MIRA
INFORM REPORT
|
Report Date : |
16.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
AERO ENGINEERS |
|
|
|
|
Registered Office : |
Plot No. 3419,
GIDC, Phases – IV, Vatva, Ahmedabad – 382445, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
Com. Reg. No.: |
G.S.T - 0756019923
w.e.f Date |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA00065C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AKJPS7736G |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturers and
Exporters of Heat Exchangers, Shell and Tube Heat Exchangers, Loading Arms, Pressure
Vessels, Spares Tube Bundles, Inter Coolers, After Coolers and Flare Stacks
and Vent Stacks. |
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 120000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established concern having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The concern can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office / Administrative office / Works / Godown : |
Plot No. 3419,
GIDC, Phases – IV, Vatva, Ahmedabad – 382445, |
|
Tel. No.: |
91-79-25840720/25841295/25840298 |
|
Mobile No.: |
91-9824000886 |
|
Fax No.: |
91-79-25841041 |
|
E-Mail : |
|
|
Website : |
SOLE PROPRIETOR
|
Name : |
Mrs. Rachna Surotia |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
48 Years |
KEY EXECUTIVES
|
Name : |
Mr. Umesh Surotia |
|
Designation : |
Chief Executive Officer |
|
Mobile No. : |
91-9824000886 |
|
E-mail : |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Exporters of Heat Exchangers, Shell and Tube Heat Exchangers, Loading Arms,
Pressure Vessels, Spares Tube Bundles, Inter Coolers, After Coolers and Flare
Stacks and Vent Stacks. |
|
|
|
|
Products : |
Heat Exchangers,
Shell and Tube Heat Exchangers, Loading Arms, Pressure Vessels, Spares Tube
Bundles, Inter Coolers, After Coolers and Flare Stacks and Vent Stacks |
|
|
|
|
Agencies Held : |
Ø
Engineers
India Limited Ø
P.D.I.
L Ø
Chief
Inspector Of Steam and Ø
Lloyd’s
Register Ind. Services (Private) Limited Ø
Chief
Controller Of Explosive Ø
Bax
Counsel Inspection Bureau Private Limited Ø
Dalal
Consultants and Engineers Limited Ø
Det
Norske Veritas Ø
N.T.P.C. Ø
Iffco.
Phulpur Ø
National
Fertilizers Limited Nayanagal Ø
N.P.C.
Bombay Ø
N.P.C.
Rapp ( Ø
Davy
Power Gas Ø
J H
and G C. Bombay Ø
T.C.E.
Bombay Ø
Technimont
I.C.B. Bombay Ø
Techical
Development Committee Ø
Chemtex-Mumbai Ø
L and
T Mumbai Ø
Govt.
Of Ø
Mazagon
Dock Limited Mumbai Ø
Hpcl
- Mumbai Ø
Petrochemical
Industries Co. (Ksc) Ø
Ø
Chennai
Petroleum Corporation Limited Ø
Ø
Hindustan
Shipyard Limited Ø
Naval
Dockyard, |
|
|
|
|
Exports : |
|
|
Countries : |
Ø
Ø
Ø
Ø
Ø
Ø
|
|
|
|
|
Imports : |
|
|
Products : |
Ø
Raw material |
|
Countries : |
Ø
Ø
Ø
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit
up to 60 days |
|
|
|
|
Purchasing : |
L/C, Cash and
Credit up to 30 days |
GENERAL INFORMATION
|
Customers : |
Engineering
Industries Ø
Ingersoll
Rand India Limited, Naroda, Ahmedabad Ø
Dresser
Rand India (Private ) Limited, Naroda, Ahmnedabad Ø
Kirloskar
Pneumatic Company Limited, Pune Oil, Petroleum
and Refinery Industries Ø
Indian
Oil Corporation Limited- Ø
Indian
Oil Corporation Limited- Panipat Ø
Indian
Oil Corporation Limited- Vadodara Ø
Indian
Oil Corporation Limited- Haldia Ø
Indian
Oil Corporation Limited- Guwahati Ø
Chennai
Petroleum Corporation Limited, Chennai Ø
Bharat
Petroleum Corporation Limited, Mumbai Ø
Hindustan
Petroleum Corporation Limited, Mumbai Ø
Hindustan
Petroleum Corporation Limited, Ø
Oil
and Natural Gas Corporation Limited, Ankleshwa and Hazira Ø
Indian
Petrochemical Corporation Limited, Nagothane Ø
Reliance
Industries Limited, Hazira Ø
Reliance
Industries Limited, Patalganga Ø
Oil
and Natural Gas Corporation Limited, Fertilizer
Industries: Ø
Indian
Farmers Fertilizers Co-Operative Limited- Kalol Ø
Indian
Farmers Fertilizers Co-Operative Limited- Kandla Ø
Indian
Farmers Fertilizers Co-Operative Limited- Phulpur Ø
Krishak
Bharati Co-Operative Limited, Hazzira Ø
Ø
National
Fertilizers Limited, Naya Nangal Ø
National
Fertilizers Limited, Bathinda Ø
Zuari
Industris Limited, Power
Plant Ø
Nuclear
Power Corporation Of India Limited, Tarapur Ø
Nuclear
Power Corporation Of India Limited, Ø
Nuclear
Power Corporation Of India Limited, Mumbai Ø
Heavy
Water Plant, Vadodara Ø
Heavy
Water Plant, Tuticorin Ø
Heavy
Water Plant, Hazzira Steel Plants: Ø
Visakahpatnam
Steel Plant Ø
Steeal
Authority Of India Limited, Bokaro Ø
Essar
Steel Limited, Hazira Cement
Industries Ø
Ambuja
Cements Limited, Kodinar Ø
Gajambuja
Cement, Kodinar Ø
Maratha
Cement Works, Gadchandur Ø
Birla
Cement,( M.P.) Ø
Gujarat
Ambuja Cements Limited, Rabriyawas Ø
Gujarat
Ambuja Cements Limited, Darlaghat Ø
Ambuja
Cements Eastern Limited, Other
E.P.C. Clients Ø
Kti
Limited, Noida Ø
L and
T Limited, Vadodara Ø
Punj
Lloyd Limited, |
|
|
|
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
Punjab National
Bank New Cloth Market
Branch, Ahmedabad –
380002 |
|
|
|
|
Facilities : |
Cash Credit Rs.
10.000 Millions |
|
|
|
|
Banking Relations : |
Satisfactory |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 30.000 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 30.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
57.100 |
50.000 |
|
|
|
|
|
|
Export Value |
|
|
200.000 |
|
|
|
|
|
|
Import Value |
|
|
100.000 |
Expected Sales (2007-08) : Around Rs. 60.000 Millions to Rs. 65.000
Millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
Ø
Gujarat
Perstorp Elektroniks Limited
Ø
Indian
Farmer fertiliser Co-operative Limited
Ø
Indian Farmer
Fertiliser Co-operative Limited
Ø
Rahul
Dye-Chem Industries Private Limited
Ø
Electotherm
Machine India Private Limited
Ø
Ingersoll
Rand India Limited
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. 39.31 |
|
|
1 |
Rs. 80.19 |
|
Euro |
1 |
Rs. 55.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|