MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHUKSHANTI AUTO PRODUCT PRIVATE LIMITED |
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Registered Office : |
25 Balaram Street, Grant Road, Mumbai – 400007, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.05.2003 |
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Com. Reg. No.: |
11-140297 |
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CIN No.: [Company
Identification No.] |
U50300MH2003PTC140297 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS46694E |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
To carry on the business of Buying and selling of all kinds of
Automobile Spare Parts for all Vehicle namely two wheeler, three wheeler and
four wheeler |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Management remained non – cooperative during current inveingation. Financial position is satisfactory. No payments are available. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
25 Balaram Street, Grant Road, Mumbai – 400007, Maharashtra |
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Tel. No.: |
91-22-23093366/32972412/66377980 |
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Mobile No.: |
91-9320034091/9820034091/9324383757 |
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Branch Office : |
Flat No. 104, Mhada Block No. 04, Sun Shine Co-op Society, Opp.
Oshiwara Police Station, Jogeshwari (West), Mumbai - 400053 |
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Tel. No.: |
91-22-26301637/28351468/30972697 |
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Branch Office : |
7-D, Rajlaxmi Commercial Complex, Mane Farm House, Opp. Durgesh Park,
Kalhar, Tal. Bhiwandi, Thane – 421302 |
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Tel. No.: |
91-22-31106551 |
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Mobile No.: |
91-952522277 |
DIRECTORS
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Name : |
Mr. Ajay Hansraj Grover |
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Designation : |
Director |
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Address : |
10-A, Beach House Chs, Gandhi Gram Road, Juhu, Mumbai – 400049,
Maharashtra |
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Date of Appointment : |
05.05.2003 |
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Name : |
Ms. Geeta Hansraj Grover |
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Designation : |
Director |
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Address : |
10-A, Beach House Chs, Gandhi Gram Road, Juhu, Mumbai – 400049,
Maharashtra |
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Date of Appointment : |
05.05.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Ajay Hansraj Grover |
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5000 |
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Ms. Geeta Hansraj Grover |
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5000 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of Buying and selling of all kinds of
Automobile Spare Parts for all Vehicle namely two wheeler, three wheeler and
four wheeler |
GENERAL
INFORMATION
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No. of Employees : |
3 |
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Bankers : |
The Saraswat Co-op Bank Limited, Apsara Cinem Building, 203 – A, Dr.,
D B Marg, Grant Road, Mumbai – 400007, Maharashtra |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S K Thanawala and Company Chartered Accountant |
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Address : |
140/142, Princess Street, Govind Building, 2nd Floor,
Mumbai – 400002, Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.000
Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.021 |
0.522 |
0.150 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.121 |
0.622 |
0.250 |
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LOAN FUNDS |
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1] Secured Loans |
26.533 |
19.462 |
15.129 |
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2] Unsecured Loans |
9.703 |
14.308 |
10.175 |
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TOTAL BORROWING |
36.236 |
33.770 |
25.304 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.357 |
34.392 |
25.554 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.671 |
2.044 |
2.206 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.026 |
0.526 |
0.026 |
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DEFERREX TAX ASSETS |
0.079 |
0.044 |
0.127 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
20.082
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20.506
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12.025 |
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Sundry Debtors |
31.222
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32.870
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21.792 |
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Cash & Bank Balances |
1.622
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1.735 |
0.833 |
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Other Current Assets |
4.028
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2.543 |
1.272 |
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Loans & Advances |
1.290
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4.000 |
0.138 |
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Total
Current Assets |
58.244
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61.654 |
36.060 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.973
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29.094 |
12.038 |
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Provisions |
0.712
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0.808 |
0.856 |
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Total
Current Liabilities |
22.685
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29.902 |
12.894 |
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Net Current Assets |
35.559
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31.752 |
23.166 |
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MISCELLANEOUS EXPENSES |
0.022 |
0.026 |
0.029 |
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TOTAL |
37.357 |
34.392 |
25.554 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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52.56
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102.36 |
152.79 |
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Current Ratio (Current Asset/Current Liability) |
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2.56
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2.06 |
2.79 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
90350534 |
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Corporate
identity number of the company |
U50300MH2003PTC140297 |
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Name of the
company |
SHUKSHANTI AUTO PRODUCT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
25 Balaram Street, Grant Road, Mumbai – 400007, Maharashtra |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
The Saraswat Co-op Bank Limited, Apsara Cinem Building, 203 – A, Dr., D
B Marg, Grant Road, Mumbai – 400007, Maharashtra E. Mail. pandeyravir@yahoo.ca |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation for additional advances |
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Date of
instrument Creating the charge |
22.02.2008 |
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Amount secured by
the charge |
Rs. 35.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of
Interest - PLR + 1% = 14% monthly
rest Terms of
Repayment – On demand or renewable every year Margin – Stock
& Book Debts – 30% Extent and
Operation of the charge - NA Others – NA |
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Short particulars
of the property charged |
Hypothecation of all
tangible movable assets of the company including stock & debts Equitable mortage
of flat no. 1161, Kohinoor City LBS Marg, Kurla, Mumbai Recurring deposit
of Rs. 0.200 Millions for 24 months |
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Date of latest
modification prior to the present modification |
27.02.2007 |
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Particulars of
the present modification |
By this present
modification, cash credit limit by Rs. 6.500 Millions the total limit
increased from Rs. 28.500 Millions to Rs. 35.000 Millions |
General Observation
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Name Board |
Sighted |
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Visibility of Name Board |
High |
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Location |
Easy |
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Landmark (if any) |
Ground |
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Locality |
Office |
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Approx. Market value of premises |
400 Sq. ft |
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Visibility of Items |
Telephone |
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No. of Employees seen at business Premises |
3 |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.97 |
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UK Pound |
1 |
Rs.89.72 |
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Euro |
1 |
Rs.66.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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