MIRA
INFORM REPORT
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Report Date : |
07.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PRATHAM MOTORS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.11.2001 |
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Com. Reg. No.: |
55-113026 |
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CIN No.: [Company
Identification No.] |
U51909DL2001PTC113026 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP03177G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Dealers of Motors Cars. |
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 338304 |
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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 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 : |
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Tel. No.: |
91-80-41309311 / 28440160 |
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E-Mail : |
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Website : |
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Sales and Services : |
#16, Bellandur, Sarjapur, Marathalli Outer Ring Road ,
Bangalore -560037, Karnataka, India |
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Tel. No.: |
91-80-41309100 |
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Fax No.: |
91-80-41309315 |
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Sales Office : |
#332, Queen's Road, |
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Tel. No.: |
91-80-22370841/2 |
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Fax No.: |
91-80-22370845 |
DIRECTORS
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Name : |
Mr. Shivy Bhasin |
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Designation : |
Director |
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Address : |
Sharq Ground Floor, Building 1122, Block 12, Omar Binal |
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Date of Birth/Age : |
09.11.1950 |
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Name : |
Mrs. Mridu Bhasin |
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Designation : |
Director |
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Address : |
Sharq Ground Floor, Building 1122, Block 12, Omar Binal |
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Date of Birth/Age : |
08.09.1952 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
No. 18, Bellandur Village, Marthahalli, Sarjapur Outer Ring Road,
Bangalore – 560037, Karnataka, India |
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Date of Birth/Age : |
27.11.1974 |
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Name : |
Ms. Nivedita Bhasin |
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Designation : |
Director |
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Address : |
No. 18, Bellandur Village, Marthahalli, Sarjapur Outer Ring Road,
Bangalore – 560037, Karnataka, India |
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Date of Birth/Age : |
15.11.1978 |
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Date of Appointment : |
01.04.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Shivy Bhasin |
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4063685 |
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Mrs. Mridu Bhasin |
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4063684 |
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Mr. |
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10 |
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Total |
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8127379 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Dealers of Motors Cars. |
GENERAL INFORMATION
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Bankers : |
Vijaya Bank Indiranagar
Branch No. 325, State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Virmani and Associates Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8127379 |
Equity Shares |
Rs. 10/- each |
Rs. 81.274
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 |
81.274 |
48.000 |
48.000 |
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2] Share Application Money |
0.500 |
33.274 |
16.060 |
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3] Reserves & Surplus |
2.802 |
[8.380] |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[11.587] |
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NETWORTH |
84.576 |
72.894 |
52.473 |
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LOAN FUNDS |
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1] Secured Loans |
62.428 |
85.865 |
81.158 |
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2] Unsecured Loans |
70.482 |
15.735 |
1.314 |
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TOTAL BORROWING |
132.910 |
101.600 |
82.472 |
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DEFERRED TAX LIABILITIES |
3.184 |
0.000 |
0.000 |
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TOTAL |
220.670 |
174.495 |
134.945 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
119.045 |
115.835 |
113.267 |
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Capital work-in-progress |
3.475 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
3.729 |
6.141 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
135.147
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62.374 |
38.838 |
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Sundry Debtors |
40.119
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26.515 |
28.760 |
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Cash & Bank Balances |
10.706
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11.288 |
9.751 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
44.343
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34.387 |
43.071 |
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Total
Current Assets |
230.315
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134.563 |
120.420 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
130.557
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79.986 |
105.008 |
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Provisions |
1.816
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0.057 |
0.085 |
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Total
Current Liabilities |
132.373
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80.042 |
105.093 |
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Net Current Assets |
97.942
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54.522 |
15.327 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.100 |
0.200 |
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TOTAL |
220.670 |
174.495 |
134.945 |
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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 |
1851.413 |
1000.000 |
850.130 |
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Other Income |
0.000 |
0.000 |
49.388 |
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Total Income |
1851.413 |
1000.000 |
899.518 |
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Profit/(Loss) Before Tax |
20.218 |
NA |
[4.045] |
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Provision for Taxation |
9.036 |
NA |
1.339 |
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Profit/(Loss) After Tax |
11.182 |
NA |
[2.706] |
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Expenditures : |
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Opening Stocks |
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NA |
29.670 |
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Purchase |
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NA |
809.804 |
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Operating Expenses |
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NA |
15.596 |
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Personnel Expenses |
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NA |
12.031 |
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Administration Expenses |
1821.933 |
NA |
19.243 |
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Sales and Marketing Expenses |
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NA |
26.713 |
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Financing Expenses |
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NA |
10.245 |
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Amortisation |
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NA |
0.099 |
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Miscellaneous Expenditure w.off |
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NA |
0.100 |
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Depreciation |
4.631 |
NA |
1.646 |
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Total Expenditure |
1826.564 |
NA |
925.147 |
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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 |
(%) |
0.60
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NA |
[0.30] |
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Net Profit Margin (PBT/Sales) |
(%) |
1.09
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NA |
[0.48] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.46
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NA |
[1.73] |
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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NA |
[0.08] |
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Debt Equity Ratio (Total Liability/Networth) |
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3.14
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2.49 |
3.57 |
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Current Ratio (Current Asset/Current Liability) |
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1.74
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1.68 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from K – 5, Hauz
Khas,
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Vehicles
- Office
Equipments
- Computers
Bankers Charges
Report as per Registry
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Name of the company |
PRATHAM MOTORS
PRIVATE LIMITED |
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Presented By |
VIJAYA BANK,
INDIRANAGAR BRANCH, |
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1) Date and description of instrument creating the change |
Date 19.09.2002
Regd. 04.10.2002 agreement for demand cash credit against hypothecation of
stock and book debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 13.400
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 the
whole of the borrowers present and future stocks of raw materials, goods in
process or manufacture and all finished and manufactured goods and articles
such as all models of maruthi cars together with all stores, spares,
components and spares which now belong to or may hereafter from time to time
during the continuance of this security belonging to the borrower. Hypothecation by
way of first charge on present and future book debts, outstanding monies,
receivables, claims, bills rights to or immovable properties and movable
assets belonging to the borrower stored at No. 06 John’s Road. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 13 %
p.a. Margin : 25 %
against Raw Materials / finished goods |
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5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank Indiranagar
Branch No. 325, |
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6) Date and brief description of instrument modifying the charge |
Date : 06.07.2005
Supplementary
Agreement |
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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. |
By the above the amount
secured by the charge stands renewed at the same level of Rs. 27.500 Millions
[CCH : Rs. 27.500 Millions with a sub limit of Rs. 12.500 Millions for Book
debts] Rate of Interest
: At Banks PLR i.e. 11 % p.a. with periodical rests and / or at such rate and
rests as may be specified by the Bank form time to time. Repayment on Demand
; Margin : 25 % on Stock and 50 % on Book debts Renewed the said
facility upto 24.02.2006. Security already
obtained as specified in Col No. 03 & the security of various models of
Maruti Cars and Book Debts will cover the entire renewed limit of Rs. 27.500
Millions by way of first charge All other terms
and conditions remains unchanged. |
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This form is for |
Modification of
Charge |
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Charge
identification number of the charge to be modified |
90037538 |
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Corporate
identity number of the company |
U51909DL2001PTC113026 |
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Name of the
company |
PRATHAM MOTORS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
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Type of charge |
Book debts Movable Property Floating Charge |
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Particular of
charge holder |
Vijaya Bank Indiranagar
Branch No. 325, |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary Agreement |
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Date of
instrument Creating the charge |
17.03.2007 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate : WCL [CC]
at 0.25 % above BOLR with a minimum of 12.25 % p.a. rising or falling
therewith on daily products with monthly rests pre, eff. Rate 12.25 % p.a. Terms of
repayment : Working capital
capacity repayable on demand Margin : Stock 25 % Book debts : 50 %
ILC : 10 % Extent and
operation of the charge : Exclusive first
charge on the assets of the company and to the full extent. Other Cash Credit –
Hypothecation Rs. 30.000 Millions. |
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Short particulars
of the property charged |
Hypothecation of present and future all of
the borrower’s stock of various models of maruthi vehicles, goods, tools
accessories, book debts, equipments, etc wherever situate held or stored of
in transit or in the custody of any third party. |
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Date of latest modification
prior to the present modification |
06.07.2005 |
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Particulars of
the present modification |
By the present
modification the amount secured by the charge stands increased from Rs.
27.500 Millions to Rs. 30.000 Millions security of current assets vehicles
etc already obtained and detailed in
col Rs. 14 herein above continues to be available for the reduced limit also
all other terms and conditions remain unchanged. |
Profile
Established in November 2001, subject was appointed as dealers of all
products under the Maruti Udyog range pertaining to Sales, Service & Spares
in
The CEO of Pratham Motors, Mr. Samar Bhasin comes from an established lineage
of sucessful businessmen. The Late Shri Om Prakash Bhasin established their
family in
Mr. Samar Bhasin started operations as a Maruti Udyog dealer in April, 2002.
Today Pratham Motors has grown to be one of the leading dealers in the city
with a 85,000 sq.ft state-of-the-art showroom on
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.55 |
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1 |
Rs.80.89 |
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Euro |
1 |
Rs.54.89 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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 |
|