MIRA
INFORM REPORT
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Report Date : |
02.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
AMARSON ENGINEERING WORKS |
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Registered Office : |
31, Ashirwad Industrial Estate, Building # 5, Ram Mandir Road, Goregaon (West), Mumbai - 400 104, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1981 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA14990D |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer of Precision Components, Assemblies, Sub-Assemblies
(Power Generation Industry). |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 125000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. The
concern appears to have signed long term contract with a U.S. company for
supply of precision component whose results would be out in 2007-08. Partners
are experienced, respectable and having satisfactory means. Their trade
relations are fair. Payments are reported as slow but correct. However, the concern can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
31, Ashirwad Industrial Estate, Building # 5, Ram Mandir Road, Goregaon (West), Mumbai - 400 104, Maharashtra, India. |
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Tel. No.: |
91-22-28720379/ 56978049 |
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Mobile No.: |
91-98-20081352/ 9820537078 |
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Facsimile: |
91-22-28751586 |
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After Work: |
91-22-28887318/ 28832953 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory: |
Plot No. 76, Village Waliv Phata , Vasai (East), Thane – 401 208,
Maharashtra, India. |
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Tel. No.: |
91-250-6585385 |
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Fax No.: |
91-250-2481213 |
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Area : |
12000 sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Hoshyar Singh |
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Designation : |
Partners |
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Date of Birth/Age : |
41 Years |
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Qualification : |
Graduate |
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Experience : |
15 Years |
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Name : |
Mr. Kulwant Singh |
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Designation : |
Partners |
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Date of Birth/Age : |
47 Years |
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Qualification : |
Graduate |
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Experience : |
22 Years |
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Name : |
Mr. Narendra Singh |
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Designation : |
Partners |
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Date of Birth/Age : |
45 Years |
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Qualification : |
Graduate |
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Experience : |
20 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Precision Components, Assemblies, Sub-Assemblies
(Power Generation Industry). |
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Exports : |
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Products : |
Engineering Components |
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Countries : |
USA, New Zeleand, France & U.K. |
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Imports : |
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Products : |
Machines & Raw Materials |
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Countries : |
Taiwan & USA |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (45 days) & T/T |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
35 |
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Bankers : |
IDBI Bank, Borivali (West), Mumbai Abhyadaya Co-operative Bank Limited, Malad (East), Mumbai. |
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Facilities : |
Cash Credit – Rs. 6.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Iqbal & Saiyad Chartered Accountant |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 25.000 Millions |
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Borrowed : |
Rs. 6.500 Millions |
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Total : |
Rs. 31.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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35.000 |
32.000 |
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Export Value |
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NA |
18.000 |
Expected Sales (2007-08) : Rs. 90.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
Ø
Pure House Department Mahidra
& Mahindra Limited, Mumbai
Ø
Eicher Demm, Thane
Ø
Nucler Power Corporate Limited, Mumbai
AS PER WEBSITE:
COMPANY PROFILE:
Ø Amarson Engineering Works was established in 1981 as a High-tech CNC Machine Shop offering custom made engineering parts based on customer drawings & specification.
Ø The company is currently managed by four young & dynamic technocrats. The team comprises of Management, Production, Mechanical, Design & Quality Control engineers.
Ø Cumulative experience & teamwork ensures professional & personalized services to their client.
Ø They undertake jobs related to various industries like Aerospace, Instrumentation, Railways, Power Transmission, Defence etc., and have experience in machining components/parts using materials such as (NiTi, Monel, Inconel, Hastealloy, 17-4 PH 13-8 Mo, Cobalt, Stainless Steel etc.)
Ø
All designing & programming is done using the
latest CAD-CAM software solutions.Quality & reliability of supply are their
focus areas ; an essential in today's world of zero inventory.
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Inspection reports & process histories are
maintained to monitor process drifts in long run production jobs.
Ø They believe that it is vital to deliver exactly what is needed at exactly the time it is needed.
Ø
Their tooling & development strength helps
manufacturing processes whereby they can guarantee their customer timely
delivery of competitively priced quality goods.
EXPERTISE CAN BE
SUMMARIZED AS FOLLOWS:
- At Amarson Engineering Works, they can conceive, develop, prototype and manufacture the most complex and intricate products based on customer ideas, requirement, drawings & specifications.
- They have developed and are manufacturing NiTi [SHAPE MEMORY ALLOY] based client specific products for the aerospace industry in India.
- They contribute significantly towards import substitution. Their latest effort in this arena is the development of precision moulds for the F&B packaging industry manufacturing styrofoam cups, glasses etc.
- In exports, they have manufactured draft key washers, pivots, pins and coupler shanks for the railroad industry in the United States of America.
- They deal with machining of Hastealloy, Inconel, Monel parts for the instrumentation industry on a regular basis.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 44.28 |
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UK Pound |
1 |
Rs. 86.62 |
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Euro |
1 |
Rs. 58.32 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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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 |
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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