MIRA INFORM REPORT
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Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SWAPNAPURTI MOTORS PRIVATE LIMITED |
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Registered
Office : |
81-82, Shivaji Housing Society, Opposite Sugar Factory, Madhavnagar
Road, Sangli-416416, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.10.2006 |
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Com. Reg. No.: |
11-129185 |
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CIN No.: [Company Identification
No.] |
U34101PN2006PTC129185 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPS06970F |
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PAN No.: [Permanent Account No.] |
AAKCS2788L |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Dealer of Tractors, Spare Parts, Oil Batteries, 3 Wheelers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 36000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Srivardhan |
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Designation : |
Accountant |
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Contact No.: |
91-233-2620020 |
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Date : |
18.04.2011 |
LOCATIONS
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Registered Office : |
81-82, Shivaji Housing Society, Opposite Sugar Factory, Madhavnagar
Road, Sangli-416416, Maharashtra, India |
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Tel. No.: |
91-233-2620020 |
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E-Mail : |
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Area : |
3500 sq. ft. |
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Location : |
Owned |
DIRECTORS
As On : 27.09.2010
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Name : |
Mr. Vishal Patil |
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Designation : |
Managing Director |
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Address : |
Shri Sai Shivaji Housing Society, Opposite Sugar Factory, Sangli-416416,
Maharashtra, India |
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Date of Birth/Age : |
13.08.1980 |
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Date of Appointment : |
30.10.2006 |
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DIN No : |
00110950 |
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Name : |
Mr. Shailaja Patil |
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Designation : |
Director |
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Address : |
Shri Sai Shivaji Housing Society, Opposite Sugar Factory,
Sangli-416416, Maharashtra, India |
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Date of Birth/Age : |
01.05.1953 |
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Date of Appointment : |
30.10.2006 |
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DIN No : |
00110981 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Vishal Patil |
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1000 |
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Mr. Shailaja Patil |
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1000 |
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Total |
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2000 |
AS ON 27.09.2010
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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 |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Tractors, Spare Parts, Oil Batteries, 3 Wheelers. |
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Products : |
Purchases and Sales of Vehicles i.e. Tractor, 3 Wheeler, Spare Parts,
Oil Batteries. |
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Agencies Held : |
Mahindra and Mahindra |
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Terms : |
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Selling : |
Cash, Credit (30 /60 /90 days) |
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Purchasing : |
Cash, Credit (30 /60 /90 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
61 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Uday Shantilal Shah Chartered Accountant |
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Address : |
1/42, “Swayambhu” Rajwada, Sangli-416416, Maharashtra, India |
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Tel. No.: |
91-233-2372265 / 2376672 / 2376683 |
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Mobile No.: |
91-9422040783 |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- 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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|
2000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.200
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.200 |
0.200 |
0.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.952 |
3.302 |
2.602 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.152 |
3.502 |
2.802 |
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LOAN FUNDS |
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1] Secured Loans |
23.930 |
15.842 |
13.797 |
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2] Unsecured Loans |
7.099 |
5.346 |
5.156 |
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TOTAL BORROWING |
31.029 |
21.188 |
18.953 |
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DEFERRED TAX LIABILITIES |
0.018 |
0.000 |
0.000 |
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TOTAL |
40.199 |
24.690 |
21.755 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.759 |
0.867 |
0.992 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.021 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.930
|
13.347 |
13.892 |
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Sundry Debtors |
31.402
|
23.879 |
13.307 |
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Cash & Bank Balances |
4.505
|
2.095 |
0.680 |
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Other Current Assets |
6.502
|
5.890 |
5.680 |
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Loans & Advances |
1.545
|
0.618 |
5.108 |
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Total
Current Assets |
62.884
|
45.829 |
38.667 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.506 |
2.009 |
0.944 |
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Other Current Liabilities |
18.681
|
18.465 |
15.265 |
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Provisions |
2.732
|
1.568 |
1.758 |
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Total
Current Liabilities |
23.919
|
22.042 |
17.967 |
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Net Current Assets |
38.965
|
23.787 |
20.700 |
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MISCELLANEOUS EXPENSES |
0.029 |
0.036 |
0.042 |
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OTHERS |
0.446 |
0.000 |
0.000 |
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TOTAL |
40.199 |
24.690 |
21.755 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
128.686 |
91.182 |
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Other Income |
|
0.556 |
0.692 |
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TOTAL (A) |
239.219 |
129.242 |
91.874 |
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Less |
EXPENSES |
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Cost of Materials |
|
116.087 |
NA |
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Direct Expenses |
|
3.300 |
NA |
|
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Employees Remuneration |
|
2.510 |
NA |
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Commission |
|
0.368 |
NA |
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Remuneration |
|
0.150 |
NA |
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Professional Fees |
|
0.084 |
NA |
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Other Expenditure |
|
2.646 |
NA |
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TOTAL (B) |
233.013 |
125.145 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
4.097 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
|
3.145 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.952 |
2.824 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.266 |
0.235 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.206 |
0.686 |
2.589 |
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Less |
TAX (H) |
0.524 |
NA |
NA |
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PROFIT AFTER TAX
(G-H) (I) |
5.682 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.38
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.53 |
2.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.75
|
1.47 |
6.52 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.68
|
0.20 |
0.92 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.01
|
12.34 |
13.18 |
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Current Ratio (Current Asset/Current Liability) |
|
2.63
|
2.08 |
2.15 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
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Creditors for Goods Supplier |
2.506 |
2.009 |
0.755 |
|
Creditors for Others |
0.000 |
0.000 |
0.189 |
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Total
|
2.506 |
2.009 |
0.944 |
FORM 8
|
Corporate
identity number of the company |
U34101PN2006PTC129185 |
|
Name of the
company |
SWAPNAPURTI
MOTORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
81-82, Shivaji Housing Society, Opposite Sugar Factory, Madhavnagar
Road, Sangli-416416, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
|
|
Particular of
charge holder |
The Federal Bank Limited, S. T. Colony, Vishrambag, Sangli-416415,
Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement
for Cash Credit / Overdraft Loan. |
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Date of instrument
Creating the charge |
29.10.2010 |
|
Amount secured by
the charge |
Rs. 17.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 3.50%
above the base rate subject to the minimum interest of 11.50% p.a. with
monthly rest. The present base rate of the bank is 8%. Terms of
repayment Repayment:
Within twelve months Margin Stock-25% Receivables-50%
(not older than by 180 days) Extent and operation
of the charge Hypothecation
of paid stock of M and M range of tractors, Three Wheelers, Implements,
Accessories, Spare Parts, Oil, Chemicals (with minimum 25% margin) and
Receivables (with minimum 50% margin) not older than 180 days. EM of the flat
No. 308, 3rd Floor, Maker Chambers V Plot 221, Block III, Backbay Reclamation
Scheme, Nariman Point, Mumbai. in the name of M/s Pratik Patil Investment and
Leasing Private Limited valued at Rs. 12.200 millions |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
of paid stock of M& M range of tractors, Three Wheelers, Implements,
Accessories, Spare Parts and consumables. Goods
produced, merchandise and any other stocks mentioned in the schedule to the
said agreement, stored or be in about the borrower's godowns or premises at
Vasant Bazar, Madhav Nagar, Sangli-416416. Borrower's
present and future book debts, outstanding moneys receivable, claims,
contracts, engagements, securities, investments, deposits, rights and assets. Collateral
Security: EM of Office No. 308, 3rd Floor, Maker Chambers V, in Plot No. 221,
Block III, Nariman Point, Mumbai - 400 021. |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. |
Yes |
|
If yes, in whose
name it is registers |
Pratik Patil Investment and Leasing Private Limited |
|
Charge
identification number of the charge to be modified |
10100291 |
|
Particulars of
the present modification |
The Cash
Credit / Overdraft limit is enhanced from Rs.15.000 millions to Rs.17.500
millions. |
FIXED ASSETS
- Computer
- Deed Stock
and Furniture
- Workshop
Tools
- Workshop
Machinery
- Electronics
Equipments
- Electrical
Installation and Fittings
TRADE REFERENCE:
- Kalyani
Engineers, Kolhapur
- Sai Agro
Sales, Sangli
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
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 |
4 |
|
--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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.