MIRA
INFORM REPORT
|
Report Date : |
09.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
BENARA MOTORS
PRIVATE LIMITED |
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Registered Office : |
A 4, Site B,
Industrial Area, Sikandra, Agra– 282007, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.05.2001 |
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Com. Reg. No.: |
20-26046 |
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CIN No.: [Company
Identification No.] |
U50401UP2001PTC026046 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AGRB10017A |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Dealer of Toyota
Kirloskar Motors. |
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 50000 |
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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 company having satisfactory track records. Directors
are reported as experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
A 4, Site B, Industrial
Area, Sikandra, Agra– 282007, Uttar Pradesh, India |
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Tel. No.: |
91-562-2642700 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Panna Lal
Jain |
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Designation : |
Whole time
Director |
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Address : |
1/205, Professors
Colony, Agra – 280002, Uttar Pradesh |
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Date of Birth/Age : |
05.08.1946 |
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Date of Appointment : |
18.05.2001 |
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Name : |
Mr. Vivek Benara |
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Designation : |
Whole time
Director |
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Address : |
1/205, Professors
Colony, Agra – 280002, Uttar Pradesh |
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Date of Birth/Age : |
13.09.1973 |
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Date of Appointment : |
18.05.2001 |
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Name : |
Ms. Sarla Jain |
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Designation : |
Whole time
Director |
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Address : |
1/205, Professors
Colony, Agra – 280002, Uttar Pradesh |
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Date of Birth/Age : |
03.09.1948 |
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Date of Appointment : |
18.05.2001 |
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Name : |
Ms. Ketki Benara |
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Designation : |
Whole time
Director |
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Address : |
1/205, Professors
Colony, Agra – 280002, Uttar Pradesh |
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Date of Birth/Age : |
29.04.1978 |
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Date of Appointment : |
18.05.2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Panna Lal
Jain |
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128000 |
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Mr. Vivek Benara |
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128000 |
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Ms. Sarla Jain |
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128000 |
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Ms. Ketki Benara |
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128000 |
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Mr. Satish Kumar
Jain |
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50000 |
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Mr. Balraj Jain |
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20000 |
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Mr. D D Goel |
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60000 |
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Mr. Gyan Chand
Jain |
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20000 |
|
Skyweb Infotech
Limited |
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60000 |
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Stellar
Investment Limited |
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100000 |
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Total |
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822000 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Toyota
Kirloskar Motors |
GENERAL
INFORMATION
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Bankers : |
Ø
Canara Bank,
Loha Mandi, Agra Ø
HDFC Bank
Limited Ø
ICICI Bank
Limited Ø
Kotak
Mahindra Primius Limited, Nariman Point, Mumbai - 400021 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shashi and
Company Chartered
Accountants |
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Address : |
48F / 105, Punit Vrindavan,
Sanjay Place, Agra – 282002, Uttar Pradesh, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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822,000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.220 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.220 |
8.368 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
3.684 |
3.031 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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11.904 |
11.399 |
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LOAN FUNDS |
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1] Secured Loans |
|
49.437 |
43.369 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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49.437 |
43.369 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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61.341 |
54.768 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.499 |
25.274 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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22.533 |
20.003 |
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Sundry Debtors |
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2.648 |
4.560 |
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Cash & Bank Balances |
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4.407 |
4.321 |
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Other Current Assets |
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0.235 |
0.233 |
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Loans & Advances |
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24.118 |
21.205 |
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Total
Current Assets |
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53.941 |
50.322 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.120 |
20.890 |
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Provisions |
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Total
Current Liabilities |
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15.120 |
20.890 |
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Net Current Assets |
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38.821 |
29.432 |
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MISCELLANEOUS EXPENSES |
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0.021 |
0.062 |
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TOTAL |
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61.341 |
54.768 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
243.803 |
265.819 |
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Other Income |
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Total Income |
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243.803 |
265.819 |
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Profit/(Loss) Before Tax |
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1.091 |
3.140 |
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Provision for Taxation |
|
0.438 |
1.186 |
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Profit/(Loss) After Tax |
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0.653 |
1.954 |
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Expenditures : |
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Financial Charges |
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4.646 |
3.458 |
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Depreciation & Amortization |
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2.818 |
3.449 |
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Other Expenditure |
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227.784 |
248.865 |
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Total Expenditure |
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235.248 |
255.772 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.27 |
0.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.45 |
1.18 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.43 |
4.15 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.42 |
5.63 |
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Current Ratio (Current Asset/Current Liability) |
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3.57 |
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry on all or
any of the business of buyers, sellers, distributors, representatives, stockiest,
suppliers, importers, exporters, retail dealers, wholesale dealers, showrooms
owner in motor cars, motor buses, light commercial vehicles, heavy commercial
vehicles, motor vans, multiple utility vehicles, jeeps, omni buses, chassis,
trucks, trolleys, motor cycles, scooter, two wheelers, three wheelers and other
conveyances of all kinds, description and nature suitable for running on land,
sea or air running on patrol, diesels, CNG, electrical battery, gas, solar
energy or any other mode of fuel and energy whatsoever and of engines, chassis,
bodies, tools and implements, spares parts and consumable.
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Name of the company |
BENARA MOTORS PRIVATE LIMITED |
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Presented By |
CANARA BANK,
LOHA MANDI, AGRA |
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1) Date and description of instrument creating the change |
Cash credit
agreement dated 06.01.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
whole of the borrower’s present and future stock and materials goods in
process of manufacture and all finished
and manufactured goods and articles such as vehicles, spares,
accessories and consumables together with all stores, components and spares
which now belonging to or may hereafter from time to time during the
continuance of this security belong to the borrower and which are or shall or
may be brought into stored or be in or upon or about the borrower factory
Godown and other premises at Shastripuram crossing Agra or wherever else the
same may be situated stored or lying or being including any such raw materials
articles or goods, stores spares and components or other similar movable property in course
transit or delivery to the borrower. Hypothecation of
all of the borrower’s present and future book debts outstanding monies,
receivables, claims, bills, right to or in movable property and movable
assets and which are now due, owing or payable or belonging to the borrower
or which may at any time hereafter during the continuance of the security
become due, owing payable or belonging to the borrower in the course of its
business. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The abovesaid are
hypothecated to secure the OCC limit of Rs. 5.000 Millions Interest to be
charged of the rate of 3.50 % p.a. over and above ongoing prime lending rate
with a minimum of 14.50 % p.a. with monthly rests or at such other rates as
may be notified by the bank to the borrower firm time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Loha
Mandi, Agra |
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6) Date and brief description of instrument modifying the charge |
Letter evidencing
deposit of title deeds dated
28.10.2005 for creation of equitable mortgage |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The abovesaid OCC
limit of Rs. 6.000 Millions shall bow also be collaterally secured by way of
equitable mortgage by way of deposit of title deeds in respect of company’s
immovable properties bearing land of Khasra # 207/208/209/210 situated at
Mauza, Tehsil, Agra . Other terms and
conditions remained the same. |
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Name of the company |
BENARA MOTORS PRIVATE LIMITED |
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Presented By |
CANARA BANK,
LOHA MANDI, AGRA |
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1) Date and description of instrument creating the change |
Cash credit
agreement dated 06.01.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
whole of the borrower’s present and future stock and materials goods in
process of manufacture and all finished
and manufactured goods and articles such as vehicles, spares,
accessories and consumables together with all stores, components and spares
which now belonging to or may hereafter from time to time during the
continuance of this security belong to the borrower and which are or shall or
may be brought into stored or be in or upon or about the borrower factory
Godown and other premises at Shastripuram crossing Agra or wherever else the
same may be situated stored or lying or being including any such raw
materials articles or goods, stores spares and components or other similar movable property in course
transit or delivery to the borrower. Hypothecation of
all of the borrower’s present and future book debts outstanding monies,
receivables, claims, bills, right to or in movable property and movable
assets and which are now due, owing or payable or belonging to the borrower
or which may at any time hereafter during the continuance of the security
become due, owing payable or belonging to the borrower in the course of its
business. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The abovesaid are
hypothecated to secure the OCC limit of Rs. 5.000 Millions Interest to be
charged of the rate of 3.50 % p.a. over and above ongoing prime lending rate
with a minimum of 14.50 % p.a. with monthly rests or at such other rates as
may be notified by the bank to the borrower firm time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Loha
Mandi, Agra |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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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 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
44 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|