1. Summary Information
|
|
|
Country |
|
|
Company Name |
AEROFLEX
INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Yousuf M Kagzi |
|
Status |
Poor |
Principal Name 2 |
Mr. Mustafa Kachwala |
|
|
|
Registration # |
11-74576 |
|
Street Address |
Survey No.41,
42/13, 42/14, 42/18, Village Chal, Near MIDC Taloja, Panvel, Mumbai – 410
206, |
||
|
Established Date |
19.10.1993 |
SIC Code |
-- |
|
Telephone# |
91-22-66235200 /
61467100 (100 lines) |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-23736634 /
61467136 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Stainless Steel |
|
|
# of employees |
200
(Approximately) |
Product Name 2 |
Corrugated Hoses |
|
Paid up capital |
Rs.279,990,000/- |
Product Name 3 |
Hose assemblies |
|
Shareholders |
Directors or relatives of directors-99.98% Bodies Corporate (Not mentioned above) – 0.02% |
Banking |
State Bank of |
|
Public Limited Corp. |
-- |
Business Period |
18 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
C (8) |
|
Related
Company |
|||
|
Relation
-- |
Country
-- |
Company
Name |
CEO |
|
|
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
480,674,000 |
Current Liabilities |
402,480,000 |
|
Inventories |
177,849,000 |
Long-term Liabilities |
1,237,099,000 |
|
Fixed Assets |
961,724,000 |
Other Liabilities |
68,939,000 |
|
Deferred Assets |
0.000 |
Total Liabilities |
1,708,518,000 |
|
Invest& other Assets |
2,742,000 |
Retained Earnings |
(365,519,000) |
|
|
|
Net Worth |
(85,529,000) |
|
Total Assets |
1,622,989,000 |
Total Liab. & Equity |
1,622,989,000 |
|
Total Assets (Previous Year) |
1532,925,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,296,837,000 |
Net Profit |
(575,646,000) |
|
Sales(Previous yr) |
976,161,000 |
Net Profit(Prev.yr) |
27,801,000 |
MIRA
INFORM REPORT
|
Report Date : |
29.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
AEROFLEX INDUSTRIES LIMITED (w.e.f. 23.08.2006) |
|
|
|
|
Formerly Known As : |
SUYOG INTERMEDIATES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Survey No.41, 42/13, 42/14, 42/18, Village Chal, Near MIDC Taloja, Panvel,
Mumbai – 410 206, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
19.10.1993 |
|
|
|
|
Com. Reg. No.: |
11-74576 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.279.990 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110MH1993PLC074576 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA14671G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCA6767D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of stainless steel corrugated hoses and hose
assemblies. |
|
|
|
|
No. of Employees : |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C (8) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge losses recorded by the company in current year, it leads to erosion of
the entire net worth of the company. The company has become a sick company under
the provision of sick industrial companies (Special Provision) Act 1985.
Payments are reported to be slow. Initially, the Company can be considered for business dealings on a
safe and secured trade terms and conditions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Naresh Maskar |
|
Designation : |
Purchase Department |
|
Date : |
28.11.2011 |
LOCATIONS
|
Registered / International and Domestic Business Office : |
Survey No.41, 42/13, 42/14, 42/18, Village Chal, Near MIDC Taloja,
Panvel, Mumbai – 410 206, |
|
Tel. No.: |
91-22-66235200 / 61467100 (100 lines) |
|
Fax No.: |
91-22-23736634 / 61467136 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works 1 : |
Plot No. 43, MIDC, Taloja Industrial Area, District Raigad, Navi
Mumbai -410 208, |
|
|
|
|
Works 2 : |
Plot No. L- 34, MIDC, Taloja Industrial Area, District Raigad, Navi
Mumbai -410 208, |
|
|
|
|
Regional Office
: |
Located at: ·
·
Kolkata ·
·
Chennai ·
|
DIRECTORS
As on 14.07.2010
|
Name : |
Mr. Yousuf Mohammad Kagzi |
|
Designation : |
Managing Director |
|
Address : |
304, Ezee apartments, |
|
Date of Birth/Age : |
01.04.1967 |
|
Date of Appointment : |
19.01.2007 |
|
DIN : |
01496822 |
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U24110MH1993PLC074576 |
Aeroflex Industries
Limited |
Managing
director |
01-01-11 |
17-08-98 |
Active |
NO |
|
|
|
|
Name : |
Mr. Mustafa Abidali Kachwala |
|
Designation : |
Additional Director |
|
Address : |
48/52, |
|
Date of Appointment : |
07.05.2010 |
|
DIN : |
03124453 |
|
|
|
|
Name : |
Mr. Mastram Mataprasad Verma |
|
Designation : |
Additional Director |
|
Address : |
Ranjee Gupta Chl., Rajiv Nagar, Gazder Bandh, Santacruz (West), Mumbai
– 400054 |
|
Date of Appointment : |
07.05.2010 |
|
DIN : |
03137611 |
|
|
|
|
Name : |
Ramsagar Ranewan Yadav |
|
Designation : |
Director |
|
Address : |
Mohan Seth Ki Chl, |
|
Date of Appointment : |
10.07.2010 |
|
DIN : |
03163805 |
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U24110MH1993PLC074576 |
Aeroflex
Industries Limited |
Director |
10-05-10 |
10-05-10 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.07.2010
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Yousuf M Kagzi |
|
6501000 |
|
Vijay Miglani |
|
100000 |
|
Vishnu Kumar Ajitsaria |
|
149400 |
|
Soeb Hussain Cyclewala |
|
100000 |
|
Parvez Akhter |
|
148000 |
|
Ather Shakeel Ansari |
|
100 |
|
Avigo Venture Investment Limited, |
|
637 |
|
Bond Street Custodians Limited, |
|
300 |
|
Avigo Trustees Company Private Limited, |
|
63 |
|
Shah Alam |
|
100 |
|
Vijendra Singh Gusain |
|
100 |
|
Mustafa Kachwala |
|
100 |
|
Ramsagar Ramnewan Yadav |
|
100 |
|
Mataram Mataprasad Verma |
|
100 |
|
|
|
|
|
Total |
|
7000000 |
AS ON 14.07.2010
|
Names of Shareholders (First
Tranche Series of Preference Shares) |
|
No. of Shares |
|
Avigo Venture Investments Limited, |
|
636363 |
|
Avigo Trustee Company Private Limited, |
|
62937 |
|
Bond Street Custodians Limited, |
|
299700 |
|
Total |
|
999000 |
AS ON 14.07.2010
|
Names of Shareholders (Second
Tranche Series of Preference Shares) |
|
No. of Shares |
|
Avigo Venture Investments Limited, |
|
637000 |
|
Avigo Trustee Company Private Limited, |
|
63000 |
|
Bond Street Custodians Limited, |
|
300000 |
|
Total |
|
1000000 |
As on 14.07.2010
|
Equity Share Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
99.98 |
|
Bodies Corporate (Not mentioned above) |
|
0.02 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of stainless steel corrugated hoses and hose
assemblies. |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Bank of India, Kalbadevi Branch, Round Building,
Shamldas Gandhi Marg, Kalbadevi, Mumbai – 400002,Maharashtra, India ·
HSBC Bank ·
Allahabad Bank ·
EXIM Bank ·
Axis Bank Limited, Nariman Point Branch ( ·
ICICI Bank Limited, ·
Axis Trustee Services Limited, Maker Towers ‘F’,
13th Floor, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra,
India ·
Uco Bank |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
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Auditors : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Y.S. Moochhala and Company Chartered Accountants |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
1-B, Kagdy Manzil, 1st Floor, 119, |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Tel. No. : |
91-22-22633121 / 40020887 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Email : |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No. : |
AACPM1108P |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity shares |
Rs.10/- each |
Rs.80.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
|
1000000 |
Preference Shares |
Rs.200/- each |
Rs.200.000 millions |
|
Total |
Rs.290.000
Millions |
||
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity shares |
Rs.10/- each |
Rs.70.000
Millions |
|
999000 |
Preference Shares (First Tranche Series of Preference Shares) |
Rs.10/- each |
Rs.9.990 Millions |
|
1000000 |
Preference Shares (Second
Tranche Series of Preference Shares) |
Rs.200/- each |
Rs.200.000 millions |
|
Total |
Rs.279.990 Millions |
||
As on 14.07.2010
Authorised Capital : Rs.450.000 millions
Issued, Subscribed & Paid-up Capital : Rs.279.990
millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Application Money |
279.990 |
279.990 |
66.469 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(365.519) |
229.118 |
201.317 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
(85.529) |
509.108 |
267.786 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1237.099 |
800.456 |
266.964 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1237.099 |
800.456 |
266.964 |
|
|
DEFERRED TAX LIABILITIES |
2.429 |
2.429 |
2.221 |
|
|
|
|
|
|
|
|
TOTAL |
1153.999 |
1311.993 |
536.971 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
961.724 |
257.730 |
67.817 |
|
|
Capital work-in-progress |
1.566 |
468.303 |
26.761 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
177.849
|
242.196
|
157.244
|
|
|
Sundry Debtors |
355.242
|
274.366
|
191.814
|
|
|
Cash & Bank Balances |
47.730
|
108.534
|
219.016
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
77.702
|
180.319
|
36.707
|
|
Total
Current Assets |
658.523
|
805.415
|
604.781 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
12.564
|
9.239
|
23.862
|
|
|
Sundry Creditors |
389.916
|
197.825
|
136.753
|
|
|
Provisions |
66.510
|
13.868
|
3.505
|
|
Total
Current Liabilities |
468.990
|
220.932
|
164.120
|
|
|
Net Current Assets |
189.533
|
584.483
|
440.661
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.176 |
1.477 |
1.732 |
|
|
|
|
|
|
|
|
TOTAL |
1153.999 |
1311.993 |
536.971 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Other Income |
1296.837 |
976.161 |
773.621 |
|
|
|
TOTAL (A) |
1296.837 |
976.161 |
773.621 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials |
1313.817 |
878.223 |
689.462 |
|
|
|
Manufacturing and Operating
Expenses |
35.262 |
14.544 |
14.536 |
|
|
|
Selling and Administrative Expenses |
205.553 |
60.494 |
36.296 |
|
|
|
Preliminary Expenses written off |
0.302 |
0.007 |
0.008 |
|
|
|
Increase / Decrease in stock |
133.130 |
(65.800) |
(19.536) |
|
|
|
TOTAL (B) |
1688.064 |
887.468 |
720.766 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(391.227) |
88.693 |
52.855 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
111.717 |
35.145 |
29.212 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(502.944) |
53.548 |
23.643 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
72.702 |
13.425 |
10.465 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(575.646) |
40.123 |
13.178 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
12.322 |
4.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(575.646) |
27.801 |
8.578 |
|
|
|
|
|
|
|
|
|
|
Prior year Adjustments
Excess provision for income tax |
(18.991) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
38.518 |
10.717 |
2.139 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(556.119) |
38.518 |
10.717 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(82.00) |
5.00 |
2.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(44.39) |
2.85 |
1.11
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(35.53) |
3.77 |
2.18
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(6.73) |
0.08 |
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(19.95) |
2.01 |
0.61
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
3.65 |
3.68
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the year, the Company commissioned its new plan for the manufacture
of steel pipes hoses and hoses assemblies etc., augmenting the existing
capacity to 9 million meters per annum with a capex of Rs.777.388 millions and
commenced commercial production w.e.f. 01.09.2009.
During the year the company recorded a revenue of Rs.1296.837 millions
and incurred a loss of Rs.594.637 millions as compared with the corresponding
figures in the previous year of Rs. 976.161 millions and Rs.27.815 million (net
profit after tax) respectively.
The bottom line of the company was badly affected due to increase in the
input cost, financial expenses and depreciation since the same could not be
passed on to customers.
The performance was further impacted due to some technical snags the new
plant could not operate at the desired levels and further the goods
purchased/produced were not upto mark. This led to spoilage of materials,
increase in wastage of materials. Lower value of finished goods and to some
extent unliberalizable finished goods. The whole scenario culminated into
reduction in the value of current assets in general and inventories in
particulars and loss.
SICK INDUSTRY
During the year the company incurred a net loss of Rs.594.637 millions
leading to the corrosion of the entire net worth of the company. In terms of
the provision of the sick industrial companies Act 1985. the company has become
a sick industrial company and is required to file a reference to the board for
industrial and Financial reconstruction.
FUTURE OUTLOOK
The company despite gloomy performance believes that the products of the
company are good and have wide applications in industries and it can be
revived. To reduce the cost of production control the expenses and increase the
productivity and quality of product. It is taking all imperative steps in this
directions. To further the efforts of the company it requires co operations
assistance of all the concerned authorities / institutions such as banks,
Government, Semi Governments in extending financial and non financial
assistance which is of paramount importance.
FIXED ASSETS:
·
Air Conditioner
·
Building
·
Computer
·
Electrical Installation
·
Furniture and Fixtures
·
Land
·
Office Equipment
·
Testing Equipments
·
Plant and Machinery
·
Working Tool and
Equipment
·
Motor Car
·
Cycle
·
Water Cooler
FORM 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24110MH1993PLC074576 |
|
Name of the
Company |
AEROFLEX
INDUSTRIES LIMITED |
|
Address |
Survey No.41, 42/13, 42/14, 42/18, Village Chal, Near MIDC Taloja,
Panvel, Mumbai – 410206, |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
·
Book
debts ·
Movable
property(not being pledge) |
|
Particulars of the
charge holder |
Bank of India, Kalbadevi Branch, Round Building, Shamldas Gandhi Marg,
Kalbadevi, Mumbai – 400002,Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of
Hypothecation of Plant & Machinery,Stocks and Book debts |
|
Date of the
instrument creating or modifying the charge |
31.08.2010 |
|
Amount secured by
the charge |
Rs.16.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of interest
- @14.75% p.a. (1% over applicable interest rate) with monthly rests or at
such other rate/s of interest as may be notified by the bank from time to
time. Terms of
repayment - On Demand. Margin - 25%
against raw material,finished goods ,40% against book debts outstanding for 2
or 3 months or as specified by the bank from time to time . Extent and
operation of the charge - Security and charge hereby created shall be by way
of first charge on all the said hypothecated assets for due payment as
provided in the deed of all monies including the principal sums,
interest/commission costs charges and expenses and all other monies
whatsoever due owing and payable by the Borrower to the Bank under or in
respect of or in connection with or in any wise concerning or relating to the
said facilities agreed to be granted and/or granted by the Bank to the
borrower Others - for due repayment
of all present and future indebtedness and liabilities of the borrower to the
Bank of any kind in any manner whether solely or jointly primary or
collateral accrued or accruing with all relative interest/commission,
charges, costs and expenses. Facility and
Limit: Adhoc Limit in working capital Cash Credit Limit: Rs.16.000 millions |
|
Short particulars
of the property charged (including location of the property) |
All tangible
movable machineries and plant, both present and future situate at Mumbai or
wherever else b)All tangible movable properties and assets of whatsoever
nature of the Borrower both present and future wheresoever situate at Mumbai
or elsewhere. All present and future book debts, outstanding, money
receivables, claims, bills which are now due and owing or which may any time
hereafter during the continuance of this security become due and owing to the
Borrower. |
WEB DETAILS
COMPANY
Subject an “ISO 14000, 9001-2000” company certified by RWTUV Germany, manufactures
stainless steel corrugated hoses and hose assemblies in an ultra modern
facility in Taloja, Navi Mumbai city, under the strict supervision of an
experienced and qualified team. AEROFLEX has used state-of-the art technology
with strong emphasis on quality products and customer satisfaction. As a result
of continual improvement in every aspect of business, within a short span,
today AEROFLEX has become one of the most reliable sources of quality metallic
flexible hose assemblies both in domestic as well as in international market.
This has been possible due to AEROFLEX's ability to meet exact customers
requirements and strict adherence to the delivery schedule with personal
attention to every customer. A full range of metallic flexible hoses and hose
assemblies are manufactured in austenitic steel with grades AISI 304, 321, 316
and 316L, conforming to international quality standards. Their stainless steel
corrugated flexible hoses conform to BS 6501 part -1and are manufactured as per
type A, B and C flexibility.
MANAGEMENT TEAM
Subject is a professionally managed company, which percolates the value
systems down the hierarchy easier and faster. The Board of Directors is lead by
Mr. Yusuf M. Kagzi - Chairman and Managing Director.
Mr. Yusuf M Kagzi - Chairman and Managing Director
Mr. Yusuf M. Kagzi is the founder of Aeroflex. He started Aeroflex in
1999 with a goal to be a world leader in the field of metal Hoses and
Assemblies.
Mr. Yusuf M. Kagzi brings a wealth of expertise in the areas of total
quality management, strategic planning and human resource management. He is a
Science graduate and has 17 years of overseas work experience at a senior level
management position.
Avigo Capital Partners
Avigo Capital Partners (Avigo), an independent private equity
manager based out of
Avigo’s philosophy is to be the first institutional investor primarily
providing growth capital to fast growing SME companies in the industrial sector
in
Avigo SME Fund I was launched in 2004 to make investments in the
SME sector. It had invested in companies in the Manufacturing, Auto components
and Pharmaceuticals sectors. The Fund made 5 investments in the Indian SME
space across diverse sectors which include Engineering, Manufacturing,
Pharmaceutical and Electronics. The Fund was fully invested in 2005. The
investors in the Fund were prominent business houses and family offices from
Avigo SME Fund II, a Growth Capital and Buyout SME Fund focused on
Small and Medium Enterprises in
Macquarie Group
With a network of over 12,000 people in 25 countries, they focus resources
where they can add the most value and deliver real advantages to clients. As a
result they’ve reported consistent growth for over a decade, establishing
leading positions in a range of markets.
The Macquarie Group is a diversified international provider of
banking, financial, advisory and investment services, headquartered in
In
Macquarie has grown substantially since its beginnings in
Key to
·
flexibility to enter new markets as opportunities
arise
·
freedom to respond to the special requirements of
individual markets around the world.
Their international presence reflects this philosophy, with individual
businesses operating in discrete markets in 24 countries. In many cases
their strategy when entering new countries is to establish an alliance with a leading
local provider. This approach enables them to combine their technical expertise
and specialist skills with the market presence and infrastructure of a leading
local player.
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.51.98 |
|
|
1 |
Rs.80.59 |
|
Euro |
1 |
Rs.69.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
08 |
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 |
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.