MIRA
INFORM REPORT
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Report Date : |
29.09.2007 |
IDENTIFICATION DETAILS
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Name : |
PANDIT AUTOMOTIVE PRIVATE LIMITED |
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Registered Office : |
Ashok House, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.09.1980 |
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Com. Reg. No.: |
11-23155 |
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CIN No.: [Company
Identification No.] |
U50102MH1980PTC023155 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject acts as a dealer for Tata Motors. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1192424 |
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Status : |
Good |
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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. Some of the information has been parted by Mr. A S Ghare, Director –
Finance. He has agreed to part with further details and if he provides, we
shall send a. |
LOCATIONS
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Registered Office : |
Ashok House, |
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Tel. No.: |
91-20-7273597 |
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E-Mail : |
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Website : |
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Branches : |
·
PAL Address: Ashok House, Near Hira
Baug, Tel No: 95 20 24440608/ 741, 95 20 24446131/ 2 / 3 Fax No: 95 20 24447769 E Mail: panditcar@vsnl.com Store : 95 20 24449082 Sales : 95 20 24441527 · PAL - Tathwade Address: S.No. 49/2 B Tathwade, Tal - Mulshi / Dist - Pune Tel No: 95 20 27273798 / 2544, 95 20 27274256(Petrol Pump), 95 20 56340636 / 37(Showroom) Fax No: 95 20 27273331(Petrol Pump), 27274613 (Showroom) E Mail: panditcvd@vsnl.net · PAL - Sahakarnagar Address: S.No. 103, Tel No:95 20 24232656 / 7 / 8 / 9 Fax No:95 20 24232185 E Mail: panditcar@vsnl.net · PAL - Katraj Address: 6th Sense Shopping
Complex, Pune - Tel No: 95 20 56700127 · PAL - Bhosari Address: T - 139, M.I.D.C. Bhosari, Pune Tel No: 95 20 27112002 / 3 / 4 / 2324, 95 20 27112122 - S.M.K. Fax No: 95 20 27112005 Email: panditbhosari@vsnl.net · PAL – Pimpri Address: S.No. 209, Unit No. 1 to 5, B Wing, Pimpri, Opp. P.C.M.C. Pune - Bombay Road, Pune - 411018 Tel No: 95 20 27425738 / 39 Fax No: 95 20 27425741 / 95 20 27425720
· PAL - Nere Yard Address: Tel No: 95 20 22966052 Fax No: 95 20 22966082
· PAL - Chakan Address: Gate No. 484/3, Chakan, Opp. Bhyagayalaxmi Mangal, Tal-Khed / Dist-Pune Tel No:95 2135 286532 · PAL - Baramati Address: Tel No: 95 2112 222569 / 560655 Fax No: 95 2112 222569 E Mail: panditcar@vsnl.net
· PAL – Satara Address: Krishana Nagar, Satara
- Tel No:95 2162 244685 / 248116 Fax No: 95 2162 244180 E Mail: str_panditsa@sancharnet.in
· PAL - Satara / M.I.D.C. Address: J - 7, Additional M.I.D.C., Satara - 415004 Tel No:95 2162 245265 / 244179 Fax No:95 2162 45473 E Mail: str_panditsa@sancharnet.in
· PAL - Satara / Ashiyana Address: J - 13, Additional M.I.D.C., Satara, 415004 Tel No: 95 2162 247520 Fax No:95 2162 247520 E mail: str.aalsat@sancharnet.in
· PAL - Satara / Karad Address: Near Reliance
Petrol Pump, Pune - Tel No: 95 2164 242277
· PAL - Sangli Address: Tel No: 95 233 5604733 / 1933,
95 233 5602993, 95 233 5604633(Rajesh), Fax No: 95 233 2671154 E Mail: san_palsng@rediffmail.com
· PAL - Sangli / Tung Address: Tel No:95 233 2437691 / 747, 95 233 5626933 E Mail: san_palsng@rediffmail.com |
DIRECTORS
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Name : |
Mr. Abhijit Shridhar Deshpande |
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Designation : |
Chairman cum Managing Director |
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Address : |
Pushkar 33/32 Erandawana Pune – 411 004, |
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Date of Birth/Age : |
30.04.1940 |
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Date of Appointment : |
10.09.97 |
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Name : |
Mr. Gunavat Amrutlal Sanghrajka |
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Designation : |
Chairman cum Managing Director |
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Address : |
E -1, Breach Candy Apartments, |
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Date of Appointment : |
05.12.2002 |
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Name : |
Mr. Avinash Shridhar Ghare |
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Designation : |
Chairman Cum Managing Director |
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Address: |
S No.672/5B, Flat No. B6, Sangam Apartments, Bibawewadi, Pune- 411 037,
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Date of Birth: |
10.08.1940 |
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Date of Appointment : |
22.09.2000 |
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Name : |
Mr, Suresh Balakrishna Narke |
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Designation : |
Chairman cum Managing Director |
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Address: |
21, Ridhi, Bhaktiyog co –operative Housing Society,
123/A/1, Ram Baug Colony MIT College Road, Paud Road, Pune – 411 038,
Maharashtra |
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Date of Birth: |
07.10.1943 |
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Date of Appointment : |
22.09.2000 |
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Name : |
Mr. Vijay Shrikant Gokhale |
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Designation : |
Chairman cum Managing Director |
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Address : |
19/2, Erandawane, Pune – 411 004, |
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Date of Birth: |
10.07.1956 |
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Date of Appointment : |
22.09.2000 |
KEY EXECUTIVES
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Name : |
Mr. R H Pandit |
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Designation : |
Chairman |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Ramchandra Harihar Pandit |
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7664800 |
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Mr. Abhijit Shridhar Deshpande |
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21000 |
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Mr. Hemant Gopal Karve |
|
7000 |
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Mrs. Smita Hemant Karve |
|
704 |
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Mr. Vilas Gavankar |
|
704 |
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Mrs. Aruna Vilas Gavankar |
|
704 |
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Mrs. Shobha Vijay Gokhala |
|
1400 |
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Mr. Vijay Shrikant Gokhale |
|
1400 |
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Mr. Suhas Vinayak Shate |
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704 |
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Mrs. Nita Suhas Shete |
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704 |
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Total |
7699120 |
Equity Share Break – up (Percentage of Total Equity )
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Sr.
No. |
Category |
Percentage |
|
1 |
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject acts as a dealer for Tata Motors. |
GENERAL INFORMATION
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Bankers : |
· The Shamrao Vithal Co-operative Bank limited Address: · The Cosmos Co-operative Bank Limited Address: 269/270
Shanivar Peth Pune, Email: bmacosec@eth.net ·
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sudhir Paithankar Chartered Accountants |
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Address : |
205, Bharat Bhavan, 1360, Shukrawar Peth, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8250000 |
Equity Shares |
Rs.10/- each |
Rs. 82.500 millions |
|
2750000 |
Preference Shares |
Rs.10/- each |
Rs. 27.500 millions |
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Total |
Rs. 110.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity shares |
Rs. 10/-
each |
Rs. 80.000
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 |
|
80.000 |
76.991 |
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2] Share Application Money |
|
0.000 |
10.015 |
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3] Reserves & Surplus |
|
218.106 |
209.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
298.106 |
296.006 |
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LOAN FUNDS |
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1] Secured Loans |
|
465.778 |
404.989 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
465.778 |
404.989 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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763.884 |
700.995 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
406.215 |
376.290 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
8.373 |
8.133 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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221.096 |
181.423 |
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Sundry Debtors |
|
191.708 |
157.366 |
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Cash & Bank Balances |
|
27.630 |
24.831 |
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Other Current Assets |
|
89.355 |
73.401 |
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Loans & Advances |
|
206.225 |
166.977 |
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Total
Current Assets |
|
736.014 |
603.998 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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376.490 |
282.139 |
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Provisions |
|
10.228 |
5.287 |
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Total
Current Liabilities |
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386.718 |
287.426 |
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Net Current Assets |
|
349.296 |
316.572 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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763.884 |
700.995 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
|
3896.217 |
3912.433 |
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Total Income |
|
3896.217 |
3912.433 |
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Profit/(Loss) Before Tax |
|
17.856 |
13.387 |
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Provision for Taxation |
|
5.875 |
4.040 |
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Profit/(Loss) After Tax |
|
11.981 |
9.347 |
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Expenditures : |
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Depreciation & Amortization |
|
8.629 |
5.894 |
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Financial Charges |
|
68.886 |
53.540 |
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Other Expenditure |
|
3723.331 |
3780.178 |
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Total Expenditure |
|
3800.846 |
3839.612 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.30 |
0.23 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.45 |
0.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.56 |
1.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.85 |
2.33 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.90 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the
company |
PANDIT AUTOMOTIVE PRIVATE LIMITED |
|
Presented
By |
Mr. Abhijit
Shridhar Deshpande |
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1) Date and
description of instrument creating the change |
Deed of Equitable
Mortgage dated 20th May 2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Term loan of Rs.
35.000 millions and Cash Credit
facility of Rs. 50.000 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 |
·
Shop No. 4 admeasuring to 3800 sq.fts built up
including loft on the upper ground floor in “B” wing which is on the highway
side together with ramp and separate and exclusive toilet blocks in the
building known as “Jewel of Pimpri” constructed on S No: 209/B/4 part CTS No.
4700 situate at village Pimpri Wagire Taluka Haveli District Pune within the
limits of Pimpri Chinchwad Municipal Corporation. · Plot No. T-139 admeasuring to 3.956 sq.mtrs in Pimpri industrial area at village Bhosari Taluka Haveli District Pune with in limits of Pimpri Chinchwad Municipal Corporation. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Term Loan – Interest @ 10.25% p.a. Repayment period 60 months by way
of EMI of Rs. 0.748 millions per month. Cash, Credit – Interest @10.25% p.a.
renewable in January 2006 |
|
5) Name and
Address and description of the person entitled to the charge. |
The Shamrao Vithal Co-operative Bank
limited Address: |
|
Corporation identity number or foreign company registrations number of
the company |
U50102MH1980PTC023155 |
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Name of the company |
PANDIT AUTOMOTIVE PRIVATE LIMITED |
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Address |
Ashok House, |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
|
The Cosmos Co-operative Bank Limited Address: 269/270 Shanivar Peth Pune, Email: bmacosec@eth.net
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Nature or description of the instrument creating charge |
Hypothecation of tangible goods / movable
property |
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Date of the instrument creating charge |
12.05.2006 |
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Amount Secure by the charge |
Rs. 15.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest 10% p.a. |
|
Description of the property charge whether it is a charge on |
· Stock in trade · Others |
|
Particulars of the Property charged
(including location of the property) |
Stock of Fiat Vehicles Laying at Borrowers
Premises Godown at |
WEBSITES DETAILS:
Entering the niche of automobile dealership in April 1947, Mr. R.H.Pandit,
their Founder and
Since then, he has taken everything in his stride and crossed many milestones in the journey of over 50 years. Riding the market wave, he shifted the business to form Pandit automotives Private Limited enabling the business multiple finance options and wielding increased grip on the business.
He went on to take dealership of Hindustan Petroleum Corporation Limited to give value added service to customers.
He is also a founder member of Maratha Chamber of Commerce and Industries and was a Treasurer of the Chamber for many years.
Board of Directors:-
(1) Shri A S Deshpande :- An engineer by profession and Chairman and Managing Director of the company, he is keeping close watch on day to day activities for last 35 years. He was instrumental in turning the company around.
(2) Shri S B Narke :- Being a technical person, he wears two hats at a time, Director – Commercial Vehicles looking after workshop for over 25 years and Marketing activities for over 15 years.
(3) Shri A S Ghare :- Director – Finance and
System, a Chartered Accountant by profession having vast experience of over 35
years in Finance. He is a visionary and handles financial matters creatively
and efficiently.
Earlier he was one of the top functionaries in Kirloskar Brothers Limited
(4) Shri V
The Standing
· Dealer for whole range of Tata Vehicles and Spare parts thereof.
·
Authorized Dealer for three district in
·
Ranked in top 5 dealers all over
· Amongst top dealers with privilege of selling Fiat vehicles.
· A dedicated team of 300 + experienced professional including Automobile Engineers, Computer Engineers, Mechanical Engineers, Chartered Accountants, Service Personnel and other skilled staff Eveready To Give Best Services to The Customers.
· Achievements of Pandit automotives Private Limited
Excelling in the Sales of Tata Diesel Vehicles in the Western Zone during 1984-85.
· 'Wahatuk Mitra' award by Poona Motor Goods Transport Association 1992.
· Telco Western Zone 'Performance Award' in 1994-95.
·
All
· Completion of 40 years of Telco Dealership award by TDLF 1995-96.
·
All
· Excelling in Sales of Tata Diesel Vehicles in the Western Zone during 1999-2000.
· Telco Western Zone 'Performance Award' for the year 1999-2000 for Spare Parts Sales.
·
First rank in Customer Satisfaction Index
amongst all Telco Dealers in
·
First amongst Telco Dealers in
·
First in the area of sales of multi utility
vehicles at all
· The Certificate of Achievement for Dealership with the best performance in 'After Sales Services' for the year 2000-2001 in Commercial Vehicles.
·
All
·
All
·
All
· 'Vyavasaya Bhusan Puraskar' by Maratha Chamber of Commerce Satara 2002.
Various Branches and Outlets of the Pandit automotives Private Limited.
· Pune District
· Satara District
· Sangali District
·
Establishment of
- Karad (1995-96)
- Baramati (1996-97)
- Manjari (1997-98)
- Chakan (1998-99)
- Karad
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.39.73 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|