MIRA
INFORM REPORT
|
Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NAVNIT MOTORS PRIVATE LIMITED |
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Registered Office : |
6, Mehta Chambers, Kalyan Street, Mumbai-400009, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.12.1985 |
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Com. Reg. No.: |
11-38346 |
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CIN No.: [Company
Identification No.] |
U34101MH1985PTC038346 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN09527A |
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PAN No.: [Permanent
Account No.] |
AAACN1252A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor of Cars |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr.s Lakshmi of the company denied business details since he has to
obtain permission from Mr. Navnit Kachalia promoter of the company. Navinit Group belongs to “ Kachalia Family”. All members of the family
involved in the business have detailed knowledge and experience about
automobiles trade in India. The business is managed under Mr. Navnit Kachalia, the Chariman and
Managing Director. The group enjoys high status in the society and business world. Trade
relations are fair. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
6, Mehta Chambers, Kalyan Street, Mumbai-400009, Maharashtra, India |
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Tel. No.: |
91-22-23502323/ 23502324/ 23502325 |
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Mobile No.: |
91-9322111213 |
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Fax No.: |
91-22-23502177 |
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E-Mail : |
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Mumbai Office : |
Waterford, C-Wing, Juhu Lane, Ville Parle (West), Mumbai-400059,
Maharashtra, India |
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Tel. No.: |
91-22-26253333 |
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Fax No.: |
91-22-21721507 |
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E-Mail : |
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Bangalore Office: |
Survey No. 4, Konapanna Agrahara, Begur Hobli, Hosur Road, Near
Electronic City, Bangalore-560068, Karnataka, India |
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Tel. No.: |
91-80-28520060 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Navneet Liladhar Kahalia |
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Designation : |
Managing Director |
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Address : |
C-704/ 704 A, Kailas Towers Co-operative Housing Society, Vallabh Baug
Lane, Ghtkopar (East), Mumbai-400077, Maharashtra, India |
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Date of Birth/Age : |
28.09.1949 |
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Date of Appointment : |
17.12.1985 |
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Name : |
Mr.Vijay Liladhar Kachalia |
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Designation : |
Director |
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Address : |
C-704, Kailash Tower, Near Odeon Talkies, Ghatkopar, Mumbai-400077,
Maharashtra, India |
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Date of Birth/Age : |
01.08.1956 |
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Date of Appointment : |
01.09.1993 |
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Name : |
Mr. Sharad Liladhar Kachalia |
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Designation : |
Director |
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Address : |
C-902, Kailas Towers, Vallabh Baug Lane, Ghatkopar (East),
Mumbai-400077, Maharashtra, India |
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Date of Birth/Age : |
14.04.1958 |
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Date of Appointment : |
01.09.1993 |
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Name : |
Mr. Jayendra Liladhar Kachalia |
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Designation : |
Director |
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Address : |
Flat No. 1101, G – Wing, 11th Floor, Kukreja Palace, Vallabh
Baug Extension, Ghatkopar (East), Mumbai-400077, Maharashtra, India |
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Date of Birth/Age : |
31.12.1959 |
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Date of Appointment : |
17.12.1985 |
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Name : |
Mr. Ashish Navnit Kachalia |
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Designation : |
Director |
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Address : |
C-702, Kailas Towers, Vallabh Baug Lane, Ghatkopar (East),
Mumbai-400077, Maharashtra, India |
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Date of Birth/Age : |
10.07.1978 |
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Date of Appointment : |
02.11.1998 |
KEY EXECUTIVES
|
Name : |
Mr. S V Subramania Iyer |
|
Designation : |
Company Secretary |
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Address : |
Flat No. 7, Shri Bhavani, RHB Road, Mulund West, Mumbai 400 080 |
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Tel No. : |
91-22-25611041 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Navnit L Kachalia |
|
307500 |
|
Jayendra Kachalia |
|
73330 |
|
Navinit Kachalia |
|
197500 |
|
Parul Navnit Kachalia |
|
55000 |
|
Vijay L Kachaila |
|
73330 |
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Daksha Vijay Kachlia |
|
55000 |
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Sharad L Kachlia |
|
73330 |
|
Aarti Sharad Kachlila |
|
55000 |
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Dipti J Kachlia |
|
55000 |
|
Ashish N Kachlia |
|
55000 |
|
Shreenath Motors Private Limited |
|
10 |
|
Total |
|
1000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Bodies corporate (not mentioned above) |
|
0.01 |
|
Directors or Relatives of Directors |
|
99.99 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Cars |
GENERAL
INFORMATION
|
Bankers : |
·
Union Bank of India, Karpubavadi Branch, Dhan Laxmi Industrial Estate,
Gokul Nagar, Old Agra Road, Thane (West), Thane-400601, Maharashtra, India ·
State Bank of India, AMT-1, Commercial Branch, Fort, Mumbai-400023,
Maharashtra, India ·
ICICI Bank Limited |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Parikh and Shah Chartered Accountant |
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Address : |
Bhupati Chambers, 1st Floor, 13, Mathew Road, Opera House,
Mumbai-400004, Maharashtra, India |
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Tel No.: |
91-22-23630269/ 2362374 |
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Associates/Subsidiaries : |
Navnit Aviation Private Limited U35300MH2001PTC133632 Navnit Marine Private Limited U35110M|H2001PTC133623 Soft- Tech Info Systems Private Limited U99999MH1995PTC095000 Navnit Insurance Services Private Limited |
CAPITAL STRUCTURE
As on 29.09.2007
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 |
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
171.067 |
135.781 |
68.593 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
181.067 |
145.781 |
78.593 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
295.179 |
258.525 |
177.717 |
|
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2] Unsecured Loans |
20.000 |
20.000 |
20.000 |
|
|
TOTAL BORROWING |
315.179 |
278.525 |
197.717 |
|
|
DEFERRED TAX LIABILITIES |
11.377 |
9.618 |
9.629 |
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|
|
|
|
|
|
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TOTAL |
507.623 |
433.924 |
285.939 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
136.021 |
118.158 |
101.820 |
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Capital work-in-progress |
146.940 |
2.905 |
2.436 |
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|
|
|
|
|
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INVESTMENT |
0.379 |
0.280 |
0.280 |
|
|
DEFERREX TAX ASSETS |
0.000 |
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
302.147
|
193.212 |
238.099 |
|
|
Sundry Debtors |
78.352
|
124.293 |
56.043 |
|
|
Cash & Bank Balances |
67.109
|
24.199 |
20.255 |
|
|
Other Current Assets |
15.867
|
9.885 |
9.683 |
|
|
Loans & Advances |
75.469
|
100.436 |
48.855 |
|
Total
Current Assets |
538.944
|
452.025 |
372.935 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
314.457
|
127.743 |
188.822 |
|
|
Provisions |
0.204
|
11.701 |
2.710 |
|
Total
Current Liabilities |
314.661
|
139.444 |
191.532 |
|
|
Net Current Assets |
224.283
|
312.581 |
181.403 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
507.623 |
433.924 |
285.939 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
1684.292 |
1956.906 |
|
|
Other Income |
|
146.030 |
150.717 |
|
|
Total Income |
|
1830.322 |
2107.623 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
63.763 |
115.014 |
|
|
Provision for Taxation |
|
25.056 |
42.125 |
|
|
Profit/(Loss) After Tax |
|
38.707 |
72.889 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
|
171.105 |
121.736 |
|
|
Provision of Doubtful Debts / Advances |
|
0.117 |
0.250 |
|
|
Purchases made for re-sale |
|
1674.895 |
1811.024 |
|
|
Financial Charges |
|
17.683 |
18.770 |
|
|
Increase/(Decrease) in Finished Goods |
|
[109.655] |
30.600 |
|
|
Depreciation & Amortization |
|
12.414 |
10.229 |
|
Total Expenditure |
|
1766.559 |
1992.609 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.11
|
3.45 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.79
|
5.88 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.45
|
20.17 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.79 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
62.98
|
2.87 |
4.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
3.04 |
1.95 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
NAVNIT MOTORS PRIVATE LIMITED |
|
Presented By |
Union Bank of India, Karpubavadi Branch, Dhan Laxmi Industrial Estate,
Gokul Nagar, Old Agra Road, Thane (West), Thane-400601, Maharashtra, India |
|
1) Date and description of instrument creating the change |
Term Loan Agreement : ( Hypothecation of Movables) Dated 29th
March, 2005 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 5.000 Millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
1.
Hypothecation of various items of furniture and fixutes, workshop
equipments, alliances, computer hardware, software etc. 2.
All the tangible movable machinery and plant of the borrower together
with spares tools and accessories and other movables, both present and
future, whether lying or stored in or about or shall be brought into or be
stored or be in or upon or about the Borrower’s premises and godown or
wherever else the same may be or be held by any party to the order or
disposition of the Borrower relating to or pertaining to the Borrower’s works
at Navnit Houes, Opposite Gokul Nagar, Thane (West) S No. 4, Baretena Village, Banglore Shed No. SP 112, Ambattur Industrial Estate, Saldapet Tal. Mugappair
Village Chennai |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest BPLR + 1.5% p.a. with monthly rests. Repayment of Term Loan in 12 quarterly installments of Rs. 0.417
Million repayable in 36 months, commencing form April, 2005 |
|
5) Name and Address and description of the person entitled to the
charge. |
Union Bank of India, Karpubavadi Branch, Dhan Laxmi Industrial Estate,
Gokul Nagar, Old Agra Road, Thane (West), Thane-400601, Maharashtra, India |
|
6) Date and brief description
of instrument modifying the charge |
N.A |
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
N.A |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
|
|
Corporate
identity number of the company |
U34101MH1985PTC038346 |
|
Name of the
company |
NAVNIT MOTORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
6, Mehta Chambers, Kalyan Street, Mumbai-400009, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of India, AMT-1, Commercial Branch, Fort, Mumbai-400023,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
A.
No. Instrument
Extension of Memorandum of Entry was exclude B.
Letter
Confirming the Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
15.03.2007 |
|
Amount secured by
the charge |
Rs. 52.500
Millions |
|
Short particulars
of the property charged |
First Charge
(Present and Future) 1.
First charge
by way of hypothecation charge over the company’s entire stocks of raw
materials, stock in process, finished goods and receivables on pari passu
basis WIT other lender banks 2.
First charge
by way of hypothecation on the company’s entire fixed assets on pari passu
basis |
|
Particulars of
the present modification |
Now by the
present modification dated 15.03.2007 A Memorandum of Entry was excluded by
Union Bank of India UBI Acting for Itself and as an agent of state bank of
India and Created 1st Pari passu charge in favour of SBI by way of
an Equitable mortgage by deposit of title deeds over the immovable properties
to secure its credit facilities of Rs. 52.500 Millions. The details of
immovable property given as per annexure. |
AS PER WEBSITE
Milestones along the way
Subject is the flagship company of the
consortium was set up in 1986. Conviction and dedication earned the dealership
of 2 wheelers, 3 wheelers, passenger cars and commercial vehicles. Living up to
the heritage of ensuring exclusive mobility to individuals, resulted in
prestigious franchisees for Maruti Suzuki Limited, BMW, Land Rover INC., Rolls
Royce Motor Cars Limited, Force Motors Limited, MAN Force Trucks Private
Limited and JCB India Limited
The consistency in the outlook has got Navnit Motors Private Limited many a
coveted honour from the principals. The Group Finance Co. namely Navnit Leasing
and Finance Private Limited enables clients to pursue their dream machines. The
Group Software Company namely Soft-Tech Info systems Private Limited are into
providing IT solutions.
With an objective to provide mobility with comfort, style and speed anywhere be
it on land, water or air. Navnit Group expanded franchisee of Yachts and speed
boats from Bayliner and Meridian, US operating by the name of Navnit Marine
Private Limited
Navnit Aviation Private Limited was formed to take the franchisee of Business
Jets.
Navnit Insurance Services Private Limited was formed in December 2006 to mark
the foray into the Insurance sector.
Navnit Infra Project Private Limited was incorporated in June 2007 to undertake
infrastructure projects.
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.45.83 |
|
UK Pound |
1 |
Rs.84.90 |
|
Euro |
1 |
Rs.67.26 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|