MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
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Name : |
AIRTECH SYSTEM |
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Registered Office : |
12, Jibanagar Behind Panchvati Jakati Naka, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2003 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDA02375C |
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Legal Form : |
Partnership concern with an Unlimited liability of the partners. |
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Line of Business : |
Manufacturer of turnkey projects – from designing to commissioning and
also has own manufacturing facility. |
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 10000 |
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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.
Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered for normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
12, Jibanagar Behind Panchvati Jakati Naka, |
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Tel. No.: |
91-265-2831450 / 2831550 |
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Mobile No: |
91-9879003546 / 9825083546 |
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Fax No.: |
91-265-2321117 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Location : |
1800 sq.fts |
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Factory: |
450 No. , Pa Raman Gamadi, GIDC, Vadodara |
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Area : |
24000 sq.fts |
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Location : |
Owned |
PARTNERS
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Name : |
Ms. Sneha Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
31 years |
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Qualification : |
Mechanical Engineering |
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Experience : |
10 years |
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Name : |
Mr. Apoorva Chawda |
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Designation : |
Partner |
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Date of Birth/Age : |
29 years |
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Qualification : |
B E Mechanical Engineering |
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Experience : |
7 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of turnkey projects – from designing to commissioning and
also has own manufacturing facility. |
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Products : |
· Clean rooms · Heap and Prefilters · Horizontal and vertical laminar air flows · Air Shower · Pass box · Garment storage cabinet · Bio safety cabinet · Modular clean room |
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Terms : |
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Services
provided on: |
Cheque |
GENERAL INFORMATION
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Customers : |
End users |
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No. of Employees : |
58 |
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Bankers : |
State Bank of Saurashtra Address: Fatheganj Branch |
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Facilities : |
C/C – Rs. 2.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Manish P Malu and Associates Chartered Accountants |
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Address : |
Vadodara, |
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Mobile No.: |
91-9825321342 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.500 millions |
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Borrowed : |
---- |
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Total : |
Rs. 2.500 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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19.000 |
12.500 |
Expected Sales (2007-08) : Rs.27.500 millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
· Polymer Technologies , Vadodara
·
Alambic,
·
Wockhardt,
WEBSITE DETAILS:-
Pollution is a
burning problem that has swayed human civilization under its grip. One can feel
the fresh air only in the mountains and lush green areas. But technology has
helped one and all to feel the freshness at home and subject is one such entity engaged in the
manufacturing and trading of clean room equipments and air filters like
hepa and pre-filters, horizontal and vertical laminar air flows, powder
dispensing booth and many other similar products. The world class quality of the products has paved the way for the
acceptance of the products by many esteemed organizations like Polymer
Technologies International.
Their products provide air-solutions to many manufacturing industries including
pharmaceuticals, hospitals, electronics and many other industries. The superior
quality of the products has facilitated to creating a good share in the
domestic market. The efficiency, durability and superb performance and
reasonable prices has enabled them to find a special corner in the heart of
their valued client.
They provide a
plethora of air-cleaning solutions to their esteemed clients. Their wide range
of products includes:
·
Clean Room
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Hepa and pre-filters
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Horizontal and Vertical Laminar Air Flows
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Powder Dispensing Booth
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Air Shower
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Pass Box (Static and Dynamic)
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Garment Storage Cabinet
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Air Handling Unit
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Modular Clean Room
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Bio Safety Cabinet
Specifications
Modular Clean Room
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Clean
room partition and ceiling panels
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Clean
room doors
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Double
glazed view panel
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Flushed
light fixtures
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Aluminium
coving
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Flushed
supply and return air housing
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Products
available in SS, CRCA and FRP.
Air Handling Unit
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Anti
condensing thermal break aluminium profiles
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In-built
coving
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Removable components
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Technical standards as per ASHRAE.
Bio Safety Cabinet
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Interior work area and tray constructed of heavy
gauge
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304 stainless steel type for resistance to
corrosion
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Unitized interiors and rear wall construction
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Cabinet equipped with two service valves and two
plugged penetrations
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Tested as per US FED STD 209E.
Quality Assurance
Superior quality is
the hallmark at the concern. They are committed to maintain high quality standards
and experts have been deployed at every level of the production process to
ensure high quality and flawless products. Their premium quality, prompt
delivery and reasonable prices has gained them recognition as a distinguished
player in the arena of clean room and air filters. They renovate their
machinery on a regular basis to produce superlative products. Their production
undergoes the strict quality control measures that is the main reason behind
the large number of clients spread all over the globe.
Strength
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Unmatched range of products
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State-of-the-art machinery
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Highly qualified professionals
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Highly assiduous workforce
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Better R and D department
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Prompt delivery
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Reasonable prices.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.79 |
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1 |
Rs.81.62 |
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Euro |
1 |
Rs.56.98 |
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 |
NO |
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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 |
NO |
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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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