MIRA
INFORM REPORT
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Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SMART CARS LIMITED |
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Formerly Known
As : |
SREH LEASING AND FINANCE LIMITED |
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Registered
Office : |
9/2, Allenganj, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
10.11.1995 |
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Com. Reg. No.: |
20-018993 |
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CIN No.: [Company Identification
No.] |
U65993UP1995PLC018993 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KNPS02301F |
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PAN No.: [Permanent Account No.] |
AAICS3528E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader of Honda four wheelers. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under pressure. Trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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
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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 (General Information)
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Name : |
Mr. Ram Prakash Sharma |
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Designation : |
Accounts Departemnt |
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Date : |
22.12.2010 |
LOCATIONS
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Registered Office : |
9/2, Allenganj, |
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E-Mail : |
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Service Centre : |
4B-3, Dada Nagar Co-operative Industrial Estate, Near SBI Chowk, |
DIRECTORS
30.09.2009
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Name : |
Mr. Vikas Jaiswal |
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Designation : |
Director |
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Address : |
113/83, Swaroop Nagar, |
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Date of Appointment : |
07.12.2002 |
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Name : |
Mr. Har Prasad Jaiswal |
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Designation : |
Director |
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Address : |
113/83, Swaroop Nagar, |
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Date of Appointment : |
07.12.2002 |
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Name : |
Mr. Kakul Jaiswal |
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Designation : |
Director |
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Address : |
113/83, Swaroop Nagar, |
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Date of Appointment : |
09.02.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Mr. Vikas Jaiswal |
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875470 |
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Mr. Har Prasad Jaiswal |
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1000 |
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Mr. Satish Jaiswal |
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10 |
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Mr. Kakul Jaiswal |
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123490 |
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Mr. Chail Bihari Jaiswal |
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10 |
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Mr. Ram Kumar Jaiswal |
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10 |
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Mr. Ramesh Kumar Jaiswal |
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10 |
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Total |
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1000000 |
As on 30.09.2009
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Category |
Percentage |
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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 : |
Trader of Honda four wheelers. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Corporates, OEM’s
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Bankers : |
Kotak Mahindra Bank 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gopal and Associates Chartered Accountant |
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Address : |
9/46-L, |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.500 |
0.500 |
0.000 |
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3] Reserves & Surplus |
4.110 |
2.765 |
3.051 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.610 |
13.265 |
13.051 |
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LOAN FUNDS |
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1] Secured Loans |
30.296 |
53.196 |
46.732 |
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2] Unsecured Loans |
0.007 |
1.457 |
1.314 |
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TOTAL BORROWING |
30.303 |
54.653 |
48.046 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.119 |
0.375 |
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TOTAL |
44.913 |
68.037 |
61.472 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.943 |
11.923 |
13.504 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.126 |
0.116 |
0.116 |
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DEFERREX TAX ASSETS |
0.154 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.246
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40.111 |
28.755 |
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Sundry Debtors |
20.068
|
15.164 |
16.238 |
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Cash & Bank Balances |
5.238
|
6.166 |
9.593 |
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Other Current Assets |
0.342
|
4.818 |
0.102 |
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Loans & Advances |
2.756
|
2.906 |
8.108 |
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Total
Current Assets |
46.650
|
69.165 |
62.796 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.960
|
13.167 |
12.650 |
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Provisions |
0.000
|
0.000 |
2.294 |
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Total
Current Liabilities |
13.960
|
13.167 |
14.944 |
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Net Current Assets |
32.690
|
55.998 |
47.852 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
44.913 |
68.037 |
61.472 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
428.252 |
407.196 |
504.850 |
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Other Income |
24.365 |
18.190 |
11.531 |
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TOTAL (A) |
452.617 |
425.386 |
516.381 |
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Less |
EXPENSES |
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Cost of Sales |
404.301 |
389.267 |
484.608 |
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Direct Expenses |
7.469 |
3.514 |
2.126 |
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Indirect Expenses |
27.788 |
20.881 |
19.988 |
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Other Expenses |
4.628 |
4.243 |
2.331 |
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TOTAL (B) |
444.186 |
417.905 |
509.053 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.431 |
7.481 |
7.328 |
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Less |
FINANCIAL
EXPENSES (D) |
3.183 |
4.708 |
3.232 |
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PROFIT BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.248 |
2.773 |
4.096 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.034 |
2.968 |
2.531 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.214 |
(0.195) |
1.565 |
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Less |
TAX (H) |
0.869 |
0.090 |
0.817 |
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PROFIT AFTER TAX
(G-H) (I) |
1.345 |
(0.285) |
0.748 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.765 |
3.051 |
2.303 |
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BALANCE CARRIED
TO THE B/S |
4.110 |
2.766 |
3.051 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
0.30
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(0.07) |
0.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.52
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(0.05) |
0.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.78
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(0.24) |
2.05 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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(0.01) |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.03
|
5.11 |
4.83 |
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Current Ratio (Current Asset/Current Liability) |
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3.34
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5.25 |
4.20 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
The operations of the company during the year has shown improvement in
comparison to the previous year. Total income during the year amounted to Rs.470.863
Millions as against Rs.465.497 Millions in the preceding year. The company
earned a Profit After Tax of Rs.1.344 Millions during the year as against a
loss after tax of Rs.0.285 Million in the preceding year. The directors are
making all efforts to come out with improved performance in the coming years.
FORM 8 :
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Name of the company |
Smart Cars
Limited |
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Presented By |
Mr. Vikas Jaiswal |
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1) Date and description of instrument creating the change |
Deed of hypothecation
dated 20.11.2005 hypothecasting all current and movable assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.500 Millions |
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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 |
Hypothecation by
way of first charge on all the current and movable assets of the company;
including vehicles, debtors, advances made for purchasing the vehicles, now
owned or here after acquired by the dealer and that now are or here after
from time to time during this security shall be brought in, stored or be, in
or about the premises, warehouses, godowns and showrooms of dealer at dealers
address set forth above or anywhere else, including all vehicles in course of
transit or delivery and all book debts and receivables of dealer arising on
any sale, lease, hire purchase or other deposition by dealer of vehicles. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Kotak Mahindra Bank 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U65993UP1995PLC018993 |
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Name of the
company |
SMART CARS
LIMITED |
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Address of the
registered office or of the principal place of business in |
9/2, Allenganj, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Kotak Mahindra Bank 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
31/03/2008 |
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Amount secured by
the charge |
Rs.6.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: The interest at
13.00% linked to Kotak Mahindra Banks (KMB) Prime Lending Rate (PLR) less
3.50% p.a. Presently KMBs PLR is at 16.50% p.a. Terms of
Repayment : On demand
repayment in accordance with curtailment provision. 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 financial facility aggregating to limit of
Rs. 6.000 millions together with interest, costs, charges, expenses and all
other money payable by it to Kotak Mahindra Prime Limited under the relevant
documents. charge is a continuous
charge. |
|
Short particulars
of the property charged |
As per attached
deed of Hypothecation |
FIXED ASSETS :
- Fire Safety Equipments
- Vehicles
- Electric Fittings
- Furniture and Fixtures
- Plant and Machinery
- Office Equipment
- EPABX System and Telephone
- V-Set
- Cycle
- Generator
- Computers
- Fridge
- Air Conditioner
- Coffee Machine
- Camera
- Television
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
28 |
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.