MIRA INFORM REPORT
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Report Date : |
17th May, 2006 |
IDENTIFICATION DETAILS
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Name : |
AIRGRIP
INTERNATIONAL |
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Registered Office : |
Plot No. 163-164, Phase II,
GIDC Industrial Area, Dared, Jamnagar
– 361 004, Gujarat, India |
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Country : |
India
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Financials (as on) : |
31/03/2006 |
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Date of Incorporation : |
1988 |
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Legal Form : |
Sole
Proprietary Concern |
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Line of Business : |
Manufacturers
and Exporters of Tube and Pipe Fittings. Also supplies Brass Electrical
Wiring Accessories, Precision Brass Components, Lamp Parts, Compression and
Self-Align Fittings. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established concern having satisfactory track. Proprietor of the
concern is reported as experienced, respectable and resourceful businessman.
His trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Plot No. 163-164, Phase II,
GIDC Industrial Area, Dared, Jamnagar
– 361 004, Gujarat, India |
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Tel. No.: |
91-288-2730001 |
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Fax No.: |
91-288-2730002 |
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Mobile No.: |
91-9825071421 |
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Area : |
800
sq. ft. |
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Location : |
Owned
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Administrative Office : |
Plot No. 163-164, Phase II,
GIDC Industrial Area, Dared, Jamnagar
– 361 004, Gujarat, India |
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Tel. No.: |
91-288-2730001 |
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Fax No.: |
91-288-2730002 |
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Mobile No.: |
91-9825071421 |
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Area : |
800
sq. ft. |
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Location : |
Owned
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Factory 1 : |
Plot No. 163-164, Phase II,
GIDC Industrial Area, Dared, Jamnagar
– 361 004, Gujarat, India |
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Tel. No.: |
91-288-2730001 |
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Fax No.: |
91-288-2730002 |
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Mobile No.: |
91-9825071421 |
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Area : |
40000
sq. ft. |
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Location : |
Owned
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Factory 2 : |
Plot No. 163-164, Phase II,
GIDC Industrial Area, Dared, Jamnagar
– 361 004, Gujarat, India |
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Tel. No.: |
91-288-2730001 |
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Fax No.: |
91-288-2730002 |
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Mobile No.: |
91-9825071421 |
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Area : |
40000
sq. ft. |
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Location : |
Owned
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SOLE PROPRIETOR
|
Name : |
Mr.
Ketan Shah |
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Designation : |
Sole
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Tube and Pipe Fittings. Also supplies Brass Electrical
Wiring Accessories, Precision Brass Components, Lamp Parts, Compression and
Self-Align Fittings. |
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Products : |
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Exports to : |
Europe,
USA and Middle East |
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Imports from : |
Europe,
USA and Middle East |
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Terms : |
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Selling : |
L/C,
D/P, Cash and Credit upto 30 days basis |
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Purchasing : |
L/C,
D/P, D/A upto 60 days through bank. |
GENERAL INFORMATION
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Suppliers : |
C
F Booth and Company, UK S
N Metals, UK and USA Lucky
Recycling, Dubai |
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Customers : |
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No. of Employees : |
Around 85 |
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Bankers : |
State Bank of Saurashtra Dared
GIDC Branch, Jamnagar – 361 004, Gujarat, India State Bank of Saurashtra Shankar
Tekri Industrial Estate Branch, Jamnagar – 361 004, Gujarat, India Navanagar Co-Operative Bank Limited Shankar
Tekri Industrial Estate Branch, Jamnagar – 361 004, Gujarat, India |
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Facilities : |
Credit
Limit: Rs. 2.500 millions from State Bank of Saurashtra. Credit
Limit: Rs. 1.000 millions from Navanagar Co-Operative Bank Limited. |
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Banking Relations : |
Satisfactory
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Auditors : |
Not
Available |
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Associates/Subsidiaries
: |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.
10.000 millions |
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Borrowed : |
Nil
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Total : |
Rs.
10.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
70.000 |
65.000 |
50.000 |
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Profit/Loss for the year |
2.100 |
1.950 |
1.500 |
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Export Value
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40.000 |
NA |
NA |
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Import Value
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30.000 |
NA |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
|
3.00
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3.00 |
3.00 |
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Net Profit Margin
(PBT/Sales) |
(%) |
3.00
|
3.00 |
3.00 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.21
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0.19 |
0.15 |
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LOCAL AGENCY FURTHER INFORMATION
Product
Range includes:
- Lamps
- Table Lamps and Lamp
Shades
- Brass Lamps
- Glass Lamps
- Paper Lamps
- Decorative Lamp Shades
- Glass Beaded Lamps
- Night Lamps
- Wrought Iron Lamps
- Lanterns
- Electrical Lamps
- Garden Lanterns
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.34 |
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UK
Pound |
1 |
Rs.85.68 |
|
Euro |
1 |
Rs.58.33 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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
|
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |