MIRA
INFORM REPORT
|
Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
AEROAIDS CORPORATION |
|
|
|
|
Registered Office : |
A - 6, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1987 |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the partners. |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of range of Aerosol paints, Cleaners and Shiners
including Touchup Spray Paint, Dashboard Shiner and UV Protector, Liquid Car
Polish, Paint Cleaner, Foaming Upholstery Cleaner, Car Shampoo, Shine Spray |
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 |
|
Maximum Credit Limit : |
USD 40000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed concern having satisfactory
track. Partners are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. 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 : |
A - 6, |
|
Tel. No.: |
91-11-27220190 / 27433040 / 65152217 / 2786020 |
|
Mobile No.: |
91-989131515 / 9811084163 (Mr. Vikram Sharma) |
|
Fax No.: |
91-11-27131455 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000sq.fts |
|
Location : |
Rented |
|
|
|
|
Factory 1 : |
Bahudargarh, Haryana |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Ranikhri, Uttaranchal |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
Chakan, |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. R. K. Sharma |
|
Designation : |
Partner |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
Graduate |
|
Experience : |
33 Years |
|
|
|
|
Name : |
Mr. Vikram Sharma |
|
Designation : |
Partner |
|
Date of Birth/Age : |
29 Years |
|
Qualification : |
Graduate |
|
Experience : |
8 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of range of Aerosol paints, Cleaners and
Shiners including Touchup Spray Paint, Dashboard Shiner and UV Protector,
Liquid Car Polish, Paint Cleaner, Foaming Upholstery Cleaner, Car Shampoo,
Shine Spray |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, 30 to 45 days Credits |
|
|
|
|
Purchasing : |
Cash or 30 days Credit |
GENERAL INFORMATION
|
Suppliers : |
Purchase of raw material from Local Market |
|
|
|
|
Customers : |
|
|
|
|
|
No. of Employees : |
50 |
|
|
|
|
Bankers : |
ICICI Bank Limited Pitam Pura, |
|
|
|
|
Facilities : |
No Overdraft |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Associates/Subsidiaries : |
Indian Aerosles Private Limited CIN: U74899DL1990PTC041274 Authorised Capital: Rs.5.000 millions Paid Up Capital: Rs.0.332 millions Address: Same Activities: Same Sales Turnover: Rs.80.000 millions Employees: 40 |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.10.000 millions |
|
Borrowed : |
- |
|
Total : |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
95.000 |
85.000 |
|
|
|
|
|
|
Gross Profit |
|
12% |
- |
|
|
|
|
|
|
Profit After Tax |
|
8% |
- |
|
|
|
|
|
Expected Sales (2007-08) : Rs.120.000 millions
LOCAL AGENCY FURTHER INFORMATION
Company Details:
Picture a world without
colour - a dull and depressing place to live in. In fact, it is the vibrancy of
colour that creates the mood. Subject love the world as it really is, with
beautiful colours everywhere, and offer you the best and least expensive way to
dramatize, stylize or personalize your car, motorcycle, refrigerator, washing
machines and other such precious components in your list. Subject offer unique,
innovative and specially formulated Com-Paint Aerosol Colours that meet the highest standards of
quality and performance. They provide you superior options, avoiding any
"off the shelf" solutions. Their Custom Filling capabilities ensure
that you get original equipment colours and component finishes manufactured
with today's technology. Offering you the best solutions since 1987, they are a
highly reputed manufacturer and exporter of a range
of Aerosol Paints, Cleaners
and Shiners including Touchup Spray Paint, Dashboard Shiner and UV Protector,
Liquid Car Polish, Paint Cleaner, Foaming Upholstery Cleaner, Car Shampoo, Tyre
Shine Spray, etc.
Com-Paint Touchup Spray Paint manufactured in their unit happens
to be the First Indian Original Touchup Spray Paint, specially formulated to
touchup Cars, Motorcycles, Refrigerators, Washing Machines and other
components. Their products are at their best, especially for those little
pieces that can make a big difference. They display the caliber to provide
quality refinishing to those little components that don't have the right
factory colour, are scratched, rusted or faded. They maintain international
standards in all their products and thus, enjoy the popularity amongst
thousands of their clients spread countrywide and abroad in countries like
Their Quality and
Technology
Aerosols are defined as “Pressurized sealed containers with liquefied gases so
that the product becomes self dispensing”. Aerosol package has been extolled as
convenient, clean, dependable, easy to use and efficiently dispensing. Spray
Paint Technology is the combination of two very complex technologies - Paint
Technology and Aerosol Technology. They have the formulation
expertise, latest computer colour matching system, in-house R&D, testing
protocol, flexible manufacturing system and custom filling capabilities to
ensure that you get perfectly matched OEM colours and component finishes. Their
products are free of ozone depleting CFCs, and the eco formulated products,
developed by state-of-the-art technology meet environmental and regulatory
requirements.
Infrastructure
The best asset of subject is a sound and well established infrastructure. The
manufacturing unit is highly sophisticated and equipped with ultra modern
machinery required in producing advanced technology aerosol paints and other
products. Besides cutting edge technology, they are also supported by a highly
skilled workforce comprising of their technical experts. Both these assets
empower them to serve their highly esteemed and quality conscious clients with
the best products in the refinishing industry.
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 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.40.55 |
|
|
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.54.89 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|