|
Report Date : |
22.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
AEROSPACE INTERNATIONAL INCORPORATED |
|
|
|
|
Registered
Office : |
220, 5th Main, 10th Cross NGFF Layout,
Nagarbhavi, Bangalore - 560072, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of Establishment
: |
1988 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 12.138 Millions |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Aerospace related products and machine
tools |
|
|
|
|
No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 48000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established partnership concern with satisfactory
track records. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The concern can be considered good for normal business dealings under
usual 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Gora Rakshit |
|
Designation : |
Partner |
|
Contact No.: |
91-9448846452 |
|
Date : |
17.08.2012 |
LOCATIONS
|
Registered Office : |
220, 5th Main, 10th Cross NGFF Layout,
Nagarbhavi, Bangalore - 560072, Karnataka, India |
|
Tel. No.: |
91-80-23186579 / 23186615 |
|
Mobile No.: |
91-9448846452 (Mr. Gora Rakshit) |
|
Fax No.: |
91-80-23186616 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. Ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Sadaramangala Industrial Area, Whitefield Road, Bangalore - 560040,
Karnataka, India |
|
Area : |
1 Acre |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Beni Madhav Rakshit |
|
Designation : |
Partner |
|
Date of Birth/Age : |
21.03.1938 |
|
Qualification : |
B.SC, M. Tech |
|
|
|
|
Name : |
Mr. Subrata Rakshit |
|
Designation : |
Partner |
|
Date of Birth/Age : |
17.07.1963 |
|
Qualification : |
B.E (Mechanical) |
|
|
|
|
Name : |
Mr. Gora Rakshit |
|
Designation : |
Partner |
|
Date of Birth/Age : |
22.08.1972 |
|
Qualification : |
B.E (Mechanical) |
|
|
|
|
Name : |
Mrs. Shobha Rakshit |
|
Designation : |
Partner |
|
Date of Birth/Age : |
04.01.1941 |
|
Qualification : |
B.A |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Aerospace related products and machine
tools |
|
|
|
|
Exports : |
|
|
Products : |
Aerospace related products |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
MTI, USA |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Customers : |
End Users
|
||||||||||||||||||
|
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|
||||||||||||||||||
|
No. of Employees : |
15 (Approximately) |
||||||||||||||||||
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|
||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Natraj and Associates Chartered Accountants |
|
Address : |
|
|
|
|
|
Sister Concern : |
Honeycomb India Private
Limited Address: Line of Business: Manufacturer and Exporter of Aerospace related
Products. |
CAPITAL STRUCTURE
AS ON 31.03.2012
Rs. In Millions
|
Capital Investment : |
|
|
Partners Capital |
|
|
Mr. B.M. Rakshit (I) |
1.300 |
|
Mrs. Shova Rakshit |
1.300 |
|
Mr. Subratha Rakshit |
0.600 |
|
Mr. Gora Rakshit |
0.600 |
|
Total |
3.800 |
|
|
|
|
Partners Current A/C |
|
|
Mr. B.M. Rakshit (I) |
1.534 |
|
Mrs. Shova Rakshit |
4.253 |
|
Mr. Subratha Rakshit |
0.783 |
|
Mr. Gora Rakshit |
1.768 |
|
Total |
8.338 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
85.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs. 90.000 Millions
The above information has been parted by Mr. Gora Rakshit.
Note : Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner Capital |
3.800 |
3.800 |
3.800 |
|
|
2] Partners Current A/c |
8.338 |
10.794 |
9.275 |
|
|
3] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12.138 |
14.594 |
13.075 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3.894 |
3.694 |
3.694 |
|
|
TOTAL BORROWING |
3.894 |
3.694 |
3.694 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Advance Refundable |
1.667 |
1.500 |
2.344 |
|
|
|
|
|
|
|
|
TOTAL |
17.699 |
19.788 |
19.113 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.527 |
11.015 |
11.026 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.238
|
0.238 |
0.000 |
|
|
Cash & Bank Balances |
0.444
|
1.731 |
0.330 |
|
|
Other Current Assets |
0.665
|
1.360 |
1.189 |
|
|
Loans, Advances & Deposits |
3.069
|
5.469 |
6.599 |
|
Total
Current Assets |
4.416
|
8.798 |
8.118 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.113
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
0.131
|
0.025 |
0.031 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
0.244
|
0.025 |
0.031 |
|
|
Net Current Assets |
4.172
|
8.773 |
8.087 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17.699 |
19.788 |
19.113 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.338 |
0.234 |
0.098 |
|
|
|
Other Income |
1.408 |
0.066 |
0.407 |
|
|
|
Consultancy |
7.061 |
11.112 |
8.725 |
|
|
|
Rent Receipts |
1.687 |
2.664 |
2.949 |
|
|
|
TOTAL |
10.494 |
14.076 |
12.179 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
0.191 |
0.141 |
0.060 |
|
|
|
House Property |
0.662 |
1.310 |
0.567 |
|
|
|
Bank Charges |
0.002 |
0.002 |
0.014 |
|
|
|
Advertisement |
0.000 |
0.000 |
0.027 |
|
|
|
Commission Paid |
2.571 |
3.774 |
2.891 |
|
|
|
Professional Fees |
0.000 |
0.000 |
0.029 |
|
|
|
Rates and Taxes |
0.723 |
1.052 |
1.096 |
|
|
|
Electricity and Water |
0.081 |
0.076 |
0.073 |
|
|
|
Travelling and Conveyance |
0.438 |
0.437 |
0.291 |
|
|
|
Repairs Maintenance |
0.041 |
0.075 |
0.063 |
|
|
|
Printing and Stationery |
0.133 |
0.150 |
0.097 |
|
|
|
Postage and Courier |
0.018 |
0.019 |
0.023 |
|
|
|
Telephone Charges |
0.058 |
0.076 |
0.054 |
|
|
|
General Expenses |
0.021 |
0.042 |
0.026 |
|
|
|
Insurance |
0.023 |
0.025 |
0.000 |
|
|
|
Subscription |
0.009 |
0.008 |
0.004 |
|
|
|
Entrainment Expenses |
0.062 |
0.060 |
0.085 |
|
|
|
Sales Promotion |
0.104 |
0.160 |
0.112 |
|
|
|
Salaries and Wages |
0.598 |
0.551 |
0.479 |
|
|
|
Labour Welfare |
0.024 |
0.027 |
0.056 |
|
|
|
Audit Fees |
0.030 |
0.037 |
0.020 |
|
|
|
Bad Debts |
0.080 |
0.062 |
0.070 |
|
|
|
Interest on Partners Loan |
0.461 |
0.467 |
0.497 |
|
|
|
Partner’s Remuneration |
1.103 |
1.125 |
1.295 |
|
|
|
Donation |
0.008 |
0.011 |
0.003 |
|
|
|
TOTAL |
7.441 |
9.687 |
7.932 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.053 |
4.389 |
4.247 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.102 |
0.102 |
0.100 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
2.951 |
4.287 |
4.147 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
28.12
|
30.46 |
24.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
873.08
|
1832.05 |
4231.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.45
|
21.64 |
21.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.29 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.34
|
0.25 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
18.10
|
351.92 |
261.87 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
No |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
TRADE REFERENCE:
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. 55.54 |
|
|
1 |
Rs. 87..39 |
|
Euro |
1 |
Rs. 68.72 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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.