MIRA INFORM REPORT

Report No. :	323520
Report Date :	26.05.2015

IDENTIFICATION DETAILS

Name :	FLOWTECH INDUSTRIES LLP
Formerly Known As :	FLOWTECH INDUSTRIES
Registered Office :	177, C.S.T. Road, Vidyanagri Marg, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra
Tel. No.:	91-22-26528314
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.07.2010
Total Obligation of Contribution :	Rs.20.000 Million
LLPIN No.:	AAA-1708
IEC No.:	0388060859
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAAFF0573D
Legal Form :	Limited Liability Partnership
Line of Business :	Export, Import, Consultancy, Supplying, Trading, Holding, Broking, Agency of Manufactures in India and Abroad.\R\NCIVIL, Construction, Mechanical, Electrical, Instrumentation and its related activities.
No. of Employees :	Information decline by the management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established limited liability partnership concern having a moderate track record. Profit of the subject has dipped during FY 2014. Borrowings recorded by the subject are also huge. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The limited liability partnership concern can be considered for business dealings with some caution. Note : Subject was 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. Site was conducted at the address which you have provided which is also same as per ROC however our executive were unable to locate the subject.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = B+
Rating Explanation	High risk of default.
Date	December 31, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4
Rating Explanation	Minimal degree of safety and carry very high credit risk.
Date	December 31, 2014

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 DENIED

Unable to contact (91-22-26528314 / 26526154 / 26528314) – (Continuously Ringing)

LOCATIONS

Registered Office :	177, C.S.T. Road, Vidyanagri Marg, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra
Tel. No.:	91-22-26528314
Fax No.:	91-22-26526912
E-Mail :	flowtech.ind@gmail.com

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
DPIN No.:	00093946
Name :	Mr. Javid Mohammed Kasam Valiulla
Designation :	Designated Partner
Address :	Plot No. A-9, 2^nd Floor, New Owner Colony, chitranjan Nagar, Vidhya Vihar (East), Mumbai, Maharashtra, India
Date of Appointment :	01.07.2010
DPIN No.:	00094478

OBLIGATION OF CONTRIBUTION

As on 31.03.2014

OBLIGATION FUND	RS. IN MILLION
Shivshankar Narayan Menon	10.000
Javid Mohammed Kasam Valiulla	10.000
TOTAL	20.000

BUSINESS DETAILS

Line of Business :	Export, Import, Consultancy, Supplying, Trading, Holding, Broking, Agency of Manufactures in India and Abroad.\R\NCIVIL, Construction, Mechanical, Electrical, Instrumentation and its related activities.
Products :	Pipe Pipe Fittings Related Materials
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Reference :	Not Divulged
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 :

Information decline by the management.

Bankers :

Banker Name	Federal Bank
Branch Address	Lokhandwala Branch, Andheri (East), Mumbai, 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)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Secured Loan	90.815	78.881
Total	90.815	78.881

Auditors :	Not Divulged
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

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	31.03.2014	31.03.2013	31.03.2012
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	90.815	78.881	102.719
b) Unsecured Loans	30.404	39.569	43.522
Sub Total	121.219	118.450	146.241
a) Creditors/trade payables - Advance from customers	246.153	327.361	340.681
b) Other liabilities (to specify) Deferred tax liabilities	0.337	1.418	0.063
c) Provisions
for taxation	1.496	1.673	0.160
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	247.986	330.452	340.904
TOTAL	389.205	468.902	507.145
Fixed Assets [Net Block]	3.253	3.605	2.934
Investment	37.664	54.188	41.457
Loans and advances	112.023	225.251	184.026
Inventories	7.607	5.423	10.108
Debtors/ trade receivable	185.333	136.885	108.059
Cash and Cash equipment	43.325	43.550	160.561
Other Current Assets	0.000	0.000	0.000
TOTAL	389.205	468.902	507.145

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sale of Goods Traded	3.357	31.032	0.301
		Sales or Supply of Services	578.528	526.915	241.775
		Other Income	18.636	32.362	8.697
		TOTAL	600.521	590.309	250.773
Less	EXPENSES
		Consumption of stores and spare parts	428.797	395.916	102.607
		Purchases made for resale	0.000	0.000	0.000
		Power and fuel	0.244	0.000	0.000
		Personnel expenses	5.476	7.918	4.158
		Administrative expenses	35.076	22.943	23.265
		Payment to auditors	0.110	0.110	0.110
		Selling expenses	0.302	1.937	1.437
		Insurance expenses	0.068	0.111	0.065
		Other expenses	105.160	104.637	90.370
		Increase/decrease in stock [including for raw materials, work in progress and finished goods]	(2.184)	4.685	(1.874)
		TOTAL	573.049	538.257	220.138
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		27.472	52.052	30.635
Less	FINANCIAL EXPENSES		11.584	17.717	17.990
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		15.888	34.335	12.645
Less/ Add	DEPRECIATION/ AMORTISATION		0.656	0.668	0.711
	PROFIT / (LOSS) BEFORE TAX		15.232	33.667	11.934
Less	TAX		5.310	10.857	4.064
	PROFIT / (LOSS) AFTER TAX		9.922	22.810	7.870

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.70	4.08	3.25
Operating Profit Margin (PBDIT / Sales)	(%)	4.72	9.32	12.65
Return on Total Assets (PBT/Total Assets}	(%)	3.91	7.17	2.35
Return on Investment (ROI) (PBT/Networth)		0.76	1.68	0.59
Debt Equity Ratio (Total Debt/Networth)		6.06	5.92	7.31
Current Ratio (Current Asset/Current Liability)		1.40	1.24	1.35

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
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	102.719	78.881	90.815
Unsecured Loans	43.522	39.569	30.404
Total borrowings	146.241	118.450	121.219
Debt/Equity ratio	7.312	5.923	6.061

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	242.076	557.947	581.885
		130.484	4.290

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	242.076	557.947	581.885
Profit	7.870	22.810	9.922
	3.25%	4.09%	1.71%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	Yes
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Unsecured Loan	30.404	39.569
Total	30.404	39.569

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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.63.62
UK Pound	1	Rs.98.50
Euro	1	Rs.69.93

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.