MIRA
INFORM REPORT
|
Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNIVERSAL ASPI MOTORS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
582/2, Shahwadi, Near Vishala Hotel, Sarkhej, Narol Road, Ahmedabad –
380055, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
04.09.2006 |
|
|
|
|
Com. Reg. No.: |
048999 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U50300GJ2006PTC048999 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMU01046D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Dealers for Tata Motors |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 60000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company and Tata Motors dealers. Trade relations
are fair. Directors are resourceful and experienced businessman. Their trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Jignesh |
|
Designation : |
Accountant |
|
Contact No.: |
91-9714500525 |
|
Date : |
31.11.2008 |
|
|
|
|
Name : |
Mr. Alpesh |
|
Designation : |
General Manager |
|
Contact No.: |
91-9714500501 |
|
Date : |
31.11.2008 |
LOCATIONS
|
Registered Office/ Factory : |
582/2, Shahwadi, Near Vishala Hotel, Sarkhej Narol Road, Ahmedabad –
380055, Gujarat, India |
|
Tel. No.: |
91-79-26641044/ 30021234/ 26606338 |
|
Mobile No.: |
91-9714500568/ 9714500525/ 9714500501/ 9376456700 |
|
Fax No.: |
91-79-26641044 |
|
E-Mail : |
|
|
Area : |
500 yards |
|
Location : |
Owned |
|
|
|
|
Showroom : |
Located at: Paldi (Ahmedabad) |
DIRECTORS
|
Name : |
Mr. Vijay B. Patel |
|
Designation : |
Director |
|
Address : |
Kochrab Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
Date of Birth/Age : |
21.11.1961 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
04.09.2006 |
|
|
|
|
Name : |
Mr. Bharat B. Patel |
|
Designation : |
Director |
|
Address : |
Bink, Opposite Core Hotel, Ellisbridge, Ahmedabad – 380006, Gujarat,
India |
|
Date of Birth/Age : |
21.09.1958 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
24.03.2008 |
|
|
|
|
Name : |
Mr. Aspibhai H. Patel |
|
Designation : |
Director |
|
Address : |
B/H, Krushi Bhavan, Kochrab, Ellisbridge, Ahmedabad – 380006, Gujarat,
India |
|
Date of Birth/Age : |
01.04.1976 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
24.03.2008 |
|
|
|
|
Name : |
Mr. Kaushikkumar J. Shah |
|
Designation : |
Director |
|
Address : |
A-2, Shruhad, Flat 8, Kailash Nagar Society, Hindu Colony, Navarangpura,
Ahmedabad – 380009, Gujarat, India |
|
Date of Birth/Age : |
21.01.1970 |
|
Date of Appointment : |
04.09.2006 |
|
Date of Ceasing : |
06.06.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 27.09.2008)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vijaybhai Patel |
|
51000 |
|
Lopaben Patel |
|
24000 |
|
Shakshi Patel |
|
6000 |
|
Dikshi Patel |
|
6000 |
|
Dhruvil Patel |
|
6000 |
|
Aspibhai Patel |
|
51000 |
|
Harshadbhai Patel |
|
20000 |
|
Manjulaben Patel |
|
11000 |
|
Vandanaben Patel |
|
11000 |
|
Bharatbhai Patel |
|
51000 |
|
Mohiniben Patel |
|
10000 |
|
Rekhaben Patel |
|
10000 |
|
Bharatbhai Patel (HUF) |
|
12000 |
|
Krishna Patel |
|
10000 |
|
Prabhavatiben Patel |
|
21000 |
|
|
|
|
|
Total |
|
300000 |
(As on 31.03.2008)
|
Category |
|
Percentage
|
|
|
|
|
|
Director or Relatives of Director |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealers for Tata Motors |
GENERAL
INFORMATION
|
No. of Employees : |
70 |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai –
400013, Maharashtra, India
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
CC – Rs.20.000 Millions
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
P J Malaviya and Company Chartered Accountant |
|
Address : |
43/44, Amidhara Society, Near Church, Taluka Dasroi, Bopal, Ahmedabad
– 380058, Gujarat, India |
|
|
|
|
Name : |
M. K. Sikchi and Company Chartered Accountant |
|
Address : |
15-A, Valmik Complex, Near Parimal Garden, Ellisbridge, Ahmedabad –
380006, Gujarat, India |
CAPITAL STRUCTURE
(As on 30.09.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000
Millions |
|
|
|
|
|
(As on 31.03.2008)
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.200 |
0.200 |
|
|
2] Share Application Money |
|
12.415 |
14.260 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
12.615 |
14.460 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
78.995 |
49.623 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
78.995 |
49.623 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
91.610 |
64.083 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
20.286 |
11.456 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.005 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.539 |
0.186 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
51.012
|
46.412 |
|
|
Sundry Debtors |
|
29.518
|
10.651 |
|
|
Cash & Bank Balances |
|
31.005
|
0.266 |
|
|
Other Current Assets |
|
3.601
|
4.053 |
|
|
Loans & Advances |
|
0.621
|
4.248 |
|
Total
Current Assets |
|
115.757
|
65.630 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
47.610
|
17.735 |
|
|
Provisions |
|
0.945
|
0.786 |
|
Total
Current Liabilities |
|
48.555
|
18.521 |
|
|
Net Current Assets |
|
67.202
|
47.109 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
3.578 |
5.332 |
|
|
|
|
|
|
|
|
TOTAL |
|
91.610 |
64.083 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
454.836 |
161.099 |
|
|
Other Income |
|
10.752 |
1.612 |
|
|
Total Income |
|
465.588 |
162.711 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.558 |
(5.314) |
|
|
Provision for Taxation |
|
0.151 |
(0.161) |
|
|
Profit/(Loss) After Tax |
|
1.709 |
(5.153) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
440.203 |
160.479 |
|
|
Labour Charges |
|
0.800 |
0.191 |
|
|
Administrative Expenses |
|
1.116 |
0.295 |
|
|
Raw Material Consumed |
|
0.072 |
0.062 |
|
|
Financial Charges |
|
7.258 |
2.016 |
|
|
Consumption of stores and spares parts |
|
2.246 |
1.082 |
|
|
Other
Expenses |
|
11.589 |
3.599 |
|
|
Depreciation & Amortization |
|
0.746 |
0.301 |
|
Total Expenditure |
|
464.030 |
168.025 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
|
0.37 |
(3.17) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.34 |
(3.30) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.15 |
(6.89) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.12 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
10.11 |
4.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.38 |
1.35 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U50300GJ2006PTC048999 |
|
Name of the
company |
UNIVERSAL ASPI MOTORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
582/2, Shahwadi, Near Vishala Hotel, Sarkhej, Narol Road, Ahmedabad –
380055, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge
holder |
HDFC Bank HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai –
400013, Maharashtra, India CIN No.:
L65920MH1994PLC080618 Email: rbbform8@hdfcbank.com |
|
Nature of
instrument creating charge |
Letter of
Hypothecation |
|
Date of
instrument Creating the charge |
27.09.2007 |
|
Amount secured by
the charge |
Rs.60.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
interests: Interests at the
rate as may be communicated by the Bank from Time to time. Terms of
Repayment: On Demand Margin: Borrower shall at
all times during the continuance of this security maintain the said debts of
a sufficient amount to provide the margin of security as may from Time to
time advised by the Bank Extent and
operation of the charge: Hypothecation by
way of first charge on company’s stocks, Book debts etc. secure as a
continuing security for repayment of monies due and payable by the borrower
to the Bank |
|
Particulars of
the property charged |
Hypothecation by
way of first charge on (a)
All the
stock both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise, fixed assets and whatsoever
being movable property (b)
All present
and future book debts, more specifically described in Annexure attached to
this form. |
Fixed Assets:
- Building
- Computers
- Electrical Installation
- Furniture and Fixture
- Machinery
- Tools and Equipment
- Vehicles Expenses
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.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
|