MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AUTOFIN LIMITED |
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Registered Office : |
No. 140, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.01.1963 |
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Com. Reg. No.: |
01-947 |
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CIN No.: [Company
Identification No.] |
U99999AP1963PLC000647 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA00153G |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Company is
engaged in Sales and Services of Cars and Rental Car Services |
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 40000 |
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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 usually
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 : |
No. 140, |
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Tel. No.: |
91-40-27847112 /
3 / 4 / 55263030 / 40 |
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Mobile No.: |
91-9849777550 |
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Fax No.: |
91-40-27840267 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Gautamchand
Jain |
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Designation : |
Chairman and
Managing Director |
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Address : |
10-3-56, East Marredpally, Secunderabad, Haryana – 500026, |
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Date of Birth/Age : |
17.02.1958 |
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Date of Appointment : |
29.11.1980 |
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Name : |
Mr. Pavan Jain |
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Designation : |
Director |
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Address : |
10-3-8, East Marredpally, Secunderabad, Haryana – 500026, |
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Date of Birth/Age : |
07.10.1980 |
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Date of Appointment : |
22.04.1999 |
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Name : |
Mr. Varun Jain |
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Designation : |
Director |
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Address : |
10-3-56, East Marredpally, Secunderabad, Haryana – 500026, |
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Date of Birth/Age : |
28.09.1983 |
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Date of Appointment : |
12.08.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Syed Kazim Hussain |
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50 |
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Aimon Jamshed Italis |
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250 |
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Kamalkumari Kochar |
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250 |
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S. S. Raghoji |
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1000 |
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Birdhichand Choudhary |
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50 |
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Syed Moinuddin Ali Khan |
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100 |
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P. Kamalamima |
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500 |
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P. Kameshwaramma |
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500 |
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P. Rama |
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100 |
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Gundu Bhaskar Rao |
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100 |
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K. V. Raja Rao |
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50 |
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Y. F. C. Chendy |
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200 |
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Raji Devi |
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69150 |
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Shantilal Jain |
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500 |
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Pavan Jain |
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25000 |
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Hemlatha Jain |
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25000 |
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Kusum Jain |
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8500 |
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Gautam Chand Jain |
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118200 |
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Varun Jain |
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500 |
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Total |
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250000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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98.74 |
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Other top fifty shareholders |
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1.26 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Company is engaged
in Sales and Services of Cars and Rental Car Services |
GENERAL INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Commercial Branch,
Ashoka My Home Chambers, S. P. Road, Secunderabad – 500003,
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. P. Aswa and
Associate Chartered
Accountant |
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Address : |
Surabhi Shraddha Complex, First Floor, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10/- Each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.500 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 |
2.500 |
2.500 |
2.500 |
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2] Reserves & Surplus |
8.035 |
1.521 |
0.951 |
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3] (Accumulated Losses) |
0.000 |
0.000 |
[0.497] |
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NETWORTH |
10.535 |
4.021 |
2.954 |
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LOAN FUNDS |
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1] Secured Loans |
145.117 |
89.114 |
81.596 |
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2] Unsecured Loans |
23.865 |
18.197 |
20.096 |
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TOTAL BORROWING |
168.982 |
107.311 |
101.692 |
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DEFERRED TAX LIABILITIES |
0.617 |
0.680 |
0.000 |
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TOTAL |
180.134 |
112.012 |
104.646 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
49.048 |
41.197 |
42.064 |
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INVESTMENT |
0.892 |
0.892 |
0.919 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.479 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
75.553
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61.788 |
29.572 |
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Sundry Debtors |
69.736
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18.974 |
20.433 |
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Cash & Bank Balances |
10.084
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1.895 |
4.358 |
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Loans & Advances |
7.966
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12.521 |
27.814 |
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Total
Current Assets |
163.339
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95.178 |
82.177 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
80.064
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23.666 |
20.100 |
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Provisions |
7.071
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1.589 |
0.893 |
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Total
Current Liabilities |
87.135
|
25.255 |
20.993 |
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Net Current Assets |
76.204
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69.923 |
61.184 |
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MISCELLANEOUS EXPENSES |
53.990 |
0.000 |
0.000 |
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TOTAL |
180.134 |
112.012 |
104.646 |
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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 |
1235.203 |
995.606 |
533.415 |
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Other Income |
4.322 |
5.498 |
75.418 |
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Total Income |
1239.525 |
1001.104 |
608.833 |
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Profit/(Loss) Before Tax |
1228.591 |
998.504 |
0.275 |
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Provision for Taxation |
10.934 |
2.600 |
0.219 |
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Profit/(Loss) After Tax |
1217.657 |
995.904 |
0.056 |
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Expenditures : |
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Purchases made for re-sale |
1081.471 |
894.153 |
508.304 |
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Consumption of stores and spares parts |
61.788 |
29.572 |
30.278 |
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Salaries, Wages, Bonus, etc. |
15.656 |
11.538 |
8.664 |
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Interest |
8.690 |
6.708 |
8.167 |
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Depreciation & Amortization |
11.206 |
10.881 |
0.000 |
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Other Expenditure |
49.780 |
45.653 |
42.490 |
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Total Expenditure |
1228.591 |
998.505 |
597.903 |
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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 |
(%) |
98.24
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99.48 |
0.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
99.46
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100.29 |
0.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
578.47
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732.18 |
0.22 |
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Return on Investment (ROI) (PBT/Networth) |
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116.62
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248.32 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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24.31
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32.97 |
41.53 |
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Current Ratio (Current Asset/Current Liability) |
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1.87
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3.77 |
3.91 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Machinery
- Generator
- Fax Machine
- Office
Equipments
- Furniture and
Fixture
- Air Condition
and Cooler
- Electrical
Fittings
- Vehicles
- Cars
Bankers Charges Report
as per Registry
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Name of the company |
AUTOFIN LIMITED |
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Presented By |
Shri. Gautamchand Jain, Managing
Director |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation of Goods Dated the
24.07.1998 Letter of Hypothecation
of Book Debts Dated 24.07.1998 Letter of
Hypothecation of Bills, dated 24.07.1998 Demand Promissory
Notes, dated 24.07.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.500
Millions Rs. 1.000
Millions ------------------------ Rs. 4.500
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 |
Stock of brand
New Ambassador Cars Spares and
Accessories and Book Debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of
Interest : 20 % p.a. + Interest Tax
levy Margin 25 %
against of Cars and 40 % against
Spares And accessories
50 % book dents Repayable :
Quarterly |
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5) Name and Address and description of the person entitled to the charge. |
Karur Vysya Bank
Limited |
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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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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
90339297 |
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Corporate
identity number of the company |
U99999AP1963PLC000647 |
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Name of the
company |
AUTOFIN LIMITED |
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Address of the
registered office or of the principal place of business in |
No. 140, |
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Type of charge |
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Particular of
charge holder |
State Bank of Commercial
Branch, Ashoka My Home Chambers |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
06.03.2007 |
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Amount secured by
the charge |
Rs. 90.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit –
Interest @ 1.50 % below SBAR with a minimum of 10.75 % p.a. Current Effective
rate being 10.75 % p.a. Corporate Loan –
Interest @ 1.50 % below SBAR with a minimum of 10.75 % p.a. with rest every 2
years form date fo first disbursement. Current Effective rate being 10.75 %
p.a. Terms of
repayment Cash Credit :
Payable on demand; however the present sanction is valid for 12 months Corporate Loan :
Repayable in 12 quarterly installments commencing from April 2007 as under
Margin
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
17.01.2006 |
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Particulars of
the present modification |
The existing
limits of Rs. 70.000 Millions have been revised / modified as follows :
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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,
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.40.39 |
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|
1 |
Rs.82.93 |
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Euro |
1 |
Rs.55.75 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
8 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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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 |
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 |
|
55 |
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 |
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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 |
|
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 |
|