MIRA INFORM
REPORT
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Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AAF INDIA PRIVATE LIMITED |
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Registered Office : |
No. 38, 11th A Main Jayanagar 5th Block Bangalore,
Karnataka |
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Country : |
India |
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Date of Incorporation : |
31.10.2005 |
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Com. Reg. No.: |
37575 |
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CIN No.: [Company
Identification No.] |
U29197KA2005PTC037575 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA07967B |
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PAN No.: [Permanent
Account No.] |
AAFCA4502R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Filter |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company but has not filed any financials with
the Government Departments till date. The management parted general information
but declined to part with financials. Trade relations are fair. Payments are
reported as slow but correct. The company can be considered good for small to mediocre business
dealings with slight caution initially in view of non availability of
financials. |
INFORMATION PARTED
BY [General Details]
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Name : |
Mr. Rakesh |
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Designation : |
H. R. Department |
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Contact No.: |
91-99.86112622 |
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Date : |
31.07.2008 |
LOCATIONS
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Registered Office : |
No. 38, 11th A Main Jayanagar 5th Block Bangalore,
Karnataka, India |
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Corporate Office : |
149/150 Bandapura Village, Bangalore – 56210, Karnataka, India |
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Tel. No.: |
91-80-27820787 |
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Fax No.: |
91-80-27820788 |
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E-Mail : |
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Website : |
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Area : |
20000 sq. ft. [Rented] |
DIRECTORS
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Name : |
Mr. Liu Wan Min |
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Designation : |
Director |
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Address : |
42, Jalan TR 7/2, Tropicana Golf and Country Resort, 47410 Petaling
Jaya, Selangor, Malaysia |
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Date of Appointment : |
31.10.2005 |
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Name : |
Mr. Stephen Thomas Kapsalis |
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Designation : |
Director |
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Address : |
70/3 Windhom Parkway Prospect, Kentucky, USA 40059 |
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Date of Appointment : |
31.10.2005 |
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Name : |
Mr. NG Kam Hang |
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Designation : |
Director |
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Address : |
38/A JLN USJ 20/64 47630 Subang Jaya Selangor, Malaysia |
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Date of Appointment : |
31.10.2005 |
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Name : |
Mr. Darren Allsopp |
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Designation : |
Director |
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Address : |
6 Low Farm, Ellington Morpeth, Northumber – Land, England NE 615PA |
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Date of Appointment : |
31.10.2005 |
KEY EXECUTIVES
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Name : |
M. Rakesh HN |
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Designation : |
H. R. Department |
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E-Mail : |
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Mobile No. : |
91-9986112622 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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AAF Asia Pte Limited |
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1289999 |
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AAF Singapore Pte Limited |
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1 |
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Total |
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1290000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Filter |
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Brand Names : |
‘AAF‘ |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Singapore, China, Malaysia and Europe |
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Terms : |
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Selling : |
Cash and Credit [90 days] |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Manufacturer and Wholesalers
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No. of Employees : |
60 |
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Bankers : |
Standard Chartered Bank, M. G. Road
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Umay and Keshav and Associates Chartered Accountants |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1290000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.900 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1290000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.900 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Not Available
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
AAF International traces its
roots to Bill Reed, a skilled engineer and clever entrepreneur who recognized
in 1921 that cleaning the air was critical to the growth of society, the
development of technology, and the protection of human health. He developed the
Reed Air Filter which represented the initial step in building an international
company that globally dominates the air filtration industry – AAF
International.
Today, selling under the AAF®
and AmericanAirFilter® brand names, AAF clean air products and systems offer
the most comprehensive clean air solutions available in the world. The products
are the industry benchmarks for quality and performance, from simple roughing
filters, to air pollution control, to gas containment removal, to the highest
efficiency filters used in the most stringent clean environments.
From its world headquarters in
Louisville, Kentucky, AAF maintains operations in 22 countries with more than
2,600 employees worldwide and has sales offices in 260 locations. AAF is
supported in its international ventures through the resources of its parent
company OYL Industries Berhad, based in Malaysia. OYL, in turn, is owned by
Daikin Industries, Limited, Osaka, Japan, a diversified international
manufacturing company and a global leader in air conditioning.
AAF offers the most
comprehensive global manufacturing capabilities in the air filtration industry,
and each facility is specifically designed to manufacture and test the most
complex clean air solutions. Additionally, each facility manufactures to the
appropriate international quality and performance standards. The goal is
excellence in each product they make. The corporate quality policy best states
the AAF commitment: Customer satisfaction
and continous improvement are the highest priorities. Product quality
cannot, and will not, be compromised.
AAF filtration solutions are
cleaning air around the globe making them more productive, protecting processes
that produce technology and products that improve the lives, and providing
protection from airborne threats that threaten the health. Through 85 years of
innovation and leadership in air filtration, the motto has not deviated from
that stated by Bill Reed those many years ago – Better Air is The Business®.
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 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.42.49 |
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UK Pound |
1 |
Rs.84.21 |
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Euro |
1 |
Rs.66.33 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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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27 |
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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