MIRA INFORM REPORT

 

 

Report No. :

499425

Report Date :

24.03.2018

 

 

 

 

IDENTIFICATION DETAILS

 

Name :

FLOWSERVE INDIA CONTROLS PRIVATE LIMITED (w.e.f. 12.01.1998)

 

 

Formerly Known As :

VALTEK INTERNATIONAL PRIVATE LIMITED

 

 

Registered Office :

Plot No. 4, 1-A, Road No. 8, Export Promotion Indl Park, Whitefield, Bangalore – 560066, Karnataka

Tel. No.:

91-80-40146200

 

 

Country :

India

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

13.11.1996

 

 

Com. Reg. No.:

08-021388

 

 

Capital Investment / Paid-up Capital :

INR 173.639 Million

 

 

CIN No.:

[Company Identification No.]

U85110KA1996PTC021388

 

 

IEC No.:

[Import-Export Code No.]

0703005308

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACF3286G

 

 

GSTN :

[Goods & Service Tax Registration No.]

29AAACF3286G1ZJ

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

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. (Registered activity)

 

 

No. of Employees :

Information declined by the management

 

 

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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a step-down subsidiary of “Flowserve Corporation, United States” and was incorporated in the year 1996.

 

For the financial year 2016, the company has achieved revenue growth of 7.97% as compared to the previous year along with a fair profit margin of 13.17%.

 

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.

 

Note: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources. 

 

 

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

 

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 31-03-2016.

 

 

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 24.03.2018

 

 

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 (TEL NO.: 91-80-40146200 / 24324800)

 

 

LOCATIONS

 

Registered Office :

Plot No. 4, 1-A, Road No.8, Export Promotion Industrial Park, Whitefield, Bangalore – 560066, Karnataka, India

Tel. No.:

91-80-40146200

Fax No.:

91-80-28410286

E-Mail :

financeindia@flowserve.com

ejohansson@flowserve.com

ahiggins@flowserve.com

Website :

http://www.flowserve.com

 

 

Head Office :

“The Oval”, III Floor, New No.10-12, Venkatnarayana Road, T. Nagar, Chennai – 600017, Tamilnadu, India

Tel No.:

91-44-24324800/ 24504100

Fax No.:

91-44-24328754

 

 

Corporate  Office :

Plot No. 31-C, 2nd Cross, Veerasandra Industrial Estate, Hosur Road, Bangalore – 560100, Karnataka, India

Tel. No.:

91-80-33247903

 

 

Factory 1 :

S. F. Nos. 136/3 and 137, Myleripalayam Road, Coimbatore – 641032, Tamilnadu, India

Tel. No.:

91-422-2612117/ 2612001

Fax No.:

91-422-2612002

 

 

Factory 1 :

Located at :

 

  • Bangalore
  • Chennai

 

 

Branch Office :

B-8, CMDA Industrial Area, Maraimalai Nagar, Kanchipuram-603209, Tamilnadu, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Ajit Frances Devotta

Designation :

Director

Address :

Flat No. G003 Jacarananda A Block, Adarsh Palam Ret Reat, Belllandur Devarabisanahalli, Bengaluru – 560103, Karnataka, India

Date of Birth/Age :

04.02.1960

Qualification :

BE Mechanical, MS Industrial Engineering, MBA in Finance

Experience :

28 years

Date of Appointment :

23.03.2009

PAN No.:

AHQPD4875R

DIN No.:

00349560

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U29120KA1996PTC020335

FLOWSERVE MICROFINISH VALVES PRIVATE LIMITED

23/09/2016

-

 

 

Name :

Mr. Sriram Santhanam

Designation :

Director

Address :

Unit No 10, Sahyadri Villas, 75/2 And 77/1, MU Thasandra Main Road, Near El Belthel Church, Varthur, Bengaluru – 560087, Karnataka, India

Date of Birth/Age :

02.09.1970

Date of Appointment :

15.06.2016

DIN No.:

02595011

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U29120KA1996PTC020335

FLOWSERVE MICROFINISH VALVES PRIVATE LIMITED

24/03/2014

-

U85110KA1996PTC021196

FLOWSERVE MICROFINISH PUMPS PRIVATE LIMITED

25/03/2014

-

 

 

Name :

Mr. Asokan Venugopalan

Designation :

Whole Time Director

Address :

No. 67/12, K g Layout Bharathi Park, 8th Cross Road, Coimbatore – 641011, Tamilnadu, India

Date of Birth/Age :

04.06.1964

Qualification :

BE – Mechanical

Experience :

24 years

Date of Appointment :

20.09.2011

PAN No.:

AABPV6654L

DIN No.:

03629587

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U74990PN2011PTC149561

LAWRENCE PUMPS INDIA PRIVATE LIMITED

04/02/2012

-

 

 

Name :

Mr. Andrew James Higgins

Designation :

Director

Address :

63 New Heritage Way, North Chailey, Lewes BN8 4JE, United Kingdom

Date of Birth/Age :

15.05.1972

Date of Appointment :

20.01.2017

DIN No.:

06420922

 

 

Name :

Mr. Erik Ivar Johansson

Designation :

Director

Address :

1345 Meadow Glen, Southlake, TX 76092, United States of America

Date of Birth/Age :

27.09.1960

Date of Appointment :

20.01.2017

DIN No.:

07712511

 

 

KEY EXECUTIVES

 

Name :

Mr. Sriram Santhanam

Designation :

Company Secretary

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 / SHAREHOLDING PATTERN

 

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 28.09.2017

 

Category

Percentage

Promoter - 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. The Company is also engaged in Engineering design services of Valves, Pumps and Seals. (Registered activity)

 

 

Products :

Item Code No.

Product/ Services Description

85167990

 

Engineering Services

Heavy Duty Actuator

Valves

Pumps

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

Not Divulged

Branch

--

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

Auditors :

 

Name :

Lovelock and Lewes

Chartered Accountants

Address :

Flat No 102, Gopalan Royal Palm Apartments, 3rd Main, Lalbahadur Sastri Nagar, Bangalore, Karnataka, India 

Tel. No.:

91-80-40795000

Fax No.:

91-80-40795222

PAN N Income-tax PAN of auditor or auditor's firm :

AABFL5878L

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company:
  • Flowserve International Inc. United States of America

 

 

Ultimate holding company :
  • Flowserve Corporation, United States of America

 

 

Fellow subsidiaries:
  • Flowserve S.R.L., Argentina (FSA)
  • Flowserve Australia Pty. Limited, Australia (FAPL)
  • Thompsons, Kelly and Lewis Pty. Limited, Australia (TKL)
  • Flowserve (Austria) Gmbh, Austria (FCVG)
  • Flowserve Control Valves Gmbh, Austria (FCV)
  • Flowserve Ltda., Brazil (FLB)
  • 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 India Controls Private Limited
  • Flowserve Limitorque India Limited (FLI)
  • 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 Portuguesa, Portugal (FPP)
  • 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)
  • Flowserve India Controls Private Limited
  • Palmstierna International AB, Sweden (PIA)
  • Calder Gmbh, Switzerland (CGS)
  • Flowserve (Thailand) Limited, Thailand (FTL)
  • Flowserve Gulf Fze, United Arab Emirates (FGF)
  • Audco Limited, United Kingdom (ALU)
  • Flowserve Gb Limited, United Kingdom (FGL)
  • Flowserve International Limited, United Kingdom (FIL)
  • Flowserve Corporation, USA (FCU)
  • Flowserve US Inc., USA (FUI)
  • PMV-USA, Inc., USA (PIUS)
  • Flowserve Management Company, USA (FMC)
  • SIHI Pumps (Taiwan) Co. Ltd. (SPT)
  • Flowserve Solutions (Malaysia) Sdn. Bhd (FSM)
  • Sterling Sihi (Spain) S.L (SSS)
  • Flowserve Colombia Ltda (FCL)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2016

 

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 173.639 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2016

31.03.2015

31.03.2014

I.      EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

173.639

173.639

173.639

(b) Reserves and Surplus

8602.753

6748.377

4991.141

(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)

8776.392

6922.016

5164.780

 

 

 

 

(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

65.544

230.387

81.088

(d) long-term provisions

254.543

210.163

106.266

Total Non-current Liabilities (3)

320.087

440.550

187.354

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

0.000

0.000

0.000

(b) Trade payables

2028.614

2700.142

1712.487

(c) Other current liabilities

1523.350

1316.113

1279.266

(d) Short-term provisions

243.213

250.405

165.746

Total Current Liabilities (4)

3795.177

4266.660

3157.499

 

 

 

 

TOTAL

12891.656

11629.226

8509.633

 

 

 

 

II.    ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2438.027

2466.408

1865.492

(ii) Intangible Assets

35.096

45.413

22.553

(iii) Tangible assets capital work-in-progress

67.589

14.865

208.496

(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)

255.023

196.509

175.554

(d) Long-term loans and advances

839.370

742.011

500.592

(e) Other Non-current assets

119.526

111.084

103.642

Total Non-Current Assets

3754.631

3576.290

2876.329

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

2528.968

2986.041

1849.795

(c) Trade receivables

3253.648

3736.139

2293.182

(d) Cash and bank balances

2578.169

586.217

1011.773

(e) Short-term loans and advances

772.122

740.480

449.759

(f) Other current assets

4.118

4.059

28.795

Total Current Assets

9137.025

8052.936

5633.304

 

 

 

 

TOTAL

12891.656

11629.226

8509.633

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2016

31.03.2015

31.03.2014

 

SALES

 

 

 

 

Total Revenue from operations

14083.966

13044.285

10349.071

 

Other Income

300.206

380.316

281.150

 

TOTAL

14384.172

13424.601

10630.221

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

7114.101

7144.308

4991.029

 

Purchases of Stock-in-Trade

123.958

25.945

124.051

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

119.685

(107.241)

(118.406)

 

Employee benefit expense

1399.742

1376.498

1099.678

 

Other expenses

2545.450

2125.916

1925.334

 

TOTAL

11302.936

10565.426

8021.686

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

3081.236

2859.175

2608.535

 

 

 

 

 

Less

FINANCIAL EXPENSES

1.688

0.098

3.323

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3079.548

2859.077

2605.212

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

264.913

240.096

165.443

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2814.635

2618.981

2439.769

 

 

 

 

 

Less

TAX

960.259

861.745

838.927

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

1854.376

1757.236

1600.842

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

9127.846

7827.523

0.000

 

TOTAL EARNINGS

9127.846

7827.523

0.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

1953.839

2335.955

0.000

 

Components and spare parts

161.062

94.494

0.000

 

Capital Goods

57.834

59.471

0.000

 

TOTAL IMPORTS

2172.735

2489.920

0.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

106.79

101.20

92.19

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2016

31.03.2015

31.03.2014

Current Maturities of Long term debt

NA

NA

NA

Net cash flows from (used in) operations

3266.386

1320.272

2482.068

Net cash flows from (used in) operating activities

2271.932

256.470

1607.390

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

Average Collection Days

[Sundry Debtors / Income * 365]

 

84.32

104.54

80.88

 

 

 

 

 

Account Receivables Turnover

[Income / Sunday Debtors]

 

4.33

3.49

4.51

 

 

 

 

 

Average Payment Days [Sundry Creditors / Purchases * 365]

 

102.30

137.45

122.20

 

 

 

 

 

Inventory Turnover [Operating Income / Inventories]

 

1.22

0.96

1.41

 

 

 

 

 

Asset Turnover [Operating Income / Net Fixed Assets]

 

1.21

1.13

1.24

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]

 

0.29

0.37

0.37

 

 

 

 

 

Debt Equity Ratio (Borrowings / NetWorth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Liabilities to Networth (Current Liabilities / NetWorth)

 

0.43

0.62

0.61

 

 

 

 

 

Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)

 

0.29

0.37

0.41

 

 

 

 

 

Interest Coverage Ratio [PBIT / Financial Charges]

 

1825.38

29175.26

784.99

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

Net Profit Margin [(PAT / Sales) * 100]

(%)

13.17

13.47

15.47

 

 

 

 

 

Return on Total Assets [(PAT / Total Assets) * 100]

(%)

14.38

15.11

18.81

 

 

 

 

 

Return on Investment (ROI) [(PAT / NetWorth) * 100]

(%)

21.13

25.39

31.00

 

 

SOLVENCY RATIO

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

Current Ratio [Current Assets / Current Liabilities]

 

2.41

1.89

1.78

 

 

 

 

 

Quick Ratio [(Current Assets - Inventories) / Current Liabilities]

 

1.74

1.19

1.20

 

 

 

 

 

G-Score Ratio Financial [NetWorth / Total Assets]

 

0.68

0.60

0.61

 

 

 

 

 

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

1.89

1.78

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

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Share Capital

173.639

173.639

173.639

Reserves & Surplus

4991.141

6748.377

8602.753

Net worth

5164.780

6922.016

8776.392

 

 

 

 

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

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

10349.071

13044.285

14083.966

 

 

26.043

7.970

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

10349.071

13044.285

14083.966

Profit/ (Loss)

1600.842

1757.236

1854.376

 

15.47 %

13.47 %

13.17 %

 

 

 

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

No

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

 

 

 

HIGHLIGHTS OF PERFORMANCE

 

Revenue for the year was INR 14384.172 Million as compared to INR 13424.601 Million in 2014-15, an increase of INR 959.600 Million (7.15%).

 

 

THE STATE OF THE COMPANY’S AFFAIRS

 

BUSINESS PERFORMANCE

 

Valves Division:

Revenue for the year was INR 4788.900 Million. This has resulted in the growth of 16.70% over the previous year.

 

Pumps Division:

Revenue for the year was INR 4780.200 Million. This has resulted in the growth of 8.14% over the year.

 

Engineering Center:

Revenue for the year was INR 777.100 Million. This has resulted in the growth of 2.54% over the previous year.

 

Chemical Sector:

Revenue for the year was INR 538.600 Million. This has resulted in the decrease of -65.69% over the previous year.

 

MM Nagar:

Revenue for the year was INR 3499.100 Million. This has resulted in the growth of 48.31% over the previous year.

 

 

GENERAL INFORMATION

 

The Company was incorporated on November 13, 1996 under the Companies Act 1956. The Company is a private limited company 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.

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2016

31.03.2015

Claims against company not acknowledged as debt

324.812

277.020

Guarantees

2585.852

2714.075

Other money for which company is contingently liable

403.827

732.745

Total

3314.491

3723.840

 

 

FIXED ASSETS

 

  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer equipments

 

 

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 records 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 65.13

UK Pound

1

INR 91.96

Euro

1

INR 80.34

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUV

 

 

Analysis Done by :

PRY

 

 

Report Prepared by :

KJL

 

 

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)

 

 

 

 

 

 

 

 

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.