MIRA
INFORM REPORT
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Report Date : |
22.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AIRGRIP INTERNATIONAL |
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Registered Office : |
Plot No. 163-164, G. I. D. C., Phase – 2, Dared, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2002 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of all type’s of precision brass turned forged and
pressed components |
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 12000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory track.
Proprietor is reported as experienced and respectable businessman. 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
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Registered Office / Factory : |
Plot No. 163-164, G. I. D. C., Phase – 2, Dared, |
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Tel. No.: |
91-288-2730001 |
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Mobile No.: |
91-9426465801 / 9426465802 |
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Fax No.: |
91-288-2730002 |
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E-Mail : |
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Website : |
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Area : |
8000 sq. ft. [Owned] |
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Factory : |
Plot No. 56, G. I. D. C., Phase – 2, Dared, Jamnagar – 361004,
Gujarat, India |
SOLE PROPRIETOR
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Name : |
Mrs. Kalpaben Shah |
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Designation : |
Proprietor |
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Date of Birth/Age : |
34 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all type’s of precision brass turned forged and
pressed components |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit [30 days] |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
Traders |
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No. of Employees : |
12 [Total Group Employees :
52] |
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Bankers : |
Central Bank of Gandhichowk Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kalpit Mehta Chartered Accountants |
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Address : |
91-288-2750467 |
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Group Companies : |
Airgrip Exports Incorporation Year : 2002 Proprietor : Mrs. Savitaben Shah Exporter of micro precision
brass turned components with quality in quantity. Airgrip Industries Incorporation Year: 2000 Proprietor : Mr. Deepak Shah Manufacturer of brass components
and stainless steel architectural Hardware. Devi Metals Incorporation Year : 1974 – 75 Proprietor : Mr. Ketan Shah Importer and merchant of non
ferrous metals, especially quality brass scrap. Shree Harshiddhi Casting works Incorporation Year : 1974-75 Proprietor : Hasmukh Shah Manufacturer of brass
casted/extruded rods, tubes, profiles and articles. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 3.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 3.000 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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Around 5.500 |
Around 4.000 |
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Group Turnover |
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Around 30.000 |
Around 27.800 |
Expected Sales (2007-08) : Around Rs.8.000 Millions
Expected Group Sales (2007-08) : Around Rs.45.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
- Kunal Industries Private Limited, Pune
- Gupta Trading Company, Haryana
- Ashwini Industries,
As Per Website
An ISO 9001:2000 certified company, "AIRGRIP
GROUP" was started in the year 1988 with a vision to produce precision
brass turned components, with quality in quantity and supplying to
customers with their fullest satisfaction in the domestic & international
markets.
At present "AIRGRIP GROUP" is well-established and
professionally managed organization based in the world famous brass city
Jamnagar, engaged in manufacturing and exporting brass components like electrical
wiring accessories, tube, pipe & sanitary (CP) fittings, quick connectors,
forged parts, precision turned components and moulding inserts to quality
conscious international markets with state of the art production, marketing and
distribution infrastructure. Also Airgrip Group is importing quality brass
scrap as raw material from reputed overseas suppliers.
Airgrip Group is big enough to serve major customers with very cost-competitive
products, but small enough to be flexible and innovative to serve the
customized requirements of every customer, whether a unique item with one time
requirement or long running contract orders with scheduled deliveries, Airgrip
Group is the right source for the job.
Thousands of Brass components have been manufactured by Airgrip Group for
various industrial applications like Electicals, Electronics, Hydraulics,
Pneumatics, Automobiles, Metering, Instrumentation, etc.
Brass components are made from brass extruded rods/tubes/profiles, brass casted
rods/articles and forged brass for customers as per their drawings, designs,
samples and required chemical/physical specifications. Also, they adhere to DIN
standard, B.S. standard and I.S. standard.
Production Facilities
At Airgrip, they offer a comprehensive array of machining capabilities and
ancillary process from brass scrap melting to brass component finishing to
assure that the jobs always conform to specifications their wide range of
capabilities allow for economical, high quality production of brass-components
in any volume, ranging from 5 mm to 100 mm with their number of multi slides
automates, single spindle automats, rotary transfer machines, cross hole
drilling machines, sliding headstock machines, copy threading machines and
special purpose machines (SPM) to used to manufacture quality brass components.
In addition to above AIRGRIP GROUP has inhouse tool room facilities with
mother machineries to develop all types of jigs and fixtures, quality control
department with complete range of measuring instruments including profile
projector, thread pitch micro meters, blade micro meters, depth micro meters,
inside micro meters, digital vernier calipers and micro meters.
Quality Policy
- Airgrip group is committed to achieve
maximum customer satisfaction through
- Improvement in Quality Services, timely
delivery and
- Reduction in the cost by applying
improved production technique with a
- Goal to globally supply precision brass
turned components with quality in quantity by
- Reducing cycle time of each process and
process deviation with
- Involvement, Devotion, Dedication and
Co-operation of all people at every stage to utilize
- Planned and efficient technology, human
and material resources.
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.39.87 |
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1 |
Rs.80.11 |
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Euro |
1 |
Rs.56.19 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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. |
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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