MIRA
INFORM REPORT
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Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SANGHI MOTORS ( |
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Registered Office : |
39 A, N |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.12.1950 |
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Com. Reg. No.: |
008345 |
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CIN No.: [Company
Identification No.] |
U6301MH1950PTC008345 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS35816E |
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PAN No.: [Permanent
Account No.] |
AABCS5977Q |
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Legal Form : |
Private Limited Liability company |
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Line of Business : |
Manufacturer and Dealers in hires,
repairers, Cleaners, sorters and warehouses of Motor cars, motor cycles,
cycle-cars, motors, scooters, cycles, bicycle and carriages, launches, boats, vans, aero
planes, hydroplanes and other conveyances of all description |
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 170000 |
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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 : |
39 A, N |
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Tel. No.: |
91-22-24945464/23842244 |
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Fax No.: |
91-22-23805595 |
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E-MAIL: |
DIRECTORS
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Name : |
Mr. Mahendra Sanghi |
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Designation : |
Chairman Cum managing Director |
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Address : |
94-Sanghi House, |
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Date of Birth/Age : |
16.05.1937 |
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Date of Appointment : |
06.07.1989 |
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Name : |
Ms. Manju Sanghi |
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Designation : |
Director |
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Address : |
94-Sanghi House, |
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Date of Birth/Age : |
17.02.1943 |
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Date of Appointment : |
06.07.1989 |
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Name : |
Mr. Vaibhav Sanghi |
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Designation : |
Director |
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Address : |
94-Sanghi House, |
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Date of Birth/Age : |
06.02.1964 |
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Date of Appointment : |
06.07.1989 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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M. K,.Sanghi |
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2665 |
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M.K. Sanghi (HUF) |
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899 |
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Manju Sanghi |
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3343 |
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Vaibhav Sanghi |
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1877 |
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Vidhi Singhania |
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5 |
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Ashwin Sanghi |
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1877 |
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A.K. Snaghi (HUF) |
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40 |
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A.K.Sanghi |
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40 |
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Vijaykumar Sanghi |
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42 |
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Ajay kumar Sanghi |
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12 |
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Anitha Himatsinghka |
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45 |
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Mithilesh sanghi |
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30 |
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Deepika Sanghi |
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43 |
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Apurva |
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20 |
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Anuj Kumar Sanghi |
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8 |
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Ritu Sanghi |
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2 |
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Uma Sanghi |
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8 |
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Sharad Sanghi |
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2 |
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Satish C. Sanghi |
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2 |
Equity Share break Up:
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Dealers in
hires, repairers, Cleaners, sorters and warehouses of Motor cars, motor
cycles, cycle-cars, motors, scooters, cycles, bicycle and carriages, launches, boats, vans, aero
planes, hydroplanes and other conveyances of all description |
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Products : |
Fabrication sales Cylinder Rent and Services Charges Gas Sales |
GENERAL INFORMATION
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No. of Employees : |
Around 30 |
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Bankers : |
Kotak Mahindra
Bank Limited 36-38 A Nariman
Point, Mumbai:400021 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kanu Doshi and Associates Chartered Accountant |
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Address : |
24, Morvi House, 30 Dr Sundarlal Bahl AMrg, Ballard Esa\tate,
Mubai;400038, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Share |
Rs.1000/- Each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11000 |
Equity Shares |
Rs.1000/-
each |
Rs.11.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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11.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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33.812 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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44.812 |
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LOAN FUNDS |
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1] Secured Loans |
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2.947 |
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2] Unsecured Loans |
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20.000 |
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TOTAL BORROWING |
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22.947 |
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DEFERRED TAX LIABILITIES |
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0.261 |
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TOTAL |
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68.020 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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91.059 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.088 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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33.830 |
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Sundry Debtors |
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0.454 |
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Cash & Bank Balances |
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2.030 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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21.948 |
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Total
Current Assets |
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58.262 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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75.814 |
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Provisions |
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5.575 |
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Total
Current Liabilities |
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81.389 |
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Net Current Assets |
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(23.128) |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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68.020 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.81 |
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Current Ratio (Current Asset/Current Liability) |
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0.71 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
SANGHI MOTORS
BOMBAY PRIVATE LIMITED |
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Presented By |
Mr. Vaibhav
Sanghi |
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1) Date and description of instrument creating the change |
Deed of Hypothecation dated |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.000 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
the whole of the company’s current assets, both present and future, including
: book debts, receivables, Outstanding moneys, claims, demands, bills,
contract ,engagements and securities belonging to or held by the Company,
stocks of raw materials, finished and semi finished goods, goods in process
and consumables stores and related movables in the courses of transit or
delivery, related movables in the course nof transits or delivery and all
documents or tilte including bills of lading shipping documents, policies of
insurance and other instruments and documents relating to such movables
together with benefits thereto. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash- credit
facility of Rs. 4.000 Millions Secured by hypothecation
of current Assets Repayments: On
Demand Interest: 11.50%
p.a at present, floating over the tenure of the facility, arrived at on the
basis Mahindra Bank PLR less 2% p.a and to e debited to the cash Credit
Accountant with kotak Bnk on effective monthly basis The interest rate
upon default is 15.50% |
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5) Name and Address and description of the person entitled to the charge. |
Kotak Mahindra
Bank Limited 36-38 A Nariman
Point, Mumbai:400021 |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.41.00 |
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1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.58 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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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 |
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 |
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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51 |
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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