MIRA
INFORM REPORT
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Report Date : |
07.05.2011 |
IDENTIFICATION DETAILS
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Name : |
MODI MOTORS AGENCIES PRIVATE LIMITED |
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Registered Office : |
Shop No. 8, Ground Floor, Ravi Raj Oberoi Complex, Off New |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.09.2002 |
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Com. Reg. No.: |
11-137243 |
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Capital
Investment / Paid-up Capital : |
Rs.6.540 millions |
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CIN No.: [Company
Identification No.] |
U50103MH2002PTC137243 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM18192G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Dealer of Motors. |
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No. of Employees
: |
500 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 749000 |
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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 : |
Mrs. Anita Moghe |
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Designation : |
Accounts Head |
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Contact No.: |
91-22-67616161 |
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Date : |
05.05.2011 |
LOCATIONS
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Registered Office : |
Shop No. 8, Ground Floor, Ravi Raj Oberoi Complex, Off New |
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Tel. No.: |
91-22-67617777 |
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Fax No.: |
91-22-67617708 |
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E-Mail : |
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Website : |
www.modihyundai.com |
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Area : |
5000 Sq.ft [Approximately] |
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Location : |
Owned |
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Corporate Office : |
Plot No. 223, Ground Floor, Modi House, |
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Tel. No.: |
91-22-67616161 / 25305757 |
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Fax No.: |
91-22-25334781 / 67616162 |
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E-Mail : |
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Website : |
www.modihyundai.com |
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Area : |
App. 8000 Sq. ft. |
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Service Centre : |
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Tel. No.: |
91-22-67617777 / 67615555 |
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Fax No.: |
91-22-67617708 |
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Area : |
App. 30000 Sq. ft. |
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Location : |
Owned |
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Showroom : |
Showroom and Workshop Address Auto Land, Excel Estate, Off S.V. Road, Opposite Patel Petrol Pump,
Goregaon – West, Mumbai – 400062, Maharashtra, India Showroom Fax – 91-22-67617708 Email – Salesgoregaon@Modihyundai.Com Goregaon Workshop Telephone – 91-22-67615555 Fax – 91-22-67615600 Email – Servicegoregaon@Modihyundai.Com
Customer Care Centre Navjeevan Corporation Compound, Telephone 91-22 - 67614444 Fax 91-22 - 67614400 Email Service@Modihyundai.Com |
DIRECTORS
AS ON 25.09.2010
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Name : |
Mr. Vikram Chimanlal Modi |
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Designation : |
Whole-time Director |
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Address : |
Flat No.06, 6th Floor, Hatkesh CHS., |
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Date of Birth/Age : |
15.11.1955 |
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Qualification : |
B.A., LLB |
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Date of Appointment : |
17.09.2002 |
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DIN : |
00278721 |
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Name : |
Mr. Gautam Chimanlal Modi |
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Designation : |
Whole-time Director |
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Address : |
Flat No.07, 7th Floor, Hatkesh CHS., |
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Date of Birth/Age : |
04.07.1959 |
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Qualification : |
B.E., Mechanical |
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Date of Appointment : |
17.09.2002 |
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DIN : |
00278813 |
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Name : |
Mrs. Varsha Vikram Modi |
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Designation : |
Whole-time Director |
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Address : |
Flat No.06, 6th Floor, Hatkesh CHS., |
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Date of Birth/Age : |
10.08.1958 |
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Date of Appointment : |
22.01.2003 |
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DIN : |
00277507 |
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Name : |
Mrs. Bhakti Gautam Modi |
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Designation : |
Whole-time Director |
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Address : |
Flat No.07, 7th Floor, Hatkesh CHS., |
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Date of Birth/Age : |
29.05.1964 |
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Date of Appointment : |
22.01.2003 |
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DIN : |
00278775 |
KEY EXECUTIVES
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Name : |
Mrs. Anita Moghe |
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Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
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Names of Shareholders |
No. of Shares |
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Vikram Chimanlal Modi |
64635 |
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Gautam Chimanlal Modi |
64674 |
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Bhakti Gautam Modi |
61000 |
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Varsha Vikram Modi |
61000 |
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Modi Sons Trading Private Limited, |
42562 |
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SC Motors, |
100 |
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Vikram Modi HUF |
3000 |
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Gautam Modi HUF |
29000 |
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Vivek Vikram Modi |
59000 |
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Deepti Vivek Modi |
59000 |
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Vrinda Vikram Modi |
59000 |
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Nidhi Gautam Modi |
60000 |
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Mansi Gautam Modi |
60000 |
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Chimanlal Modi |
31000 |
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Total |
653971 |
AS ON 25.09.2010
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Motors. |
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Agencies Held : |
Hyundai Motor India Limited |
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Terms : |
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Selling : |
Cash / Credit [30 / 60 / 90 Days] |
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Purchasing : |
Cash / Credit [30 / 60 / 90 Days] |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
500 [Approximately] |
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Bankers : |
·
The Bassein Catholic Co-operative Bank Limited,
Thane Branch, Suvart CHS. Limited, 1st Floor, Near Jain Mandir,
Tembhi Naka, Thane (West), Thane – 400604, ·
Axis Bank ·
ICICI Bank ·
HDFC Bank ·
ABN Amro Bank ·
Kotak Mahindra Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rupesh Thakkar and Associates Chartered Accountant |
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Address : |
C-8, 1st Floor, Shanti Bhuvan, |
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Tel. No.: |
91-22-25695868 |
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Mobile No.: |
91-9820448882 |
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Associates/Subsidiaries : |
S C Auto Agency
Private Limited Address : Opposite Activity : Dealer of Motors S C Auto
Corporation Address : Opposite Activity : Dealer of Motors |
CAPITAL STRUCTURE
AS on 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
653,971 |
Equity Shares |
Rs.10/- Each |
Rs.6.540
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 |
6.540 |
6.540 |
6.540 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
180.844 |
139.754 |
109.009 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
187.384 |
146.294 |
115.549 |
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LOAN FUNDS |
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1] Secured Loans |
477.094 |
500.009 |
350.377 |
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2] Unsecured Loans |
3.180 |
2.617 |
2.031 |
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TOTAL BORROWING |
480.274 |
502.626 |
352.408 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.879 |
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TOTAL |
667.658 |
648.920 |
467.957 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
462.892 |
407.829 |
251.855 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.605 |
0.605 |
0.605 |
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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 |
99.515
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96.037
|
126.130
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Sundry Debtors |
78.257
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72.442
|
79.062
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Cash & Bank Balances |
15.782
|
13.776
|
9.635
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Other Current Assets |
112.485
|
170.099
|
113.837
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Loans & Advances |
11.889
|
9.718
|
3.260
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Total
Current Assets |
317.928
|
362.072
|
331.924
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
21.404
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16.294
|
13.562 |
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Other Current Liabilities |
72.970
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86.560
|
91.277
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Provisions |
19.393
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18.732
|
11.588
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Total
Current Liabilities |
113.767
|
121.586
|
116.427 |
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Net Current Assets |
204.161
|
240.486
|
215.497
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
667.658 |
648.920 |
467.957 |
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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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TURNOVER |
2315.167 |
1434.463 |
1493.476 |
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PROFIT BEFORE
TAX |
56.177 |
43.271 |
24.740 |
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Less |
TAX |
16.327 |
12.308 |
7.044 |
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PROFIT AFTER TAX
|
39.850 |
30.963 |
17.696 |
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BALANCE CARRIED
TO THE B/S |
39.850 |
30.963 |
17.696 |
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Earnings Per
Share (Rs.) |
60.94 |
47.35 |
-- |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
2500.000 |
Expected Sales (2011.2012): Rs.3000.000 millions
The above information has been parted by Mrs. Anita [Accounts Head]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.43
|
3.02
|
1.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.19
|
5.62
|
4.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.30
|
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.17
|
4.27
|
4.06 |
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Current Ratio (Current Asset/Current Liability) |
|
2.79
|
2.98
|
2.85 |
LOCAL AGENCY FURTHER INFORMATION
Trade References :
- Morgan Construction Company
- Tata Capital Limited
- Voltas Limited
SUNDRY CREDITORS DETAILS
(Rs. In Millions )
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditor |
21.404
|
16.294
|
13.562 |
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U50103MH2002PTC137243 |
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Name of the
company |
MODI MOTORS AGENCIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Shop No. 8, Ground Floor, Ravi Raj Oberoi Complex, Off New |
|
This form is for |
Creation of
charge |
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Type of charge |
Immovable
Property |
|
Particular of
charge holder |
The Bassein Catholic Co-operative Bank Limited, Thane Branch, 1st
Floor, Near Jain Mandir, Tembhi Naka, Thane (West), Thane – 400602,
Maharashtra, India Email ID: amittrivedics@gmail.com
|
|
Nature of
instrument creating charge |
Deed of simple
mortgage |
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Date of
instrument Creating the charge |
02.02.2011 |
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Amount secured by
the charge |
Rs.133.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- term loan 13% p.a with monthly
rests. penal interest 2% with monthly restter Terms of
Repayment - term loan of Rs. 133.000 million will be repayable in 84 monthly
installments of Rs. 2.419 million each commencing from next month after
disbursement. . Margin - mortgage
of land and building 25% Extent and
Operation of the charge - as per sanction terms and condition of Bassein Catholic
Co-Operative Bank Limited. |
|
Short particular
of the property or asset(s) charged |
This Charge Is
Created Towards The Guarantee Given To Bassein Catholic Co-Operative Bank
Limited, Thane Branch, Thane By Modi Motors Agencies Private Limited (Guarantor
Co) By Way Of An Equitable Mortgage By Deposit Of Title Deeds Over The
Immovable Property For The Loan Availed Of By S C Automobiles (Borrower) To
The Extent Of Rs. 133.000 millions Details Of The
Immovable Property Is As Follows Land Bearing Survey No. 90 Hissa No. 5 Adm
990 Sq. Mtrs., Survey No. 97 Hissa No. 9 Adm. 910 Sq. Mtrs., Survey No. 98
Hissa No. 6 Adm 430 Sq. Mtrs., Survey No. 97 Hissa No. 11 Adm. 1190 Sq.Mtrs.,
Survey No. 90 Hissa No. 3 Adm 580 Sq. Mtrs., Survey No. 90 Hissa No. 1 (B) Adm
1410 Sq. Mtrs., Survey No. 89 Hissa No. 1 Adm 450 Sq. Mtrs., Survey No. 97
Hissa No. 10 Adm. 1390 Sq, Mtrs. And Survey No. 93 Hissa No. 6 Adm. 780 Sq.
Mtrs. Total Adm. 8130 Sq. Mtrs.
Alongwith Workshop Adm. 5,000 Sq. Ft. Or Thereabout Situate Lying And Being
At Village Mire, Taluka And District Thane And Within The Local Limits Of
Mira Bhayander Municipal Corporation And Bounded As Follows On Or Towards
East : By Steel Fab On Or Towards
North: By Laxmi Car Maruti Showroom On Or Towards
South : By Mira Industrial Estate. |
Fixed Assets
·
Air Conditioner
·
Building
·
Computers
·
Electric Fitting
·
Equipment
·
Furniture and Fixtures
·
Vehicles
·
Plant and Machinery
·
Sign Board
·
Shed
·
Land
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.44.78 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.65.27 |
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 |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.