MIRA
INFORM REPORT
|
Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ABS MERCANTILES PRIVATE LIMITED |
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Registered Office : |
89-A, Ground Floor, Jamrudpur, Greater Kailash-I, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
29.04.1997 |
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Com. Reg. No.: |
55-86948 |
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Capital Investment / Paid-up Capital : |
Rs.10.000 millions |
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CIN No.: [Company
Identification No.] |
U24231DL1997PTC086948 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA07751C |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer and Exporter of Pharmaceutical Bulk Drugs and its
intermediaries. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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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 170000 |
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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 : |
89-A, Ground Floor, Jamrudpur, Greater Kailash-I, |
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Tel. No.: |
91-11-47177000 |
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Fax No.: |
91-11-47177077 |
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E-Mail : |
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Website : |
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Factory : |
C-980, Sushant Lok, Phase-I, Gurgaon- 122015, |
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Tel. No.: |
91-124-4272602 / 4272603 |
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Fax No.: |
91-124-4272603 / 2392980 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Bodh Raj Sikri |
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Designation : |
Director |
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Address : |
980, Sushant Lok-1, Gurgaon – 122 015, |
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Date of Appointment : |
29.04.1997 |
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DIN No. : |
01134045 |
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Name : |
Mrs. Sushila Sikri |
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Designation : |
Director |
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Address : |
B -151, Lajpat Nagar-I, |
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Date of Appointment : |
29.04.1997 |
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DIN No. : |
01133903 |
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Name : |
Mr. Pochiraju Hanumantsubba Rao |
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Designation : |
Director |
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Address : |
F -148, Lajpat Nagar-I, |
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Date of Appointment : |
02.05.1997 |
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DIN No. : |
00448249 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bodh Raj Sikri |
|
1394630 |
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Sushila Sikri |
|
100 |
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Pochiraju Hanumantsubba Rao |
|
605270 |
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Total |
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2000000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Pharmaceutical Bulk Drugs and its
intermediaries and Trading of Vehicles |
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Products : |
Pharmaceutical Bulk Drugs and its intermediaries |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Standard Chartered Bank 10, ·
State Bank of 2nd Floor, Chandni Chowk, ·
Punjab National Bank ·
Kotak Mahindra Bank ·
·
American Express Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank ·
Indusind Bank |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
PVSP and Company Chartered Accountant |
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Address : |
5, |
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PAN No.: |
AAAFB4793K |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Share |
Rs.10/- Each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000
millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Share |
Rs.10/- Each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Share |
Rs.10/- Each |
Rs.10.000 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 |
10.000 |
2.241 |
2.241 |
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2] Share Application Money |
9.500 |
7.759 |
0.000 |
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3] Reserves & Surplus |
23.111 |
12.418 |
7.857 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
42.611 |
22.418 |
10.098 |
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LOAN FUNDS |
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1] Secured Loans |
120.115 |
107.432 |
26.065 |
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2] Unsecured Loans |
11.848 |
18.099 |
4.797 |
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TOTAL BORROWING |
131.963 |
125.531 |
30.862 |
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DEFERRED TAX LIABILITIES |
3.718 |
2.012 |
0.317 |
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TOTAL |
178.292 |
149.961 |
41.277 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
83.719 |
80.386 |
8.857 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.014 |
0.014 |
0.014 |
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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 |
53.855
|
91.720 |
13.371
|
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Sundry Debtors |
192.488
|
43.987 |
36.681
|
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Cash & Bank Balances |
6.374
|
7.176 |
2.672
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
72.434
|
24.459 |
39.810
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Total
Current Assets |
325.151
|
167.342 |
92.534 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
227.673
|
96.756 |
57.814 |
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Other Current Liabilities |
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Provisions |
2.919
|
1.029 |
2.322 |
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Total
Current Liabilities |
230.592
|
97.785 |
60.136 |
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Net Current Assets |
94.559
|
69.557 |
32.398 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.004 |
0.008 |
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TOTAL |
178.292 |
149.961 |
41.277 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
1074.820 |
372.448 |
79.461 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
1059.502 |
365.164 |
74.999 |
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PROFIT BEFORE
TAX |
15.318 |
7.284 |
4.462 |
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Less |
TAX |
4.625 |
2.723 |
1.573 |
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PROFIT AFTER TAX
|
10.693 |
4.561 |
2.889 |
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EARNINGS IN FOREIGN
CURRENCY |
11.764 |
11.649 |
2.875 |
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Earnings Per
Share (Rs.) |
10.69 |
20.35 |
12.90 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.99 |
1.23 |
3.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.75 |
2.94 |
4.40 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.32 |
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.51 |
9.96 |
9.01 |
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Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.71 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
During the year, the
performance of the Company was satisfactory and the Company has continued to
maintained the track record of earning profits. The total turnover achieved by
the company during the year is Rs.1074.819 millions. Considering the present
position of the company the Directors are of opinion that the company has the
immense potential and adequate resources to achieve the rapid rate of growth in
the coming year.
CONTINGENT
LIABILITY
i) Estimated
amount of Contracts remaining to be executed on capital account and not
provided for Rs. Nil.
ii) Claims against
the company not acknowledge as debts Rs. Nil.
iii) A search was
conducted by the Income Tax Department at the residence of Mr. B.R. Sikri
(Director) and at the office premises of the company on 9th Oct., 2009. During
the search the Income tax Department seized total cash of Rs.0.800 million out
of which Rs.0.550 million was of subject which is shown as the cash balance
with income tax department under the head ‘Cash and Bank Balances’ and the
balance Rs.0.250 millions was of other group companies and firms . Further no
demand has been raised by the Income Tax Department till the signing of balance
sheet.
FORM 8
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U24231DL1997PTC086948 |
|
Name of the company |
ABS MERCANTILES PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
89-A, Ground Floor, Jamrudpur, Greater Kailash-I, |
|
Type of charge |
Immovable property |
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Particular of charge holder |
Standard Chartered Bank 10, |
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Nature of description of the instrument creating or modifying the
charge |
Memorandum of entry. |
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Date of instrument Creating the charge |
16.12.2010 |
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Amount secured by the charge |
Rs.82.000 millions |
|
Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest As per agreement Terms of repayment As per agreement Margin As per agreement Extent and operation of the charge Extent and Operation - 100% |
|
Short particulars of the property charged |
·
Equitable mortgage by way of first charge over co's
immovable property i.e. Property
Bearing SCO No.307, City Centre, Sector-29, Gurgaon, (H) ·
together with all building and structures thereon
or to be thereon. |
FIXED ASSETS
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicle
·
Office Equipments
·
Computer
WEB DETAILS
Authorised Tata and Fiat Car Dealer in Gurgaon
ABS Motors is an authorized dealer of TATA and FIAT cars in
NCR region, with State of the art Service centre and centrally located Showroom
facility, they endeavor to enrich every aspect of customer experience related
to Sales, Service and Spares. They have one of the best body shop backed by 37
fully equipped mechanical bays. ABS motors is ranked number 1 dealership in
view of Customer Satisfaction Index and Sales Satisfaction Index (As per JD
Power TATA Motors proprietary survey, 2010). They were also the first
dealership in
With the amalgamation of the vast experience and youthful energy they
extend the facilities like:
·
New Cars
·
Certified Used Cars
·
Auto Finance
·
Auto Insurance
·
Car Service
·
Body Repair
·
Auto Card Loyalty Programme
·
Free Pickup and Drop Facility*
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.43.95 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.