MIRA INFORM REPORT

 

 

Report Date :           

06.05.2011

 

IDENTIFICATION DETAILS

 

Name :

AUTO ANCILLARIES MANUFACTURING COMPANY FZC

 

 

Registered Office :

Roundabout No. 9, Umm Al Quwain Road, Hamriyah Free Zone, P O Box 41680, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

15.04.2001

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Manufacturers of leaf springs, U-bolts, under carriage components and other automotive products.

 

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 :

US$ 300,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : AUTO ANCILLARIES MANUFACTURING COMPANY FZC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 15th April 2001

Trade Licence Number                            : 205

Chamber Membership Number                : 800079

Issued Capital                                        : UAE Dh 550,000

Paid up Capital                                      : UAE Dh 550,000

Total Workforce                                     : 70

Activities                                               : Manufacturers of leaf springs, U-bolts, under carriage components and

                                                             other automotive products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 300,000

Person Interviewed                                 : Shaker Raja, Finance Manager

 

 

 

 

COMPANY NAME

 

AUTO ANCILLARIES MANUFACTURING COMPANY FZC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Roundabout No. 9

Street               : Umm Al Quwain Road

Area                 : Hamriyah Free Zone

PO Box             : 41680

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5263452

Facsimile          : (971-6) 5263155

Mobile               : (971-50) 6591882

Email                : auto_anc@emirates.net.ae

 

Premises

Subject operates from a medium sized suite of offices and a factory covering an area of 12,000 square metres that are rented and located in the Hamriyah Free Zone Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                              Nationality                   Position

 

·       Jogpal Singh Oberoi                          Indian                            Managing Director

 

·       Baljeet Kaur Oberoi                           Indian                            Director

 

·       Navdeep Singh Oberoi                       Indian                            Director

 

·       Harmit Kaur Oberoi                            Indian                            Director

 

·       Rishab Kaushik                                      -                              General Manager

 

·       Ajit Kumar                                             -                              Production Manager

 

·       Shaker Raja                                           -                              Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th April 2001

 

Legal Form                  : Free Zone Company - FZC

 

Trade Licence No.       : 205 (Expires 31/12/2011)

 

Chamber Member No. : 800079

 

Issued Capital              : UAE Dh 550,000

 

Paid up Capital            : UAE Dh 550,000

 

Name of Shareholder (s)

 

·       Jogpal Singh Oberoi

 

·       Baljeet Kaur Oberoi

 

·       Navdeep Singh Oberoi

 

·       Harmit Kaur Oberoi

 

 

AFFILIATED COMPANIES

 

·       Time Machine Holdings Corp

British Virgin Islands

 

·       Time Machine Group

Dubai

 

·       Kobe Suspensions Co

India

 

·       Bolton India

India

 

·       Auto Ancillaries Ltd

Kenya

 

·       Auto Ancillaries (PVT) Ltd

     Botswana

 

OPERATIONS

 

Activities: Engaged in the manufacture of leaf springs, U-bolts, under carriage components and other automotive

     products.

 

Import Countries: Brazil, Turkey, India, South Korea and Japan.

 

Operating Trend: Steady

 

Subject has a workforce of 70 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 16,765,000                   UAE Dh 18,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Shaker Raja, Finance Manager

 

 

BANKERS

 

·       Habib Bank Ltd

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.57

UK Pound

1

Rs.73.58

Euro

1

Rs.66.23

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.