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MIRA
INFORM REPORT
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Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONCEPT MOTORS ( |
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Registered
Office : |
A-406, Somdutt Chamber – I, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.08.1988 |
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Com. Reg. No.: |
55-095403 |
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CIN No.: [Company Identification
No.] |
U50101DL1998PTC095403 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading in motor vehicles |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 fair. Business is active. Payments are reported to 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
A-406, Somdutt Chamber – I, |
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E-Mail : |
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Website |
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Workshops : |
Shantipura Narol Mirzapur Vasna Surendranagar |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Pravesh Nanda |
|
Designation : |
Director |
|
Address : |
16 Ring Road, Lajpat Nagar IV, New Delhi – 110029, Delhi, India |
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Date of Birth/Age : |
20.10.1953 |
|
Date of Appointment : |
20.11.2007 |
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DIN No. : |
00063679 |
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Name : |
Mr. Mukkul Nanda |
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Designation : |
Director |
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Address : |
20.09.1955 |
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Date of Birth/Age : |
16 Ring Road, Lajpat Nagar IV, New Delhi – 110029, Delhi, India |
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Date of Appointment : |
02.05.2005 |
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DIN No. : |
00061807 |
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Name : |
Ms. Radhika Nanda |
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Designation : |
Director |
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Address : |
06.01.1981 |
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Date of Birth/Age : |
16 Ring Road, Lajpat Nagar IV, New Delhi – 110029, Delhi, India |
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Date of Appointment : |
01.04.2006 |
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DIN No. : |
00167702 |
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Name : |
Mr. Pranav Nanda |
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Designation : |
Whole Time Director |
|
Address : |
16 Ring Road, Lajpat Nagar IV, New Delhi – 110029, Delhi, India |
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Date of Birth/Age : |
20.12.1979 |
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Date of Appointment : |
03.06.2002 |
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DIN No. : |
00167700 |
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Name : |
Mr. Kewal Krishan Kochhar |
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Designation : |
Director |
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Address : |
84 Anand Lok, |
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Date of Birth/Age : |
25.05.1932 |
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Date of Appointment : |
06.08.1998 |
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DIN No. : |
01407112 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
K. K. Kochhar |
|
10 |
|
Nirmal Kochhar |
|
10 |
|
Pranav Nanda |
|
1299000 |
|
Pranav Nanda (HUF) |
|
980 |
|
Radhika Nanda |
|
15000 |
|
Pravesh Nanda (HUF) |
|
100000 |
|
Mukkul Nanda |
|
37500 |
|
Pravesh Nanda |
|
2500 |
|
Pramukh Nanda |
|
15000 |
|
Rajkumari Nanda |
|
10500 |
|
Caravel Motors |
|
15000 |
|
Madan Lal Ghai |
|
750 |
|
Sudershan Ghai |
|
750 |
|
Virendra Pathela |
|
250 |
|
Raj Pathela |
|
500 |
|
Poonam Pathela |
|
250 |
|
Gopal Khullar |
|
750 |
|
Venna Khullar |
|
750 |
|
Rakesh Kumar Khanna |
|
500 |
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Total |
|
1500000 |
As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
1.00 |
|
Directors or relatives of Directors |
99.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in motor vehicles |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
Notes:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
RKM and Associates Chartered Accountant |
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Address : |
D-44, Kalkaji, |
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Pan No.: |
AAEPM7958H |
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Associates : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
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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 |
15.000 |
15.000 |
15.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
29.297 |
22.794 |
16.982 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
44.297 |
37.794 |
31.982 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.074 |
20.818 |
46.969 |
|
|
2] Unsecured Loans |
17.046 |
15.697 |
11.600 |
|
|
TOTAL BORROWING |
28.120 |
36.515 |
58.569 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
72.417 |
74.309 |
90.551 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.239 |
19.715 |
13.245 |
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Capital work-in-progress |
0.772 |
0.000 |
0.000 |
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INVESTMENT |
0.021 |
0.021 |
0.021 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
66.720
|
53.652 |
30.341 |
|
|
Sundry Debtors |
40.951
|
33.302 |
48.460 |
|
|
Cash & Bank Balances |
9.853
|
14.516 |
10.385 |
|
|
Other Current Assets |
0.005
|
0.798 |
4.696 |
|
|
Loans & Advances |
28.117
|
15.902 |
9.417 |
|
Total
Current Assets |
145.646
|
118.170 |
103.299 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.869
|
8.444 |
3.952 |
|
|
Other Current Liabilities |
74.877
|
48.249 |
16.141 |
|
|
Provisions |
11.515
|
6.904 |
5.921 |
|
Total
Current Liabilities |
93.261
|
63.597 |
26.014 |
|
|
Net Current Assets |
52.385
|
54.573 |
77.285 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
72.417 |
74.309 |
90.551 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
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Income |
1676.001 |
1215.555 |
1270.924 |
|
|
|
Other Income |
2.665 |
1.233 |
1.655 |
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|
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TOTAL (A) |
1678.666 |
1216.788 |
1272.579 |
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|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of goods |
1551.243 |
1114.157 |
1111.492 |
|
|
|
Operating expenses |
40.293 |
32.963 |
34.229 |
|
|
|
Personnel expenses |
42.742 |
36.016 |
23.474 |
|
|
|
Selling administrative and other expenses |
36.422 |
34.560 |
20.407 |
|
|
|
Variation in stocks |
(13.066) |
(23.312) |
60.775 |
|
|
|
TOTAL (B) |
1657.634 |
1194.384 |
1250.377 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.032 |
22.404 |
22.202 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
5.362 |
9.960 |
12.681 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.670 |
12.444 |
9.521 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.557 |
3.267 |
3.286 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.113 |
9.177 |
6.235 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4.610 |
3.373 |
1.912 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
6.503 |
5.804 |
4.323 |
|
|
|
|
|
|
|
|
|
Less |
Excess provision
of income tax w/back |
0.000 |
(0.008) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
22.794 |
16.982 |
12.659 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
29.297 |
22.794 |
16.982 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.34 |
3.87 |
2.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.39
|
0.48 |
0.15 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.66
|
0.75 |
0.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.74
|
6.66 |
5.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.24 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.74
|
2.65 |
2.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.86 |
3.98 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from 84 Anand Lok,
Operating Results:
During the year under report in spite of tough competition the company
sold 3833 vehicle of different models of Hyundai as against 2786 vehicle in the
previous year. The turnover during the year was Rs. 1676.001 millions as
against Rs. 1215.555 millions in the previous year.
Form 8:
|
This form is for |
Modification of
charge |
||||||
|
Charge identification
number of the modified |
80053384 |
||||||
|
Corporate
identity number of the company |
U50101DL1998PTC095403 |
||||||
|
Name of the
company |
CONCEPT MOTORS ( |
||||||
|
Address of the
registered office or of the principal place of business in |
A-406, Somdutt
Chamber-I, |
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|
Type of charge |
Book Debts Stock in
trade |
||||||
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Particular of
charge holder |
|
||||||
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation Agreement
Of Goods and Debts Dated 25.03.2009 |
||||||
|
Date of
instrument Creating the charge |
25.03.2009 |
||||||
|
Amount secured by
the charge |
Rs. 30.000
Millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Rate of Interest on Cash Credit facility at
Bank Prime Lending Rate + 0.75% i.e. presently 13.25% per annum with
monthly rest or at such other revised rate as may be prescribed by the Bank
from time to time Terms of
Repayment - Fund based Working Capital facility payable on demand. Margin - 50% on
Debts Extent and
Operation of the charge - A pari passu first charge operates till the
repayment of all dues in respect of above credit facility availed/ to be
availed by the company from the bank |
||||||
|
Short particulars
of the property charged |
A pari passu
first charge over the stock in
trade and Book Debts (not older than
90 days) of the Company |
||||||
|
Particulars of
the present modification |
A pari passu
first charge over the stock in trade and Book Debts (not older than 90 days)
both present and future, stands increased from Rs. 8.000 millions to Rs.
30.000 millions of the Company |
Fixed assets:
- Showroom
building
- Plant and
machinery
- Workshop
vehicle
- Electric
installation
- Scooters
- Furniture and
fixtures
- Office
equipments
- Test drive
vehicles
- Motor cars
- Computers
AS PER WEBSITE
DETAILS
PROFILE:
- Subject was established in 1998 to take up the dealership of one of M/s. Hyundai Motor (I) Ltd. which is a subsidiary company of Hyundai Motor Limited Korea having more than 15 brands of passengers car in our country.
- Concept has sold more than 22000 cars till date.
- Consistent winner of a number of sales and service satisfaction index awards.
- Commands
an impressive reputation in
- The Concept Hyundai Showroom conforms to international standards with all infrastructural facilities which are required in modern dealerships. To cater to the service needs, a full fledged workshop incorporating the latest gadgets in accordance with the laid down norms of Hyundai Motors India are in place.
- One of
- Stockyard
and workshop at Shantipura, Sarkhej –
- Workshop is fitted with latest tools and equipments including engine analyser, computerised diagnostic tools and other special equipments as per LOI with HMIL.
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.45.15 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.62.95 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.