MIRA
INFORM REPORT
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Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
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Name : |
M. G. BROTHERS AUTOMOBILES PRIVATE LIMITED |
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Registered
Office : |
D No 1/683, Co op House Building Colony, Yemmiganur – 518360, Andhra
Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
30.06.1994 |
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Com. Reg. No.: |
01-17819 |
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CIN No.: [Company Identification
No.] |
U34102AP1994PTC017819 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Automobile Vehicles |
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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Maximum Credit Limit : |
USD 320000 |
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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
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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
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Name : |
Mr. Tarkeshi |
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Designation : |
Accounts Department |
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Date : |
13.01.2011 |
LOCATIONS
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Registered Office : |
D No 1/683, Co op House Building Colony, Yemmiganur – 518360, |
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Tel. No.: |
91-8512-255143 |
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Telefax No.: |
91-8512-255143 |
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E-Mail : |
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Website : |
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Administrative Office : |
Durgamitta Nellore, |
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Tel. No.: |
91-861-2303366 |
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MG Brothers Real Estates : |
#861, 1st Floor, G.K. Shivaswamy's Complex,
80 Feet Road, Opp. Indoor Stadium, 8th Block, Koramangala, Bangalore - 560
095, Karnataka, India |
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Tel. No.: |
91-
80-2570 3006 / 7 |
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E-Mail : |
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Tafe Division : |
Tafe Divison,
Plot No:B-11, Industrial Estate, A.K.Nagar, Nellore-524004, |
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Tel. No.: |
91-861-2303344 |
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E-Mail : |
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Commercial Vehicle Division : |
Commercial Vehicle Division, Plot No: 95 And 96 |
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Tel. No.: |
91-92-47000007/46777000 |
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Fax No.: |
91-861-235854 |
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E-Mail : |
DIRECTORS
As On 25.09.2009
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Name : |
Mr. Ramanna Gangadhar Machani |
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Designation : |
Managing Director |
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Address : |
26-III-1619-1, Masters Colony, Padarupalli, |
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Date of Birth/Age : |
18.09.1958 |
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Date of Appointment : |
30.06.1994 |
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DIN No. : |
00267779 |
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Name : |
Mr. Ramesh Ramanna Machani |
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Designation : |
Director |
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Address : |
456-Arakere, Kothanur Cross, |
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Date of Birth/Age : |
15.03.1946 |
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Date of Appointment : |
30.06.1994 |
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DIN No. : |
00319941 |
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Name : |
Mr. Machani Ramanna Ganganna |
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Designation : |
Director |
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Address : |
1/683, |
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Date of Birth/Age : |
03.02.1944 |
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Date of Appointment : |
30.06.1994 |
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DIN No. : |
02063513 |
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Name : |
Mr. Raghavendra Gangadhar Machani |
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Designation : |
Whole Time Director |
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Address : |
M. G. Borthers Automobiles P Limited, Dargamitta, |
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Date of Birth/Age : |
16.02.1982 |
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Date of Appointment : |
20.12.2006 |
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DIN No. : |
01724331 |
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Name : |
Mr. Gangadhar Gopal |
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Designation : |
Whole Time Director |
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Address : |
M. G. Borthers Automobiles P Limited, Dargamitta, |
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Date of Birth/Age : |
27.07.1983 |
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Date of Appointment : |
20.12.2006 |
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DIN No. : |
01167631 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 25.09.2009
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Names of Shareholders |
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No. of Shares |
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Machani Rammanna Ganganna |
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24521 |
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Machani Ganganna Naveen |
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25000 |
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Machani Rammanna Ramesh |
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6577 |
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Machani Ramesh Satish |
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7157 |
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Machani Ramesh |
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7157 |
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Machani Rammanna Gangadhar |
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31776 |
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Machani Gangadhar Raghavendra |
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44211 |
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Machani Gangadhar Gopala |
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44211 |
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Deepa A Kumar |
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28630 |
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Total |
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219240 |
As On 25.09.2009
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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 : |
Dealer of Automobile Vehicles |
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Products : |
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Agencies Held : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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No. of Employees : |
1200 (approximately) [In office] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute : |
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Auditors : |
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Name : |
Brahmayya and Company Chartered Accountant |
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Address : |
21/142/6, Upstairs, S. K. D. Colony Extension, Adoni – 518301, |
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Pan No.: |
ABWPK5968N |
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Associates : |
Address: Line of Business: Dealer of Industrial Components
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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219240 |
Equity Shares |
Rs. 100/- each |
Rs. 21.924
Milions |
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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 |
21.924 |
21.924 |
22.648 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
58.975 |
45.576 |
26.104 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.899 |
67.500 |
48.752 |
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LOAN FUNDS |
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1] Secured Loans |
186.496 |
178.447 |
165.429 |
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2] Unsecured Loans |
48.066 |
43.819 |
40.274 |
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TOTAL BORROWING |
234.562 |
222.266 |
205.703 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
315.461 |
289.766 |
254.455 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
91.656 |
79.951 |
59.533 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.353 |
3.009 |
2.976 |
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DEFERREX TAX ASSETS |
0.809 |
0.289 |
(0.335) |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
468.197
|
366.045 |
270.818 |
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Sundry Debtors |
142.096
|
88.951 |
69.375 |
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Cash & Bank Balances |
33.287
|
42.746 |
37.800 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
165.895
|
145.393 |
108.145 |
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Total
Current Assets |
809.475
|
643.135 |
486.138 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
537.127
|
373.850 |
256.871 |
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Other Current Liabilities |
17.845
|
34.653 |
17.756 |
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Provisions |
35.860
|
28.115 |
19.230 |
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Total
Current Liabilities |
590.832
|
436.618 |
293.857 |
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Net Current Assets |
218.643
|
206.517 |
192.281 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
315.461 |
289.766 |
254.455 |
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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 |
2446.191 |
2950.114 |
2355.640 |
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Labour Receipts |
39.961 |
33.491 |
29.937 |
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Other Income |
57.507 |
45.399 |
47.719 |
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TOTAL (A) |
2543.659 |
3029.004 |
2433.296 |
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Less |
EXPENSES |
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Purchases |
2307.705 |
2805.198 |
2295.794 |
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Servicing Expenses |
14.304 |
11.595 |
9.867 |
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Stores and Tools Consumed |
0.000 |
0.123 |
0.057 |
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Personnel Expenses |
49.025 |
41.143 |
33.555 |
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Administrative, selling and other expenses |
95.231 |
86.033 |
64.684 |
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Service tax |
3.079 |
2.267 |
1.705 |
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Sales tax |
88.318 |
89.866 |
71.814 |
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Accretion/Decretion in stocks |
(104.092) |
(96.151) |
(110.916) |
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TOTAL (B) |
2453.570 |
2940.074 |
2366.560 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
90.089 |
88.930 |
66.736 |
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Less |
FINANCIAL
EXPENSES (D) |
54.894 |
50.436 |
38.668 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.195 |
38.494 |
28.068 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.633 |
10.918 |
9.080 |
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PROFIT BEFORE
TAX (E-F) (G) |
23.562 |
27.576 |
18.988 |
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Less |
TAX (I) |
8.118 |
12.381 |
7.526 |
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PROFIT AFTER TAX
(G-I) (J) |
15.444 |
15.195 |
11.462 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31.568 |
21.096 |
13.708 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
1.500 |
1.500 |
1.200 |
|
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Dividend @ 10% |
2.192 |
3.289 |
2.884 |
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Corporate Tax on Dividend |
0.373 |
0.559 |
0.407 |
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Deferred Tax Asset |
(0.519) |
(0.625) |
(0.417) |
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BALANCE CARRIED
TO THE B/S |
43.466 |
31.568 |
21.096 |
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Earnings Per
Share (Rs.) |
70.44 |
69.31 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.61
|
0.50 |
0.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.96
|
0.93 |
0.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.61
|
3.81 |
3.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.41 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
|
10.20
|
9.76 |
10.25 |
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Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.47 |
1.65 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry creditors and accrued charges |
537.127 |
373.850 |
256.871 |
Review of
Operations:
The Business performance of the company during the current year is very
encouraging, During the year the company achieved the total turnover of Rs.
2543.660 millions as against Rs. 3029.005 milions in the previous year. During
the year the Company achieved the net profit of Rs. 15.444 millions as against
Rs. 15.195 millions in the previous year.
Trade References:
- Bajaj
Form 8:
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Corporate identity
number of the company |
U34102AP1994PTC017819 |
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Name of the
company |
M.G.Brothers
Automobiles Private Limited |
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Address of the
registered office or of the principal place of business in |
D NO 1/683,Co Op |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
1. Hypothecation Deed
for Goods and Power of attorney for book debts 2. Agreement of
Hypothecation of Book Debts 3. Letter of
Hypothecation for bills 4. Letter of
Indemnity and Demand Promissory Notes 5. Renewal and
Sanction Letter |
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Date of instrument
Creating the charge |
26.06.2010 |
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Amount secured by
the charge |
Rs. 105.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- BPLR - 2.00% = 13% Per annum presently Terms of Repayment
- One year Margin - 25% Extent and
Operation of the charge - The Charge is extended and operated on Movable and
immovable properties. |
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Particulars of
the property charged |
1. Hypothecation
of stock of TAFE tractors, stores & spares stored in the godown/business
premises at their branches at Nellore, Vijayawada, Chittor and
Medak.2.Hypothecation of book debts of tractor division not more than 60 days
due from parties other than the borrowers associate/sister concerns. 3. Discount
of bonafide cheques and drafts in favour of the Company of genuine trade
transactions. 4. Collateral: Non-agricultural landed property (DTCP approved
residential plots, 63 plots) situated at SAHAJA ENCLAVE having an extent of
21441.54 square yards at a value of Rs. 75.045 millions owned by the Real
Estate division of the Company. 5. Vacant land to the extent of 1.77 acres
located in SAHAJA ENCLAVE situated in S. No. 362, 365/2 and 365/3, Sahaja
Enclave, |
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Date of
instrument modifying the charge |
27.04.2009 |
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Particulars of
the present modification |
The Bank enhanced
the overall limits to Rs. 105.000 millions from the existing Rs. 82.500
millions. The details of enhancements are: OCC limit was enhanced
from existing Rs. 80.000 millions to Rs. 95.000 millions BPC limit was
enhanced from existing Rs. 2.500 millions to Rs. 10.000 millions. |
Fixed Assets:
- Land
- Building
- Wells and water works
- Plant and machinery
- Computers
- Vehicles
- Furniture and fixtures
- Goodwill
AS PER WEB SITE DETAILS:
PROFILE:
Subject was established in 1940 at Yemmiganur. The
Founders spread the business from surface cargo Transport to Automobiles
Dealerships for Telco, Tafe and
- Subject,
- M.G Automobiles,
- M.G. Metalik springs Private Limited, Ananthapur an ancillary unit
for M/S Stump, Schuele and Somappa Limited, Bangaluru.
- M.G. Brothers Oil Mills Private Limited, Yemmiganur – Manufacturers
of refined groundnut oil
- Subject,
The above network of the parent company was divided during family
partition in 1984 and Mr. M.R Gangadhar and Brothers got to their share M.G.
Brother,
The Limited with foreign holdings continued in this group with Mr.M.R.
Ramesh as its Vice Chairman and Managing Director.
M.G. Brothers,
Mr.M.R. Gangadhar born on 18th
September 1958 had his early education at Yemmiganur itself. Later he took his
professional degree in B.Tech from
M.G Brothers also had its network in HPCL at
The Aqua division was started in 1998, June and the Real Estates in
2001. M.G Brothers are delaers for Telco from 1954, Tafe Since 1961, Bajaj
since 1992 and Eicher since 2005.
On the Social side Mr.Gangadhar very ably supported by his wife Smt.Uma Gangadhar very actively
participated in the social activities of the society without any personal
admissions. This hobby of theirs is the most satisfying item in their daily
routine and Mr.Ganagdhar is rotary club member since 1990, Vice President of
Red Cross Society since 1996 he is an active member of Ramachandra Mission
since about 2 decades, he and his wife is the center of the hub for the mission
activities.
Mr.Gangadhar MD is now ably supported in running the organization by his
two sons Mr.Raghavendra and Mr.GopalaKrishna. Both the sons are
Engineering Graduates and the Mr.Raghavendra the elder son, has also
specialized in M.S (Finance) in
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
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 |
YES |
|
--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.