MIRA
INFORM REPORT
|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FLOWTECH INDUSTRIES LLP |
|
|
|
|
Formerly Known
As : |
FLOWTECH INDUSTRIES |
|
|
|
|
Registered
Office : |
177, CST Road, Vidyanagri Marg, Kalina, Santacruz (East), Mumbai-400098,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.07.2010 |
|
|
|
|
Total Obligation of Contribution: |
Rs.20.000 Millions |
|
|
|
|
LLPIN No.: |
AAA-1708 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business
: |
Exporter of Pipe and Pipe Fittings Related Materials. |
|
|
|
|
No. of Employees
: |
40 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 80000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is established in the year 1976 as a partnership concern with
the name “Flowtech Industries” and later in July 2010 it got converted into Limited
Liability partnership Concern. It is an established limited liability partnership concern having a
satisfactory track record. Trade relations are reported as fair. Business is
active. Payment terms are reported to be usually correct. The limited liability partnership concern 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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. Ravikiran |
|
Designation : |
Internal Chartered Accountant |
|
Contact No.: |
91-22-26528314 |
|
Date : |
29.05.2014 |
LOCATIONS
|
Registered Office : |
177, CST Road, Vidyanagri Marg, Kalina, Santacruz (East),
Mumbai-400098, Maharashtra, India |
|
Tel. No.: |
91-22-26528314/26528314 |
|
Fax No.: |
91-22-26526912 |
|
E-Mail : |
|
|
Area : |
3000 Sq. Ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Shivshankar Narayan Menon |
|
Designation : |
Designated Partner |
|
Address : |
177, CST Road, Vidyanagri Marg, Kalina, Santacruz (East),
Mumbai-400098, Maharashtra, India |
|
Date of Appointment : |
01.07.2010 |
|
Din No.: |
00093946 |
|
|
|
|
Name : |
Mr. Javid Mohammed Kasam Valiulla |
|
Designation : |
Designated Partner |
|
Address : |
Plot No. A-9, 2nd Floor, New Owner Colony, chitranjan
Nagar, Vidhya Vihar (East), Mumbai, Maharashtra, India |
|
Date of Appointment : |
01.07.2010 |
|
Din No.: |
00094478 |
KEY EXECUTIVES
|
Name : |
Mr. Ravikiran |
|
Designation : |
Internal Chartered Accountant |
OBLIGATION OF CONTRIBUTION
|
OBLIGATION FUND |
RS. IN MILLIONS |
|
Shivshankar Narayan Menon |
10.000 |
|
Javid Mohammed Kasam Valiulla |
10.000 |
|
|
|
|
TOTAL
|
20.000 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of Pipe and Pipe Fittings Related Materials. |
|
|
|
|
Exports : |
|
|
Products : |
Pipe and Pipe Fittings Materials |
|
Countries : |
·
Kuwait ·
Oman |
|
|
|
|
Terms : |
|
|
Selling : |
LC / Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
|||||||||
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|
|
|||||||||
|
No. of Employees : |
40 [Approximately] |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Federal Bank, Lokhandwala Branch, Andheri (East), Mumbai, Maharashtra,
India |
|||||||||
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|
|
|||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vinayaka and Company Chartered Accountants |
|
|
|
|
Sister Concern : |
Kalami Structural and Roofing Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
|
OBLIGATION CONTRIBUTION FUND |
RS. IN MILLIONS |
|
Shivshankar Narayan Menon |
10.000 |
|
Javid Mohammed Kasam Valiulla |
10.000 |
|
TOTAL |
20.000 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
CONTRIBUTION AND
LIABILITIES |
|
|
|
|
(1) Partner's Funds |
|
|
|
|
a)
Contribution received |
20.000 |
20.000 |
20.000 |
|
b)
Reserves & surplus (including surplus being
the profit/loss made during year) |
0.000 |
0.000 |
0.000 |
|
NETWOTH |
20.000 |
20.000 |
20.000 |
|
|
|
|
|
|
2.Liabilities |
|
|
|
|
a)
Secured Loans |
78.881 |
102.719 |
106.006 |
|
b)
Unsecured Loans |
39.569 |
43.522 |
37.569 |
|
Sub Total |
118.450 |
146.241 |
143.575 |
|
|
|
|
|
|
a)
Creditors/trade payables - Advance from customers
|
327.361 |
340.681 |
227.395 |
|
b)
Other liabilities (to specify) Deferred tax
liabilities |
1.418 |
0.063 |
0.000 |
|
c) Provisions |
|
|
|
|
for taxation |
1.673 |
0.160 |
4.681 |
|
for contingencies |
0.000 |
0.000 |
0.000 |
|
for insurance |
0.000 |
0.000 |
0.000 |
|
Other provisions (if any) |
0.000 |
0.000 |
0.000 |
|
Sub Total |
330.452 |
340.904 |
232.076 |
|
|
|
|
|
|
TOTAL |
468.902 |
507.145 |
395.651 |
|
|
|
|
|
|
Fixed Assets [Net Block] |
3.605 |
2.934 |
44.102 |
|
|
|
|
|
|
Investment |
54.188 |
41.457 |
0.031 |
|
Loans and advances |
225.251 |
184.026 |
328.204 |
|
Inventories |
5.423 |
10.108 |
8.234 |
|
Debtors/ trade receivable |
136.885 |
108.059 |
0.000 |
|
Cash and Cash equipment |
43.550 |
160.561 |
15.080 |
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
468.902 |
507.145 |
395.651 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sale of Goods Traded |
31.032 |
0.301 |
1.677 |
|
|
|
Sales or Supply of Services |
526.915 |
241.775 |
385.226 |
|
|
|
Other Income |
32.362 |
8.697 |
1.951 |
|
|
|
TOTAL (A) |
590.309 |
250.773 |
388.854 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of stores and spare parts |
395.916 |
102.607 |
0.000 |
|
|
|
Purchases made for resale |
0.000 |
0.000 |
354.040 |
|
|
|
Power and fuel |
0.000 |
0.000 |
0.000 |
|
|
|
Personnel expenses |
7.918 |
4.158 |
0.950 |
|
|
|
Administrative expenses |
22.943 |
23.265 |
4.362 |
|
|
|
Payment to auditors |
0.110 |
0.110 |
0.097 |
|
|
|
Selling expenses |
1.937 |
1.437 |
0.565 |
|
|
|
Insurance expenses |
0.111 |
0.065 |
0.070 |
|
|
|
Other expenses |
104.637 |
90.370 |
7.963 |
|
|
|
Increase/decrease in stock [including for raw materials, work in
progress and finished goods] |
4.685 |
(1.874) |
0.350 |
|
|
|
TOTAL (B) |
538.257 |
220.138 |
368.397 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
52.052 |
30.635 |
20.457 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.717 |
17.990 |
1.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
34.335 |
12.645 |
19.439 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.668 |
0.711 |
0.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
33.667 |
11.934 |
18.740 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.857 |
4.064 |
6.291 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
22.810 |
7.870 |
12.449 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover [Approximately] |
|
|
600.000 |
The above information has been parted by Mr. Ravikiran.
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Contribution
Received |
20.000 |
20.000 |
20.000 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net worth |
20.000 |
20.000 |
20.000 |
|
|
|
|
|
|
Secured Loans |
106.006 |
102.719 |
78.881 |
|
Unsecured Loans |
37.569 |
43.522 |
39.569 |
|
Total borrowings |
143.575 |
146.241 |
118.450 |
|
Debt/Equity ratio |
7.179 |
7.312 |
5.923 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
388.854 |
250.773 |
590.309 |
|
|
|
-35.510 |
135.396 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
388.854 |
250.773 |
590.309 |
|
Profit |
12.449 |
7.870 |
22.810 |
|
|
3.20% |
3.14% |
3.86% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
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 |
Yes |
|
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 |
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Unsecured Loan |
39.569 |
43.522 |
|
TOTAL
|
39.569 |
43.522 |
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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.