MIRA
INFORM REPORT
|
Report Date : |
17.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHINRAI AUTOMOBILES PRIVATE LIMITED |
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Registered
Office : |
Suite Nos.205-206, 2nd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.11.2008 |
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Com. Reg. No.: |
09-023443 |
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Capital
Investment / Paid-up Capital : |
Rs.4.000 millions |
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CIN No.: [Company Identification
No.] |
U50100KL2008PTC023443 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHNS05963G |
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PAN No.: [Permanent Account No.] |
AAMCS5686D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Wholesalers,
Retailers, Agents, Distributors, Importers, Exporters of all types of
Automobiles like Two Wheelers, Three Wheelers, Passenger Cars and Other
Commercial Vehicles. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. There appears some
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 with some caution.
|
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 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Suite Nos.205-206, 2nd Floor, |
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Tel. No.: |
91-484-2370100 |
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Fax No.: |
91-484-2370115 |
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E-Mail : |
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Branch Office : |
H at Ernakulam, 35/279, Suburban Complex, |
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Tel. No. |
91-484-4157777 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Kantilal Pranlal Patel |
|
Designation : |
Chairman cum Managing Director |
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Address : |
H.No.XXX/626-B, |
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Date of Birth/Age : |
07.07.1930 |
|
Date of Appointment : |
21.11.2008 |
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DIN No.: |
01681767 |
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Name : |
Mr. Mitesh Kantilal Patel |
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Designation : |
Director |
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Address : |
House No.XXX/626-B, Krishna Nivas, |
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Date of Birth/Age : |
01.02.1972 |
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Date of Appointment : |
21.11.2008 |
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DIN No.: |
00903592 |
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Name : |
Mr. Bharat Kantilal Patel |
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Designation : |
Director |
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Address : |
XXX/626, |
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Date of Birth/Age : |
24.10.1963 |
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Date of Appointment : |
21.11.2008 |
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DIN No.: |
01935255 |
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Name : |
Mr. Natwar lal Pranlal Patel |
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Designation : |
Director |
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Address : |
XXX/626, |
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Date of Birth/Age : |
23.02.1947 |
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Date of Ceasing : |
22.01.2011 |
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DIN No.: |
01681707 |
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Name : |
Mr. N.P. Patel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
11.07.1948 |
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Date of Appointment : |
16.03.2009 |
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Name : |
Mr. Vinod Babulal Patel |
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Designation : |
Director |
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Address : |
Krishna Kripa, Behind Sreenishi Complex, Near Ullal |
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Date of Birth/Age : |
14.07.1953 |
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Date of Appointment : |
16.03.2009 |
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DIN No.: |
01487344 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Patel Pranlal Kantilal |
|
8000 |
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Patel Kantilal Mitesh |
|
8000 |
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Patel Kantilal Bharat |
|
8000 |
|
N.P. Patel |
|
8000 |
|
Vinod B. Patel |
|
8000 |
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Total
|
|
40000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Wholesalers,
Retailers, Agents, Distributors, Importers, Exporters of all types of
Automobiles like Two Wheelers, Three Wheelers, Passenger Cars and Other
Commercial Vehicles. |
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GENERAL INFORMATION
|
Suppliers : |
v
APCO Automobiles v
Auto Queen v
George Maijo Industries v
Hass – Miss Associates v
India Yamaha Motor Private Limited – Bike v
v
Roots Auto Spares v
S.G. Motors v
Speed A Way Private Limited |
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Bankers : |
v
Kotak Mahindra Bank Limited, 36-38A, Nariman
Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India v
Axis bank v
HDFC Bank Limited v
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Murali Associates Chartered Accountants |
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Address : |
G-35, 1st Cross Road, Panampilly Nagar, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 millions |
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|
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|
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 |
|
4.000 |
4.000 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(2.888) |
(0.673) |
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NETWORTH |
|
1.112 |
3.327 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
4.457 |
0.000 |
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2] Unsecured Loans |
|
3.386 |
2.988 |
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TOTAL BORROWING |
|
7.843 |
2.988 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
8.955 |
6.315 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.051 |
0.972 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
1.463 |
0.345 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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|
Inventories |
|
3.904
|
2.721 |
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Sundry Debtors |
|
0.193
|
0.179 |
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Cash & Bank Balances |
|
1.069
|
0.082 |
|
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Other Current Assets |
|
1.706
|
1.670 |
|
|
Loans & Advances |
|
0.433
|
0.512 |
|
Total
Current Assets |
|
7.305
|
5.164 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.496
|
0.093 |
|
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Other Current Liabilities |
|
0.441
|
0.153 |
|
|
Provisions |
|
0.000
|
0.003 |
|
Total
Current Liabilities |
|
0.937
|
0.249 |
|
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Net Current Assets |
|
6.368
|
4.915 |
|
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MISCELLANEOUS EXPENSES |
|
0.073 |
0.083 |
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TOTAL |
|
8.955 |
6.315 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
29.186 |
3.995 |
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Other Income |
|
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TOTAL |
|
29.186 |
3.995 |
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Less |
EXPENSES |
|
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|
Office Expenses |
|
|
4.973 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
|
32.286 |
4.973 |
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PROFIT BEFORE
TAX |
|
(3.100) |
(0.978) |
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Less |
TAX |
|
(0.885) |
(0.305) |
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PROFIT AFTER TAX
|
|
(2.215) |
(0.673) |
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Earnings Per
Share (Rs.) |
|
(55.37) |
(123.10) |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(7.59) |
(16.85) |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(37.10) |
(15.94) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
(2.79) |
(0.29) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
7.90 |
0.97 |
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Current Ratio (Current Asset/Current Liability) |
|
|
7.80 |
20.74 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE:
The overall performance of the company during the period was not encouraging.
The Company has generated a total income of Rs.29.186 millions and incurred an
expenditure of Rs.32.286 millions. The overall operations of the company have
recorded a net loss of Rs.2.215 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 fortunes of the
company can be improved during the coming years.
As the Company has incurred loss during the year, no dividend is
recommended for the financial year.
FORM 8:
|
Corporate
identity number of the company |
U50100KL2008PTC023443 |
|
Name of the
company |
SHINRAI AUTOMOBILES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Suite Nos.205-206, 2nd Floor, E-Mail: patelbp@eth.net |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Others (Current
Assets and Moveable Fixed Assets) |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman
Point, Mumbai – 400 021, Maharashtra, India E-Mail: jhon.fernandes@kotak.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
17/11/2009 |
|
Amount secured by
the charge |
Rs.5.500 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Cash Credit -
Floating over the tenure of the facility. The interest rate is linked to
Kotak Mahindra Bank's Benchmark Prime Lending Rate. Terms of
Repayment: As may be
specified by the Bank from time to time. Extent and
Operation of the charge: First charge by
way of Hypothecation on the whole of the Borrower's current assets and movable
fixed assets, both present and future in favour of Kotak Mahindra Bank to
secure the financial facilities granted by the Bank to the Borrower. |
|
Short particulars
of the property charged |
The whole of the Borrower's
present and future Current Assets and Moveable Fixed including Moveable Fixed
Assets, both present and future. |
FIXED ASSETS:
v
Computer and Accessories
v
Furniture and Fittings
v
Electrical Fittings
v
Mobile Phone
v
Tools and Equipments
v
Vehicles
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.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.