MIRA
INFORM REPORT
|
Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Bibvewadi Corner, 692 – 1/6, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
23.09.1961 |
|
|
|
|
Com. Reg. No.: |
11-18953 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34300PN1961PTC018953 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Sales and Service of Mahindra Tractor including Spare Parts. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 246000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track.
Financial position is good. Payments are correct and as per commitments. The company is doing well. It can be considered good for normal 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Swati Joshi |
|
Designation : |
Accounts Department |
|
Date : |
15.03.2011 |
LOCATIONS
|
Registered Office : |
Bibvewadi Corner, 692 – 1/6, |
|
Tel. No.: |
91-20-24216747 / 24211088 |
|
Fax No.: |
91-20-24216747 |
|
E-Mail : |
|
|
Location : |
Rented |
DIRECTORS
As on 23.09.2010
|
Name : |
Mr. Jitendra Rajendra Pandit |
|
Designation : |
Managing Director |
|
Address : |
18, Vaibhav Nagar, Dhankavdi, |
|
Date of Birth/Age : |
05.03.1959 |
|
Date of Appointment : |
28.03.1987 |
|
|
|
|
Name : |
Mrs. Aruna Jitendra Pandit |
|
Designation : |
Director |
|
Address : |
18, Vaibhav Nagar, Dhankavdi, |
|
Date of Birth/Age : |
17.09.1960 |
|
Date of Appointment : |
26.09.1996 |
|
|
|
|
Name : |
Mrs. Ushaprabha Rajendrakumar Pandit |
|
Designation : |
Director |
|
Address : |
689/6-2 Jai Vardhaman Society, Bibvewadi Pune – 411037, |
|
Date of Birth/Age : |
28.07.1930 |
|
Date of Appointment : |
30.10.1970 |
|
|
|
|
Name : |
Mrs. Madhavi Sunil Tambay |
|
Designation : |
Director |
|
Address : |
8, Basera Apt, Bibvewadi Pune – 411037, |
|
Date of Birth/Age : |
11.03.1952 |
|
Date of Appointment : |
12.11.1970 |
|
|
|
|
Name : |
Mr. Tejas J Pandit |
|
Designation : |
Director |
|
Address : |
18, Vaibhav Nagar, Dhankavdi, |
|
Date of Birth/Age : |
15.03.1985 |
|
Date of Appointment : |
01.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sharda Pandit |
|
12 |
|
Sanjeev Pandit |
|
435 |
|
Jitendra Pandit |
|
290 |
|
Madhavi Tambay |
|
300 |
|
Sunil Tambay |
|
3 |
|
Aruna Pandit |
|
735 |
|
Ushaprabha Pandit |
|
600 |
|
Sangeeta Pandit |
|
15 |
|
Sanjeev Pandit HUF |
|
15 |
|
Jitendra Pandit HUF |
|
5085 |
|
Tejas Pandit |
|
5 |
|
Tapan Pandit |
|
5 |
|
|
|
|
|
Total |
|
7500 |
Equity Share Break up as on 23.09.2010
|
S. No. |
Category |
Percentage |
|
1 |
Directors or
relatives of Directors |
100.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Sales and Service of Mahindra Tractor including Spare Parts. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Agencies Held : |
Mahindra |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash / Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
Farmers |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
55 (in office) (Approxiamtely) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sanjay Risbud and Company Chartered Accountant |
|
Address : |
Plot No. 24, Ajit Apartment, Block No. 1/A, Happy Colony, Pune –
411029, |
|
|
|
|
Associates/Subsidiaries
: |
Pantoolx 18, Vaibhav Nagar Dhankavdi, Pune – 411043, |
CAPITAL STRUCTURE
As on 23.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500 |
Equity Shares |
Rs.100/- each |
Rs. 0.750 Million |
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 |
0.750 |
0.750 |
0.750 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
60.796 |
51.872 |
46.001 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
61.546 |
52.622 |
46.751 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.958 |
8.059 |
9.569 |
|
|
2] Unsecured Loans |
18.213 |
11.410 |
8.635 |
|
|
TOTAL BORROWING |
19.171 |
19.469 |
18.204 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
80.717 |
72.091 |
64.955 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.180 |
3.500 |
3.563 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.260 |
0.207 |
0.180 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
60.354
|
70.174
|
59.509 |
|
|
Sundry Debtors |
10.532
|
8.570
|
12.461 |
|
|
Cash & Bank Balances |
13.037
|
11.237
|
8.526 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
33.041
|
21.137
|
16.026 |
|
Total
Current Assets |
116.964
|
111.118
|
96.522 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
6.194
|
5.091 |
|
|
Other Current Liabilities |
24.574
|
18.285
|
14.645 |
|
|
Provisions |
16.113
|
18.255
|
15.574 |
|
Total
Current Liabilities |
40.687
|
42.734
|
35.310 |
|
|
Net Current Assets |
76.277
|
68.384
|
61.212 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
80.717 |
72.091 |
64.955 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
423.887 |
360.137 |
|
|
|
|
Other Income |
17.228 |
12.485 |
|
|
|
|
TOTAL (A) |
441.115 |
372.622 |
412.326 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
376.084 |
339.203 |
|
|
|
|
Consumables |
0.077 |
0.072 |
|
|
|
|
Labour Charges |
0.615 |
0.407 |
|
|
|
|
Administrative Expenses |
23.750 |
18.996 |
|
|
|
|
Miscellaneous Expenses |
13.270 |
12.297 |
|
|
|
|
Increase / (Decrease) in Stock |
9.820 |
(10.665) |
|
|
|
|
TOTAL (B) |
423.616 |
360.310 |
394.448 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.499 |
12.312 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.301 |
1.819 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.198 |
10.493 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.059 |
1.089 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
14.139 |
9.404 |
17.878 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
5.187 |
3.533 |
6.578 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
8.952 |
5.871 |
11.300 |
|
|
|
|
|
|
|
|
|
Less |
Short / Excess
Provision of Tax for earlier years |
0.028 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
48.872 |
43.001 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
NA |
|
|
|
Dividend |
0.000 |
0.000 |
NA |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
57.796 |
48.872 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1193.66 |
782.80 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.03
|
1.57
|
2.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.33
|
2.61
|
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.67
|
8.20
|
17.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.18
|
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.97
|
1.18
|
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.87
|
2.60
|
2.73 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars |
31.03.2010 Rs.
in Millions |
31.03.2009 Rs.
in Millions |
31.03.2008 Rs.
in Millions |
|
Trade Creditors |
NA |
6.194
|
5.091 |
|
Total |
NA |
6.194
|
5.091 |
Trade References:
- Sona Auto
Form 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U34300PN1961PTC018953 |
|
Name of the
company |
VENTILE COMPANY PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Bibvewadi Corner, 692 – 1/6, |
|
Type of charge |
Book Debts Movable Property Floating Charge Others – Goods |
|
Particular of
charge holder |
Axis Bank, Sahakar Marg Branch, Ground Floor, Pentagon, Near Telephone
Exchange, Shahu College Road, Sahakar Nagar, Parvati, Pune – 411009,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of Current Assets (Stock and Book Debts) CCD-13, executed on
04/11/2010 to create a single and exclusive charge against the all the
present and future current assets including book debts of the two wheeler
division of the company and on the assets that would come into existence
through the credit facilities extended by the Bank to the Borrower Company. |
|
Date of
instrument Creating the charge |
04.11.2010 |
|
Amount secured by
the charge |
Rs. 7.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate+4.00%
i.e. presently 11.75% p.a. Payable monthly. Penal interest on default as per
RBI's Norms. Terms of
Repayment DCC: On Demand. The
tenor would be of 12 months. Margin 25% on inventory
and 30% on Book Debts.(upto45 days) Extent and
Operation of the charge Axis Bank Limited
Sahakarnagar Branch Pune, will have first and exclusive charge on all the present
and future current assets of two wheelers division, inclusive of assets in
transits and book debts. The Company has extended the Collateral Security by
way lien on Fixed Deposit of Rs.3.500 millions infavour of the Bank. Personal
Guarantee of Shri Jitendra Pandit and other
Directors of the Company. The Charge will be in continuous mode till
the repayment of the entire loan including interest thereon. Others To avail the
loan, the Company, by virtue of the Board Resolution passed on 01/11/2010,
has given assent to all the Terms and Conditions, Covenants, as provided in
Bank's Sanction Letter PSC/SW/390/2010 Dated 27/10/2010 and executed the
related loan document(s)/ Agreement(s) through the Director(s),who have received and singed the documents in physical form
for and on behalf of the Company and who have been authorized to file eform-8
for Creation of the charge against the assets of the Company |
|
Short particulars
of the property charged |
All the current
assets inclusive of stock of spares, accessories related to two wheelers
division of the located at the Show room and Works Gowdown of the Company as
denoted by the Company to the Bank. |
Fixed Assets:
- Plant and
Machinery
- Office
Equipments
- Vehicles
- Electrical
Fittings
- Furniture and
Fixtures
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.45.24 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.