MIRA
INFORM REPORT
|
Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA CAR AUTOMOTIVES PRIVATE LIMITED |
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Registered
Office : |
A 97, Sahid Nagar, Bhubaneshwar, Khurda-752101, Orissa |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.07.2003 |
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Com. Reg. No.: |
15-7231 |
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CIN No.: [Company Identification
No.] |
U50102OR2003PTC007231 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BBNA00377G |
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PAN No.: [Permanent Account No.] |
AAECA5786A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Trading and Servicing of Four Wheelers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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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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 |
LOCATIONS
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Registered Office : |
A 97, Sahid Nagar, Bhubaneshwar, Khurda-752101, |
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E-Mail : |
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Branch Office : |
NH-5, Rudrapr, Bhubaneswar0752101, |
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Tel. No.: |
91-674-2463522/ 23/ 24 |
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Fax No.: |
91-674-2463525 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Ms. Padma Charan Patra |
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Designation : |
Chairman cum Managing Director |
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Address : |
A 97, Sahid Nagar, Bhubaneshwar, Khurda-752101, |
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Date of Birth/Age : |
09.12.1952 |
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Date of Appointment : |
09.07.2003 |
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Name : |
Ms. Satyabhama Patra |
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Designation : |
Director |
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Address : |
A 97, Sahid Nagar, Bhubaneshwar, Khurda-752101, |
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Date of Appointment : |
09.07.2003 |
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Name : |
Mr. Aditya Patra |
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Designation : |
Managing Director |
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Address : |
A 97, Sahid Nagar, Bhubaneshwar, Khurda-752101, |
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Date of Birth/Age : |
24.12.1984 |
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Date of Appointment : |
24.12.2003 |
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Name : |
Mr. Durga Prasad |
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Designation : |
Director |
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Address : |
Flat No. 104, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Padma Charan Patra |
|
370000 |
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Satyabhama Patra |
|
100000 |
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Pee Cee Construction (Private) Limited, |
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230000 |
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Aditya Patra |
|
500000 |
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Total |
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1200000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading and Servicing of Four Wheelers. |
GENERAL INFORMATION
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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 : |
P.A. And Associates Chartered Accountant |
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Address : |
20, Govind Vihar, Bamikhal, Bhubaneswar-751010, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.000
Millions |
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 |
12.000 |
12.415 |
12.000 |
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2] Share Application Money |
1.000 |
0.000 |
0.415 |
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3] Reserves & Surplus |
54.310 |
33.282 |
28.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[11.704] |
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NETWORTH |
67.310 |
45.697 |
28.711 |
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LOAN FUNDS |
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1] Secured Loans |
228.034 |
272.748 |
188.015 |
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2] Unsecured Loans |
164.982 |
144.021 |
168.667 |
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TOTAL BORROWING |
393.016 |
416.769 |
356.682 |
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DEFERRED TAX LIABILITIES |
11.132 |
8.483 |
7.153 |
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TOTAL |
471.458 |
470.949 |
392.546 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
170.320 |
142.983 |
140.180 |
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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 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
90.317
|
94.379 |
97.871 |
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Sundry Debtors |
57.320
|
32.856 |
61.845 |
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Cash & Bank Balances |
31.724
|
114.028 |
82.318 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
154.848
|
108.600 |
27.053 |
|
Total
Current Assets |
334.209
|
349.863 |
269.087 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
15.058
|
8.985 |
9.551 |
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Other Current Liabilities |
13.166
|
10.289 |
6.610 |
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Provisions |
4.847
|
2.623 |
0.613 |
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Total
Current Liabilities |
33.071
|
21.897 |
16.774 |
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Net Current Assets |
301.138
|
327.966 |
252.313 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.053 |
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TOTAL |
471.458 |
470.949 |
392.546 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income (Revenue) |
1821.592 |
1384.700 |
1222.917 |
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Other Income |
NA |
20.610 |
13.180 |
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TOTAL (A) |
NA |
1405.310 |
1236.097 |
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Less |
EXPENSES |
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Cost of Sales |
1519.046 |
1154.778 |
1043.335 |
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Personnel Expenses |
19.643 |
17.095 |
12.278 |
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Administrative Expenses |
11.809 |
10.265 |
10.011 |
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Selling Expenses |
214.223 |
157.356 |
129.474 |
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Other Expenses |
NA |
20.611 |
30.581 |
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TOTAL (B) |
NA |
1360.105 |
1225.679 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
57.051 |
45.205 |
10.418 |
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Less |
FINANCIAL
EXPENSES (D) |
21.884 |
18.456 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.167 |
26.749 |
10.418 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
6.643 |
5.798 |
5.458 |
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PROFIT BEFORE
TAX (E-F) (G) |
28.524 |
20.951 |
4.960 |
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Less |
TAX (I) |
7.496 |
3.965 |
7.766 |
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PROFIT AFTER TAX
(G-I) (J) |
21.028 |
16.986 |
[2.806] |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.282 |
[11.704] |
[8.897] |
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BALANCE CARRIED
TO THE B/S |
26.310 |
5.282 |
[11.703] |
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Earnings Per
Share (Rs.) |
17.52 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
1.21 |
[0.23] |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.57
|
1.51 |
0.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.65
|
4.25 |
1.22 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.46 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.33
|
9.60 |
13.01 |
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Current Ratio (Current Asset/Current Liability) |
|
10.11
|
15.98 |
16.04 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
The operational performance of the company recorded
considerable growth during the year on the backdrop of buoyant Indian economy
scenario.
The total revenue for the year ended 31st
March, 2010 at Rs. 1821.592 Millions as against Rs. 1384.700 Millions in the
previous year, recorded a growth of 32%.
The company expects to achieve sustainable and
profitable growth in the coming year.
Projects under implementation:
The Automobile industry is growing having a
positive effect on the sector which has increased the demand for personal as
well as utility vehicles. The company’s expansion strategy has been in line with the expectation from the
buoyancy in the industry.
A new dealership of LCV and HCV of Mahindra –
Navistar has been obtained under another
Unit of the company, Aditya Autocare, is undergoing Construction of showroom,
as per the standards and specification of the Group. It is expected to be ready
for commercial operation from December, 2010.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U50102OR2003PTC007231 |
|
Name of the
company |
ADITYA CAR AUTOMOTIVES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A 97, Sahid Nagar, Bhubaneshwar, Khurda-752101, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Kotak Mahindra Private Limited, 36-38A, Nariman Bhavan, 227, Nariman
Point, Mumbai-400021, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of Hypothecation |
|
Date of
instrument Creating the charge |
27.02.2010 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest The rate of
interest would be charged at 11.50% p.a., spares 12.50%. Currently KMB PLR is
15.50% Terms of
Repayment The inventory
funding on demand repayment in accordance with the cutailment provisions Margin Nil Extent and
Operation of the charge The charge
operate as security, inter alia, for the due payment and discharge by the
company to Kotak Mahindra Prime Limited of financials facility aggregatin to limit
of Rs. 15.000 Millions together with interest, costs, charges, expenses and
all other money payable by it to Kotak Mahindra Prime Limited under the
relevant documents. Chare is continuous charge. |
|
Short particulars
of the property charged |
First charge over
the entire current and movable assets of the company including but not
limited to debtors, advances spares accessories, vehicles, stores at the
premises, warehouse, godown. |
Fixed Assets:
·
·
·
Building
·
Plant and Machinery
·
Computer
·
Furniture and Fixtures
·
Vehicles
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.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
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 |
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 |
|
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 |
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.