MIRA INFORM REPORT

Report No. :	313062
Report Date :	24.03.2015

IDENTIFICATION DETAILS

Name :	FLUIDYNE CONTROL SYSTEMS PRIVATE LIMITED

Registered Office :	S. No. 79/2, Plot No. 12, Near Agarwal Godown, Shivne, Pune-411023, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	05.08.1994

Com. Reg. No.:	11-080121

Capital Investment / Paid-up Capital :	Rs. 1.200 Million

CIN No.: [Company Identification No.]	U33129PN1994PTC080121

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Importer and Exporter of Liquid Measuring Equipment and Tools.

No. of Employees :	42 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 76000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relation are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Shivdas
Designation :	Managing Director
Contact No.:	91-9881172211
Date :	19.03.2015

LOCATIONS

Registered Office / Factory :	S. No. 79/2, Plot No. 12, Near Agarwal Godown, Shivne, Pune-411023, Maharashtra, India
Tel. No.:	91-20-25290504/25290870/25290584
Mobile No.:	91-9881172211 (Mr. Shivdas)
Fax No.:	91-20-25292773/25292775
E-Mail :	fluidyne@vsnl.com anand@fluidyne.co.in
Website :	http://www.fluidyne.co.in
Location :	Owned

DIRECTORS

As on 16.09.2014

Name :	Mr. Shivdas Devidas Menon
Designation :	Whole Time Director
Address :	301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004, Maharashtra, India
Date of Birth/Age :	11.05.1956
Date of Appointment :	05.08.1994
DIN No.:	00677463

Name :	Mrs. Beena Shivdas Menon
Designation :	Director
Address :	301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004, Maharashtra, India
Date of Birth/Age :	28.03.1963
Date of Appointment :	05.08.1994
DIN No.:	00700802

Name :	Ms. Devaki Shivdas Menon
Designation :	Director
Address :	301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004, Maharashtra, India
Date of Birth/Age :	28.09.1985
Date of Appointment :	16.08.2005
DIN No.:	00700673

KEY EXECUTIVES

Name :	Mr. Shivdas
Designation :	Managing Director

MAJOR SHAREHOLDERS

As on 16.09.2014

Name of Shareholders	No. of Shares	%age
Shivdas Devidas Menon	108,019	90.02
Beena Shivdas Menon	6,010	5.01
Devaki Shivdas Menon	5,971	4.98
Total	120,000	100.00

As on 16.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Liquid Measuring Equipment and Tools.

Products :	Diesel Dispensers Fuel Unloading Systems Fuel Monitoring System Genset Efficiency Monitors Fuel consumption Monitor

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	China UK

Imports :
Products :	Raw Material
Countries :	USA China Germany

Terms :
Selling :	Advance Payment, L/C and Credit ( 30 Days)

Purchasing :	L/C and Credit (30 Days)

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Precise Vacuum Pump Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Manufacturers

Reference :	Tata Motors
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

42 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	Pune Branch
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Abhyudaya Co-operative Bank Limited
Branch Address	Administrative Office, K.K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambekar Marg, Parel village, Mumbai – 400012, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from Banks	11.311	13.869

SHORT TERM BORROWING
From Banks	11.106	8.988

Total	22.417	22.857

Auditors :
Name :	Ahirrao and Associates Chartered Accountants
Address :	No. 15/16, Ajinkyatara, Behind DCC Ganeshmala, Signal Sinhgad Road, Pune – 411030, Maharashtra, India
PAN No.:	AAJPA2416K

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 16.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

150,000	Equity Shares	Rs.10/- each	Rs. 1.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

120,000	Equity Shares	Rs.10/- each	Rs. 1.200 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.200	1.200	1.200
(b) Reserves & Surplus	25.104	21.095	16.878
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	26.304	22.295	18.078

(3) Non-Current Liabilities
(a) long-term borrowings	35.082	34.372	34.212
(b) Deferred tax liabilities (Net)	1.255	1.058	1.179
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	36.337	35.430	35.391

(4) Current Liabilities
(a) Short term borrowings	11.106	8.987	9.446
(b) Trade payables	3.918	10.013	8.344
(c) Other current liabilities	12.422	8.215	7.085
(d) Short-term provisions	0.000	0.168	0.575
Total Current Liabilities (4)	27.446	27.383	25.450

TOTAL	90.087	85.108	78.919

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.517	46.526	45.017
(ii) Intangible Assets	3.608	4.510	4.510
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.485	2.285	2.206
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.216	2.243	1.773
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	52.826	55.564	53.506

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	14.865	16.358	11.112
(c) Trade receivables	13.525	9.839	13.158
(d) Cash and cash equivalents	3.954	2.623	0.629
(e) Short-term loans and advances	4.917	0.724	0.514
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	37.261	29.544	25.413

TOTAL	90.087	85.108	78.919

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	60.259	50.060	45.093
	Other Income	0.657	0.301	0.406
	TOTAL	60.916	50.361	45.499

Less	EXPENSES	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA

Less	TAX (I)	NA	NA	NA

	PROFIT/ (LOSS) AFTER TAX	3.509	4.216	4.137

	EARNINGS IN FOREIGN CURRENCY	2.319	1.958	NA

	CIF Value of Imports	0.892	0.221	NA

	Earnings / (Loss) Per Share (Rs.)	29.24	35.13	34.48

Expected Sales (2014-2015): Rs. 70.000 Million

The above information has been parted by Mr. Shivdas

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.200	1.200	1.200
Reserves & Surplus	16.878	21.095	25.104
Net worth	18.078	22.295	26.304

long-term borrowings	34.212	34.372	35.082
Short term borrowings	9.446	8.987	11.106
Total borrowings	43.658	43.359	46.188
Debt/Equity ratio	2.415	1.945	1.756

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	45.093	50.060	60.259
		11.015	20.374

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	45.093	50.060	60.259
Profit	4.137	4.216	3.509
	9.17%	8.42%	5.82%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
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

NOTE:

The registered office of the company has been shifted from 301/1, Satyajeet Co-operative Society, Erandawane, Pune-411004, Maharashtra, India to the present address w.e.f. 19.01.2012.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loan and advances from related parties	23.771	20.502

Total	23.771	20.502

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10483917	18/02/2014	3,383,000.00	ABHYUDAYA CO-OPERATIVE BANK LIMITED	Administrative Office, K. K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambekar Marg, Parel Village,, Mumbai, Maharashtra - 400012, INDIA	C00088385
2	10212841	19/03/2010	22,485,000.00	Abhyudaya Co-op. Bank Limited	Administrative Office, K. K. Tower, Abhyudaya Bank , Lane, G. D. Ambekar Marg, Parel Village,, Mumbai, Maharashtra - 400012, INDIA	A83032268
3	10176322	11/09/2009	19,812,000.00	ABHYUDAYA CO-OPERATIVE BANK LTD.	Administrative Office, K.K.Tower, Abhyudaya Bank, Lane, Off. G.D.Ambekar Marg, Parel Village,, Mumbai, Maharashtra - 400012, INDIA	A70057161
4	10175031	05/08/2013 *	12,500,000.00	ABHYUDAYA CO-OPERATIVE BANK LTD.	Administrative Office, K. K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambekar Marg, Parel Village,, Mumbai, Maharashtra - 400012, INDIA	B85889574
5	10175030	24/08/2009	1,562,000.00	ABHYUDAYA CO-OP. BANK LTD.	Administrative Office, K.K.Tower, Abhyudaya Bank, Lane, Off. G.D.Ambekar Marg, Parel Village,, Mumbai, Maharashtra - 400012, INDIA	A69492759

* Date of charge modification

FIXED ASSETS

Land
Building
Machinery and Plant
Furniture
Measuring Instruments
Testing Instruments
Electrification Office
Computer and Allied Products
Mould and Dies
Office Equipments
Loose Tools
Generator Set
Vehicle
Building under Construction

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 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.62.29
UK Pound	1	Rs.93.02
Euro	1	Rs.67.36

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	RSM

Report Prepared by :	ART

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--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	--

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.

MIRA INFORM REPORT

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