MIRA
INFORM REPORT
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Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MOHAN AUTO INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
517 E , |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.09.1979 |
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Com. Reg. No.: |
11-21671 |
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Capital
Investment / Paid-up Capital : |
Rs.3.661 Millions |
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CIN No.: [Company
Identification No.] |
U51909MH1979PTC021671 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KLPM01882G |
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PAN No.: [Permanent
Account No.] |
AABCM6744K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer and Distributor of Automobiles |
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No. of Employees : |
200 (Approximately) |
RATING & COMMENTS
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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 140000 |
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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.
INFORMATION PARTED BY
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Name : |
Mr. Prakash Patil |
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Designation : |
Accounts Manager |
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Mobile No.: |
91-9881401995 |
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Date : |
20.06.2011 |
LOCATIONS
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Registered Office : |
517 E , |
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Tel. No.: |
91-231-2535750 / 2538751 / 2537911 / 2537833 |
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Mobile No.: |
91-9822049492 (Mr. Vijay Raj Bhosle) 91-9881401945 (Mr. Prakash) 91-9881401995 (Mr. Prakash Patil) |
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Fax No.: |
91-231-2535751 |
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E-Mail : |
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Area : |
9 Acre |
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Location : |
Owned |
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Branch Office 1 : |
D 10, MIDC, Mirrjole, Ratnagiri, |
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Branch Office 2 : |
At end post |
DIRECTORS
AS ON 30.03.2010
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Name : |
Mr. Mohan Vasant Ghatge |
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Designation : |
Director |
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Address : |
37 Bharat Housing Society, Rajarampuri, |
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Date of Birth/Age : |
10.02.1948 |
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Qualification : |
B.E. |
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Date of Appointment : |
18.09.1980 |
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Name : |
Mr. Satish Vasant Ghatge |
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Designation : |
Director |
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Address : |
8 Surve Colony, New Shahupuri, |
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Date of Birth/Age : |
05.02.1956 |
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Qualification : |
B.E. |
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Date of Appointment : |
28.02.1983 |
KEY EXECUTIVES
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Name : |
Mr. Prakash Patil |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.03.2010
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Names of Shareholders |
No. of Shares |
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Mohan Vasant Ghatge |
9817 |
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Satish Vasant Ghatge |
14026 |
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Deepak Pandurang Gadre |
10 |
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Gourav Mohan Ghatge |
4250 |
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Nandini Mohan Ghatge |
4250 |
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Sadhana Satish Ghatge |
4250 |
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Mihir Mahesh Desai |
10 |
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Total |
36613 |
AS ON 30.03.2010
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer and Distributor of Automobiles |
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Agencies Held : |
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GENERAL INFORMATION
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Customers : |
Retailers, OEM’s and Distributor |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facility : |
(Rs. In
Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. B. Bhagwat and Company Chartered Accountants |
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Address : |
101 A Wing, |
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Pan no. : |
AABFR6942B |
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Group Companies : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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36613 |
Equity Share |
Rs.100/- Each |
Rs.3.661
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 |
3.661 |
3.661 |
3.661 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
32.611 |
22.831 |
16.988 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.272 |
26.492 |
20.649 |
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LOAN FUNDS |
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1] Secured Loans |
52.747 |
39.889 |
54.539 |
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2] Unsecured Loans |
37.684 |
42.177 |
38.348 |
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TOTAL BORROWING |
90.431 |
82.066 |
92.887 |
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DEFERRED TAX LIABILITIES |
3.444 |
3.299 |
2.136 |
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TOTAL |
130.147 |
111.857 |
115.672 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.276 |
53.304 |
49.343 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
12.853 |
7.823 |
7.823 |
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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 |
40.027
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27.830
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32.374
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Sundry Debtors |
16.878
|
15.272
|
11.585
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Cash & Bank Balances |
4.730
|
3.995
|
6.395
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Other Current Assets |
0.000
|
0.000
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0.000
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Loans & Advances |
31.252
|
29.027
|
24.460
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Total
Current Assets |
92.887
|
76.124
|
74.814
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
22.714
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18.939
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12.261
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Other Current Liabilities |
0.000
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0.000
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0.000
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Provisions |
9.155
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6.455
|
4.047
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Total
Current Liabilities |
31.869
|
25.394
|
16.308
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Net Current Assets |
61.018
|
50.730
|
58.506
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
130.147 |
111.857 |
115.672 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
600.667 |
431.297 |
388.801 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
600.667 |
431.297 |
388.801 |
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Less |
EXPENSES |
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Cost of Materials |
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Employees cost |
581.253 |
418.107 |
385.695 |
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Administrative Expenses |
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TOTAL (B) |
581.253 |
418.107 |
385.695 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.414 |
13.190 |
3.106 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
3.705 |
3.406 |
2.652 |
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PROFIT BEFORE
TAX (C-D) (E) |
15.709 |
9.784 |
0.454 |
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Less |
TAX (F) |
4.648 |
3.299 |
1.160 |
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PROFIT AFTER TAX
(E-F) (G) |
11.061 |
6.485 |
(0.706) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.420 |
1.577 |
2.926 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
NA |
NA |
NA |
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Dividend |
1.098 |
0.549 |
0.550 |
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Tax on Dividend |
0.182 |
0.093 |
0.093 |
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BALANCE CARRIED
TO THE B/S |
17.201 |
7.420 |
1.577 |
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Earnings Per
Share (Rs.) |
297.15 |
174.58 |
-- |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
800.000 |
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The above information has been parted by Mr. Prakash
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.84 |
1.50 |
(0.18) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.61 |
2.26 |
0.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.53 |
7.55 |
0.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.43 |
0.36 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.46 |
3.03 |
5.39 |
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Current Ratio (Current Asset/Current Liability) |
|
2.91 |
2.99 |
4.58 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
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Due to Directors |
0.001
|
0.001 |
0.012 |
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Due to Others |
22.713
|
18.938 |
12.249 |
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Sundry
Creditors |
22.714
|
18.939
|
12.261
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Bankers Charges Report
as per Registry
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Name of the company |
MOHAN AUTO INDUSTRIES PRIVATE LIMITED |
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Presented By |
Mohan V. Ghatge – Director |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement executed on 03.02.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 Million |
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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 |
Work-shop machinery
[second hand] pertains to the Company’s Automobile Unit – Mail Hyundai. |
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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. |
The Karanataka
Bank Limited, Shahupuri Branch, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate identity
number of the company |
U51909MH1979PTC021671 |
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Name of the
company |
MOHAN AUTO INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
517 E, Old Poona Bangalore Road, Kolhapur-416 001, Maharashtra,
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This form is for |
Creation of
charge |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Saraswat Co-operative Bank Limited New Shahupuri Branch, 514/B/1B, E Ward, New Shahupuri , E-mail : sc_patange@saraswatbank.com
|
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Nature of
instrument creating charge |
Agreement of
Hypothecation of vehicle. |
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Date of
instrument Creating the charge |
08.09.2009 |
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Amount secured by
the charge |
Rs.0.722 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Fixed rate of interest
– 10% per annum with monthly rests for initial 3 years from loan disbursement
and shall be reset at the then prevailing market rates thereafter. Penal Interest –
2% per annum Terms of
Repayment Period : 36
Months (Repayable on demand) Installments
(EMI) – Rs.0.023 Million (monthly) Margin 10% Extent and
Operation of the charge Hypothecation of
car to secure term loan of Rs.0.722 million |
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Short particular
of the property or asset(s) charged |
Hyundai I-20 ASTA
DLS car (Already purchased) |
FORM 8
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Corporate
identity number of the company |
U51909MH1979PTC021671 |
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Name of the
company |
MOHAN AUTO INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
517 E , |
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This form is for |
Creation of
charge |
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Type of charge |
Movable property
(not being pledge) |
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Particular of
charge holder |
Saraswat Co-operative Bank Limited, New Shahupuri Branch, 514/B/1B, E
Ward, New Shahupuri, Kolhapur-416001, Email: ss_rege@saraswatbank.com |
|
Nature of
instrument creating charge |
Agreement of
hypothecation of vehicle |
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Date of
instrument Creating the charge |
15.11.2010 |
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Amount secured by
the charge |
Rs. 1.230
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Fixed ROI 9.50%
at monthly rests for THE first three years
to reset thereafter at the prevailing applicable fixed rate. Terms of repayment Repayble on
demand within a maximum period of 36 months. repayemnt:
monthly installment of Rs. 0.039 million Margin 10% Extent and operation of the charge Charge to secure
tem loan of Rs. 1.230 millions by charge on property mentioned at SR. No. 15 Other Personal
Guarantee Of : 1. Mr. Satish
Vasant Ghatge 2. Mr. Mohan
Vasant Ghatge |
|
Short particulars
of the property charged (Including location of the property) |
Vehicles Being: 1. Hyundai I 10
Sportz (MET) 2. Hyundai I 20
Asta (CRDI) |
Fixed Assets
- Land
- Building
- Tube Well
- Building [Factory / Showroom / Workshop / Store]
- Plant and Machinery
- Tools and Fixture
- Furniture and Deed Stock
- Vehicles
- Two wheelers
- Office Equipments
- Computer Equipments
- Computer Software
- Signboards
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.44.91 |
|
|
1 |
Rs.72.89 |
|
Euro |
1 |
Rs.64.48 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.