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|
MIRA INFORM REPORT
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Report No. : |
505184 |
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Report Date : |
23.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
FLOWSERVE INDIA CONTROLS PRIVATE LIMITED (w.e.f. 12.01.1998) |
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|
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Formerly Known
As : |
VALTEK INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
Plot No. 4, 1-A, Road No.8, Export Promotion Industrial Park (EPIP),
Whitefield, Bangalore – 560066, Karnataka |
|
Tel. No.: |
91-80-40146200 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
13.11.1996 |
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Com. Reg. No.: |
08-021388 |
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Capital
Investment / Paid-up Capital : |
INR 173.640 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U85110KA1996PTC021388 |
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IEC No.: [Import-Export Code No.] |
0703005308 |
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GSTN : [Goods & Service Tax
Registration No.] |
29AAACF3286G1ZJ |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACF3286G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The
Company is engaged in manufacture of valves, pumps, pump parts, valve parts
and actuators and also engaged in engineering design services of valves,
pumps and seals. [Registered
Activity] |
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|
|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 26000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a step-down subsidiary of “Flowserve Corporation, United States” and was incorporated in the year 1996. It is engaged in manufacturing of valves, pumps and seals. For the financial year 2017, the company has reported dip in its revenue by 7.76% as compared to the previous year along with a fair profit margin of 11.98%. The sound financial risk profile of the company is marked by adequate net worth base along with strong debt protection metrics due to debt free balance sheet profile. Rating takes into account the subject’s long established track record of business operations along with extensive experience of its promoters. Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Payment seems to be regular. In view of aforesaid, the company can be considered 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (91-80-40146200)
LOCATIONS
|
Registered Office : |
Plot No. 4, 1-A, Road No.8, Export Promotion Industrial Park (EPIP),
Whitefield, Bangalore – 560066, Karnataka, India |
|
Tel. No.: |
91-80-40146200 |
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Fax No.: |
91-80-28410286 |
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E-Mail : |
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Website : |
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Factory 1 : |
S. F. Nos. 136/3 and 137, Myleripalayam Road, Coimbatore – 641032, Tamilnadu, India |
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Tel. No.: |
91-422-2612117 / 2612001 |
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Fax No.: |
91-422-2612002 |
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Factories : |
Also Located at: ·
Bangalore ·
Chennai |
|
NOTE: The
Company has four manufacturing facilities and two engineering design
facilities located across Bangalore, Coimbatore and Chennai. |
|
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Ajit Frances Devotta |
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|
Designation : |
Director |
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Address : |
Flat No. G003 Jacarananda A Block, Adarsh Palam Ret Reat, Belllandur
Devarabisanahalli, Bangalore – 560103, Karnataka, India |
||||||||||||
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Date of Birth/Age : |
04.02.1960 |
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Date of Appointment : |
23.03.2009 |
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PAN No.: |
AHQPD4875R |
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DIN No.: |
00349560 |
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Other Directorship:
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Name : |
Mr. Sriram Santhanam |
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Designation : |
Director |
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Address : |
Unit No 10, Sahyadri Villas, 75/2 and 77/1, MU Thasandra Main Road,
Near El Belthel Church, Varthur, Bangalore – 560087, Karnataka, India |
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Date of Birth/Age : |
02.09.1970 |
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Date of Appointment : |
30.09.2016 |
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PAN No.: |
ACSPS2469R |
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DIN No.: |
02595011 |
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Other Directorship:
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||||||||||||
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Name : |
Mr. Asokan Venugopalan |
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Designation : |
Whole Time Director |
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Address : |
No. 67/12, K G Layout, Bharathi Park, 8th Cross Road, Coimbatore
– 641011, Tamilnadu, India |
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Date of Birth/Age : |
04.06.1964 |
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Date of Appointment : |
20.09.2011 |
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PAN No.: |
AABPV6654L |
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DIN No.: |
03629587 |
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Other Directorship:
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|
||||||||||||
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Name : |
Mr. Andrew James Higgins |
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|
Designation : |
Director |
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Address : |
63 New Heritage Way, North Chailey, Lewes BN8 4JE, United Kingdom |
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Date of Birth/Age : |
15.05.1972 |
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Date of Appointment : |
15.02.2017 |
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DIN No.: |
06420922 |
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|
||||||||||||
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Name : |
Mr. Erik Ivar Johansson |
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Designation : |
Director |
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Address : |
1345 Meadow Glen, Southlake, TX 76092, United States of America |
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Date of Birth/Age : |
27.09.1960 |
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Date of Appointment : |
15.02.2017 |
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DIN No.: |
07712511 |
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KEY EXECUTIVES
|
Name : |
Mr. Sriram Santhanam |
|
Designation : |
Company Secretary |
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Address : |
EC-1, Magan Samara Mews, 159/3, 3rd Main, J.P, Nagar, 7th
Phase, Panduranga Nagar, Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
02.09.1970 |
|
Date of Appointment : |
26.06.2012 |
|
PAN No.: |
ACSPS2469R |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Flowserve International Inc., United States of America |
17363939 |
|
Sriram Santhanam as Nominee to Flowserve International Inc., United States of America |
1 |
|
|
|
|
Total |
17363940 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
Company is engaged in manufacture of valves, pumps, pump parts, valve parts
and actuators and also engaged in engineering design services of valves,
pumps and seals. [Registered
Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors : |
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|
Name : |
Price Waterhouse and Company Chartered Accountants
LLP Chartered Accountants |
|
Address : |
5th Floor, Tower, "D" The Millenia, 1 and 2 Murphy Road, Ulsoor, Bangalore – 560008, Karnataka, India |
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PAN No.: |
AAHFP0187A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding Company : |
·
Flowserev Corporation USA (FCU) |
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|
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|
Holding
company : |
·
Flowserve International Inc. USA (FIIU) |
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|
Fellow
subsidiaries : |
· Flowserve S.R.L., Argentina (FSA) · Flowserve Australia Pty. Limited, Australia (FAPL) · Thompsons, Kelly & Lewis Pty. Limited, Australia (TKL) · Flowserve (Austria) GmbH, Austria (FCVG) · Flowserve Control Valves GmbH, Austria (FCV) · Flowserve Ltda., Brazil (FLB) · Flowserve Do Brasil Ltda · Flowerve Canada Corporation, Canada (FCC) · Flowserve Fluid Motion and Control (Suzhou) Co. Limited, China (FFM) · Flowserve Shanghai Limited, China (FSLC) · Flowserve France S.A.S., France (FFS) · Flowserve Pompes S.A.S., France (FPS) · Flowserve S.A.S., France (FSF) · Flowserve Essen GmbH, Germany (FEG) · Flowserve Flow Control GmbH, Germany (FFC) · Flowserve Hamburg GmbH, Germany (FHG) · Gestra AG, Germany (GAGG) · Flowserve Ahaus Gmbh, Germany (FAGG) · Flowserve Korea Limited, Korea (FKL) · Flowserve Microfinish Pumps Private Limited (FMP) · Flowserve Microfinish Valves Private Limited (FMV) · Flowserve Sanmar Limited, India (FSL) · Valbart S.R.L., Italy (VSI) · Worthington S.R.L., Italy (WSI) · Flowserve Japan Co. Limited, Japan (FJC) · Flowserve KSM Co. Limited, Korea, (FKC) · Flowserve S. De R.L. De C.V., Mexico (FSD) · Flowserve Netherlands Management B.V., The Netherlands (FNM) · Flowserve B.V., The Netherlands (FBT) · Flowserve Pte. Limited, Singapore (FPL) · Flowserve - Al Rushaid Company Limited, Saudi Arabia (FARCL) · Flowserve / Abahsain Flow Control Co. Limited, Saudi Arabia (FAFCL) · Lawrence Pumps Asia Pte. Limited, Singapore (LPA) · Flowserve South Africa (Proprietary) Limited, South Africa (FSAPL) · Flowserve S.A., Spain (FSS) · Flowserve Spain S.L., Spain (FSS SL) · Flowserve Sweden AB, Sweden (FAB) · Naf AB, Sweden (NAS) · Palmstierna International AB, Sweden (PIA) · Calder Gmbh, Switzerland (CGS) · Flowserve (Thailand) Limited, Thailand (FTL) · Flowserve Gulf Fze, United Arab Emirates (FGF) · Flowserve Al Mansoori Services Company Limited · Audco Limited, United Kingdom (ALU) · Flowserve GB Limited, United Kingdom (FGL) · Flowserve International Limited, United Kingdom (FIL) · Flowserve US Inc., USA (FUI) · Flowserve Management Company, USA (FMC) · Flowserve Sihi (France) · SAS, France (FSSF) · Flowserve Sihi (Spain) S.L, Spain (FSSS) · Flowserve Vietnam Co., LLC, Vietnam (FVCL) · Halberg Maschinenbau GmbH, Germany (HMG) · PT Flowserve, Indonesia (PTF) · Sterling Fluid Systems (Uk) Limited, United Kingdom (SFS) · Sterling Sihi GmbH, Germany (SSG) · Flowserve Solutions (Malaysia) Sdn. Bhd, Malaysia (FSM) |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18750000 |
Equity Shares |
INR 10/- each |
INR 187.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17363940 |
Equity Shares |
INR 10/- each |
INR 173.640 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
173.640 |
173.640 |
173.639 |
|
(b) Reserves & Surplus |
8781.130 |
8602.760 |
6748.377 |
|
(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) |
8954.770 |
8776.400 |
6922.016 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
50.050 |
56.580 |
230.387 |
|
(d) Long-term
provisions |
227.870 |
254.520 |
210.162 |
|
Total Non-current
Liabilities (3) |
277.920 |
311.100 |
440.549 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1898.210 |
2012.930 |
2700.142 |
|
(c) Other
current liabilities |
1673.320 |
1610.190 |
1316.113 |
|
(d) Short-term
provisions |
139.730 |
93.530 |
250.405 |
|
Total Current
Liabilities (4) |
3711.260 |
3716.650 |
4266.660 |
|
|
|
|
|
|
TOTAL |
12943.950 |
12804.150 |
11629.225 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2483.610 |
2504.620 |
2466.408 |
|
(ii)
Intangible Assets |
21.250 |
35.090 |
45.413 |
|
(iii)
Capital work-in-progress |
311.320 |
67.580 |
14.865 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
282.980 |
255.030 |
196.509 |
|
(d)
Long-term Loan and Advances |
114.090 |
96.530 |
742.010 |
|
(e) Other
Non-current assets |
783.930 |
836.370 |
111.084 |
|
Total Non-Current
Assets |
3997.180 |
3795.220 |
3576.289 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3281.480 |
2528.960 |
2986.041 |
|
(c) Trade
receivables |
2879.730 |
3129.980 |
3736.139 |
|
(d) Cash
and cash equivalents |
1832.770 |
2578.170 |
586.217 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
740.480 |
|
(f) Other
current assets |
952.790 |
771.820 |
4.059 |
|
Total
Current Assets |
8946.770 |
9008.930 |
8052.936 |
|
|
|
|
|
|
TOTAL |
12943.950 |
12804.150 |
11629.225 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13015.300 |
14109.820 |
13044.285 |
|
|
|
Other Income |
349.980 |
611.650 |
380.316 |
|
|
|
TOTAL |
13365.280 |
14721.470 |
13424.601 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7315.420 |
7114.050 |
7144.308 |
|
|
|
Purchase of Stock-in-trade |
45.660 |
123.960 |
25.945 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(480.530) |
119.680 |
(107.241) |
|
|
|
Employee Benefits Expenses |
1361.620 |
1372.910 |
1376.498 |
|
|
|
Other Expenses |
2481.340 |
2890.580 |
2125.916 |
|
|
|
TOTAL |
10723.510 |
11621.180 |
10565.426 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2641.770 |
3100.290 |
2859.175 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
1.690 |
0.098 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2641.770 |
3098.600 |
2859.077 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
279.050 |
280.180 |
240.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
2362.720 |
2818.420 |
2618.981 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
803.990 |
959.060 |
861.745 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
1558.730 |
1859.360 |
1757.236 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (INR) |
89.77 |
107.08 |
101.20 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
1859.530 |
3266.380 |
1320.271 |
|
Net cash flows from (used in) operating activities |
1030.420 |
2271.920 |
256.469 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
80.76 |
80.97 |
104.54 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.52 |
4.51 |
3.49 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
94.12 |
101.51 |
137.45 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.81 |
1.23 |
0.96 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.94 |
1.19 |
1.13 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.29 |
0.29 |
0.37 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.41 |
0.42 |
0.62 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.31 |
0.30 |
0.37 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
1834.49 |
29175.26 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
11.98 |
13.18 |
13.47 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
12.04 |
14.52 |
15.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
17.41 |
21.19 |
25.39 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.41 |
2.42 |
1.89 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.53 |
1.74 |
1.19 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.69 |
0.69 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.41 |
2.42 |
1.89 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
173.639 |
173.640 |
173.640 |
|
Reserves & Surplus |
6748.377 |
8602.760 |
8781.130 |
|
Net
worth |
6922.016 |
8776.400 |
8954.770 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
13044.285 |
14109.820 |
13015.300 |
|
|
|
8.169 |
(7.757) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
13044.285 |
14109.820 |
13015.300 |
|
Profit/(Loss) |
1757.236 |
1859.360 |
1558.730 |
|
|
13.47% |
13.18% |
11.98% |
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 |
-- |
|
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 |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
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 |
GENERAL INFORMATION
The Company was incorporated on November 13, 1996 under the Companies Act 1956. The Company is a private limited company with its registered office at Bangalore and is a subsidiary of Flowserve International Inc., USA. The Company is engaged in manufacture of valves, pumps, pump parts, valve parts and actuators. The Company is also engaged in engineering design services of valves, pumps and seals. The Company has four manufacturing facilities and two engineering design facilities located across Bangalore, Coimbatore and Chennai.
THE STATE OF THE COMPANY’S AFFAIRS
BUSINESS PERFORMANCE
Valves Division:
Revenue for the year was INR 7446.060 Million. This has resulted in the decrease of 17.14% over the previous year.
Pumps Division:
Revenue for the year was INR 4974.760 Million. This has resulted in the Increase of 0.45% over the previous year.
Engineering Center:
Revenue for the year was INR 944.460 Million. This has resulted in the growth of 22.98% over the previous year.
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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 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
|
INR |
|
US Dollar |
1 |
INR 66.02 |
|
|
1 |
INR 92.73 |
|
Euro |
1 |
INR 81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.