MIRA
INFORM REPORT
|
Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
TECTONE MOTORS PRIVATE LIMITED |
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Registered
Office : |
Sankalp Building, Next to Bankers Heart Institute, Old Padra Road,
Vavodara – 390015, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
13.05.2008 |
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Com. Reg. No.: |
04-53866 |
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CIN No.: [Company Identification
No.] |
U51109GJ2008PTC053866 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Authorised Dealer of Honda Car. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company establishing itself gradually. 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,
initially. |
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 DECLINED BY
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Name : |
Mr. Avinash |
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Designation : |
Accounts Department |
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Date : |
07.01.2011 |
LOCATIONS
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Registered Office/ Showroom : |
Sankalp Building, Next to Bankers Heart Institute, Old Padra Road, Vavodara
– 390015, Gujarat, India |
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Tel No.: |
91-265-2321358 |
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E-Mail : |
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Website : |
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Showroom / Factory : |
Aspen Honda, |
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Tel. No.: |
91-265-2761821/ 22 |
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E-Mail : |
DIRECTORS
(AS ON 12.11.2009)
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Name : |
Mr. Kuren Manishkumar Amin |
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Designation : |
Director |
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Address : |
9, Parishram Society, |
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Date of Birth/Age : |
29.12.1974 |
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Date of Appointment : |
13.05.2008 |
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Name : |
Mrs. Priti Kurendu Amin |
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Designation : |
Director |
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Address : |
9, Parishram Society, |
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Date of Birth/Age : |
28.02.1975 |
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Date of Appointment : |
13.05.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Avinash |
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Designation : |
Accounts Department |
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Name : |
Mas and Associates |
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Designation : |
Company Secretary and Corporate Advisors |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 12.11.2009)
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Names of Shareholders |
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No. of Shares |
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Kuren Manishkumar Amin |
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245000 |
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Priti Kurendu Amin |
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5000 |
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Autogem (Private) Limited, |
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750000 |
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Total |
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1000000 |
(AS ON 12.11.2009)
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Category |
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Percentage |
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Bodies corporate |
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75.00 |
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Directors or relatives of directors |
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25.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Authorised Dealer of Honda Car. |
GENERAL INFORMATION
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Bankers : |
· Indian Overseas Bank Alkapuri Branch, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Joshi Jain and Company Chartered Accountant |
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Address : |
F – 2, Chetan Apartment, Opposite Anjoy Restaurant, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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|
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
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2] Share Application Money |
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|
0.355 |
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3] Reserves & Surplus |
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0.276 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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10.631 |
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LOAN FUNDS |
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1] Secured Loans |
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32.480 |
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2] Unsecured Loans |
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16.050 |
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TOTAL BORROWING |
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48.530 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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59.161 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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46.145 |
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Capital work-in-progress |
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8.850 |
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INVESTMENT |
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0.010 |
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DEFERREX TAX ASSETS |
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0.028 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.863 |
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Sundry Debtors |
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4.745 |
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Cash & Bank Balances |
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4.218 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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5.576 |
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Total
Current Assets |
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23.402 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
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4.287 |
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Other Current Liabilities |
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13.943 |
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Provisions |
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1.172 |
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Total
Current Liabilities |
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19.402 |
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Net Current Assets |
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4.000 |
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MISCELLANEOUS EXPENSES |
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0.128 |
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TOTAL |
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59.161 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2009 |
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SALES |
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Income |
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249.623 |
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Other Income |
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2.190 |
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TOTAL (A) |
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251.813 |
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Less |
EXPENSES |
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Cost of Goods, Spares and Accessories Sold |
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234.024 |
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Operating Expenses |
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0.541 |
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Human Resources Development Cost |
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4.150 |
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Administrative Expenses |
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6.135 |
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Selling and Distribution Expenses |
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0.672 |
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Preliminary Expenses |
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0.032 |
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TOTAL (B) |
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245.554 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
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6.259 |
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Less |
FINANCIAL
EXPENSES (D) |
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2.895 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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3.364 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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2.877 |
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PROFIT BEFORE
TAX (E-F) (G) |
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0.487 |
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Less |
TAX (H) |
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0.211 |
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PROFIT AFTER TAX
(G-H) (I) |
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0.276 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
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0.000 |
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BALANCE CARRIED
TO THE B/S |
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0.276 |
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Earnings Per
Share (Rs.) |
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0.28 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2009 |
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PAT / Total Income |
(%) |
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0.11 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.70 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.39 |
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Current Ratio (Current Asset/Current Liability) |
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1.21 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from, 9 Parisram
Society, Subhanpura, Vadodara,
FINANCIAL
PERFORMANCE:
The company commenced it operations from October 2008 and recorded a
total income of Rs.251.813 Millions earning a profit (PBIT) of Rs.0.487
Million.
FORM 8:
|
Corporate identity
number of the company |
U51109GJ2008PTC053866 |
|
Name of the
company |
Tectone Motors Private Limited |
|
Address of the
registered office or of the principal place of business in |
Sankalp Building, Next to Bankers Heart Institute, Old Padra Road,
Vavodara – 390015, Gujarat, India |
|
This form is for |
Modification of charge |
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Type of charge |
Book debts Movable Property (not being pledge) Floating Charge |
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Particular of
charge holder |
Indian Overseas
Bank Alkapuri Branch, |
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Nature of
instrument creating charge |
Letter of
Hypothecation (For Securing Machineries. Vehicles/ Goods/ Book Debts) Dated
24.04.2010. |
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Date of
instrument Creating the charge |
24.04.2010 |
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Amount secured by
the charge |
Rs.67.500 Millions
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC – BPLR – 0.25%
i.e. 11.75% p.a. presently TL – BPLR i.e.
12.00% p.a. presently Term of
Repayment: CC- On demand TL- Repayable in
20 quarterly installments of Rs.1.250 Millions each quarter with a holiday
period of 3 months commencing from Jan-March 2009. Margin: CC- Stocks- 25%
and Book Debts- 50% L/C- 25% Extent and
Operation of the charge: First Charge by
extension of hypothecation shall be for the repayment amount to the bank for
all monies including the principal sums, interest, cost, charges, expenses
and other monies payable from time to time and that all rights, remedies,
terms, conditions to be observed by the company for the total increased
facility from Rs.55.000 Millions /- to Rs.67.500 Millions. |
|
Particulars of
the property charged |
First Charge by way
of hypothecation on all present and future stocks, Goods, Book Debts, Raw
Materials, Semi finished goods, finished Goods, situated at Plant and
Machineries and Other Movable Assets situated at All Book Debts,
receivable etc. |
|
Particulars of
the present modification |
The charge is
modified from Rs.55.000 Millions to Rs.67.500 Millions in view of additional
credit facilities granted by the bank. |
FIXED ASSETS:
· Building
· Electrical Installment
· Furniture and Fixtures
· Office Equipments
· Plant and Machinery
· Tools and Equipments
· Vehicles
· Computers
WEBSITE DETAILS:
PROFILE:
Torque Holdings LLP a US $
200 Million group headquartered in Vadodara and offices in Ahmedabad,
For more than three decades the company has consistently provided the best
quality and services. Today Nivita Engineering has more than 50 customers which
include esteemed industries like Zydus Cadila, Alembic, Gujarat Tractor, Sun
Pharma, Transpek etc.
The company decided to expand its business portfolio in 2002
by entering in the automotive retail sector and associated itself with the
international brand Skoda Auto and within a period of eight years the company
grew pan Gujarat having an infrastructure of Sales, Service and Spares in all
the major cities of Gujarat namely Ahmedabad, Vadodara, Surat, Rajkot, Vapi,
Gandhidham and Bhavnagar. In 2008 the company added Honda cars to its kitty in
Vadodara. It now boasts of a well trained and skilled manpower of over 500
people.
Torque Holdings now
has aggressive plans to reach a 1 billion US $ milestone by 2012 Through
organic growth and venturing in to the field of renewable energy by
establishing a solar and wind project on 670 Acre land at Barmer, Rajasthan.
This project named as Sun Source will catapult the group into the Renewable and
Eco-friendly energy generation industry. With a stress on Eco-friendly
environment, the Torque Group are establishing an Educational Park named as
‘Ecocity Education Campus’ in Baroda and further spreading it across six
different cities in Gujarat. The proposed project is anticipated to be unique,
if not first of its kind.
They are forward to diversify into the fields of Real Estate Services,
Alternative Energy Business and Education; under the able leadership of its key
persons namely Mr. Kuren Amin, Mr. Ikshit Amin, Mr. Pranav Parikh, Mr. Bipin
Datar and a team of professionals engaged in efficient operations and
constantly innovating to meet the challenging goals.
The philosophy of the company is based on the four core values of Trust, Transparency, Technology and Touch
by providing a platform for transparent operations the group builds trust among
its employees and thereby touch the hearts of thousands of its delighted
customers by technology and human interface.
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 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.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.