MIRA INFORM REPORT
|
Report Date : |
25th May, 2006 |
IDENTIFICATION DETAILS
|
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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Com. Reg. No.: |
24100200702 |
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IEC No.: |
2406000192 |
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Legal Form : |
Sole
Proprietary Concern |
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Line of Business : |
Manufacturersr, Importer
and Exporters of Tube and Pipe Fittings. Also supplies Brass Electrical Wiring
Accessories, Precision Brass Components, Lamp Parts, Compression , Self-Align
Fittings, Brass Lock Nuts, Brass and
M S Fastners, Brass Washers, Brass Turned Components, Electrical Wiring
Accessories, Pipe, Tube and Sanitary [CP], Brass Fitting, Brass Moulding
Inserts, Brass Casted Parts, Brass Forged Parts, Brass Quick Connectors,
Brass Cable Glands, Nuts, Stainless Steel Small Cabinet Handles and Glass
Door Pull Handles. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50000 |
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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 records. 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 |
|
Tel. No.: |
91-288-2730001 |
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Fax No.: |
91-288-2730002 |
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Mobile No.: |
91-9825071421/9426465801 |
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E-Mail.: |
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Website |
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Area : |
38,800
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 |
|
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 : |
Mrs.
Kelpa K Shah |
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Designation : |
Proprietor |
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Address : |
401,
4TH floor, Arihant Tower, Oswal Colony, Jamngar – 361005 |
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Date of Birth/Age : |
34
Years |
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Qualification : |
B.
Com |
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Experience : |
8
Years |
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Name : |
Mr.
Ketan Shah |
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Designation : |
Proprietor
(CEO) |
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Address : |
D-6/323,
Ranjit Nagar, Jamnagar |
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Date of Birth/Age : |
34
Years |
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Qualification : |
B.
Com |
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Experience : |
10
Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturersr, Importer
and Exporters of Tube and Pipe Fittings. Also supplies Brass Electrical
Wiring Accessories, Precision Brass Components, Lamp Parts, Compression ,
Self-Align Fittings, Brass Lock Nuts,
Brass and M S Fastners, Brass Washers, Brass Turned Components, Electrical
Wiring Accessories, Pipe, Tube and Sanitary [CP], Brass Fitting, Brass
Moulding Inserts, Brass Casted Parts, Brass Forged Parts, Brass Quick
Connectors, Brass Cable Glands, Nuts, Stainless Steel Small Cabinet Handles
and Glass Door Pull Handles. |
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Products : |
Product
Range includes:
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Exports to : |
Denmark,
Germany, Europe, USA and Middle East |
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Imports from : |
Belgium,
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, Cash & Credit upto 60 days through bank. |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Brass
Turned Components |
M. Ton |
|
100 |
72 |
|
Brass
Casted Rods |
M. Ton |
|
600 |
480 |
GENERAL INFORMATION
|
Suppliers : |
C
F Booth and Company, UK S
N Metals, UK and USA Lucky
Recycling, Dubai |
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Customers : |
Wholesalers,
End Users and OEM’s |
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No. of Employees : |
35 |
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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 Central Bank of India Gandhi Chowk, Jamnagar – 361001 |
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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. Credit
Limit – Rs. 10.000 Millions from Central
Bank of India |
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Banking Relations : |
Satisfactory
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Auditors : |
Kalpit
Mehta & Associates Chartered
Accountant |
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Address: |
439-441,
Cross Roads, Opposite DKV Collage, Bent Bunder Road, Jamnagar – 361008 |
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Tel. No.: |
91-288-2665700 |
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Associates/Subsidiaries
: |
Agrip
Industries Plot
No. 164, GIDC – 2, Dared, Jamnagar – 361004 Line
of Business – Manufacturer of Brass Component Airgrip
Exports Plot
No. 163, GIDC – 2, Dared, Jamnagar – 361004 Line
of Business – Manufacturer of Brass Parts Devi
Metals Plot
No. 163, GIDC – 2, Dared, Jamnagar – 361004 Line
of Business – Import and Trading in Brass Scrap Shree
Harsidohi Casting Works Plot
No. 164, GIDC – 2, Dared, Jamnagar – 361004 Line
of Business – Manufacturer of Brass Casted Rods |
CAPITAL STRUCTURE
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Capital Investment : |
|
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Owned : |
Rs.
8.600 Millions |
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Borrowed : |
Rs.
4.800 Millions |
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Total : |
Rs.
13.400 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
28.800 |
24.000 |
19.800 |
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Profit/Loss for the year |
2.100 |
1.700 |
1.400 |
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Export Value
|
3.100 |
1.800 |
NA |
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Import Value
|
11.500 |
9.600 |
7.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
7.29
|
7.08 |
7.07 |
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Net Profit Margin
(PBT/Sales) |
(%) |
7.29
|
7.08 |
7.07 |
LOCAL AGENCY FURTHER INFORMATION
Trade
References
Jakap
Met Industry Private Limited
Gate
No. 1178, Pirangunj, Pune
Mr.
P V Danke
Tel.
91-20-22923721/3
Frirdeal
Enterprises
G
– 6, MIDC, Shiroli, Kolhapure
Mr.
K M Parit
Tel. 91-230-246005
Gupta
Trading Company
Jeevali
Bazar, Rewari, Haryana
Mr.
Sanjay Data
Tel.
91-1214-252303
OJD
Trading APS
Geissel
GmbH
Partners
Metal NV
K
J Corporation
As
per website Details:
About Us:
AIRGRIP GROUP
OF COMPANIES started with a vision to use Indian skills and German technology,
with a view to produce quality products in India for the world market
They at
AIRGRIP GROUP OF COMPANIES have successfully made roads into the European
market, supplying quality products to their customers to their fullest
satisfaction.
Their
company’s philosophy of offering complete customer satisfaction is clearly
stated in their policy as follows:
“Continuous
improvement in Quality, Service and timely deliveries to exceed customer
Satisfaction”
“Planned and Efficient Utilisation of technology, Human and material
resources.”
“Devotion, involvement, dedication and co-operation of all people at every
stage.”
“Training to employees to improve their skills and knowledge “
With this in
mind, they have developed an extremely flexible factory organisation to enable
the company to react in meeting the immediate customer requirements. Their
highly qualified employees enjoy a great team spirit and excellent internal
communication, which means that ‘AIRGRIP GROUP OF COMPANIES ’ is well armed to
meet the future challenges arising from the market and from technological
developments.
ISO 9001-2000 Certified
Company Policy
Their
company’s philosophy of offering complete customer satisfaction is clearly
stated in their policy as follows:
“Continuous improvement
in Quality, Service and timely deliveries to exceed customer Satisfaction”
“Planned and Efficient Utilisation of technology, Human and material
resources.”
“Devotion, involvement, dedication and co-operation of all people at every
stage.”
“Training to employees to improve their skills and knowledge “
Typical Application
Instrumentation,
hydraulic and pneumatic systems.
Pressure
Working
pressure up to 2000 psi with a 4:1 safety factor depending on tube size. When
using plastic tubing, use the working pressure for type used.
Vibration
Fair
resistance - use long nut when greater vibration resistance is needed.
Temperature Range
-65°F
to +250°F (-53°C to +121°C) range at maximum operating pressures.
Material
CA360
Brass.
Advantages
Low
cost. Easy to assemble, no flaring. Available with long or short nut. Broad
selection of styles and sizes.
Product
Range
Brass
components have been manufactured by Airgrip Group for various industries
application like electrical, electronics, Hydraulics, Pneumatics, Automoblies,
Metering, Instruments etc.
Brass
Components are made from brass extruded rods/tubes/profile, brass casted rods
and for customers as per their drawings, designs, samples and required
chemical/physical specification.
Production
Facilities
At
Airgrip they offer a comprehensive array of machining capabilities and
ancillary process from scrap melting to brass scrap melting to brass component
finishing to assure that the jobs always conform to specification their wide
range of capabilities allow for economic
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.45.73 |
|
UK
Pound |
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.58.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
|
>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 |
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 |