MIRA
INFORM REPORT
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Report Date : |
18.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MANDEEP INDUSTRIES |
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Registered Office : |
487 / 43 - C, Peera Garhi, National Market, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1988 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Electronic/Electrical Distribution
Systems |
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 16000 |
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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 businessmen.
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 : |
487 / 43 - C, Peera Garhi, National Market, |
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Tel. No.: |
91-11-25283218 / 25268391 |
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Mobile No.: |
91-9810054656 |
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Fax No.: |
91-11-25274104 |
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E-Mail : |
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Website : |
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Area : |
Plot 180 Sq. ft (Covered 90 sq. mt) |
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Location : |
Owned |
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Factory 1 : |
92, Sector – 3, Bawana Industries Area, |
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Area : |
130 Sq. ft |
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Location : |
Owned |
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Factory Plot : |
Subject has a Plot in Manaser Plane to invest 5.000 Million in factory |
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Area : |
430 Sq. ft |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. H P Singh Ahuja |
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Designation : |
Proprietor |
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Date of Birth/Age : |
33 Years |
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Qualification : |
MBA |
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Experience : |
10 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Electronic/Electrical Distribution
Systems |
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Products : |
v
Wiring Harness/Wiring Trees/Harness Assemblies For Buses & Coaches For Power Windows For Central Locking System For Tractors & 3 Wheelers For Automotive Lighting
System/Auto Lamps v
Spark Plug Cables & Distribution Cables v
v
Roof Lamp Assemblies for Buses v
Revolving Lamps v
Marking Lamps v
Sheet Metal Components |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Cash or Credit |
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Purchasing : |
Cash or Credit |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Electronic/Electrical Distribution Systems |
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40% |
GENERAL INFORMATION
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Customers : |
v
Hilux
Group of Industries, Maya Puri, v
Fiem
India Limited v
Rajdeep
Overseas Private Limited, Haridwar v
Swaraj
Mazda v
Escorts
v
Eicher
v
Ford v
Punjab
Tractors Ltd. v
International
Tractors Ltd. v
Xerox |
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No. of Employees : |
42 |
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Bankers : |
v
ICICI Bank Limited v
Kotak Mahindra Bank Limited, Punjabi Bagh, |
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Facilities : |
ICICI Bank Limited – Rs. 1.100 Millions |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
H P Industries |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 4.000 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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22.000 |
20.000 |
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Profit/Loss for the year |
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12% |
12% |
Expected Sales (2007-08) : Rs. 28.000 Millions
LOCAL AGENCY FURTHER INFORMATION
As per website
details
Profile
Incepted in the year 1988, Mandeep Industries is a prominent name offering a wide
range of high quality, cost competitive electronic/electrical distribution
systems for varied purposes. The noted business enterprise is a manufacturer
and exporter of superlative wiring harnesses, spark plug cables &
distribution cables, battery cables, roof lamp accessories, revolving lamps,
etc. They are an importer of Connectors & Terminals used in manufacturing
of Wiring Harness. They are geared to excel in this industry by keeping pace
with the advancing technologies and changing customer requirements. The company
is keenly administered by rigid quality control control measures at every stage
of its operation to ensure flawless production.
Their products are known for their impeccable quality and higher efficiency in
the entire business community. They are regularly supplying their products to
many noted automobile companies such as Swaraj Mazda, Escorts, Eicher, Ford,
etc. They are planning to establish another plant at Manesar in the year 2008.
The company is an ISO 9001:2000 certified concern working with the sole motto
of providing premier solutions to its clients at the most affordable prices.
Quality Assurance
Superior quality is the primary concern at Mandeep Industries. All their
products are manufactured as per ISO 9001:2000 and other internationally
accepted standards to ensure world class production. Their mission is to make
continuous improvements in the quality of their products via updating their
currently applicable technology and procedures. A strong quality culture that
prevails throughout the organization, allows us to deliver the highest quality
products and meet the customers' expectations worldwide.
Timely Delivery
They understand the worth of time in today's competitive scenario, thus an
effective inventory control system ensures timely completion of the orders. The
company is well supported by a capacious warehouse and a wide distribution
network of dealers, facilitating timely delivery of the products. The company
is capable of feeding the bulk demand in the shortest frame of time.
Infrastructure
They possess a well equipped facility located in the capital of
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.40.33 |
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1 |
Rs.82.63 |
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Euro |
1 |
Rs.55.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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 |
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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48 |
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/normal. |
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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