|
Report Date : |
27.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
TECTONE MOTORS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Sankalp Building, Next to Bankers Heart Institute, Old Padra Road,
Vavodara – 390015, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
13.05.2008 |
|
|
|
|
Com. Reg. No.: |
04-53866 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.550
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51109GJ2008PTC053866 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Authorised Dealer of Honda Car. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 180000 |
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|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to be
slow but correct. The company can be considered for small 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
|
Name : |
Mr. Dhiren Desai |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-265-2761821 |
|
Date : |
23.02.2012 |
LOCATIONS
|
Registered Office/ Showroom : |
Sankalp Building, Next to Bankers Heart Institute, Old Padra Road,
Vavodara – 390015, Gujarat, India |
|
Tel No.: |
91-265-2321358 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Showroom / Factory : |
Aspen Honda, |
|
Tel. No.: |
91-265-2761821/ 22 |
|
E-Mail : |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Kuren Manishkumar Amin |
|
Designation : |
Director |
|
Address : |
9, Parishram Society, |
|
Date of Birth/Age : |
29.12.1974 |
|
Date of Appointment : |
13.05.2008 |
|
DIN No.: |
01554056 |
|
|
|
|
Name : |
Mrs. Priti Kurendu Amin |
|
Designation : |
Director |
|
Address : |
9, Parishram Society, |
|
Date of Birth/Age : |
28.02.1975 |
|
Date of Appointment : |
13.05.2008 |
|
DIN No.: |
02165833 |
KEY EXECUTIVES
|
Name : |
Mr. Dhiren Desai |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Kuren Manishkumar Amin |
|
245000 |
|
Priti Kurendu Amin |
|
5000 |
|
Autogem (Private) Limited, India |
|
750000 |
|
|
|
|
|
Total |
|
1000000 |
(AS ON 30.09.2010)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
75.00 |
|
Directors or relatives of directors |
|
25.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Authorised Dealer of Honda Car. |
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Terms : |
|
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
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Bankers : |
· Indian Overseas Bank Alkapuri Branch, · Bank of Baroda Fertiliser Nagar (Main) Branch, Fertiliser Nagar, Vadodara – 390001, Gujarat, India · State Bank of India, Ahmedabad · ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Joshi Jain and Company Chartered Accountant |
|
Address : |
F-2, Chetan Apartment, Opposite Anjoy Restaurant, Jetalpura Road,
Vadodara – 390007, Gujarat, India |
|
PAN No.: |
AAGFJ0659N |
|
|
|
|
Associates/Subsidiaries : |
· Skoda Torque Automotive Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1110000 |
Equity Share |
Rs.10/- each |
Rs.11.100 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1055000 |
Equity Share |
Rs.10/- each |
Rs.10.550
Millions |
|
|
|
|
|
Out of which 55,000 Equity shares issued at a
premium of Rs.490/- each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.550 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.355 |
16.155 |
0.355 |
|
|
3] Reserves & Surplus |
35.013 |
3.040 |
0.276 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
45.918 |
29.195 |
10.631 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
150.216 |
83.415 |
32.480 |
|
|
2] Unsecured Loans |
45.799 |
13.600 |
16.050 |
|
|
TOTAL BORROWING |
196.015 |
97.015 |
48.530 |
|
|
DEFERRED TAX LIABILITIES |
0.715 |
0.458 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
242.648 |
126.668 |
59.161 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
95.241 |
43.069 |
46.145 |
|
|
Capital work-in-progress |
29.410 |
21.349 |
8.850 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.010 |
0.010 |
0.010 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.028 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
90.287
|
51.468 |
8.863 |
|
|
Sundry Debtors |
37.796
|
28.336 |
4.745 |
|
|
Cash & Bank Balances |
17.203
|
3.286 |
4.218 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
34.844
|
5.394 |
5.576 |
|
Total
Current Assets |
180.130
|
88.484 |
23.402 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
44.078
|
9.278 |
4.287 |
|
|
Other Current Liabilities |
13.472
|
14.581 |
13.943 |
|
|
Provisions |
4.657
|
2.481 |
1.172 |
|
Total
Current Liabilities |
62.207
|
26.340 |
19.402 |
|
|
Net Current Assets |
117.923
|
62.144 |
4.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.064 |
0.096 |
0.128 |
|
|
|
|
|
|
|
|
TOTAL |
242.648 |
126.668 |
59.161 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
632.495 |
511.780 |
249.623 |
|
|
|
Other Income |
15.420 |
4.237 |
2.190 |
|
|
|
TOTAL (A) |
647.915 |
516.017 |
251.813 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods, Spares and Accessories Sold |
595.165 |
475.507 |
234.024 |
|
|
|
Operating Expenses |
4.092 |
2.521 |
0.541 |
|
|
|
Human Resources Development Cost |
11.993 |
9.559 |
4.150 |
|
|
|
Administrative Expenses |
14.604 |
12.751 |
6.135 |
|
|
|
Selling and Distribution Expenses |
1.963 |
1.125 |
0.672 |
|
|
|
Preliminary Expenses |
0.032 |
0.032 |
0.032 |
|
|
|
TOTAL (B) |
627.850 |
501.495 |
245.554 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.065 |
14.522 |
6.259 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.118 |
6.425 |
2.895 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.947 |
8.097 |
3.364 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.681 |
3.997 |
2.877 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.266 |
4.100 |
0.487 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.256 |
1.338 |
0.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.010 |
2.762 |
0.276 |
|
|
|
|
|
|
|
|
|
|
Short/ (Excess)
Income tax of earlier year |
0.013 |
0.002 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.040 |
0.276 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8.063 |
3.040 |
0.276 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.75 |
2.76 |
0.28 |
|
Expected Sales (2011-12): Rs.750.000 Millions
The above information has been parted by Mr. Dhiren.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.77
|
0.54 |
0.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.15
|
0.80 |
0.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.64
|
3.12 |
0.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.14 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.62
|
4.23 |
6.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
3.36 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors
|
|
|
|
|
-
For Capital Goods |
1.780 |
0.115 |
0.671 |
|
-
For Materials |
40.643 |
7.892 |
2.730 |
|
-
For Expenses |
1.655 |
1.271 |
0.886 |
|
|
|
|
|
|
Total |
44.078
|
9.278 |
4.287 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes/ |
|
Line of Business |
Yes |
|
Promoter’s Background |
----- |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last One years |
Yes |
|
Profitability for last three years |
----- |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
Yes |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
----- |
|
Major Customers |
----- |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
----- |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
No |
|
Incorporation details is applicable |
----- |
|
Last Accounts filed at ROC |
----- |
|
Major Shareholders, if available |
----- |
NOTE:
The Registered Office of the company has been shifted from, 9 Parisram
Society, Subhanpura, Vadodara,
FINANCIAL
PERFORMANCE:
The Company
recorded total income of Rs.647.915 Millions against Rs.516.017 Millions in the
previous year. Net Profit for the financial year ended 31st March, 2011
increased to Rs.5.010 Millions from Rs.2.762 Millions in the previous year.
Shareholder’s Net worth increased to Rs.45.918 Millions from Rs. 29.195
Millions in the previous year.
FORM 8:
|
Corporate
identity number of the company |
U51109GJ2008PTC053866 |
|
Name of the
company |
Tectone Motors Private Limited |
|
Address of the
registered office or of the principal place of business in |
Sankalp Building, Next to Bankers Heart Institute, Old Padra Road,
Vavodara – 390015, Gujarat, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable Property (not being pledge) Floating Charge |
|
Particular of
charge holder |
Indian Overseas
Bank Alkapuri Branch, |
|
Nature of
instrument creating charge |
Letter of
Hypothecation (For Securing Machineries. Vehicles/ Goods/ Book Debts) Dated
24.04.2010. |
|
Date of
instrument Creating the charge |
24.04.2010 |
|
Amount secured by
the charge |
Rs.67.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC – BPLR – 0.25%
i.e. 11.75% p.a. presently TL – BPLR i.e.
12.00% p.a. presently Term of
Repayment: CC- On demand TL- Repayable in
20 quarterly installments of Rs.1.250 Millions each quarter with a holiday
period of 3 months commencing from Jan-March 2009. Margin: CC- Stocks- 25%
and Book Debts- 50% L/C- 25% Extent and
Operation of the charge: First Charge by
extension of hypothecation shall be for the repayment amount to the bank for
all monies including the principal sums, interest, cost, charges, expenses
and other monies payable from time to time and that all rights, remedies,
terms, conditions to be observed by the company for the total increased
facility from Rs.55.000 Millions /- to Rs.67.500 Millions. |
|
Particulars of
the property charged |
First Charge by
way of hypothecation on all present and future stocks, Goods, Book Debts, Raw
Materials, Semi finished goods, finished Goods, situated at Plant and
Machineries and Other Movable Assets situated at All Book Debts, receivable
etc. |
|
Particulars of
the present modification |
The charge is
modified from Rs.55.000 Millions to Rs.67.500 Millions in view of additional
credit facilities granted by the bank. |
FIXED ASSETS:
· Building
· Electrical Installment
· Furniture and Fixtures
· Office Equipments
· Plant and Machinery
· Tools and Equipments
· Vehicles
· Computers
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.49.07 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.