MIRA
INFORM REPORT
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Report Date : |
29.01.2007 |
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, Uttar Pradesh – 282007 |
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Country : |
India |
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Financials (as on) : |
-- |
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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 : |
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. |
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.
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, Uttar Pradesh – 282007, India |
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Tel. No.: |
91-562-2642700 |
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E-Mail : |
DIRECTORS
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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 |
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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 : |
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. |
GENERAL
INFORMATION
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Bankers : |
Canara
Bank, Loha Mandi, Agra |
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Banking Relations : |
Satisfactory
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Auditors : |
Shashi
and Company Chartered
Accountants 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]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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Not Available |
LOCAL AGENCY
FURTHER INFORMATION
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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. |
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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
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.24 |
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UK
Pound |
1 |
Rs.86.95 |
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Euro |
1 |
Rs.57.33 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
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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 |
YES |
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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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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
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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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