MIRA
INFORM REPORT
|
Report Date : |
19.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BAVARIA MOTORS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Flat No. 1104/ B, Gagan Galaxy Co- Operative Housing Society, Market
Yard, Bibewewadi, Pune-411037, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
27.07.2007 |
|
|
|
|
Com. Reg. No.: |
130497 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34104PN2007PTC130497 |
|
|
|
|
IEC No.: |
3107008893 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB05509A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCB1920E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Dealer of BMW Cars, Spare Parts and Services. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company but seems to be progressing well. Directors
are reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Facilities can be granted to the subject against adequate securities. |
LOCATIONS
|
Registered Office : |
Flat No. 1104/ B, Gagan Galaxy Co- Operative Housing Society, Market
Yard, Bibewewadi, Pune-411037, Maharashtra, India |
|
Tel. No.: |
91-20-26141555 |
|
Fax No.: |
91-20-26141777 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
|
|
|
Showroom : |
Showroom No. 2, Petit Estate, Near Sadhu Vaswani Chowk, Pune-411001, Maharashtra,
India |
|
Tel. No.: |
91-20-26141777/ 26141666/ 26141555 |
|
Fax No.: |
91-20-26141777 |
|
E-Mail : |
|
|
Area : |
Rented |
|
|
|
|
Workshop : |
P.l N. 9 S No. 46, Behind Demellow Petrol Pump, Pune Nagar Road,
Vadgaon Sheri, Pune-411014, Maharashtra, India |
|
Tel. No.: |
91-20-27030300/ 27030333/ 26141555 |
|
Fax No.: |
91-20-26141777 |
|
E-Mail : |
|
|
Area : |
Rented |
DIRECTORS
|
Name : |
Mr. Vishal Ghanshyam Agarwal |
|
Designation : |
Managing Director |
|
Address : |
1104/ B, Gagan Galaxy, Bibvewadi-Lulla Nagar Road, Market Yard, Pune-411037,
Maharashtra, India |
|
Date of Birth/Age : |
21.10.1981 |
|
Qualification : |
MBA |
|
Experience : |
9 Years |
|
|
|
|
Name : |
Mr. Ghanashyam Gangaram Agarwal |
|
Designation : |
Director |
|
Address : |
Plot No. 9, Survey No. 585, Saishyam Apartments, Salisbury Park,
Market Yard, Pune-411037, Maharashtra, India |
|
Date of Birth/Age : |
14.11.1955 |
|
Qualification : |
B.A |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. Sushil Ghanashyam Agarwal |
|
Designation : |
Director |
|
Address : |
1104/ B, Gagan Galaxy, Bibvewadi-Lulla Nagar Road, Market Yard,
Pune-411037, Maharashtra, India |
|
Date of Birth/Age : |
12.06.1983 |
|
Qualification : |
MBA |
|
Experience : |
7 Years |
|
|
|
|
Name : |
Mrs. Urmila Agarwal |
|
Designation : |
Director |
|
Address : |
1104/ B, Gagan Galaxy, Bibvewadi-Lulla Nagar Road, Market Yard,
Pune-411037, Maharashtra, India |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Mrs Sweta Agarwal |
|
Designation : |
Director |
|
Address : |
1104/ B, Gagan Galaxy, Bibvewadi-Lulla Nagar Road, Market Yard,
Pune-411037, Maharashtra, India |
|
Qualification : |
MBA |
KEY EXECUTIVES
|
Name : |
Mr. Harish Raghuwanshi |
|
Designation : |
Accounts Manager |
|
Address : |
Pettit Estate, Next to Hotel Amir, Sadhu Vaswani Chowk, Pune-411001,
Maharashtra, India |
|
Tel. No.: |
91-20-26141555 |
|
Mobile No.: |
91-9922971140/ 9922931212 |
|
Fax No.: |
91-20-261417777 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Ghanashyam Agarwal |
|
2000 |
|
Vishal Agarwal |
|
2000 |
|
Sushil Agarwal |
|
2000 |
|
Urmila Agarwal |
|
2000 |
|
Sweta Agarwal |
|
2000 |
|
Total |
|
10000 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of BMW Cars, Spare Parts and Services. |
|
|
|
|
Products : |
|
|
|
|
|
Agencies Held : |
Bavaria Motors Private Limited |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Other Negotiable Instrument |
|
|
|
|
Purchasing : |
Cash and Credit ( 30 Days) |
GENERAL
INFORMATION
|
Suppliers : |
|
||||||||||||
|
|
|
||||||||||||
|
Customers : |
End Users Car Goa
Cars Pune
Spares and
Services
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
40 |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
(Rs. In Millions)
|
|
|
|
||||||
|
Banking
Relations : |
Satisfactory |
||||||
|
|
|
||||||
|
Auditors : |
|
||||||
|
Name : |
Shah and Associates Chartered Accountant |
||||||
|
Address : |
Keshav Prasad Building, above Lavanya, 1st and 2nd
Floor, 730 Sadashiv Peth, Gumtekar Road, Pune-411030, Maharashtra, India |
||||||
|
Tel. No.: |
91-20-24471067/ 24477356 |
||||||
|
|
|
||||||
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
5.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
[19.358] |
|
|
NETWORTH |
|
|
[14.358] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
23.246 |
|
|
2] Unsecured Loans |
|
|
14.247 |
|
|
TOTAL BORROWING |
|
|
37.493 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
23.135 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
34.700 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
4.060 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
91.631 |
|
|
Sundry Debtors |
|
|
[14.617] |
|
|
Cash & Bank Balances |
|
|
7.873 |
|
|
Other Current Assets |
|
|
0.220 |
|
|
Deposits |
|
|
4.861 |
|
Total
Current Assets |
|
|
89.968 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
104.902 |
|
|
Provisions |
|
|
0.803 |
|
Total
Current Liabilities |
|
|
105.705 |
|
|
Net Current Assets |
|
|
[15.737] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.112 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
23.135 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2008 |
|
|
|
|
|
|
|
|
Sales Turnover |
|
|
189.436 |
|
|
Other Income |
|
|
20.183 |
|
|
Total Income |
|
|
209.619 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
[1.269] |
|
|
Provision for Taxation |
|
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
|
[1.269] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
173.038 |
|
|
Direct Expenses |
|
|
18.493 |
|
|
Staff Expenses |
|
|
3.346 |
|
|
Advertising |
|
|
0.381 |
|
|
Auditor Fees |
|
|
0.084 |
|
|
Bank Charges |
|
|
0.055 |
|
|
Bank Processing charges |
|
|
0.666 |
|
|
Electricity Charges |
|
|
0.012 |
|
|
Interest on TDS |
|
|
1.325 |
|
|
Insurance Expenses |
|
|
0.616 |
|
|
Other Expenditure |
|
|
12.872 |
|
Total Expenditure |
|
|
210.888 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2008 |
|
PAT / Total Income |
(%) |
|
|
[0.61] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
[0.66] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
[1.02] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
[0.09] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
[9.97] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.85 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Wonder Cars –
PCMC
- Gagan Avenues
- Kondwa
BORROWER:
|
Borrower’s Name and Address |
BAVARIA MOTORS PRIVATE LIMITED Showroom No. 2, Pettit Estate, Near Sadhu Vaswani Chouk, Pune-411001,
Maharashtra, India Tel No.: 91-20-26141555 Fax No.: 91-20-26141777 |
|
Other Site(s) of the borrower / site(s) |
Empire Estate, Lake Town, Gagan Garima, Gagan Avenues. |
|
Constitutions of the Borrower |
Pune |
|
Names of the Proprietor / Partners/ Directors |
1.
Mr. Vishal Agarwal 2.
Mr. Sushil Agarwal 3.
Mr. Ghanashyam Agarwal 4.
Mrs. Urmila Agarwal 5.
Mrs. Sweta Agarwal |
BUSINESS
ACTIVITIES:
|
Details of Fixed
Assets |
Rs. In Millions |
|
Land and Buildings |
7.184 |
|
Plant and Machinery |
0.725 |
|
Furniture and Fixture |
2.656 |
|
Other assets |
26.444 |
|
Premises |
Leased Rs. In Millions |
|
Owned |
Showroom: ( MR. 0.646) |
|
Leased (if so, monthly rent to be stated) |
Workshop: (MR=Rs. 0.146) |
PERSONAL ASSETS OF
THE PROPERIETOR/ PARTNERS/ DIRECTORS:
|
Name |
Description of the Assets owned by them |
Amount (Rs. In Millions) |
Whether offered as Security |
|
Cars |
BMW 730 DI |
8.000 |
NO |
|
Flat |
Gagan Galaxy |
12.000 |
NO |
INSURANCE DETAILS:
|
Unit
Assets Covered |
Policy
No. / Cover Note |
Validity |
Sum
Assured |
Risk
Covered |
|
Showroom |
OG-08-2001-4095-00000019 |
13.02.2009 |
16869878 |
16869878 |
|
Workshop |
OG-08-2001-4095-00000020 |
13.02.2009 |
42851140 |
42851140 |
ASSESSMENT OF
WORKING CAPITAL REQUIREMENTS
OPERATING
STATEMENT
(Rs. In Millions)
|
Particulars |
2008-09 Following Year Projection |
2009-10 Following Year Projection |
2010-11 Following Year Projection |
|
1. Gross Sales |
|
|
|
|
Sales – Export |
1008.000 |
1266.000 |
1674.000 |
|
Sales – Local |
-- |
|
-- |
|
Other Income |
1.314 |
2.491 |
3.956 |
|
Total |
1009.314 |
1268.491 |
1677.956 |
|
2. Less: Excise Duty |
-- |
-- |
-- |
|
NET Sales (1 – 2) |
1009.314 |
1268.491 |
1677.956 |
|
4. % rise [+] or fall [-] in net sales as compared to
previous year |
135.45% |
25.68% |
32.28% |
|
|
|
|
|
|
5.
COST OF SALES |
|
|
|
|
i] Raw Materials [Including stores and other items used in
the process of manufacture] |
|
|
|
|
[a] Imported |
|
|
|
|
[b] Indigenous |
975.570 |
1225.740 |
1630.290 |
|
iii] Other Spares |
|
|
|
|
[a] Imported |
-- |
-- |
-- |
|
[b] Indigenous |
-- |
-- |
-- |
|
iv] Power and Fuel |
0.720 |
0.792 |
0.871 |
|
v] Direct labour |
6.000 |
7.200 |
8.640 |
|
(iva) Workshop Expenses, labour and servicing Expenses |
0.264 |
0.290 |
0.319 |
|
Vi] Other Manufacturing Expenses |
-- |
-- |
-- |
|
Vii] Depreciation |
5.240 |
4.088 |
3.334 |
|
vii] SUB TOTAL [i to iv] |
987.794 |
1238.110 |
1643.454 |
|
|
|
|
|
|
viii] Add : Opening Stocks – in – process |
-- |
-- |
-- |
|
Sub
Total |
987.794 |
1238.110 |
1643.454 |
|
ix] Deduct : Closing Stock – in – Process |
-- |
-- |
-- |
|
|
|
|
|
|
x] Cost of production |
987.794 |
1238.110 |
1643.454 |
|
xi] Add : Opening Stock of finished goods |
53.940 |
92.070 |
140.430 |
|
Sub – total |
1041.734 |
13.30.180 |
1783.884 |
|
xii] Deduct: Closing Stock – in - finished goods |
92.070 |
140.430 |
213.900 |
|
Sub total ( Total Cost of Sales) |
949.664 |
1189.750 |
1539.984 |
|
|
|
|
|
|
6. Selling general and administrative expenses |
11.460 |
11.712 |
13.520 |
|
|
|
|
|
|
7. SUB
– TOTAL [5+6] |
961.124 |
1201.462 |
1583.504 |
|
8. Operation profit before interest [3-7] |
48.190 |
67.029 |
94.452 |
|
|
|
|
|
|
9. Interest |
3.450 |
2.550 |
1.650 |
|
10. Operating profit after interest [8-9] |
44.740 |
64.479 |
92.802 |
|
11. i] Add : other non-operating income |
|
|
|
|
(a) Earlier Year Adjustment |
-- |
-- |
-- |
|
(b) Other Income |
-- |
-- |
-- |
|
Sub – total [Income] |
-- |
-- |
-- |
|
(ii) Deduct: Non operating expenses |
-- |
-- |
-- |
|
(a) Earlier Year of Adjustment |
-- |
-- |
-- |
|
(b) Other – Preoperative Expenses |
-- |
-- |
-- |
|
Sub-Total (Expenses) |
-- |
-- |
-- |
|
(iii) Net of other non operating income Net of 11 (i) and (ii) |
-- |
-- |
-- |
|
12. Profit before tax / Loss [10+11[iii]] |
44.740 |
64.479 |
92.808 |
|
13. Provision for taxes |
15.207 |
21.916 |
31.543 |
|
14. Net profit / loss [12-13] |
29.533 |
42.563 |
61.259 |
|
15 [a] Equity Dividend Paid |
-- |
-- |
-- |
|
[b] Dividend Rate |
-- |
-- |
-- |
|
16. Retained profit [14-15] |
29.533 |
42.563 |
61.259 |
|
17. Retained profit / Net profit [%] |
100.00% |
100.00% |
100.00% |
|
18. Cash Accruals |
34.773 |
46.651 |
64.593 |
ANALSIS
OF BALANCE SHEET
(Rs. In Millions)
|
Liabilities |
2008-09 Following Year Projection |
2009-10 Following Year Projection |
2010-11 Following Year Projection |
|
CURRENT
LIABILITIES |
|
|
|
|
1. Short-term borrowing from Bank (including bills purchased,
discounted and excess borrowing placed on repayment basis) |
|
|
|
|
(i) From Existing Bank |
50.000 |
50.000 |
50.000 |
|
(ii) From Other Banks |
-- |
-- |
-- |
|
(iii) (Of which BP and BD) |
-- |
-- |
-- |
|
Sub- total (A) |
50.000 |
50.00 |
50.00 |
|
2. Short- term borrowing from others |
-- |
-- |
-- |
|
3. Sundry Creditors (Trade) |
-- |
-- |
-- |
|
4. Advance payments from customers |
-- |
-- |
-- |
|
5. Provision for taxation |
15.207 |
21.916 |
31.543 |
|
6. Dividend Payable |
-- |
-- |
-- |
|
7. Other Statutory liabilities (due within one year) |
-- |
-- |
-- |
|
8. Deposits/ installments of term loans/ DPGs, etc. (due within 1
year) |
-- |
-- |
-- |
|
9. Other Current liabilities and provision (due within one year) |
5.819 |
10.619 |
20.019 |
|
Sub- total (B)
(Total of 2 to 9) |
21.026 |
32.535 |
51.562 |
|
10. Total Current Liabilities
(Total 1 to 9) |
71.026 |
82.535 |
101.562 |
|
TERM LIABILITIES |
|
|
|
|
11. Debentures (not maturing within one year) |
-- |
-- |
- |
|
12. Preference shares (redeemable after one year) |
-- |
-- |
-- |
|
13. Term Loans (excluding installments payable within one year) |
15.000 |
7.500 |
-- |
|
14. Deferred Payment Credits |
-- |
-- |
-- |
|
15. Term Deposits (repayable after one year) |
-- |
-- |
-- |
|
16. Other term liabilities |
-- |
-- |
-- |
|
17. Total Term Liabilities
(Total 11 to 16) |
15.000 |
7.500 |
-- |
|
18. Total Outstanding
Liabilities (item 10+17) |
86.026 |
90.035 |
101.562 |
|
NET WORTH |
|
|
|
|
19. Ordinary share capital |
5.000 |
5.000 |
5.000 |
|
20. General reserves |
-- |
-- |
-- |
|
21. Revaluation reserve |
-- |
-- |
-- |
|
22. Other reserves (Deposit from Directors and Share Holders) |
10.000 |
10.000 |
10.000 |
|
23. Surplus or deficit in profit and Loss A/C |
39.079 |
81.642 |
142.901 |
|
24. NET WORTH |
54.079 |
96.642 |
157.901 |
|
25. TOTAL LIABILITIES (item
18+24) |
140.105 |
186.677 |
259.463 |
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
26 Cash and Bank Balance |
0.120 |
0.144 |
0.173 |
|
27 Investments [Other than long term investments]
Government and other Trustee securities |
|
|
|
|
i] Government and other trust securities |
-- |
-- |
-- |
|
Ii] Fixed deposit with bank |
-- |
-- |
-- |
|
28 I] Receivables other than deferred and exports
[Including bills purchased and discounted by banks] |
-- |
-- |
-- |
|
II] Export receivables [Including bills purchased /
discounted by banks] |
-- |
-- |
-- |
|
29 Instalments of Deferred receivables [due within
one year] |
-- |
-- |
-- |
|
30 Inventory |
|
|
|
|
I] Raw materials [Including stores and other items used in
the process of manufacture] |
-- |
-- |
-- |
|
Imported |
-- |
-- |
-- |
|
Indigenous |
11.000 |
12.100 |
13.210 |
|
II] Stock – in – process |
-- |
-- |
-- |
|
II] Finished Goods |
92.070 |
140.430 |
213.900 |
|
IV] Other consumable spares |
-- |
-- |
-- |
|
Imported |
-- |
-- |
-- |
|
Indigenous |
-- |
-- |
-- |
|
31 Advances recordable in Cash or kind |
-- |
-- |
-- |
|
32 Advance payment of taxes [NET] |
-- |
-- |
-- |
|
33 Other current assets- Deposits for Lease Premises and Others |
10.630 |
11.806 |
13.217 |
|
34
TOTAL CURRENT ASSETS |
113.820 |
164.480 |
240.600 |
|
FIXED
ASSETS |
|
|
|
|
35 Gross Block |
34.500 |
34.500 |
34.500 |
|
36. Depreciation to date |
8.215 |
12.303 |
15.637 |
|
37
NET BLOCK [35-36] |
26.285 |
22.197 |
18.863 |
|
OTHER
NON – CURRENT ASSETS |
|
|
|
|
38 Investments / book / debts / advances / deposits which
are not Current Assts |
-- |
-- |
-- |
|
(i) (a) Investments in subsidiary Companies |
-- |
-- |
-- |
|
(ii) Advances to suppliers of capital goods |
-- |
-- |
-- |
|
(iii) Deferred receivables (not maturing within 1 year) – Deferred Tax |
-- |
-- |
-- |
|
(iv) Others – Advance of Staff |
-- |
-- |
-- |
|
39 Non consumables Stores and Spares |
-- |
-- |
-- |
|
40 Other non – current assets including dues from
directors |
-- |
-- |
-- |
|
41
TOTAL OTHER NON – CURRENT ASSETS |
-- |
-- |
-- |
|
42 Intangible assets [Patents, goodwill, prelim, expenses,
bad / doubtful debts Not provided for etc.] |
-- |
-- |
-- |
|
43
TOTAL ASSETS [Total of 34, 37, 41 and 42] |
140.105 |
186.677 |
259.463 |
|
44 TANGIBLE NET WORTH [24-22] |
54.079 |
96.642 |
157.901 |
|
45 NET WORKING CAPITAL [17 + 24]-[37+41+42] |
42.794 |
81.945 |
139.038 |
|
to tally with [34-10] |
42.794 |
91.945 |
139.038 |
|
46 Current Ratio [Items 34/10] |
0.160 |
0.199 |
0.237 |
|
47 Total Outside Liabilities/ Tansible Net Worth (18/44) |
0.159 |
0.093 |
0.064 |
COMPARATIVE
STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
(Rs. In Millions)
|
Particulars |
2008-09 Following Year Projection |
2009-10 Following Year Projection |
2010-11 Following Year Projection |
|
A. CURRENT ASSETS |
|
|
|
|
1 Raw Material (including stores and items used in the process of
manufacture) |
|
|
|
|
A Imported- |
-- |
-- |
-- |
|
Month’s Consumption |
-- |
-- |
-- |
|
B Indigenous- |
10.000 |
12.100 |
13.310 |
|
Months’ Consumption |
0.014 |
0.012 |
0.010 |
|
2 Other Consumable Spares, Excluding those included in 1 above |
|
|
|
|
A imported- |
-- |
-- |
-- |
|
Months’ Consumption |
-- |
-- |
-- |
|
B Indigenous- |
-- |
-- |
-- |
|
Months’ Consumption |
-- |
-- |
-- |
|
3 Stock in Process- |
-- |
-- |
-- |
|
Month’s Cost of production |
-- |
-- |
-- |
|
4 Finished Goods- |
92.070 |
140.430 |
213.900 |
|
Months’ cost of sales |
0.160 |
0.142 |
0.163 |
|
5 Receivables other than export and deferred receivable (including
bills purchased and discounted by bankers) |
-- |
-- |
-- |
|
Months’ Domestic Sales- excluding deferred payment sales |
-- |
-- |
-- |
|
6 Export Receivables (including bills purchased and discounted) |
-- |
-- |
-- |
|
Months’ export sales |
-- |
-- |
-- |
|
7 Advances to Suppliers of raw materials and stores/spares,
consumables |
-- |
-- |
-- |
|
8 Other Current Assets including cash and bank balances and deferred
receivables due within one year (specify major items) |
10.750 |
11.950 |
13.390 |
|
9 TOTAL CURRENT
ASSETS |
113.820 |
164.480 |
240.600 |
|
(To agree with
item 34 in form III) |
113.820 |
164.480 |
240.600 |
|
B. CURRENT
LIABILITIES (Other than bank
borrowing for working capital) |
|
|
|
|
10 Creditors for purchase of raw materials, stores and consumable
spares |
-- |
-- |
-- |
|
Month’s Purchases |
-- |
-- |
-- |
|
11 Advance from customers |
-- |
-- |
-- |
|
12 Statutory Liabilities – Provision for Tax |
15.207 |
21.916 |
31.543 |
|
13 Other Current Liabilities (Specify major items) short term borrowing,
Unsecured Loan, Dividend Payable, Installments of TL, DPG, Public Deposits,
Debentures etc. |
5.819 |
10.619 |
20.019 |
|
14 TOTAL CURRENT
LIABILITIES |
21.026 |
32.535 |
51.562 |
|
(To Agree with
Sub-total B Form III) |
21.026 |
32.535 |
51.562 |
COMPUTATION OF
MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL
(Rs. In Millions)
|
Particulars |
2008-09 Following Year Projection |
2009-10 Following Year Projection |
2010-11 Following Year Projection |
|
Year Ending 31st March |
2009 |
2010 |
2011 |
|
Net Sales |
1009.314 |
1268.491 |
1677.956 |
|
1 Total Current Assets (9 in form IV) |
113.820 |
164.480 |
240.600 |
|
2 Current liabilities other than short term bank borrowing and term
loan inset. |
21.026 |
32.535 |
51.562 |
|
3 Working Capital Gap (WCG) (1-2) |
92.794 |
131.945 |
189.038 |
|
4 Minimum stipulated Net Working Capital i.e. 25% of WCG 25% of total
current assets as the case may be depending upon the method of lending being applied
(Export receivables to be excluded under both methods) |
|
|
|
|
Under Method I |
23.199 |
32.986 |
47.200 |
|
Under Method II |
|
|
|
|
5 Actual / Projected net working capital (45 in from III) |
42.794 |
81.945 |
139.038 |
|
6 Item 3 minus item 5 |
68.595 |
98.959 |
141.778 |
|
7 Item 3 minus item 5 |
50.000 |
50.000 |
50.000 |
|
8 Maximum permissible bank finance (Item 6 or 7, whichever is lower) |
50.000 |
50.000 |
50.000 |
|
9 Excess borrowings, if any representing shortfall in NWC (4-5) |
-- |
-- |
-- |
FINANCIAL
RATIOS AND PARAMETERS
(Rs. In Millions)
|
Particulars |
2008-09 Following Year Projection |
2009-10 Following Year Projection |
2010-11 Following Year Projection |
|
1 Gross Sales |
1009.314 |
1268.491 |
1677.956 |
|
2 Increase / decrease in sales (%) |
135.45% |
25.68% |
32.28% |
|
3 Profit before Tax |
44.740 |
64.479 |
92.802 |
|
4 Profit after tax |
29.533 |
42.563 |
61.259 |
|
5 Cash Accruals |
34.773 |
46.651 |
64.593 |
|
6 Net Profit to sales |
2.93% |
3.36% |
3.65% |
|
7 Cash accruals to sales |
3.45% |
3.68% |
3.85% |
|
8 Total Current assets |
113.820 |
164.480 |
240.600 |
|
9 Total Current liabilities |
71.026 |
82.535 |
101.562 |
|
10 Current Ratio |
0.160 |
0.199 |
0.237 |
|
11 Current liabilities without considering term loan installments due
within one year |
71.026 |
82.535 |
101.562 |
|
12 current ratio without term loan inst. Due in year |
0.160 |
0.199 |
0.237 |
|
13 TNW |
54.079 |
96.642 |
157.901 |
|
14 Term Liabilities |
15.000 |
7.500 |
-- |
|
15 Term Liabilities / TNW |
0.028 |
0.008 |
-- |
|
16 TOL |
86.026 |
90.035 |
101.562 |
|
17TOL/ TNW |
0.159 |
0.093 |
0.064 |
FUND
FLOW STATEMENT
(Rs. In Millions)
|
Particulars |
2008-09 Following Year Projection |
2009-10 Following Year Projection |
2010-11 Following Year Projection |
|
1 SOURCES |
|
|
|
|
a Net Profit (After Tax) |
29.533 |
42.563 |
61.259 |
|
b Depreciation |
5.240 |
4.088 |
3.334 |
|
c Increase in Capital – Deposits form Directors and shareholders |
-- |
-- |
-- |
|
d Increase in term liabilities (including public deposits) |
-- |
-- |
-- |
|
e Decrease in |
|
|
|
|
i) Fixed Assets |
-- |
-- |
-- |
|
ii) Other Non-Current Assets |
-- |
-- |
-- |
|
f Others (Preliminary Expenses W/O) |
-- |
-- |
-- |
|
g TOTAL |
34.773 |
46.651 |
64.593 |
|
2 USES |
|
|
|
|
a Net Loss |
-- |
-- |
-- |
|
b Decrease in term liabilities ( including public deposits) |
7.500 |
7.500 |
7.500 |
|
c increase in |
|
|
|
|
i) Fixed Assets |
-- |
-- |
-- |
|
ii) Other Non-Current Assets |
-- |
-- |
-- |
|
d Dividend Payments |
-- |
-- |
-- |
|
e Others – Deposits form Directors and Shareholders |
-- |
-- |
-- |
|
TOTAL |
7.500 |
7.500 |
7.500 |
|
3 Long Term Surplus (+) / Deficit (-) (1-2) |
27.273. |
39.151 |
57.093 |
|
4 Increase or decrease in current assets (As per details given below) |
40.130 |
50.660 |
76.120 |
|
5 Increase or decrease in Current Liabilities other than Bank
borrowing |
12.857 |
11.509 |
19.027 |
|
6 Increase or decrease in Working Capital Gap |
27.273 |
39.151 |
57.093 |
|
7 Net Surplus (+) / Deficit(-) (difference of 3 and 6) |
-- |
-- |
-- |
|
8 Increase/ Decrease in Net Sales |
-- |
-- |
-- |
|
Increase / Decrease in Net Sales |
580.647 |
259.177 |
409.465 |
|
Break up of (4) |
|
|
|
|
I) Increase / Decrease in Raw Materials |
-- |
-- |
-- |
|
II) Increase / Decrease in stock in Process |
-- |
-- |
-- |
|
III) Increase/ Decrease in Finished Goods |
38.130 |
48.360 |
73.470 |
|
IV) Increase/ Decrease in Receivables |
-- |
-- |
-- |
|
V) Increase/ Decrease in Stores and Spares |
1.000 |
1.100 |
1.210 |
|
VI) Increase / Decrease in other current assets |
1.000 |
1.200 |
1.440 |
|
Note: Increase / Decrease
under items 4 to 8 as also under break-up of (4) should be indicated by (+)
(-) |
|||
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10068152 |
|
Corporate
identity number of the company |
U34104PN2007PTC130497 |
|
Name of the
company |
BHAVARIA MOTORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Flat No. 1104/ B, Gagan Galaxy Co- Operative Housing Society, Market
Yard, Bibewewadi, Pune-411037, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Corporation Bank, H-2406, East Street Branch, CAMP, Pune-411001,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
First Common
Supplemental Deed of Hypothecation |
|
Date of
instrument Creating the charge |
14.11.2007 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan – Interest at COBAR – 1.25% i.e. 12.00%
p.a. at present Bank Guarantee – In case of invoked BG interest at COBAR +
5.00% i.e. 18.25% p.a. at present Commission at the applicable rate. Terms of Repayment Term Loan – To be
repaid in 36 monthly installments of Rs. 0.695 Million each, plus initial
moratorium period of 6 months. Total period of 42 months not to exceed. Margin Term Loan –
21.87% (Overall) Bank Guarantee –
15.00% Extent and Operation of the charge Exclusively first
change on security mentioned in Schedules |
|
Short particulars
of the property charged |
Hypothecation of
all present and future stock of goods and book debts AND present and future
Plant and Machinery, Furniture and Fixtures, Computers and Other Movable
Fixed Assets at the premises at No. 2, Petite Estate, Next to Hotel Amir,
B.G. Road, Pune-411001 and Workshop at S. No. 46, Plot No. 9, Beghind Demello
Petrol Pump, Wadgaon Sheri, Nagar Road, Pune-411014 or other premises or
wherever else. |
|
Particulars of
the present modification |
By this Modification
the Original Term Loan of Rs. 13.000 Millions is enhanced to Rs. 25.000
Millions. Bank Guarantee Limit of Rs. 25.000 Millions introduced. The Total
facility now stands enhanced to Rs. 50.000 Millions |
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 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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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 |
|