MIRA INFORM REPORT

 

 

Report Date :

24.03.2011

 

IDENTIFICATION DETAILS

 

Name :

BAFNA MOTORS (MUMBAI) PRIVATE LIMITED

 

 

Registered Office :

Unit No. 712, 7th Floor, World Trade Centre No. 1, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

05.11.2001

 

 

Com. Reg. No.:

11-133866

 

 

CIN No.:

[Company Identification No.]

U34300MH2001PTC133866

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB09507B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Dealer for Tata Motors Limited Commercial Vehicle and Spare Parts

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 420000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Management Non Co-Operative.

 

LOCATIONS

 

Registered Office :

Unit No. 712, 7th Floor, World Trade Centre No. 1, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

E-Mail :

g_kk77@yahoo.com

 

 

Corporate Office 1 :

Shop No. 9, Daffodils Apartment, Opp. Deonar Depot, Sion Trombay Road, Chembur (East), Mumbai – 400 088, Maharashtra, India

Tel. No.:

91-22-66201516

 

 

Corporate Office 2 :

Mohan Mill Compound, Majiwada, Ghodbunder Road, Thane (West), Thane – 400 601, Maharashtra, India

E-Mail :

bmmpl.thane@indiatimes.com

bmotors_cc@yahoo.co.in

bmmpl@sify.com

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Sumati Prasad Mishrilal Bafna

Designation :

Director

Address :

Gobind Mahal, 86-B, Marine Drive, Mumbai – 400002, Maharashtra, India 

Date of Birth/Age :

26.10.1961

Date of Appointment :

05.11.2001

 

 

Name :

Mr. Sanjeev Mishrilal Bafna

Designation :

Director

Address :

Gobind Mahal, 86-B, Marine Drive, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

23.04.1964

Date of Appointment :

12.12.2003

 

 

Name :

Mr. Devendra Munnalal Sharma

Designation :

Director

Address :

Mohan Mill Compound, Ghodbunder Road, Majiwade, Thane West- 400607, Maharashtra, India

Date of Birth/Age :

08.05.1964

Date of Appointment :

01.04.2003

 

 

Name :

Mr. Kamal Kishore Gandhi

Designation :

Director

Address :

701, Pluto, B Wing, Gaurav Galaxy, Phase II, Near Surya Shopping Centre, Mira Road (East), Thane – 401107, Maharashtra, India

Date of Birth/Age :

23.08.1969

Date of Appointment :

01.04.2005

 

 

Name :

Mr. Madathil Gopan

Designation :

Director

Address :

C-05, 506, Vindhyachal Lokdhara, Kalyan (East),Thane –421306, Maharashtra, India

Date of Birth/Age :

08.10.1969

Date of Appointment :

01.04.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Sumati Prasad Mishrilal Bafna

 

1282000

Nanda Sumati Prasad Bafna

 

618000

 

 

 

Total

 

1900000

 

As on 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Dealer for Tata Motors Limited Commercial Vehicle and Spare Parts

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by the management.

 

 

Bankers :

v      State Bank of India, Commercial Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle (East), Mumbai – 400057, Maharashtra, India

v      Union Bank of India- Veer Nariman Road Branch, 84, Raj Mahal, Veer Nariman road, Churchgate, Mumbai- 400020, Maharashtra, India

v      Punjab and Maharashtra Co-Operative Bank Limited, 1, Sardar Pratap Singh Industrial Estate, No. 3 Basement, L.B.S Marg, Bhandup (West), Mumbai-400078, Maharashtra, India

 

 

Facilities :

Secured Loan

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

From Bank

 

 

Working Capital Demand Loan

688.142

670.322

Term Loan

150.000

97.660

Due under hire purchase agreement

 

 

From others

4.286

10.593

Total

842.428

778.575

 

 

 

Unsecured Loan

 

 

Trade advance from banks

134.066

118.000

Trade advance from others

475.679

277.194

Total

609.745

395.194

 

Note:

 

  • Working capital demand loans are secured by hypothecation of stocks and book debts, both present and future, and mortgage of property. And personal guarantee of directors.
  • Term loans are secured by mortgage of property. And personal guarantee of directors.
  • Secured by hypothecation of assets purchased under hire purchase arrangements.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Lalit and Surendra

Chartered Accountant

Address :

5, Bharat House, 104, Mumbai Samachar Marg, Mumbai-400001, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

As on 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Shares

Rs.10/- each

Rs.20.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1900000

Equity Shares

Rs.10/- each

Rs.19.000 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

19.000

19.000

19.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

87.988

39.797

61.733

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

106.988

58.797

80.733

LOAN FUNDS

 

 

 

1] Secured Loans

842.428

778.575

819.257

2] Unsecured Loans

609.745

395.194

478.911

TOTAL BORROWING

1452.173

1173.769

1298.168

DEFERRED TAX LIABILITIES

21.416

0.497

0.797

 

 

 

 

TOTAL

1580.577

1233.063

1379.698

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

406.589

350.972

321.482

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

24.367

30.287

17.016

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
573.996

381.410

491.919

 

Sundry Debtors
517.017

502.208

751.662

 

Cash & Bank Balances
43.768

0.000

25.401

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
241.610

199.368

200.728

Total Current Assets
1376.391

1082.986

1469.710

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
64.970

117.478

335.598

 

Other Current Liabilities
142.920

89.524

64.417

 

Provisions
18.880

24.180

28.495

Total Current Liabilities
226.770

231.182

428.510

Net Current Assets
1149.621

851.804

1041.200

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1580.577

1233.063

1379.698

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

 

 

 

Income

4262.643

5046.156

6981.521

 

 

 

 

 

 

PROFIT BEFORE TAX

23.833

(20.965)

31.021

 

 

 

 

 

Less

TAX                                         

(45.277)

1.271

12.625

 

 

 

 

 

 

PROFIT AFTER TAX

69.110

(22.236)

18.396

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

39.797

61.733

43.814

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Deferred Tax Asses/Liability

20.919

(0.300)

0.477

 

BALANCE CARRIED TO THE B/S

87.988

39.797

61.733

 

 

 

 

 

 

Earnings Per Share (Rs.)

47.35

(11.86)

9.93

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
1.34

(1.46)

1.73

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.22

(0.36)

0.38

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
15.69

23.89

21.39

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
6.07

4.68

3.43

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

64.970

117.478

335.598

 

Note: The registered office of the company has been shifted from 3 Ajinkya Mansion, 1st Floor, Pandita Ramabai Marg, Mumbai-400007, Maharashtra, India to the present address w.e.f. 24.04.2009

 

Performance:

 

The performance of the company was satisfactory during the year, however, the directors are trying their level best to achieve better results and are hopeful about the future prospects.

 

Bankers Charges Report as per Registry

 

This form is for

Creation of charge

Corporate identity number of the company

U34300MH2001PTC133866

Name of the company

BAFNA MOTORS (MUMBAI) PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Unit No. 712, 7th Floor, World Trade Centre No. 1, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

Type of charge

Immovable Property

Particular of charge holder

Punjab and Maharashtra Co-Operative Bank Limited, 1, Sardar Pratap Singh Industrial Estate, No. 3 Basement, L.B.S Marg, Bhandup (West), Mumbai-400078, Maharashtra, India

Email

anitauppal@pmcbank.com

Nature of description of the instrument creating or modifying the charge

No instrument was executed. However, the Equitable Mortgage has been created, by deposit of title deeds, over the immoveable properties (The Memorandum of Deposit of Title Deeds with Intent to create Equitable Mortgage dated 1-12-2010)

Date of instrument Creating the charge

01.12.2010

Amount secured by the charge

Rs.71.961 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Rate of Interest: @9.35% p. a., or at such other rate, as may be decided by the Bank, from time to time.

 

Terms of Repayment

Repayment of Term Loan by way of 84 EMIs of Rs 1.170 millions each, the first of such installments to commence on or before 01-01-2011

 

Margin

As may be decided by the Bank from time to time.

 

Extent and Operation of the charge

To secure the due repayment of Loan, together with interest, all cost, charges, expenses, etc. thereon, granted by the Bank to the Company.

Short particulars of the property charged

Gala/Shops#2,3,4&5, total adm 576.72 sq.mts., on Gr.Floor, Bldg No.A-2, Puranik Capitol, Kasarvadali, Vil-Vadavali, Ghodbunder Rd, Taluka / Dist-Thane(W), with bldg/sheds standing thereon.

 

 

Fixed Assets:

 

  • Land
  • Plant and Machinery
  • Electric Installation
  • Furniture and Fixtures
  • Office Equipments
  • Computers
  • Vehicles
  • Workshop

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.44.96

UK Pound

1

Rs.73.57

Euro

1

Rs.63.68

 

 

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

NO

--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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.