MIRA
INFORM REPORT
|
Report Date : |
16.05.2011 |
IDENTIFICATION DETAILS
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Name : |
PATEL CARS PRIVATE LIMITED (w.e.f. 09.07.2001) |
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Formerly Known
as : |
J PATEL CARS LIMITED |
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Registered
Office : |
Suite Nos. 205-206, 2nd Floor, Pioneer Towers, Marine
Drive, Ernakolam – 682031, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.06.1997 |
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Com. Reg. No.: |
09-011516 |
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Capital
Investment / Paid-up Capital : |
Rs.21.675 Millions |
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CIN No.: [Company Identification
No.] |
U60221KL1997PTC011516 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealers of Honda Car |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 510000 |
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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 a well 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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Registered Office : |
Suite Nos. 205-206, 2nd Floor, Pioneer Towers, Marine
Drive, Ernakolam – 682031, Kerala |
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Tel. No.: |
91-484-370100 / 104 |
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Fax No.: |
91-484-370115 |
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E-Mail : |
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Showroom Address : |
NH 47, Vytilla, Aroor Bypass Road, Maradu, Cochin – 682304, India |
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DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Kantilal Pranlal Patel |
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Designation : |
Chairman |
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Address : |
30-626B, Warriam Road, Krishna Niwas, Cochin, Ernakilam – 682016,
Kerala, India |
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Date of Birth/Age : |
07.03.1930 |
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Date of Appointment : |
17.04.2008 |
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Name : |
Mr. Kamtilala Mitesh Patel |
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Designation : |
Director |
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Address : |
30-626B, Warriam Road, Krishna Niwas, Cochin, Ernakilam – 682016,
Kerala, India |
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Date of Birth/Age : |
01.02.1972 |
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Date of Appointment : |
17.04.2008 |
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DIN No.: |
01681744 |
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Name : |
Mr. Kantilal Bharat Patel |
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Designation : |
Director |
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Address : |
30-626B, Warriam Road, Krishna Niwas, Cochin, Ernakilam – 682016,
Kerala, India |
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Date of Birth/Age : |
24.10.1963 |
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Date of Appointment : |
17.04.2008 |
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DIN No.: |
01681767 |
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Name : |
Mr. Patel N. P. |
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Designation : |
Director |
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Address : |
Warriam Road, Krishna Niwas, Cochin, Ernakilam – 682016, Kerala, India |
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Date of Birth/Age : |
11.07.1948 |
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Date of Appointment : |
17.04.2008 |
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DIN No.: |
0161707 |
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Name : |
Mrs. Chetna B. Patel |
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Designation : |
Director |
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Address : |
Krishna Nowas, Warriam Road, Kochi, Ernakulam – 682016, Kerala, India |
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Date of Birth/Age : |
01.07.1953 |
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Date of Appointment : |
21.05.2001 |
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CIN No.: |
01487361 |
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Name : |
Mr. B. P. Patel |
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Designation : |
Director |
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Address : |
Madhvpura Hubli, Karnataka, India |
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Date of Birth/Age : |
12.08.1952 |
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Date of Appointment : |
21.05.2001 |
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Name : |
Mr. Vinod B. Patel |
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Designation : |
Director |
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Address : |
Behind Sreenidhi Complex, Near Ulal Complex, Near General Hospital,
Alake – 575003, Mangalore, Karnataka, India |
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Date of Birth/Age : |
14.07.1953 |
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Date of Appointment : |
17.04.2008 |
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DIN No.: |
01487344 |
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Name : |
Mrs. Krishnaben K. Patel |
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Designation : |
Chairman Cum Managing Director |
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Address : |
30-626B, Warriam Road, Krishna Niwas, Cochin, Ernakilam – 682016,
Kerala, India |
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Date of Birth/Age : |
07.03.1938 |
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Date of Appointment : |
18.06.2004 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Kantilal Pranlal Patel |
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180001 |
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Kamtilala Mitesh Patel |
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654750 |
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Kantilal Bharat Patel |
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230249 |
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Vasran Patel Jayantilal |
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37500 |
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Vasram Patel Natwarlal |
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37500 |
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Vasram Rajesh Patel |
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52500 |
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N.P. Patel |
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45000 |
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Jagrath N. Patel |
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135000 |
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Chetana Patel |
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206250 |
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Babulal P. Patel |
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206250 |
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Vinod B. Patel |
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150000 |
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Krishnaben Patel |
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180000 |
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Saroj Hasmukh |
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52500 |
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Total |
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2167500 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
92.00 |
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Other top fifty shareholders |
8.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers of Honda Car |
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GENERAL INFORMATION
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Bankers : |
Kotak Mahindra
Prime Limited, 36-38A Nariman Bhavan, 227, Nariman Point, Mumbai
-400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Murali Association Chartered Accountant |
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Address : |
Panampilly Nagar, Cochin – 682036, Kerala, India |
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Related Parties : |
·
Patel Veneers Private Limited ·
K P 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 |
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2230000 |
Equity Shares |
Rs.10/- each |
Rs. 22.300 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2167500 |
Equity Shares |
Rs.10/- each |
Rs.21.675
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
21.675 |
21.675 |
21.675 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
105.313 |
91.291 |
82.284 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
126.988 |
112.966 |
103.959 |
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LOAN FUNDS |
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1] Secured Loans |
182.394 |
136.146 |
217.772 |
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2] Unsecured Loans |
18.246 |
19.349 |
26.343 |
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TOTAL BORROWING |
200.640 |
155.495 |
244.115 |
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DEFERRED TAX LIABILITIES |
12.245 |
10.633 |
10.461 |
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TOTAL |
339.873 |
279.094 |
358.535 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
141.708 |
128.853 |
128.948 |
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Capital work-in-progress |
60.806 |
60.878 |
6.786 |
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INVESTMENT |
18.765 |
17.392 |
15.924 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.708 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
63.462
|
43.454 |
180.680 |
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Sundry Debtors |
22.357
|
10.489 |
17.819 |
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Cash & Bank Balances |
32.917
|
63.214 |
39.930 |
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Other Current Assets |
8.608
|
4.022 |
4.014 |
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Loans & Advances |
44.932
|
20.866 |
20.706 |
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Total
Current Assets |
172.276
|
142.045 |
263.149 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
46.252
|
63.241 |
47.044 |
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Provisions |
7.430
|
6.833 |
9.936 |
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Total
Current Liabilities |
53.682
|
70.074 |
56.980 |
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Net Current Assets |
118.594
|
71.971 |
206.169 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
339.873 |
279.094 |
358.638 |
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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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TOTAL INCOME |
1497.090 |
1676.139 |
1718.603 |
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PROFIT AFTER TAX
|
14.022 |
9.007 |
15.782 |
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Earnings Per
Share (Rs.) |
6.47 |
4.16 |
8.79 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.93
|
0.53 |
0.91 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.00
|
1.99 |
2.89 |
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Current Ratio (Current Asset/Current Liability) |
|
3.20
|
2.02 |
4.61 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Highlights :
The directors
regret to report that there was a short fall in the total income for the year
ended 31st March, 2010 as compared to the same period in the
previous year. The total income from sales of vehicles. Services and other
income was only Rs. 1497.090 millions as compared to Rs. 1676.139 millions in
the previous year. The reduction in total revenue is mainly due to the
recessionary conditions and also competition from other dealers. However, due
to various measures taken by the management to reduce the overhead expenses,
the profit before depreciation and tax have recorded an increase of Rs. 30.520
millions in the current year as compared to Rs. 23.924 millions in the previous
year. The net available profit after all adjustments during the current year is
Rs. 14.022 millions as compared to Rs. 9.007 millions in the previous year.
From the available surplus, the directors purpose to transfer Rs. 2.500
millions to General Reserves. As the board purpose to utilize the available
resources in the business if the company, no dividend is recommended and the
surplus will be carried over to the balance sheet. The directors regret to
report that the company was notable to complete the construction of the
workshop in Nettoor due to various factors. All steps are being taken to ensure
completion of the workshop[ at he earliest.
Form : 8
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Corporate identity number of the company |
U60221KL1997PTC011516 |
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Name of the company |
PATEL CARS PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
Suite Nos
205 206IInd Floor Pioneer Towers,
Marine Drive, Ernakulam – 682031, Kerala, INDIA |
|
This form is for |
Creation of charge |
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Type of charge |
Immovable property |
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Particular of charge holder |
Kotak Mahindra Prime Limited, 36-38A
Nariman Bhavan, 227, Nariman
Point, Mumbai -400021,
Maharashtra, India |
|
Nature of instrument creating charge |
Memorandum of Title Deposit |
|
Date of instrument Creating the charge |
22/03/2010 |
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Amount secured by the charge |
Rs. 15.000 millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest The Inventory finance facility would be
charged at 12.50% p.a. The rate of interest is linked to Kotak Mahindra Bank
Prime Lending Rate (PLR) less 3.25 % p.a. Currently KMB rate is 15.50% p.a. Terms
of repayment The Inventory funding for spares on Demand
Repayment in accordance with the curtailment provisions. Margin NIL Extent
and operation of the charge The charges operate as security for
repayment of financial facilities amounting to Rs.15.000 millions generated
to the Borrower by M/s. Kotak Mahindra Prime Limited. Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
1.All that piece and parcel of land located
at NH 47, Vytttila Arror, Bypass Road Maradu , Cochin 2.All that piece and parcel of land
situated at Survey No 426 Kazakoottam Menamkulam, Trivandrum, Taluk
Trivandrum. 3.All that piece and parcel of land
siutated at Derebail village of Mangalore Taluk within Mangalore Corporation,
Dakshin Kannada All that piece and parcel of land bearing
Sy. No 24/2,24/2,24/4 Elatoor village Puthiyangadi Desom, Calicut. |
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. 44.91 |
|
|
1 |
Rs. 73.05 |
|
Euro |
1 |
Rs. 64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.