MIRA
INFORM REPORT
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Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRINCE AUTO INDUSTRIES |
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Registered Office : |
M -150, Gali No. 9, Shastri Nagar, New Delhi – 110 052 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1986 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
*07110117151 |
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PAN No.: [Permanent
Account No.] |
AJSPS5940E |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Automotive Rubber Parts, Mountings,
Exhaust Mountings. |
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 8000 |
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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 meetings its
normal commitments timeously. Trade relations are fair. Business is active. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sarnjeet Singh |
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Designation : |
Proprietor |
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Date : |
25.08.2008 |
LOCATIONS
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Registered Office : |
M -150, Gali No. 9, Shastri Nagar, New Delhi – 110 052, India |
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Tel. No.: |
91-11-23640250 |
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Mobile No.: |
91-9811456009 / 9811100038 |
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Fax No.: |
91-11- 25150470 |
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E-Mail : |
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Website : |
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Area : |
100 Sq.Mtrs |
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Location : |
Owned |
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Factory : |
13/22 Gali No. 8, Samaypur Badli Industrial Area, New Delhi – 110 092,
India |
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Mobile No.: |
91-9811456009 |
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E-Mail : |
SOLE PROPRIETOR
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Name : |
Mr. Sarnjeet Singh |
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Designation : |
Proprietor |
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Address : |
E-41 Moti Nagar, New Delhi – 110 015, India |
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Date of Birth/Age : |
45 years |
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Qualification : |
Graduate |
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Experience : |
22 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Automotive Rubber Parts, Mountings, Exhaust
Mountings. |
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Products : |
· Exhaust Parts · Rubber to Metal Bounded Components · European and American Car parts · Exhaust Hangers · Vibration Hangers · Rubber Parts · Rubber Rings Exhaust Mounting · Auto Parts · Automobile Accessories. |
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Exports : |
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Countries : |
European Countries , America, Australia, Japan |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
Cash , Credit |
PRODUCTION STATUS
Capacity to increase production by 50%
GENERAL INFORMATION
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Suppliers : |
Own Manufacturing |
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No. of Employees : |
15 |
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Bankers : |
Syndicate Bank, Kirti Nagar, New Delhi – 110 015, India |
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Facilities : |
Rs. 0.100 million |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.500 millions |
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Borrowed : |
--- |
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Total : |
Rs. 1.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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20.000 |
17.000 |
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Profit/Loss for the year |
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12% |
12% |
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Export Value |
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100% |
NA |
Expected Sales (2008-09): Rs. 30.000 millions
LOCAL AGENCY FURTHER
INFORMATION
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Detail |
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Existence Verification |
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Name |
PRINCE AUTO INDUSTRIES |
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Address |
M -150 Gali No. 9, Shastri Nagar, New Delhi
-110 052, India |
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Phone Numbers |
91-11-23640250 |
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Fax Number |
91-11-25150470 |
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Statutory Approvals |
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Legal Status of Firm |
Proprietorship Firm |
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VAT / TIN Registration |
*07110117151 |
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Name of Bank |
Syndicate Bank, Kirti Nagar, New Delhi – 110
052, India |
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Creditability Factors |
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Years of Establishment |
1986 |
WEBSITE DETAILS:-
Company Profile
With more than 20 years of experience in the automotive spare part
industry, they are engaged in manufacturing, exporting and supplying of automotive
rubber parts and mountings, with specialty in manufacturing exhaust mountings.
Located in New Delhi, they are equipped with sound infrastructure and
experienced workforce, which together enable them to manufacture highly quality
automotive parts. At their unit, they have CAD facilities using which they
design and fabricate the most premium range of products. Over the years, they
have made an inevitable mark in the automotive industry with their qualitative
products. In the course of extensive manufacturing, they always abide by
industry approved quality standards. With commitments and dedication, they
deliver products in time, along with safe packing. Assisted by a team of
experts, they aim to deliver customized products in bulk so as to meet each
specification of the client.
Product Profile
They are a prominent name engaged in manufacturing, supplying and
exporting a vast range of automotive rubber parts, mountings, exhaust
mountings. Their range includes exhaust parts, rubber to metal bounded components,
European and American car parts, exhaust hangers, vibration hangers, rubber
parts, rubber rings, exhaust mounting, auto parts and automobile accessories.
Following are some of the striking
features of their products:
· Durable
· Superior Material Grade
· Easy to Install
· Minimum Maintenance
· Smooth Finish
· Corrosion Resistant
· Heat Resistant
· Safe and Reliable in use
· Standard Sizes
· Compatible
Customization
Supported by a team of competent workforce, they are in a strong ability
to fabricate their rubber components which meet the exact requirements of their
clients. Basing upon the design specifications of their clients, they
manufacture pour products. Parameters like size, dimensions, material grade,
design and others are taken into consideration during the design and
development of their products.
Team and Management
Owing to the years of experience in the industry, they are always in a
strong position to manufacture exhaust hangers, vibration hangers, rubber parts,
rubber rings, etc. One finds a unique combination of their team from diverse
approaches and global perspectives. With them, they have engineers, design
engineers, fabricators, machine operators, R and D associates, production
managers and other skilled workmen. In order to efficiently test and check the
products, they have a pool of experienced quality inspectors and supervisors.
They have a pool of management and administration personnel, who efficiently
monitor each phase making sure that qualitative production is attained. Other
than production, they have professionals for logistics, warehouse, sales and
marketing. Their team members have several years of experience in the industry,
as a team they work in a close coordination so that all the phases take place
in proper order.
Quality Assurance
Quality holds significant importance in all their processes right from
raw material procurement to the final delivery. All their products are ISO
9001:2000 certified and tested as per the ISO standards. Each of their
automotive part is subjected to stringent tests so as to deliver the most
qualitative range. There are various parameters on the basis of which they test
the products such as:
· Dimensional stability
· Design accuracy
· Material strength
· Heat resistance
Having separate quality assessment division, they are equipped with advanced
equipment and instruments which are required for quality testing. Their team of
quality inspectors and supervisors vigil all the testing processes so that
better ascertainment is attained. They assure that they deliver most flawless
products, which are at par with industry leading quality standards and
parameters
Manufacturing
Facilities
They are equipped with a spacious factory area having land area 5000 Sq.
Meters. With covered area 4000 Sq. Meters. At their unit, they have the
required facilities for qualitative production. They have departments like
quality, design, R and D and others wherein all activities take place in a
proper order. Following are some of the machines they have:
· CNC Diamond Turning Machine
· Semi-Automatic Casting Machines and MDU
· Twin Spindle Fine Boring Machine.
All the manufacturing processes take place under the surveillance of their
experts. At their design unit, they have 3D Computer Aided Design (CAD)
facility, which immensely helps them in better design development. Moreover,
they have total Operations On line with LAN System that assures an effective
communication. All their facilities enable them to manufacture high quality
automotive products thus meet with all the demands of their clients
Markets They Cater To
They are serving an unending list of clients in domestic and
international market. Other than having strong place in India, they have placed
their selves very well in the international platform. Presently, they have been
consistently catering to clients from the under mentioned global markets with
repeat orders.
· European Countries
· America
· Australia
· Japan
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.44.26 |
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UK Pound |
1 |
Rs.79.00 |
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Euro |
1 |
Rs.63.53 |
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 |
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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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. |
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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