MIRA INFORM REPORT

 

 

Report Date :

16.05.2011

 

IDENTIFICATION DETAILS

 

Name :

K P CARS PRIVATE LIMITED

 

 

Registered Office :

Suit No. 205, 2nd Floor, Pioneer Tower, Shanmugam Road, Marine Drive. Ernakulam– 682031, Kelrala

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

29.09.2010

 

 

Com. Reg. No.:

09-022275

 

 

Capital Investment / Paid-up Capital :

Rs.5.000 Millions

 

 

CIN No.:

[Company Identification No.]

U50300KL2008PTC022275

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHNK03460C

 

 

PAN No.:

[Permanent Account No.]

AADCK3676J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Services Provider for four wheelers and repairs centers.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (14)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on a secured 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

 

 

 

LOCATIONS

 

Registered Office :

Suit No. 205, 2nd Floor, Pioneer Tower, Shanmugam Road, Marine Drive. Ernakulam– 682031, Kelrala, India

Tel. No.:

91-484-2370100

Fax No.:

91-484-2370115

E-Mail :

accounts@patecars.in

patelbp@eth.net

 

 

 

 

DIRECTORS

 

AS ON 29.09.2010

 

Name :

Mr. Kantilal Pranlal Patel

Designation :

Chairman

Address :

30-626B, Warriam Road, Krishna Niwas, Cochin, Ernakilam – 682016, Kerala, India

Date of Birth/Age :

07.03.1930

Date of Appointment :

17.04.2008

 

 

Name :

Mr. Kamtilala Mitesh Patel

Designation :

Director

Address :

30-626B, Warriam Road, Krishna Niwas, Cochin, Ernakilam – 682016, Kerala, India

Date of Birth/Age :

01.02.1972

Date of Appointment :

17.04.2008

DIN No.:

01681744

 

 

Name :

Mr. Kantilal Bharat Patel

Designation :

Director

Address :

30-626B, Warriam Road, Krishna Niwas, Cochin, Ernakilam – 682016, Kerala, India

Date of Birth/Age :

24.10.1963

Date of Appointment :

17.04.2008

DIN No.:

01681767

 

 

Name :

Mr. Patel N. P.

Designation :

Director

Address :

Warriam Road, Krishna Niwas, Cochin, Ernakilam – 682016, Kerala, India

Date of Birth/Age :

11.07.1948

Date of Appointment :

17.04.2008

DIN No.:

0161707

 

 

Name :

Mr. Vinod B. Patel

Designation :

Director

Address :

Behind Sreenidhi Complex, Near Ulal Complex, Near General Hospital, Alake – 575003, Mangalore, Karnataka, India

Date of Birth/Age :

14.07.1953

Date of Appointment :

17.04.2008

DIN No.:

01487344

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2010

 

Names of Shareholders

 

No. of Shares

Patel Pranlal Kantilal

 

100000

Mitesh Kantilal Patel

 

140000

Kantilal Bharat Patel

 

100000

N.P Patel

 

100000

Vinod Patel

 

100000

Jahanvi Patel

 

180000

Mansvi Patel

 

175000

Shyamal Patel

 

105000

 

 

 

Total

 

1000000

 

AS ON 29.09.2010

 

Category

Percentage

 

 

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Services Provider for four wheelers and repairs centers.

 

 

 

 

GENERAL INFORMATION

 

Customers :

·         Jubilant Motors

·         A and T Engineering Contractors

·         Dent Masters Corporation

·         Indoor Decorators

·         Meleth Agencies

·         Panakal Constructions

·         Precision Testing Machine Private Limited

·         Sulphur Translits

·         Twinpro Exim Enterprises

 

 

Bankers :                            

·         HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India

 

 

Facilities :

 

Secured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Kotak Car A/c 06312010000193

(Secured by first charge over entire current and movable assets of the borrower. Including workshop equipments, stock of spares, accessories , vehicles, debtors, advances made for purchasing vehicles and book debts and receivables of borrower arising on any sale, lease, hire purchase, lease including assets now owned or hereafter acquired by the borrower and that now are no hereafter from time to time during the security  )

9.319

38.823

Kotak Term Loan – 5010859

2.861

3.441

Kotak Term Loan – 5062840

4.143

4.925

Kotak Term Loan – 5431086

4.613

0.000

Kotak Term Loan – CF – 4852548

11.559

13.948

Kotak Term Loan – CF – 5140220

2.138

0.000

Kotak Term Loan – CF – 4914133

(Secured by assets of patel cars private limited by way of corporate guarantee by patel cars private limited )

0.000

8.423

 

 

 

Total

34.636

69.531

 

 

 

Unsecured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

HDFC A8 Loan

4.387

6.533

HDFC TT Loan

3.057

4.713

Kotak Loan – A4 Demo – 5779600

2.716

0.000

Kotak Loan –A6

0.788

0.000

Kotak Loan Q5

0.850

0.000

Kotak Loan Q7

5.109

0.000

Reliance HP – 108525 A6

0.000

1.598

Reliance HP – 108530 A4

0.000

1.031

Reliance HP – 114020 Q7

0.000

2.561

From Directors

 

 

Bharat Patel

0.100

0.100

Mitesh Patel

4.656

5.106

 

 

 

Total

21.666

21.645

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Murli Associates

Chartered Accountant

Address :

G-35, 1st Cross Road, Panampilly Nagar, Palakkad-682036, India

 

 

Related Parties :

·         Patel Veneers Private Limited

·         Patel Cars Private Limited

·         Shinral Automobiles Private Limited

·         Bharath Kumar Patel and Company

·         Patel Babulal Pranlal and Brothers

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Millions

 

 

 

 

 

 

AS ON 29.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

5.000

5.000

2] Share Application Money

 

5.000

5.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

(15.342)

(6.218)

NETWORTH

 

(5.342)

3.782

LOAN FUNDS

 

 

 

1] Secured Loans

 

34.636

69.531

2] Unsecured Loans

 

21.666

21.645

TOTAL BORROWING

 

56.302

91.176

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

50.960

94.958

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

61.511

39.584

Capital work-in-progress

 

3.146

11.919

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

7.269

3.087

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
40.053

36.833

 

Sundry Debtors
 
4.647

0.251

 

Cash & Bank Balances
 
7.032

12.196

 

Other Current Assets
 
3.155

2.103

 

Loans & Advances
 
1.625

5.963

Total Current Assets
 
56.512

57.346

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Other Current Liabilities
 
77.583

17.058

 

Provisions
 
0.000

0.039

Total Current Liabilities
 
77.583

17.097

Net Current Assets
 
(21.071)

40.249

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.105

0.119

 

 

 

 

TOTAL

 

50.960

94.958

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

 

 

 

 

 

 

TOTAL INCOME

 

315.376

86.538

 

 

 

 

 

 

EXPENSES

 

315.247

92.342

 

 

 

 

 

 

NET LOSS

 

9.123

6.218

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

CIF Value of Import

 

10.252

10.252

 

TOTAL IMPORTS

 

10.252

10.252

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

(18.25)

(17.12)

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2010

31.03.2009

Debt Equity Ratio

(Total Liability/Networth)

 
 

(25.06)

28.62

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

0.72

3.35

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FINANCIAL PERFORMANCE :

 

The director report that the overall performance of the company during the year was not encouraging. The company has generated a total income of Rs.3 15.376 millions and incurred an expenditure of Rs. 315.247 millions. The overall operations of the company have recorded a net loss of Rs. 9.123 millions after providing for depreciation and deferred tax liability, which is being carried over to the Balance sheet. The Directors are confident that with the concerted efforts, the activities of' the company will improve in the current year. As the Company has improve in the current year.

 

FORM : 8

 

Corporate identity number of the company

U50300KL2008PTC022275

Name of the company

K P CARS PRIVATE LIMITED

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

Suit No.205, 2nd Floor, Pioneer Tower, Shanmugam Road, Marine Drive, Ernakulam – 682031, Kerala, India

This form is for

Modification of charge

Type of charge

Book debts

Movable property (not being pledge)

Floating charge

Particular of charge holder

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India

Nature of instrument creating charge

Supplemental Letter of Hypothecation of Stocks and Book debts.

Date of instrument Creating the charge

18.04.2011

Amount secured by the charge

Rs. 150.000 millions

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

Rate of interest

Interest at the rate as may be communicated by the Bank from time to time.

 

Terms of repayment

On Demand.

 

Margin

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

 

Extent and operation of the charge

Hypothecation by way of First Charge on Company's Stocks and Book Debts etc., to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs.150.000 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.

 

Other

Nil

Short particulars of the property charged (Including location of the property)

Hypothecation by way of First Charge  over the Stocks and Book Debts and shall constitute a continuing security in favour of the Bank for the enhanced loan limit.

Date of instrument modifying the charge

27.05.2010

Particulars of the present modification

By the present modification, the aggregate loan limit has been enhanced from Rs.85.000 millions to Rs.150.000 millions, against the security of Stocks and Book Debts of the Company.

 

 

 

 

 

 

 

 

 

 

 

FIXED ASSETS :

 

·         Computer Accessories

·         Motor Cars

·         Furniture and Fittings

·         Electrical Fittings

·         Air Conditioners

·         Generator

·         Mobile Phones

·         Plant and Machinery

·         Smoke Detector

·         Tools Equipments

·         Building Showroom A/c

 

 

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. 44.91

UK Pound

1

Rs. 73.05

Euro

1

Rs. 64.03

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

1

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

--

--CREDIT LINES

1~10

1

--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

 

14

 

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.