MIRA
INFORM REPORT
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Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
HINDUSTHAN IGNITION SYSTEM INC |
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Registered Office : |
5 (B), Industrial Estate, Ambala Cantt – 133 006, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1985 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of Generator Ignition Systems and Boiler Components. |
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 15000 |
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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. Proprietor is
reported as experienced and respectable businessman. Trade relations are
reported as fair. Business is active. Payments are reported as usually
correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ankur Jain |
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Designation : |
Proprietor |
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Contact No.: |
91-9416020237 / 9896399237 |
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Date : |
29.09.2008 |
LOCATIONS
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Registered Office /Factory : |
5 (B), Industrial Estate, Ambala Cantt – 133 006, Haryana, India |
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Tel. No.: |
91-171-2699237 |
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Mobile No.: |
91-9416020237 / 9896399237 |
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Fax No.: |
91-171-2699037 / 2699237 |
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E-Mail : |
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Website : |
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Area : |
50000 Sq.fts (Office + Factory) |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr Ankur Jain |
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Designation : |
Proprietor |
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Address : |
Ambala – 133006, Haryana, India |
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Age : |
36 years |
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Qualification : |
B. Com Graduate |
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Experience : |
12 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Generator Ignition Systems and Boiler Components. |
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Products : |
·
High Energy Arc Ignitors- 4 to 24 Joules ·
Industrial Ignitors ·
Flame Scanner System -
Safe Scanner- I -
Safe Scanner- II -
510-UV Scanner System -
515-UV Scanner System -
520-UV Scanner System -
UV to IR Visible Scanner System Kits ·
Optical Fibre Cables. |
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Imports : |
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Products : |
Machinery and parts |
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Countries : |
USA, UK, Germany, Italy |
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Terms : |
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Selling : |
D/P |
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Purchasing : |
L/C, Cash, Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
OEM’s, Local, Retailers, End Users. |
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No. of Employees : |
15 |
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Bankers : |
· State Bank of India, 101, Mau Road, Ambala Cantt – 134 003, Haryana, India · Dena Bank, Ambala Cantt Branch |
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Facilities: |
The concern do not enjoy facility from its bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V K Jain and Company Chartered Accountants |
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Address : |
Ambala – 133006, Haryana,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 3.000 millions (Estimated) |
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Borrowed : |
--- |
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Total : |
Rs. 3.000 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 (Estimated) |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
70.000 |
10.000 |
9.500 |
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Profit/Loss for the year |
NA |
1.020 |
0.950 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:
· State Thermal Power Stations- UP, Punjab, Haryana.
· National Thermo Power Corporation
WEBSITE DETAILS:
Established in the year 1985, subject, has come a long way in these 22 years of its existence. They have carved a niche for their selves in the industry, and are now recognized as a prominent manufacturer, exporter, trader and supplier of a gamut of products. These products are used extensively in many sectors like the automotives, marine, industrial and Boilers, and Thermal Power Station, etc. Their range of products includes High Energy Arc Ignitors- 4 to 24 Joules, Industrial Ignitors, Flame Scanner System, Optical Fibre Cables, etc. These products are used for igniting the fuel used by coal, gas, and oil fired power boilers, gas turbines.
Customer satisfaction is of utmost importance to them, and they take all the
necessary measures to keep them in good humor. Competitive prices and timely
delivery of the products are the two factors that have made them a popular name
throughout the country. Their dedication, honesty and hard work have borne
fruit in the shape of a huge clientele, that they have built in all these
years. Customer feedback and suggestions are given a lot of importance and are
adequately incorporated at the earliest. Some of the eminent brands included in
their list are BHEL, NTPC, and
several other major Thermal Power Stations.
Product Range
Subject is a renowned manufacturer, exporter, trader and supplier of a superior range of ignitors, flame scanners and other boiler components. Their list of products includes:
·
High Energy Arc Ignitors- 4 to 24 Joules
·
Industrial Ignitors
·
Flame Scanner System
-
Safe Scanner- I
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Safe Scanner- II
-
510-UV Scanner System
-
515-UV Scanner System
-
520-UV Scanner System
-
UV to IR Visible Scanner System Kits
·
Optical Fibre Cables.
Quality Assurance
Quality is an aspect that always bags top priority in the concerns
agenda. Over the years, they have established a solid foundation in the minds
of the customers by delivering high quality products uncompromisingly.
Stringent quality management techniques are diligently followed at all the
levels. The in-house checking facility is equipped with the latest testing
equipments, where every product is thoroughly monitored. Industrial norms and
international quality standards are strictly adhered to at all the stages,
thereby leaving no room for any loopholes.
Infrastructure
Infrastructure
At the concern, they have an ideal combination of personnel and machines- the total operating system. Their production unit is installed with the latest modern technology and facilities. The machines function at low operating and maintenance costs in order to come up with cost-effective solutions. They regularly upgrade their machinery with the latest techniques.
They employ some of the best professionals in the industry,
who are not just experienced but equally dedicated and hard working. Their
concern undertakes regular investment to promote knowledge in the area of
technical development, research and production. Spacious storerooms enable them
to hold huge stocks and thus help them meet all kinds of market demands.
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 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.46.96 |
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UK Pound |
1 |
Rs.83.91 |
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Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
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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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
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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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