MIRA
INFORM REPORT
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Report Date : |
07.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
HYCON INDUSTRIES |
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Registered Office : |
B-136, Ghatkopar Industrial Estate, Amrut Nagar Lane, LBS Marg, Ghatkopar
(West), Mumbai – 400086, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2005 |
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PAN No.: [Permanent
Account No.] |
ABKPD4896Q |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of office and school furniture. |
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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Maximum Credit Limit : |
USD 2000 |
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Status : |
Small Concern |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Ms. Lata, Manager parted partial details after a lot of follow – ups.
Subject is a small and unknown concern having moderate track. Trade relations
are fair. Payments are slow and delayed. The concern can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Ms. Lata |
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Designation : |
Manager |
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Date : |
04.08.2008 |
LOCATIONS
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Registered Office : |
B-136, Ghatkopar Industrial Estate, Amrut Nagar Lane, LBS Marg,
Ghatkopar (West), Mumbai – 400086, Maharashtra, India |
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Tel. No.: |
91-22-25007184 / 65942044 |
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Mobile No.: |
91-9821157014 (Mr. Ajay Darara) / 91-9867340864 (Mr. Dinesh) |
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Fax No: |
91-22-25007184 |
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Email: |
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Website: |
www.hycon.in |
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Area : |
840 sq ft |
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Location : |
Rented |
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Factory : |
20, Harichand Compound, Opposite Godrej Petrol Pump, Vikhroli (East),
Mumbai – 400083, Maharashtra, India |
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Tel. No.: |
91-22-65942579 |
SOLE PROPRIETOR
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Name : |
Mr. Ajay Darara |
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Designation : |
Proprietor |
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Date of Birth/Age : |
35 years |
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Qualification : |
HSC |
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Experience : |
15 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of office and school furniture. |
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Products : |
v Executive High
Back Chair v Executive Low
Back Chair v School Furniture v Bunk Beds v Reception Chairs v Office / Teacher
Table v Modular
Furniture v Cupboard /
Lockers / Bookshelves v Metals Chairs v Cafeteria Chairs v Banquet Chairs v Bar Stools v Rocking Chairs v Cinema Chairs v Library / Laboratory
/ Checking Tables. |
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Exports : |
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Products : |
Chairs and tables |
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Countries : |
China |
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Terms : |
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Selling : |
Credit (10-15-30 days) |
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Purchasing : |
Cheque payment (10 OD) |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
3 |
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Bankers : |
Bank of India, Park Side Branch, Ghatkopar (West), Mumbai – 400086,
Maharashtra, India |
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Facilities : |
The concern do not enjoy facility from its bankers. |
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Auditors : |
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Name : |
Mr. SharIsh (Chartered Accountant) |
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Tel. No.: |
91-22-22571327 / 28 |
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Associates/Subsidiaries : |
v Khashish
Fabrication Address: 20, Harichand
Compound, Opposite Godrej Petrol Pump, Vikhroli (East),
Mumbai – 400083, Maharashtra, India |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.400 Million (Estimated) |
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Borrowed : |
0.000 |
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Total : |
Rs. 0.400 Million (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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3.000 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
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Existence Verification |
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Name |
Hycon Industries |
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Statutory Approvals |
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Income Tax Registration |
ABKPD4896Q |
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Central Sales Tax Registration |
27100510850 – C |
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VAT/ TIN Registration |
27700510850-V |
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Import Export Code |
0306030721 |
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Name of Bank |
State Bank of India |
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Current Account Number |
010020100002056 |
Profile:-
Subject specializes in manufacturing
furniture for Corporate Offices, Schools and Educational Institutes and home
use. From its modest beginning, subject is today a financially secure, modern and dynamic
concern. It is set to scale greater heights in the coming years under the able
leadership of its founder, Mr. Manohar Darara. As a visionary and dynamic
business leader, Mr. Manohar Darara has propelled subject to a leading
concern in the furniture industry in India.
Subject has an extensive channel network of dealers
and corporate clients. The latter includes government and corporations from the
Hospitality, Banking, Hostels, Insurance and other industries. Its exclusive
showroom at Ghatkopar, Mumbai displays its complete range of furniture from the
line of subject’s latest design.To meet
the demands of the growing international export market, subject plans to market
it's products to many countries.
Market studies
have proven that subject has a winning philosophy - to produce optimum furniture for homes,
offices, hotels, schools and colleges without compromising on comfort and
quality. Comfortable seating arrangements improve the working conditions at
work, thereby increasing the productivity and efficiency of human resources. subject has attained this
goal owing to its commitment to research and development. With the aid of
computer technology and expertise, it succeeded in producing chairs with a competitive
edge in terms of ergonomics, aesthetical value, functionality, durability and
price. An in-house metal fabrication unit combined with state-of-the-art powder
coating Facility complements subject’s capability to meet delivery deadlines
always on schedule.
For greater
production efficiency, specialized machines and equipment are acquired to use
in the different production processes. Quality control is stringent and
methodically carried out at every stage of production. A significant portion of
the manufacturing process is undertaken internally and this enables subject to respond
quickly to customer's requirements with intelligent solutions
Subject manufactures a
wide range of models made of different materials and for various applications.
It includes premier leather chairs, executive chairs, secretarial chairs and
chairs for public seating. The chairs are designed for flexibility and offer
ergonomic features that allow the individual to adjust the chairs to suit his
or her body postures. The support provided aligns the pelvis and spinal column
to the correct posture, relieving joints and muscles of undue strain, thus
making it possible to seat comfortably in different work positions. With subject chairs, quality
is seen and felt, and experience in itself.
Besides its vast
range of chairs to cater for every office or home need, subject has complemented
its product line with School benches / Teacher's tables to meet school/college
requirements and Bunk Beds for hostel and home applications. Subject's range of products
includes Perforated chairs, Banquet chairs and comprehensive array of
accessories which compliments within Subject's range of chairs and it provides a complete
Office solution as an interior furnishing package. Extensive marketing activities
have been chalked oust to promote chairs and brand corporate identity by
participating annually in World Trade Fairs and Major Furniture Exhibitions
around the Globe.
Trade References:-
v
ONGC, Sion, Mumbai, India
v
Naval Maritime Academy, Colaba, India
v
L and T, Powai, Mumbai, India
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 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.42.00 |
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UK Pound |
1 |
Rs.82.14 |
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Euro |
1 |
Rs.65.09 |
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 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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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 |
NO |
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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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