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MIRA
INFORM REPORT
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Report Date : |
18.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
BAFNA MOTORS (MUMBAI) PRIVATE LIMITED |
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Registered Office : |
Block 3, Ajinkya Mansion, 1st Floor, Pandita Ramabai Marg,
Mumbai – 400 007, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.11.2001 |
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Com. Reg. No.: |
11-133866 |
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CIN No.: [Company
Identification No.] |
U34300MH2001PTC133866 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB09507B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer for Tata Motors Limited Commercial Vehicle and Spareparts |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 310000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Mr. Premal Parekh, Accountant Manager although agreed to part require
details but lately denied. The company is a Tata Vehicle Dealers. Business shows downwork trends. The company may suffer in the current year, as well. It can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY (GENERAL DETAILS)
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Name : |
Mr. Premal Parekh |
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Designation : |
Accountant Manager |
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Date : |
15.11.2008 |
LOCATIONS
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Registered Office : |
Block 3, Ajinkya Mansion, 1st Floor, Pandita Ramabai Marg,
Mumbai – 400 007, Maharashtra, India |
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Tel. No.: |
91-22-23687072 / 65175606 / 23687071 |
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Mobile No.: |
91-9223311333 |
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E-Mail : |
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Corporate Office 1 : |
Shop No. 9, Daffodils Apartment, Opp. Deonar Depot, Sion Trombay Road,
Chembur (East), Mumbai – 400 088, Maharashtra, India |
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Tel. No.: |
91-22-66201516 |
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Mobile No.: |
91-9867030914 / 9223354500 |
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Corporate Office 2 : |
Mohan Mill Compound, Majiwada, Ghodbunder Road, Thane (West), Thane – 400
601, Maharashtra, India |
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Tel. No.: |
91-22-25894205 / 25894206 / 25895768 / 25894352 |
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Fax No.: |
91-22-25894679 / 25894250 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sumati Prasad Mishrilal Bafna |
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Designation : |
Director |
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Address : |
22, Gobind Mahal, 86-B, Marine Drive, Mumbai – 400 002, Maharashtra,
India |
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Date of Birth/Age : |
26.10.1961 |
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Date of Appointment : |
05.11.2001 |
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Name : |
Mr. Sanjeev Mishrilal Bafna |
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Designation : |
Director |
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Address : |
H No. 789, PL No. 7-10, Sevasadan B/H Vishram Apartment, CIDECO M
AGAR, RB Bhujbal Farm Road, Bhujbal Farm, Nashik – 422 009, Maharashtra,
India |
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Date of Birth/Age : |
23.04.1964 |
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Date of Appointment : |
12.12.2003 |
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Name : |
Mr. Devendra Munnalal Sharma |
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Designation : |
Director |
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Address : |
D/403, 4th Floor, Atlas Lodha Paradise, Maniwade, Mumbai –
400 601, Maharashtra, India |
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Date of Birth/Age : |
08.05.1964 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Mohan Subramaniam |
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Designation : |
Director |
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Address : |
Flat No. 405, ‘B’ 4th Floor, Laxminarayan Complex, Sector
12A, Koparkhairane, Navi Mumbai – 400 709, Maharashtra, India |
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Date of Birth/Age : |
19.04.1962 |
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Date of Appointment : |
10.04.2004 |
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Name : |
Mr. Kamal Kishore Gandhi |
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Designation : |
Director |
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Address : |
701, Pluto, B Wing, Gaurav Galaxy, Phase II, Near Surya Shopping
Centre, Mira Road (East), Thane – 401 107, Maharashtra, India |
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Date of Birth/Age : |
23.08.1969 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Madathil Gopan |
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Designation : |
Director |
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Address : |
C-05, 506, Vindhyachal Lokdhara, Kalyan (East), Thane – 421 306,
Maharashtra, India |
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Date of Birth/Age : |
08.10.1969 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. C A Koushik |
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Designation : |
Director |
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Address : |
B/25, Vinita CHSL, Dr. Chandan Singh Road, Andheri (East), Mumbai –
400 093, Maharashtra, India |
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Date of Birth/Age : |
26.12.1968 |
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Date of Appointment : |
01.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Sumati Prasad Mishrilal Bafna |
1282000 |
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Nanda Sumati Prasad Bafna |
618000 |
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Total |
1900000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors
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100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer for Tata Motors Limited Commercial Vehicle and Spareparts |
GENERAL
INFORMATION
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Bankers : |
State Bank of India Commercial Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle
(East), Mumbai – 400 057, Maharashtra, India |
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Facilities : |
Notes ·
Working Capital Demand Loans are secured by hypothecation of stocks
and book debts, both present and future, and mortgage of property. ·
Term loans are secured by mortgage of property. ·
Secured by hypothecation of assets purchased under hire purchase
arrangement. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lalit and Surendra Chartered Accountant |
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Address : |
5, Bharat House, 104, Mumbai Samachar Marg, Mumbai – 400 001,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1900000 |
Equity Shares |
Rs.10/- each |
Rs.19.000
millions |
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 |
19.000 |
19.000 |
19.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
43.814 |
30.921 |
26.535 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
62.814 |
49.921 |
45.535 |
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LOAN FUNDS |
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1] Secured Loans |
665.340 |
703.785 |
699.434 |
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2] Unsecured Loans |
272.251 |
182.811 |
158.041 |
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TOTAL BORROWING |
937.591 |
886.596 |
857.475 |
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DEFERRED TAX LIABILITIES |
0.321 |
0.122 |
0.748 |
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TOTAL |
1000.726 |
936.639 |
903.758 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
249.463 |
191.885 |
161.645 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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 |
369.374
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284.924 |
292.335 |
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Sundry Debtors |
376.732
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439.006 |
418.689 |
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Cash & Bank Balances |
22.375
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14.902 |
22.139 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
152.150
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122.596 |
59.297 |
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Total
Current Assets |
920.631
|
861.428 |
792.460 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
153.399
|
97.262 |
44.927 |
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Provisions |
15.970
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19.441 |
5.477 |
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Total
Current Liabilities |
169.369
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116.703 |
50.404 |
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Net Current Assets |
751.262
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744.725 |
742.056 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.028 |
0.056 |
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TOTAL |
1000.726 |
936.639 |
903.758 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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189.340 |
149.733 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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189.340 |
149.733 |
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Profit/(Loss) Before Tax |
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24.793 |
9.404 |
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Provision for Taxation |
|
11.702 |
5.645 |
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Profit/(Loss) After Tax |
|
13.091 |
3.759 |
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Total Expenditure |
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164.547 |
140.329 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.91
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2.51 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
13.09
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6.28 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.12
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0.89 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.39
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0.19 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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17.62
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20.09 |
19.93 |
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Current Ratio (Current Asset/Current Liability) |
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5.44
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7.38 |
15.72 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U34300MH2001PTC133866 |
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Name of the
company |
BAFNA MOTORS (MUMBAI) PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Block 3, Ajinkya Mansion, 1st Floor, Pandita Ramabai Marg,
Mumbai – 400 007, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Immovable
property ·
Others o
Corporate
Guarantee |
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Particular of
charge holder |
State Bank of India Commercial Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle
(East), Mumbai – 400 057, Maharashtra, India |
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Nature of instrument
creating charge |
Memorandum of
Deposit for Creation of charge / further charge on collateral security |
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Date of
instrument Creating the charge |
30.08.2008 |
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Amount secured by
the charge |
Rs.70.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
Interest As would de determined by the Bank from time to time. ·
Terms of
Repayment As per the sanction terms and condition of State Bank of India ·
Margin As per the sanction terms and condition of State Bank of India ·
Extent and
operation of the charge As per the sanction terms and condition of State Bank of India ·
Others N.A. |
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Particulars of
the property charged |
This charge is created
towards the guarantee given to State Bank of India, Commercial Branch, Vile
Parle (East), Mumbai. By Bafna Motors (Mumbai) Private Limited (Guarantor
Company) For the Loan availed of by Bafna Healthcare Private Limited
(Borrower Company) to the extent of Rss.70.000 millions details of the Imm.
Property of the guarantor company is as per annexure. |
Fixed Assets
·
Land
·
Plant and Machinery
·
Electric Installation
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Vehicles
·
W-I-P Land and Building Gurgaon
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.49.68 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.62.58 |
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 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
|
40 |
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 |
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