MIRA
INFORM REPORT
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Report Date : |
06.10.2007 |
IDENTIFICATION DETAILS
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Name : |
GALAXY AUTOMOBILES PRIVATE LIMITED |
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Registered Office : |
69/1-A, TSG Complex, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.02.1999 |
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Com. Reg. No.: |
55-98560 |
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CIN No.: [Company
Identification No.] |
U50101DL1999PTC098560 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG04765F |
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PAN No.: [Permanent
Account No.] |
AABCG3118R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Authorised Dealer of Toyota and Kirloskar Motors India limited |
RATING & COMMENTS
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MIRAs 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 335440 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is satisfactory. 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 : |
69/1-A, TSG Complex, |
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Tel. No.: |
91-11-51877777 / 41013259 / 41427290 / 41427227 |
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Fax No.: |
91-11-51427220 / 41427021 |
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E-Mail : |
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Website : |
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Area : |
124000 Sq. fts |
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Location : |
Commercial |
DIRECTORS
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Name : |
Mr. Subhash Chand Sachdev |
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Designation : |
Director |
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Address: |
D-29, NDSE-II, |
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Date of Birth/Age : |
16.12.1940 |
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Date of Appointment : |
24.02.1999 |
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Name : |
Mr. Hans Sachdev |
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Designation : |
Director |
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Address: |
D-29, NDSE-II, |
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Date of Birth/Age : |
21.09.1980 |
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Date of Appointment : |
24.02.1999 |
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E-Mail : |
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Name : |
Mr. Ashok Sachdev |
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Designation : |
Director |
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Address: |
D-29, NDSE-II, |
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Date of Birth/Age : |
21.12.1951 |
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Date of Appointment : |
31.08.2000 |
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Mobile No.: |
91-9810275102 |
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E-Mail : |
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Name : |
Mrs. Jasbir Sachdev |
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Designation : |
Director |
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Address: |
D-29, NDSE-II, |
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Date of Birth/Age : |
12.09.1957 |
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Date of Appointment : |
31.08.2000 |
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E-Mail : |
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Name : |
Ms. Priya Sachdev |
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Designation : |
Director |
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Address: |
D-29, NDSE-II, |
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Date of Birth/Age : |
15.12.1977 |
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Date of Appointment : |
01.01. 2002 |
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Name : |
Ms. Charu Sachdev |
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Designation : |
Director |
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Address: |
D-29, NDSE-II, |
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Date of Birth/Age : |
11.04.1979 |
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Date of Appointment : |
24.02.1999 |
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E-Mail : |
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Name : |
Mr. Harpreet Sachdev |
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Designation : |
Director |
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Address: |
D-29, NDSE-II, |
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Date of Birth/Age : |
16.08.1981 |
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Date of Appointment: |
16.08.1999 |
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E-Mail : |
KEY EXECUTIVES
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Name : |
Mr. Punit Trivedi |
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Designation : |
Company Secretary |
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Address: |
D - 41-B, Shakar Pur, |
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Date of Appointment : |
2.07.2004 |
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Date of Ceasing: |
30.08.2004 |
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Name : |
Mr. Neeraj Aggarwal Sachdev |
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Designation : |
Company Secretary |
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Name : |
Mr. Abhinav Rastogi |
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Designation : |
Company Secretary |
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Address: |
D -253, Nirman Vihar, |
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Date of Appointment : |
06.10.2004 |
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Date of Ceasing: |
28.08.2005 |
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Name : |
Mr. Amit Jain |
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Designation : |
Company Secretary |
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Address: |
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Date of Appointment : |
02.10.2003 |
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Date of Ceasing: |
31.03.2004 |
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Name : |
Mr. Ishwar Singh |
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Designation : |
Secretary |
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Address: |
A-5/76, Sector -16 Rohini, |
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Date of Birth/Age : |
26.09.1972 |
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Date of Appointment : |
18.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ashok Sachdev |
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300000 |
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Mr. Jasbir Sachdev |
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1290000 |
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Mr. Hans Sachdev |
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170000 |
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Ms Priya Sachdev |
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125100 |
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Ms. Charu Sachdev |
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125100 |
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Mr. Harpreet Sachdev |
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170000 |
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Mr. Subhash Sachdev |
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712480 |
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Ashok Sachdev and Sons, HUF |
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170000 |
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Total
|
3062680 |
Equity share breakup (Percentage
of Total equity):
|
Category |
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Percentage
of Holding |
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Directors or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Authorised Dealer of Toyota and Kirloskar Motors India limited |
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Products : |
· Innova · Prado · Camry ·
Corolla |
GENERAL INFORMATION
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Bankers : |
· ICICI Bank Limited, Address: 9-A, Connaught Circus, Email: sudhir@brmco.com ·
HDFC Bank |
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Facilities : |
Cash Credit Rs. 170.633 Millions with ICICI Bank Limited
and corporate guarantee by M/s. India Export House Private Limited, Lander
property located at 69/1 A, |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
M/s. C L Sethi and Company Chartered Accountants |
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Address : |
21 Darya Ganj, |
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Tel. No.: |
91-11-23273150 / 41013259 |
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Fax No.: |
91-11-23282503 |
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E-Mail : |
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Associates/Subsidiaries : |
· Harpreet Motors Limited · Charu Motors Private Limited · India Export House Private Limited · TSG International Marketing Private Limited · Sachdev Textiles Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3062680 |
Equity shares |
Rs. 10/-
each |
Rs. 30.626
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
30.627 |
30.627 |
30.627 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53.233 |
32.632 |
19.907 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
83.860 |
63.259 |
50.534 |
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LOAN FUNDS |
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1] Secured Loans |
498.184 |
338.444 |
177.544 |
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2] Unsecured Loans |
31.254 |
0.000 |
0.000 |
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TOTAL BORROWING |
529.438 |
338.444 |
177.544 |
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DEFERRED TAX LIABILITIES |
0.592 |
1.519 |
1.343 |
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TOTAL |
613.890 |
403.222 |
229.421 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
134.778 |
43.445 |
34.588 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
135.880
|
111.831 |
74.173 |
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Sundry Debtors |
275.750
|
203.368 |
133.081 |
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Cash & Bank Balances |
40.117
|
46.838 |
14.814 |
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Other Current Assets |
82.613
|
27.572 |
0.000 |
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Loans & Advances |
57.053
|
45.996 |
22.103 |
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Total
Current Assets |
591.413
|
435.605 |
244.171 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
112.301
|
75.828 |
49.338 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
112.301
|
75.828 |
49.338 |
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Net Current Assets |
479.112
|
359.777 |
194.833 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
613.890 |
403.222 |
229.421 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
3650.289 |
2485.279 |
2571.018 |
|
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Other Income |
167.838 |
126.316 |
0.000 |
|
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Total Income |
3818.127 |
2611.595 |
2571.018 |
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Profit/(Loss) Before Tax |
32.777 |
20.028 |
14.434 |
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Provision for Taxation |
11.740 |
7.367 |
5.186 |
|
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Profit/(Loss) After Tax |
21.037 |
12.661 |
9.248 |
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Expenditures : |
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Depreciation & Amortization |
8.684 |
5.513 |
0.000 |
|
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Other Expenditure |
3767.982 |
2580.541 |
0.000 |
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Total Expenditure |
3776.666 |
2586.054 |
2536.807 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.55
|
0.48 |
0.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.89
|
0.80 |
0.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.51
|
4.18 |
5.18 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.31 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.65
|
6.54 |
4.49 |
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Current Ratio (Current Asset/Current Liability) |
|
5.26
|
5.74 |
4.95 |
LOCAL AGENCY FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U5010DL1999PTC098560 |
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Name of the company |
GALAXY AUTOMOBILES PRIVATE LIMITED |
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Address |
69/1-A, TSG Complex, |
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This Form is for |
Modification of charge |
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Type of Charges |
· Immovable property · Movable property · Others |
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Particular of the charge holder
|
ICICI Bank Limited Address: Alkapuri, Email: sudhir@brmco.com
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Nature or description of the instrument creating charge |
Deed of Hypothecation |
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Date of the instrument creating charge |
27.12.2006 |
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Amount Secure by the charge |
Rs. 10.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: The company shall pay interest on cash credit at ICPR plus 1.5% at
monthly rests. Rate of interest is subject to revision from time to time. Term of repayment: Not Applicable Margin: Uniform margin of 25% against all components of inventory and book
debts (Cover period 90 days) Extent and operation: First Charge by way of hypothecation of the borrowers entire stock of
raw material, work in progress, finished goods, consumable stores and spare
and such other movables including book debts, outstanding monies, receivables
both present and future of such form satisfactory to the bank Equitable mortgage on pari passu basis of landed property (Freehold) located
at 69/1 A Najafgarh Road, new Delhi measuring 124000 sq.fts standing in the
name of M/s India Export House Private Limited |
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Short particulars of the property charged (including location of the
property) |
· Current assets and fixed assets of the caparo ·
Equitable Mortgage of a property situated at · Equitable mortgage of plot No. 117 Phase I Udyog Vihar Industrial Area Gurgaon owned by gagan Exim India Private Limited · Euitable mortgage of property situated at D -5Sector 8, noida owned by sachdev Textiles Private Limited |
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Date of latest modification prior to the present modification |
09.03.2006 |
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Particulars of the Present charged
|
The cash credit limit has been enhanced from 20.000 millions to
30.000. The equitable mortgage has been extended for the modified limits.
Interest @2.75% per annum below the sum of I-BAR and the Cash Credit Risk Premium
Prevailing on each day, plus applicable interest tax or other statutory levy,
if any, on the principal amount of the loan remains outstanding each day. |
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Name of the
company |
GALAXY AUTOMOBILES PRIVATE LIMITED |
|
Presented
By |
Mr. Ashok
Sachdev |
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1) Date and
description of instrument creating the change |
Deed of
hypothecation - Dated 24.06.2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 10.000
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 by
way of first charge on all the current assets of the company financed by
KOTAK MAHINDRA PRIMUS LIMITED (KMPL) including Vehicles, debtor, advance made
for purchasing the vehicles, now owned on hereafter acquired by dealer and
that now are or hereafter from time to time during this shall be brought in
stored or in or about the premises warehouses, godown and showrooms of
dealers at dealers address set forth above or Anywhere else including all
vehicles in course of transit or delivery and all book debts and receivables of dealer
arising on any sale , lease, hire purchase or other dispositions by Dealer of
Vehicles. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
· The charge operate as security interalia for the due payment and discharge by Galaxy Automobile Private Limited to KMPL of financial facilities aggregating to Rs. 10.000 millions together with interest costs charges expenses and all other money payable by it to KMPL under the relevant documents. · The company shall keep the hypothecated assets in good conditions at its own costs and to insure the hypothecated assets. · The securities created under the said facilities are to be continuing securities for all moneys, indebtedness and liabilities aforesaid. |
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5) Name and
Address and description of the person entitled to the charge. |
Kotak Mahindra Primus Limited Address: 36-38A, Nariman Bhavan, Nariman
Point, Mumbai 400 021 |
Products
Proflie:
Innova
Innovating to
provide All you desire : TOYOTA KNOWS THE ROADS OF THE WORLD. This unmatched expertise and
experience has been combined with a deep understanding of what owners look for
in their cars to giva shape to a never-before automobile, The Toyota Innova.
The Innova is a result of a unique process that has broken new grounds in the
way automobiles are created. The Innova brings together qualities never before
seen together in an automobile. Fantastic ride quality and luxury coupled with
versatile space; superior performance and driving pleasure with world class
safety, advanced styling with solid durability......
Prado
Go Ahead and Conquer
them all. Other cars will slow down and give way. The SUV..ultimate from
Camry
Toyota's flagship Prestige sedan. It delivers the highest standards of driving
refinement and performance. The Camry's spacious, luxurious and quite cabin has
a finely crafted interior that provide unparalleled comfort. The driver and
passengers are provided with an array of thoughtful amenitities designed for
Corolla
The advanced Corolla design makes the owner feel proud and provides many years
of solid performance. One look and you will understand why the Toyota Corolla
is the best-selling car in
ASSESSORIES:
Add more joy to your car with Toyota Genuine Accessories. An
extensive range with an equally wide range of unmatched advantages. View
Associates
profile:
· Harpreet Motors Limited
Deemed Public Limited Company
69/1A,
Tel. No.: 91-11-241427000 (12 Lines), 241427014
Fax. No.: 91-11-241427021
Website: http://www.harpreetford.com
Line of Business Authorised Dealer for Ford Motors
Showroom:
No-86, Sector-18,
Maruti Industrial Area, Gurgaon-122002
Haryana
Tel: 91-124-24012303-04,
24011701-02
Workshops:
69/1A,
Tel :
91-11-241014567,241427281,241427283 & 241427282
Plot No.- 64-65, Udyog Vihar,
Phase-IV (N.H.- 08),
Gurgaon-122 015 , Haryana
Tel. No.:91-124-24101111(5 Lines)
Fax. No.: 91-124-24108000
· Charu Motors Private Limited
Private Limited Company
Date of incorporations 4th May, 1998
69/1A,
Tel. No.: 91-11-51427100-04/5142710608/51427105/51427109
Fax. No.:91-11-51427115
Line of Business Authorised Dealer for Ford Motors
Workshop:
69/1A,
Tel. No.: 91-11-51010007/51010123 & 51427120, 51427115-118
Fax. No.: 91-11-51427119
29, DLF Industrial Area,
Tel. No.:91-11-51427030/51427040/51425056/7 & 25911569
Fax. No.:91-11-51425056
CN 35, Sector 17, Rohini,
Tel. No.: 91-11-27852300/27852301/27852303 & 27852304
Fax. No.:91-11-27852302
835 K II, Mahipalpur (
Tel. No.:91-11-26783148/26753228/26783177 & 26783118
Fax. No.: 91-11-26783248
· India Export House Private Limited
Private Limited Company
Date of Incorporations 2nd
March, 1973
OTHER INFORMATION:
Indian
Auto Industry is the
- Largest Three Wheeler Market in the World
- Second largest Two Wheeler Market in the World
- Fourth largest Passenger Vehicle Market
in
- Fourth largest Tractor Market in the
World
- Fifth largest Commercial Vehicle Market
in the World
Production Volume : 8.46 Millions
Vehicles
· Passenger Cars 14.5%
· Three Wheelers 4.5%
· Commercial Vehicles 4%
· Two Wheelers 77%
· Body and Chassis 12%
· Electrical Parts 9%
· Drive Transmission & Steering Parts 19%
· Suspension & Braking Parts 12%
· Equipment 10%
· Engine Parts 31%
· Other 7%
Following
Sales incentives,
introduction of new models as well as variants coupled with easy availability
of low cost finance with comfortable repayment options continued to drive
demand and sales of automobiles during the first two quarters of the current
year. The risk of an increase in the interest rates, the impact of delayed
monsoons on rural demand, and increase in the costs of inputs such as steel are
the key concerns for the players in the industry.
As the players continue to introduce new models and variants, the competition
may intensify further. The ability of the players to contain costs and focus on
exports will be critical for the performance of their respective companies.
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 Intl 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 companys 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.39.49 |
|
|
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.55.76 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SCs 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 |
|