MIRA
INFORM REPORT
|
Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDICO MOTORS PRIVATE LIMITED |
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Registered Office : |
NH – 33, Baliguma Mango, Jamshedpur – 831 012, Jharkhand. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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CIN No.: [Company
Identification No.] |
U00373BR2005PTC011498 |
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Legal Form : |
Private Limited liability company |
RATING & COMMENTS
|
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 98000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track
records. Trade relations are fair. Business is active. No complaints have
been heard. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
NH – 33, Baliguma Mango, Jamshedpur – 831 012, Jharkhand. |
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Tel. No.: |
91-657-2463385 |
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Fax No.: |
91-657-2463339 |
DIRECTORS
|
Name : |
Mr.Sanjay Dubey |
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Designation : |
Director |
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Address : |
Nh-33, Baliguma Mango, Jamshedpur – 831 018, East Singh BHVM,
JHarkhand, India. |
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Date of Birth/Age : |
31.05.1968 |
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Pan No : |
ABRPD0976Q |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mrs.Rina Dubey |
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Designation : |
Director |
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Address : |
Nh-33, Baliguma Mango, Jamshedpur – 831 018, East Singh BHVM,
JHarkhand, India. |
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Date of Birth/Age : |
08.07.1970 |
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Pan No : |
ABEPD4916D |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr.Lalit Waankhede |
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Designation : |
Director |
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Address : |
17-C, Camellia Ashiana Garden Sonari, Jamshedpur - 831 018, Singhbhum East, Jharkhand,
India. |
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Date of Birth/Age : |
10.12.1970 |
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Pan No : |
AAEDW3313L |
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Date of Appointment : |
01.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON (29.09.2007)
|
Names of Shareholders |
No. of Shares |
|
Mr.Sanjay Dubey |
16800 |
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Mrs.Rina Dubey |
800 |
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Total |
17600 |
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category
(31.03.2007) |
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|
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
NA |
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Products : |
ITC CODE |
PRODUCT DESCRIPTION |
|
87041090 |
Tippers Body |
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|
87079000 |
Tip Trailer |
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GENERAL
INFORMATION
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Customers : |
v Ashok Leyland
Limited (Banglore) v Ashok Leyland
Limited (Bhandara) v Ashok Leyland
Limited (RSO Dhanbad) v BSRTC v Gulf Ashley
Motors Limited v Hyva (India)
Private Limited v Mithila Motors
Limited v Tata Motors
Limited v Tata Motors
Limited (Jsr) v JMA Stores
Limited v Gagan Roadlines v Sainik Mining
and Allied Services Private Limited v Sandeep
Singhhania |
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Bankers : |
v Small Industries
Development Bank of India, ShantiNiketan Building, Main Road, Bistupur,
Jamshedpur – 831 001, Jharkhand, India. v Uco Bank –
Recurring Deposit v HDFC Bank
(Banglore) v HDFC Bank v Corporation Bank |
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Facilities : |
Particulars |
Rs.in
Millions |
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SECURED LOAN: City Financial Retail Services (New) HDFC Bank Car Loan Term Loan Uco Bank (LN-4821) Magma Leasing Limited UCO Bank – Cash Credit Limit (Secured by Hypothecation of stocks and Book Debts first Charge on
assets) |
0.014 0.522 1.503 0.706 33.555 |
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TOTAL |
36.300 |
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Banking
Relations : |
-- |
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Auditors : |
Jagdish Khandelwal and Company |
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Chartered Accountant |
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Address : |
303, Varsha Villa, Q-Road Villa, Jamshedpur – 831 001, Jharkhand,
India. |
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Pan No.: |
ACAPK7651F |
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Associates/Subsidiaries : |
NIL |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- Each |
5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17600 |
Equity Shares |
Rs. 100/- Each |
1.760 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
5.980 |
1.130 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
13.620 |
5.857 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
19.600 |
6.987 |
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LOAN FUNDS |
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1] Secured Loans |
|
36.301 |
39.313 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
36.301 |
39.313 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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55.901 |
46.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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25.429 |
19.280 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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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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31.692 |
18.437 |
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Sundry Debtors |
|
37.003 |
19.445 |
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Cash & Bank Balances |
|
1.396 |
0.422 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
21.282 |
7.361 |
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Total
Current Assets |
|
91.373 |
45.665 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
60.926 |
18.679 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
60.926 |
18.679 |
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Net Current Assets |
|
30.447 |
26.986 |
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MISCELLANEOUS EXPENSES |
|
0.025 |
0.034 |
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TOTAL |
|
55.901 |
46.300 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
251.494 |
69.992 |
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Other Income |
|
0.001 |
0.005 |
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Total Income |
|
251.495 |
69.997 |
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Profit/(Loss) Before Tax |
|
6.176 |
0.867 |
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Provision for Taxation |
|
1.507 |
0.160 |
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Profit/(Loss) After Tax |
|
4.669 |
0.707 |
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Expenditures : |
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Manufacturing Expenses |
|
227.533 |
61.774 |
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Administrative Expenses |
|
12.051 |
4.899 |
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Auditors Remuneration |
|
0.060 |
0.025 |
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Interest |
|
4.516 |
1.539 |
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Depreciation & Amortization |
|
1.150 |
0.885 |
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Other Expenditure |
|
0.009 |
0.008 |
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Total Expenditure |
|
245.319 |
69.130 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.9 |
1.0 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.5 |
1.2 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.3 |
1.3 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.3 |
0.1 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.1 |
2.7 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.5 |
2.4 |
LOCAL AGENCY
FURTHER INFORMATION
|
Corporate
identity number of the company |
U00373BR2005PTC011498 |
|
Name of the
company |
INDICO MOTORS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
NH-33/ Balguma
Mango, Jamshedpur – 831 012, Bihar, India. |
|
This form is for |
Creation of
Charge |
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Type of charge |
|
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Particular of
charge holder |
Small Industries
Development Bank of India, ShantiNiketan Building, Main Road, Bistupur,
Jamshedpur – 831 001, Jharkhand, India. E-Mail: pandeyak@sidbi.in |
|
Nature of instrument
creating charge |
Deed of
Hypothecation dated 07.12.2007 Declaration and
Undertaking of extension of mortgage dated 07.12.2007 |
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Date of
instrument Creating the charge |
07.12.2007 |
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Amount secured by
the charge |
42.500 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 13.5%p.a. Terms of
repayment Repayment of term
loan of Rs.42.500 Millions would commence after a moratorium of 12 month from
the date of first disbursement in 72 monthly installments of which first 12
installments of Rs.0.233 millionnext 12 installments of Rs.0.467 million,
subsequent 24 installments of Rs.0.600 million each followed by 23
installments of Rs.0.820 million each and the last installments of Rs.0.840
million. Margin Rs.41.000
millions Extent First charge on
all movable assets of the company acquired or to be under the expansion
project financed by SIDBI in Indico Private Limited – Plant II situated at
Plot No. M25(P) and M26(P), IVth Phase Industrial Area. Adityapur, jamshedpur First charge on
all Immovable assets of the company (except Current assets i.e. stock, debtor
etc.) situated at Plot No. M25(P) and M26(P), IVth Phase Industrial Area,
Adityapur, Jamshedpur |
|
Particulars of
the property charged |
First charge on
all movable assets of the company acquired or to be acquired under the
expansion project financed by SIDBI in Indico Motors Private limited – Plant
II situated at Plot No. M25(P) and M26(P), IVth Phase Industrial Area. Adityapur,
Jamshedpur First charge on
all Immovable assets of the company (except Current assets i.e. stock,
debtors etc.) situated at Plot No.
M25(P) and M 26(P), VIth Phase Industrial Area, Adityapur, Jamshedpur. |
FIXED ASSETS:
v Shed and Building
v Plant and Machinery
v Furniture and Fixtures
v Computer
v Fax Machine
v Hero Honda
v Indica Car (Old)
v Indica Car (New)
v Scorpio Car
v Specio Car
v Elentra Car
v Welding Machine
v Air Conditioner
v Air Compressor
v Ashok Leyland
v Bicycle
v Inverter
v EPABX and Camera
v Fire Extinguisher
v Weighing Machine
v Office Equipment
v D.G.Set
v Tata 207/31 Ex
v Printer
v Refrigerator
v Capital WIP
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
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.49.79 |
|
UK Pound |
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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. |
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 |
|
