MIRA
INFORM REPORT
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Report Date : |
04.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MANIPAL AUTOMOBILES [PRIVATE] LIMITED |
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Registered Office : |
D-2, Bharani Studio Complex, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.03.1999 |
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Com. Reg. No.: |
18-42084 |
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CIN No.: [Company
Identification No.] |
U50300TN1999PTC042084 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM02824D |
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PAN No.: [Permanent
Account No.] |
AADCM1555G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Cars, Spares and Accessories |
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/normal. |
Small |
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Maximum Credit Limit : |
USD 71000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. It’s profit
margin and reserve position are lower side. Trade relations are fair. Payments
are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
D-2, Bharani Studio Complex, |
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Tel. No.: |
91-44-23728801-803 / 23764561 |
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Fax No.: |
91-44-23764520 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. T. S. Raja |
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Designation : |
Director |
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Address : |
9, |
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Date of Birth/Age : |
15.07.1956 |
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Date of Appointment : |
27.03.2003 |
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Name : |
Mr. P N Balakrishna Rao |
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Designation : |
Director |
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Address : |
626, 10TH Main Road, II Stage, West of |
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Date of Birth/Age : |
20.05.1967 |
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Date of Appointment : |
05.12.2000 |
KEY EXECUTIVES
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Name : |
Mr. B Venkateswaran |
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Designation : |
Company Secretary |
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Address : |
“Ganesha rite Choice Apartments”, Block-B, D-3, 33D, |
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Tel No. : |
91-44-22434324 |
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Fax No. : |
91-9444019965 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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R Hema |
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100 |
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Chandrakanth Pandit |
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100 |
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Manipal Motors Private Limited |
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849800 |
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The Maharashtra Apex Corporation Limited |
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750000 |
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Manipal Holdings Private Limited |
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150000 |
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Total |
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1750000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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99.98 |
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Directors of relatives of directors |
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0.02 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of Cars, Spares and Accessories |
GENERAL INFORMATION
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Bankers : |
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Financial Institution : |
Sundaram Finance Limited, No. 21, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhat and Nagaraj Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,750,000 |
Equity Shares |
Rs. 10/- each |
Rs. 17.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
17.500 |
17.500 |
17.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.336 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
[0.778] |
[1.541] |
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NETWORTH |
17.836 |
16.722 |
15.959 |
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LOAN FUNDS |
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1] Secured Loans |
30.116 |
30.772 |
25.898 |
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2] Unsecured Loans |
46.009 |
33.941 |
20.568 |
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TOTAL BORROWING |
76.125 |
64.713 |
46.466 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
93.961 |
81.435 |
62.425 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.393 |
14.021 |
11.976 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
62.840
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57.884 |
21.044 |
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Sundry Debtors |
21.693
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20.570 |
6.565 |
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Cash & Bank Balances |
8.276
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2.156 |
1.533 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
37.518
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38.084 |
55.850 |
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Total
Current Assets |
130.327
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118.694 |
84.992 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
52.775
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51.299 |
34.565 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
52.775
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51.299 |
34.565 |
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Net Current Assets |
77.552
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67.395 |
50.427 |
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MISCELLANEOUS EXPENSES |
0.016 |
0.019 |
0.022 |
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TOTAL |
93.961 |
81.435 |
62.425 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
821.640 |
677.811 |
427.533 |
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Other Income |
98.636 |
62.556 |
73.943 |
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Total Income |
920.276 |
740.367 |
501.476 |
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Profit/(Loss) Before Tax |
1.114 |
0.763 |
0.432 |
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Provision for Taxation |
-- |
-- |
0.004 |
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Profit/(Loss) After Tax |
1.114 |
0.763 |
0.428 |
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Expenditures : |
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Opening Stock |
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20.712 |
14.711 |
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Purchase |
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670.942 |
408.969 |
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Work Shop Expenses |
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5.167 |
2.746 |
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Fright |
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0.067 |
0.033 |
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Staff Cost |
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9.108 |
7.073 |
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Interest and Financial Charge |
919.162 |
5.524 |
4.093 |
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Administrative and Selling Expenses |
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46.270 |
75.723 |
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Preliminary and Deferred revenue expenses
written off |
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0.007 |
0.003 |
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Depreciation |
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2.444 |
2.403 |
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Loss on Sales of Fixed Assets |
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0.072 |
0.000 |
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Total Expenditure |
919.162 |
760.313 |
515.754 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.12
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0.10 |
0.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.14
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0.11 |
0.10 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.76
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0.58 |
0.45 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06
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0.05 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.23
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6.94 |
5.08 |
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Current Ratio (Current Asset/Current Liability) |
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2.47
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2.31 |
2.46 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
MANIPAL
AUTOMOBILES [PRIVATE] LIMITED |
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Presented By |
Sundaram Finance
Limited, No. 21, |
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1) Date and description of instrument creating the change |
Loan Agreement
Dated 29.11.2005 Cont. No. AC-3080
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
On the security of
1 No. Computers and Peripherals Identity No. 572-392-037 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs. 0.219 Million
is repayable in 24 monthly installments as under :
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5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited, No. 21, Chennai – 600002 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U50300TN1999PTC042084 |
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Name of the
company |
MANIPAL AUTOMOBILES [PRIVATE] LIMITED |
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Address of the
registered office or of the principal place of business in |
D-2, Bharani Studio Complex, |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
Sundaram Finance Limited, No. 21, Chennai – 600002 |
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Nature of
instrument creating charge |
Hypothecation
agreement bearing cont No. BX – 2066 |
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Date of
instrument Creating the charge |
10.07.2006 |
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Amount secured by
the charge |
Rs. 0.838 Million
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Brief of the
principal terms an conditions and extent and operation of the charge |
The total amount
of Rs. 0.838 Million is repayable in 36 equal monthly installments of Rs.
0.023 Million each rate of interest 10.37 % |
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Description of
the property charged indicating whether it is a charged on |
Vehicles |
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Particulars of
the property charged |
No 2006 Model
Tata Safari E No. DICOR06FTZ855967 CH No. 403071FTZN03540 |
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.36 |
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1 |
Rs.82.18 |
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Euro |
1 |
Rs.55.31 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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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37 |
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 |
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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 |
|
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 |
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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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