MIRA
INFORM REPORT
|
Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NAVNIT MOTORS PRIVATE LIMITED |
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Registered Office : |
6, Mehta Chambers, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.12.1985 |
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Com. Reg. No.: |
038346 |
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CIN No.: [Company
Identification No.] |
U34101MH1985PTC038346 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN09527A |
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PAN No.: [Permanent
Account No.] |
AAACN1252A |
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Legal Form : |
Private Limited Liability Company.
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Line of Business : |
Wholesalers of Motor Vehicles. |
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 580000 |
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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 : |
6, Mehta Chambers, |
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Tel. No.: |
91-22-23502323 / 24 / 25 |
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Fax No.: |
91-22-2350 2177 |
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E-Mail : |
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Website : |
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Corporate Office : |
Navnit House, Gokul Nagar, |
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Tel. No.: |
91-22-25457400 - 09 |
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Fax No.: |
91-22-25342903 |
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E-Mail : |
info@navnitmotors.com |
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Branches: |
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Nagothane Office : At-Post Chikani, Nagothane, Taluka- Roha, District: Raigad |
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Tel. No.: |
95-2194-237938 |
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Gondal Ahmedabad Bye pass, National Highway No. 8- B, |
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Tel. No.: |
91-281-2375313 - 315 |
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Fax No.: |
91-281 - 2375377 |
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E-Mail : |
mnplrajkot@navnitmotors.com |
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Navi Mumbai Office : Shop No. 1 and 2, Plot No. 25, Sector – 1, Nerul Shirvane, Navi Mumbai
– 400 706 |
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Tel. No.: |
91-22-27719514 |
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Fax No.: |
91-22-27708663 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Navnit Liladhar Kachalia |
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Designation : |
Chairman cum Managing Director |
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Address : |
6, |
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Date of Birth/Age : |
28.09.1949 |
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Date of Appointment : |
17.12.1985 |
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Name : |
Mr. Vijay Liladhar Kachalia |
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Designation : |
Whole Time Director |
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Address : |
6, |
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Date of Birth/Age : |
01.08.1956 |
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Date of Appointment : |
01.09.1993 |
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Name : |
Mr. Sharad Liladhar Kachalia |
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Designation : |
Whole Time Director |
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Address : |
6, |
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Date of Birth/Age : |
14.04.1958 |
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Date of Appointment : |
01.09.1993 |
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Name : |
Mr. Jayendra Liladhar Kachalia |
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Designation : |
Whole Time Director |
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Address : |
6, |
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Date of Birth/Age : |
31.12.1959 |
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Date of Appointment : |
17.12.1985 |
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Name : |
Mr. Ashish Navnit Kachalia |
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Designation : |
Whole Time Director |
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Address : |
6, |
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Date of Birth/Age : |
09.07.1977 |
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Date of Appointment : |
02.11.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr. Navnit Liladhar Kachalia |
|
505000 |
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Mr. Jayendra Liladhar Kachalia |
|
73330 |
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Mrs. Parul Navnit Kachalia |
|
55000 |
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Mr. Vijay Liladhar Kachalia |
|
73330 |
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Mrs. Daksha Vijay Kachalia |
|
55000 |
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Mr. Sharad Liladhar Kachalia |
|
73330 |
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Mrs. Aarti Sharad Kachalia |
|
55000 |
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Mrs. Dipti Jayendra Kachalia |
|
55000 |
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Mr. Ashish Navnit Kachalia |
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55000 |
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M/s Shreenath Motors Private Limited |
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10 |
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Total |
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1000000 |
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Particulars |
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Percentage of Holding |
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Directors or relatives of directors |
|
99.99 |
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Bodies corporate (not mentioned above) |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Wholesalers of transport equipment. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
State Bank of AMT – 1, Commercial Branch,
Fort, Mumbai – 400 023, E-mail: dgm06070@sbi.co.in Union Bank of Kapurbavdi Branch, Thane (west) |
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Facilities : |
Secured Loans as on 31.03.2006 – Rs. 258.625 millions Unsecured Loans as on 31.03.2006 – Rs. 20.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parikh and Shah Chartered Accountants |
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Address : |
Bhupati Chambers, 1st Floor, 13, 400 004, |
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Associates/Subsidiaries : |
Navnit Marine Private Limited CIN No: U35110MH2001PTC133623 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10.00 each |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
10.000 |
10.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
135.782 |
68.593 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
145.782 |
78.593 |
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LOAN FUNDS |
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1] Secured Loans |
|
258.525 |
177.717 |
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2] Unsecured Loans |
|
20.000 |
20.000 |
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TOTAL BORROWING |
|
278.525 |
197.717 |
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DEFERRED TAX LIABILITIES |
|
9.618 |
9.629 |
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TOTAL |
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433.925 |
285.939 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
118.158 |
101.820 |
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Capital work-in-progress |
|
2.906 |
2.436 |
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INVESTMENT |
|
0.280 |
0.280 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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193.212 |
238.099 |
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Sundry Debtors |
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124.293 |
56.043 |
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Cash & Bank Balances |
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24.199 |
20.255 |
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Other Current Assets |
|
9.885 |
9.683 |
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Loans & Advances |
|
100.436 |
48.855 |
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Total
Current Assets |
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452.025 |
372.935 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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127.743 |
188.822 |
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Provisions |
|
11.701 |
2.710 |
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Total
Current Liabilities |
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139.444 |
191.532 |
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Net Current Assets |
|
312.581 |
181.403 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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433.925 |
285.939 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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Other Income |
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2107.801 |
1513.825 |
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Total Income |
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2107.801 |
1513.825 |
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Profit/(Loss) Before Tax |
|
115.013 |
31.607 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
115.013 |
31.607 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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1992.788 |
1482.218 |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Insurance Expenses |
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Interest |
|
18.770 |
14.582 |
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Depreciation & Amortization |
|
10.229 |
7.730 |
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Total Expenditure |
|
2021.787 |
1504.53 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
5.45 |
2.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.45 |
2.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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20.17 |
6.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.78 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
2.87 |
4.95 |
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Current Ratio (Current Asset/Current Liability) |
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3.24 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
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Presented By |
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1) Date and description of instrument creating the change |
Extension
Memorandum of entry dated 10th February 2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 187.900
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 |
By way of Deposit
of title deeds of immovable property as described in the First-a, Second,
Third, Fourth, Fifth, Sixth, Seventh, Eighth, fourth – B (ii) to secure the
repayment of various facilities enhanced from time to time. At present the various credit facilities
sanctioned by the Union bank of |
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Nature of Limit |
Amount (Rs.
in millions) |
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N.F. based
Limits: Imp. L/C (DP) |
15.000 |
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CC (Hyp) (stock /
BD) |
130.00 |
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Within which Cc (Hyp) (Old
cars) |
(2.500) |
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Within which FCL WAE |
(95.000) 5.000 |
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Term Loan WCTL |
0.900 |
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Within which FCTL I T.L. II |
(0.900) 4.300 |
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Within which FCTL II T.L. IV |
(4.300) 11.200 |
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Within which FCTL III Corp. Loan / TL V |
(11.200) 7.500 |
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Within which FCTL IV TL VI (New) TL VII (New) TL VIII (New) |
(7.500) 4.000 3.500 6.500 |
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TOTAL |
187.900 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The properties
described under 3 above are given as collateral securities for the total
facilities granted. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of Kapurbavdi
Branch, Thane (W) |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate identity
number (CIN) Foreign company registration number |
U34101MH1985PTC038346 |
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Name of the
Company |
NAVNIT MOTORS
PRIVATE LIMITED |
|
Address |
6, MEHTA
CHAMBERS, Mumbai 400009 |
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This form is for |
Creation of charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
STATE BANK OF AMT – 1,
COMMERCIAL BRANCH FORT MUMBAI 400023 e-mail ID: dgm06070@sbi.co.in |
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Amount secured by
the charge |
Rs. 52.500
millions |
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Brief of the
principal terms and conditions |
ROI-1.50% BELOW
SBAR MINIMUM 9.25% P.A. (SUBJECT TO CHANGE), OTHER TERMS AND CONDITIONS AS
PER AGREEMENT ATTACHED AND AS PER SANCTION OF THE BANK LIMIT – Rs. 20.00
MILLIONS CASH CREDIT Rs. 32.50 MILLIONS CORPORATE
LOAN TOTAL Rs. 52.50 MILLIONS |
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Brief description
of the property charged indicating whether it is charge on
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Plant and
Machinery, Furniture and fixtures, Stock in trade, Book debts, Others |
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Particulars of
the property charged (including location of the property) |
FIRST CHARGE
(PRESENT AND FUTURE) – (1) FIRST CHARGE BY WAY OF HYPOTHECATION CHAGE OVER THE
COMPANY’S ENTIRE STOCKS OF RM, SIP, FG, AND RECEIVABLES ON PARI PASSU BASIS
WITH OTHER LENDER BANKS (20 FIRST CHARGE BY WAY OF HYPOTHECATION OF THE
COMPANY’S ENTIRE FIXED ASSETS ON PARI PASSU BASIS. (THE SECURITUES
MORE DESCRIBD IN AGREEMENT-ATTACHED) |
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Whether the
property is registered in the name of the company |
Yes |
Website details Attached:
Subject belongs to ‘Kachalia Family’. All members of the family involved
in the business have very detailed knowledge and experience about automobiles
trade in
The business is managed under the able leadership and guidance of Mr.
Navnit Kachalia, the Chairman and managing Director. All the key personnel keep themselves abreast
of latest global development in the automobiles industry by various means. The group enjoys very high status in the
society and business world.
The Company is successfully managing the following franchisees:
- BMW: Authorized importer of BMW AG,
- Land Rover: Authorized Territory Distributor for
Rover International Limited
- Eicher: Authorized Representatives for the
entire range of Eicher Commercial Vehicles since 1986.
- Maruti: Authorized dealer since 1996 for
- Bayliner: Authorized Dealers of U.S. marines,
- Aircraft: Authorized Dealer of Aircraft
Corporation since 2001 for their Business Jets in
Investing in latest technology and techniques
has always been a tradition at the concern.
This has made the concern s front-runner, ahead of times. State-of-the-art equipments and gadgets have
enhanced the performance levels, while personnel trained by the principals,
both inland and abroad are a cutting edge.
Regular training and motivation programs for
managers and other field staffs have heralded a competitive team that’s always
ahead of its targets.
Concern, the flagship company of the
consortium was wet up in 1986.
Conviction and dedication earned the dealership of 2 wheelers, 3
wheelers, passenger cars and commercial vehicles. Living up to the heritage of ensuring exclusive
mobility to individuals, resulted in prestigious franchisees for Maruti Udyog
Limited., BMW A G, Rover International PLC, Eicher Motors Limited and Volvo
India Limited.
The consistency in the outlook has got the
concern many a coveted honour from the principals. The Group finance Company namely Navnit
Leasing and Finance Private limited enables clients to pursue their dream
machines. The Group Software Company
namely Soft-Tech Info Systems Private Limited is into providing IT solutions.
With an objective to provide mobility with
comfort, style and speed anywhere be it on land, water or air. They expanded franchisee of Yatch and speed
boats from
Navnit Aviation Private Limited was formed to
take the franchisee of Business Jets manufactured by Sino
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 exist 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.40.60 |
|
|
1 |
Rs. 80.65 |
|
Euro |
1 |
Rs. 54.55ss |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|