MIRA
INFORM REPORT
|
Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AEROFLEX INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
503, A Abdool Hussain Potia Apartment, 202, Bellasis Road, Mumbai
Central, Mumbai – 400008, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.10.1993 |
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Com. Reg. No.: |
074576 |
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CIN No.: [Company
Identification No.] |
U24110MH1993PLC074576 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA14671G |
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PAN No.: [Permanent
Account No.] |
AACCA6767D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of stainless steel corrugated hoses and hose
assemblies. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 36000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. It
has some accumulated losses. However, in view of the improving profitability of
the company, it is expected to be wiped-off soon. Payments are reported as
slow but correct. The company can be considered for small to mediocre business dealing
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
503, A Abdool Hussain Potia Apartment, 202, Bellasis Road, Mumbai
Central, Mumbai – 400008, Maharashtra, India |
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Tel. No.: |
91-22-23774565 |
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Fax No.: |
91-22-23750840 |
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E-Mail : |
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International Business Off: |
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Address: |
Purshottamdas Thakkar Co-operative Ind. Estate, 1st Floor,
Office No. 2, 20 Champsi Bhimji Road, Anjirwadi Mazgaon, Mumbai – 400010,
Maharashtra, India |
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Tel. No.: |
91-22-23706500/23706509 |
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Fax No.: |
91-22-23750840 |
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E-Mail : |
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Web: |
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Works 1 : |
Plot No. 43, MIDC, Taloja Industrial Area, Dist. Raigad, Navi Mumbai -410208,
Maharashtra, India |
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Works 2 : |
Plot No. 34, MIDC, Taloja Industrial Area, Dist. Raigad, Navi Mumbai
-410208, Maharashtra, India |
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Domestic Business Off: |
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Address: |
508 A, Byculla Service Industrial Co-op. Soc. Limited, Sussex Road,
Byculla (E), Mumbai – 400027, Maharashtra, India |
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Tel. No.: |
91-22-23736629/23736633 |
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Fax No.: |
91-22-23736634 |
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E-Mail : |
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Web : |
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Works 1: |
Plot No. 43, MIDC, Taloja Industrial Area, Dist. Raigad, Navi Mumbai
-410208, Maharashtra, India |
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Works 2 : |
Plot No. 34, MIDC, Taloja Industrial Area, Dist. Raigad, Navi Mumbai
-410208, Maharashtra, India |
DIRECTORS
|
Name : |
Mrs. Raniwala Farazdak Shabbir |
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Designation : |
Director |
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Address : |
503, A Abdool Hussain Potia Apartment, 202, Bellasis Road, Mumbai
Central, Mumbai – 400008, Maharashtra, India |
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Date of Birth/Age : |
05.09.1971 |
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Date of Appointment : |
08.10.1997 |
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Name : |
Mr. Kagzi Yousuf |
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Designation : |
Director |
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Address : |
503, A Abdool Hussain Potia Apartment, 202, Bellasis Road, Mumbai
Central, Mumbai – 400008, Maharashtra, India |
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Date of Birth/Age : |
01.04.1967 |
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Date of Appointment : |
17.08.1998 |
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Name : |
Mr. Raniwala Shabbir Hussain |
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Designation : |
Director |
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Address : |
503, A Abdool Hussain Potia Apartment, 202, Bellasis Road, Mumbai
Central, Mumbai – 400008, Maharashtra, India |
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Date of Birth/Age : |
11.07.1945 |
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Date of Appointment : |
14.03.2001 |
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Name : |
Mr. Ajabbanu Shabirhussien raniwala |
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Designation : |
Director |
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Address : |
503, A Abdool Hussain Potia Apartment, 202, Bellasis Road, Mumbai
Central, Mumbai – 400008, Maharashtra, India |
|
Date of Birth/Age : |
14.05.1952 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Shabbir Hussain Raniwala |
|
202,700 |
|
Mrs. Ajab Banu Shabbir Raniwala |
|
17,700 |
|
Mrs. Farazdak Shabbir Raniwala |
|
152,700 |
|
Mrs. Jumna Farazdak Raniwala |
|
12,230 |
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Mrs. Batul Bai Kagzi |
|
20,000 |
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Mr. S. H. Kagzi |
|
10,000 |
|
Mr. Yousuf M. Kagzi |
|
19,830 |
|
Mr. Hatim Somerwala |
|
7,000 |
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Mr. Asgar Raniwala |
|
20,000 |
|
Mr. Ahemed Raniwala |
|
5,000 |
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Mrs. Tasneem Yousuf Kagzi |
|
30,000 |
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Mr. Shoeb Cyclewala |
|
1,500 |
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Mrs. Bilquis Cyclewala |
|
1,800 |
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Ms. Hamida Kadar |
|
1,800 |
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Mr. Mohd Hussain Raniwala |
|
20,000 |
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|
|
|
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Category |
|
Percentage of
Holding |
|
Director |
|
100 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures stainless steel corrugated hoses and hose
assemblies. |
GENERAL
INFORMATION
|
Bankers : |
Axis Bank Limited, Nariman Point Br. (Atlanta) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vishnu Ajisaria Chartered Accountants |
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Address : |
4/56, Krishna Niwas, 496, Kalbadevi Road, Mumbai – 400002,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity shares |
Rs.10/- each |
Rs.50.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1129560 |
Equity shares |
Rs.10/- each |
Rs.11.295
Million |
|
Capital Investment : |
|
|
Owned : |
Not Available |
|
Borrowed : |
Not Available |
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Total : |
Not Available |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Application Money |
11.296 |
11.295 |
|
|
2] Reserves & Surplus |
0.000 |
0.225 |
|
|
3] (Accumulated Losses) |
(2.266) |
(4.958) |
|
|
NETWORTH |
9.030 |
6.562 |
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
54.500 |
43.883 |
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2] Unsecured Loans |
2.140 |
1.815 |
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TOTAL BORROWING |
56.640 |
45.698 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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|
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TOTAL |
65.670 |
52.260 |
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APPLICATION OF FUNDS |
0.000 |
0.000 |
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FIXED ASSETS [Net Block] |
28.939 |
22.667 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.321
|
19.304 |
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Sundry Debtors |
38.066
|
27.554 |
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Cash & Bank Balances |
5.290
|
5.387 |
|
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Other Current Assets |
0.000
|
0.000 |
|
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Loans & Advances |
9.147
|
5.239 |
|
Total
Current Assets |
82.824
|
57.484 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
Current Liabilities |
46.124
|
27.928 |
|
|
Provisions |
0.000
|
0.000 |
|
Total
Current Liabilities |
46.124
|
27.928 |
|
|
Net Current Assets |
36.701
|
29.556 |
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.030 |
0.037 |
|
|
|
|
|
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TOTAL |
65.670 |
52.260 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
134.009 |
91.666 |
|
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Other Income |
1.617 |
1.677 |
|
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Total Income |
135.626 |
93.343 |
|
|
|
|
|
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|
Profit/(Loss) Before Tax |
3.375 |
0.291 |
|
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Provision for Taxation |
0.683 |
0.000 |
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Profit/(Loss) After Tax |
2.692 |
0.291 |
|
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Expenditures : |
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|
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Raw Material Consumed |
101.430 |
61.723 |
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Purchases made for re-sale |
0.000 |
0.000 |
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|
Consumption of stores and spares parts |
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(6.030) |
4.595 |
|
|
Salaries, Wages, Bonus, etc. |
8.819 |
6.856 |
|
|
Managerial Remuneration |
0.840 |
0.732 |
|
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Payment to Auditors |
0.018 |
0.041 |
|
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Interest |
4.136 |
3.397 |
|
|
Insurance Expenses |
0.377 |
0.157 |
|
|
Power & Fuel |
1.685 |
1.083 |
|
|
Depreciation & Amortization |
4.206 |
2.805 |
|
|
Other Expenditure |
16.768 |
11.658 |
|
Total Expenditure |
132.251 |
93.052 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.98 |
0.31 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.51 |
0.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.01 |
0.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.37 |
0.04 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
11.38 |
11.22 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.79 |
2.05 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24110MH1993PLC074576 |
|
Name of the
Company |
AEROFLEX
INDUSTRIES LIMITED |
|
Address |
503, A Abdool Hussain Potia Apartment, 202, Bellasis Road, Mumbai
Central, Mumbai – 400008, Maharashtra, India |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Book debts Movable property(not being pledge) Others |
|
Particulars of the
charge holder |
Axis Bank limited Nariman Point Br.
Atlanta Ground Floor, Nariman Point Mumbai-400021, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Composite
Hypothecation Deed (CHD) |
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Date of the
instrument creating or modifying the charge |
12.02.2007 |
|
Amount secured by
the charge |
Rs.70.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
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Short particulars
of the property charged (including location of the property) |
Pari passu 1st
charge on all present and future :
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|
Name of the company |
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|
Presented By |
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1) Date and description of instrument creating the change |
Charge and Hypothecation
of Book Debts dated 16.05.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.90.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Charge and
Hypothecation of entire Book- debts outstanding of the company which are now
due or which may at any time hereafter during the continuance of this security
and become due and owing to the company in the course of its business. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 4%
over prime lending rate min. 16% p.a. with monthly rates or at such other
rates of interest as may be specified by the Bank from time to time Margin : 40% |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Mazgaon Branch, Porbandarwala
Estate, Dr. Mascarehnas
Road, Mazgaon, Mumbai –
400 010 |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
Company:
Subject an “ISO 9001-2000” company certified by RWTUV
Germany manufactures stainless steel corrugated hoses and hose assemblies. In
an ultra modern facility in Taloja, New Mumbai city, under the supervision of experienced
and qualified team. Subject has used state-of-the art technology with strong
emphasis on quality product and customer satisfaction. As a result of continual
improvement in every aspect of business, within a short span, today subject has
become one of the most reliable sources of quality metallic flexible hose
assemblies both in domestic as well as in international market. It has been
possible due tosubject ability to meet exact customers requirements and strict
adherence to delivery schedule with an individual attention to every customer.
A full range of metallic flexible hoses & hose assemblies are manufactured
in austenitic steel are AISI 304, 321, 316 & 316 L conforming to
international quality standards. Their stainless steel corrugated flexible
hoses conform to BS 6501 part -1and are manufactured as per type A, B and C
flexibility.
Mission:
To become a world leader in the field of SS hoses and
assemblies by achieving total customer satisfaction by understanding customer
needs. Establishing & maintaining TQM as per various internationally
accepted standard & there by producing & marketing high Quality
products at competitive rates. In order to meet the expectation of their
customer.
Management
Team
Board of Director
Subject the owner of Aeroflex Brand is a closely owned
company. The close knit company makes it easier to percolate the value systems
down the hierarchy easier & faster. The Board of Directors is lead by Mr.
Shabbir Raniwala, its Chairman.
Mr. Shabbir Raniwala – Chairman
Mr. Raniwala is the founder of Aeroflex. He started Aeroflex
in January 1999 with the goal of becoming a world leader in the field of
stainless steel flexible Hoses & Assemblies. With over 35 years of
executive experience, Mr. Raniwala brings a wealth of expertise in the areas of
Total Quality management, strategic planning & Human Resource Management.
He served as the G M for two large Manufacturing companies (Public Limited).
Mr. Raniwala is a graduate & possesses an engineering Degree.
Mr. Yusuf M Kagzi - Vice Chairman
Forecaster par excellence, motivator and ability to
transform runs in Mr. Yusuf’s system as much as blood. He is a pioneer. He has
passion for having reach of Aeroflex all across the world. He is the one who
navigated Aeroflex to Export House. He also heads the Corporate Accounting
Division as well as the ISO 9001 initiative of the company.
Mr. Yusuf is a Science Graduate worked overseas for years. He brings over 17
years of senior level management experience to the Company.
Mr. Faraz S Raniwala – Managing Director
Mr. Faraz brings extensive experience and skills in
Operations, Business Development, and Resources Management. He brings over 15
years of senior level management experience Mr. Faraz is responsible for the
set up, overall management and growth of Aeroflex Works . Mr. Faraz heads up
Aeroflex works team at Taloja. He has also the additional responsibility of
overseeing Commercial issues of Aeroflex.
He holds a bachelor's degree of Science from Mumbai University & has done
Post Graduate Diploma in Business Administration.
Key Personnel
Young, Energetic & Highly Motivated Team
Mr. Pervez Akhter – Vice President (Operations)
Mr. Pervez Akhter - Vice President (Operations) Mr. Akhter heads
the Marketing Team of Aeroflex. He is responsible for the expansion of
Aeroflex customers all across the world. He holds a bachelor's degree of
Mechanical Engineering & Master’s in Business Administration. He has worked
with the leading players of Hose & Assembly industry, including 9 years at
Senior Flexonics.
Mr. Ajit Vishnu Saria – Finance Controller
Mr. Ajit Vishnu Saria – Finance Controller Mr. Saria heads
the Finance and Accounts team of Aeroflex. He is a C.A. & has more than 20
years of extensive experience in the field of Taxation, Audit, Finance,
Budgeting, Cash flow management, due diligence, management, audits, systems,
procedures and internal controls.
Mr. Harish Pasbola – GM Quality
Mr. Harish Pasbola - GM Quality & PD Mr. Pasbola’s rich
experience of 29 years including 11 years in MNC in the field of SS Hoses
Manufacturing Industry and Automotive Flex Connector. He has passed (1975-78)
Engineering Diploma in Instruments Technology from Indo Swiss Training centre
(CSIO) Chandigarh in 1978.
Stainless
Steel Hoses
Stainless steel corrugated flexible hoses are offered from 6mm (1/4’) to 300 mm
(12’). The annular corrugated hose body provides the flexibility and pressure
tight core of the assembly.
Lance Hoses
An import subsitute product developed and manufactured by us. These hoses
distinguish themselves due to their good performance in adverse and hostile
conditions.
These ultrasonically cleaned and degreased hoses are pressure sealed, leak
proof under vacuum condition and can be used with or without inside interlocked
liner.
They have supplied Wator and Oxygen Lance Hoses to Steel Plants (Tisco,
Rourkela, Vishakhapatnam, Bhilai & Bokaro).
Advantages of Flexible Metal Hose
Suitable for wide temperature range (-270°C
to700°C).
Compensates for thermal expansion contraction
in the piping system.
High physical strength.
Fire resistant.
Moisture resistant.
Longer life.
Good corrosion characteristics.
Resistant to abrasion, penetration and
damage.
Connects misaligned rigid piping absorbs or
dampens vibration and similar
equipments.
A flexible and quick option for rigid piping
in difficult locations
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.39.33 |
|
UK Pound |
1 |
Rs.81.75 |
|
Euro |
1 |
Rs.57.54 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
35 |
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. |
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 |
|