ø Bombay
Mercantile Co-operative Bank Limited, Mohammed Ali Road Branch Ø Citibank N. A.,
Trent House, 2nd Floor, Plot No.C-60, G Block, Bandra Kurla Complex, Bandra
(East), Mumbai - 400051, Maharashtra, India |
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Facilities : |
Total Facility – Rs. 10.000 Millions [Bombay Mercantile Co-operative Bank Limited] Total Facility – Rs. 40.000 Millions [Citi Bank]
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rashmee Associates Chartered Accountants |
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Address : |
203 Laxmi Bhuvan, 2nd Floor, 4/6 Bora Bazar Street, Mumbai – 400001,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAJPS0894H |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
69.876 |
59.582 |
42.995 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
70.376 |
60.082 |
43.495 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
4.516 |
0.000 |
0.023 |
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2] Unsecured Loans |
37.070 |
72.174 |
62.279 |
|
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TOTAL BORROWING |
41.586 |
72.174 |
62.302 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
111.962 |
132.256 |
105.797 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.434 |
33.663 |
35.368 |
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Capital work-in-progress |
5.101 |
0.000 |
0.000 |
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INVESTMENT |
0.300 |
0.300 |
0.300 |
|
|
DEFERRED TAX ASSETS |
0.356 |
0.318 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17.796
|
22.150 |
23.593 |
|
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Sundry Debtors |
87.965
|
53.236 |
54.034 |
|
|
Cash & Bank Balances |
7.725
|
51.790 |
15.551 |
|
|
Other Current Assets |
22.221
|
26.744 |
0.000 |
|
|
Loans & Advances |
1.350
|
5.058 |
20.178 |
|
Total
Current Assets |
137.057
|
158.978 |
113.356 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
32.635
|
30.559 |
16.435 |
|
|
Other Current Liabilities |
10.539
|
4.503 |
9.180 |
|
|
Provisions |
22.112
|
25.941 |
17.612 |
|
Total
Current Liabilities |
65.286
|
61.003 |
43.227 |
|
|
Net Current Assets |
71.771
|
97.975 |
70.129 |
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
111.962 |
132.256 |
105.797 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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SALES |
|
|
|
|
|
|
|
Income |
331.285 |
419.426 |
342.962 [Gross] |
|
|
|
Other Income |
3.190 |
6.772 |
NA |
|
|
|
TOTAL |
334.475 |
426.198 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
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|
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|
Administrative Expenses |
|
|
|
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|
Advertising Expenses |
|
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|
|
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TOTAL |
318.843 |
401.360 |
NA |
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(Including
Depreciation Expenses) |
(Including
Depreciation Expenses) |
27.735 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
3.173 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
15.632 |
24.838 |
24.562 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.337 |
8.251 |
8.420 |
|
|
|
|
|
|
|
|
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PROFIT AFTER TAX
|
10.295 |
16.587 |
16.142 |
|
|
|
|
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|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
59.582 |
42.995 |
26.853 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
69.877 |
59.582 |
42.995 |
|
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|
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
24.347 |
150.034 |
194.582 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
205.90 |
331.74 |
322.84 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
350.000 |
|
|
|
|
|
The above information has been parted by Mr. Javed [Accounts Manager]
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.08
|
3.89 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.72
|
5.92 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.12
|
12.89 |
16.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.41 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.59
|
1.20 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
2.61 |
2.62 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade Creditors |
32.635
|
30.559 |
16.435 |
|
|
|
|
|
|
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 |
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
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 |
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 |
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
From Other Parties |
0.000 |
12.200 |
|
Loans and Advance from Related Parties |
17.739 |
23.973 |
|
Loans from Directors |
19.331 |
36.001 |
|
Total |
37.070 |
72.174 |
TRADE REFERENCES:
Ø Bharat Petroleum
Corporation Limited
Ø Chennai Petroleum
Corporation Limited
FIXED ASSETS:
Ø
Buildings
Ø
Plant and Machinery
Ø
Furniture and Fixture
Ø
Air Conditioner
Ø
Computers
Ø
Fax Machine
Ø
Zerox Machine
Ø
Water Cooler
Ø
Aqua Guard
Ø
Motor Car
Ø
Electric
Installation
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 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. 55.04 |
|
|
1 |
Rs. 83.95 |
|
Euro |
1 |
Rs. 70.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.