MIRA
INFORM REPORT
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Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA FIRST CHOICE WHEELS LIMITED (w.e.f. 23.06.2008) |
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Formerly Known
As : |
FIRSTCHOICE WHEELS LIMITED (w.e.f. 13.11.2007) AUTOMARTINDIA LIMITED MAHINDRA TELECOMMUNICATIONS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as on)
: |
31.03.2011 |
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Date of
Incorporation : |
22.12.1994 |
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Com. Reg. No.: |
11-083996 |
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Capital
Investment / Paid-up Capital : |
Rs. 634.307 Millions |
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CIN No.: [Company Identification
No.] |
U64200MH1994PLC083996 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20137F |
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PAN No.: [Permanent Account No.] |
AACCM0794N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Company is engaged in the business of Trading in Used Cars. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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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 1400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Mahindra Group. It is an established company
having moderate track. There appears to be some accumulated losses recorded
by the company. However trade relations are reported as fair. Business is
active. Payments are reported to be usually correct. Subject being a Mahindra Group it can be considered normal for
business dealings at usual trade terms and conditions. It would be good if
very slight caution in maintained on account of accumulated losses. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED
Management Non- Cooperative (91-22-24931441)
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-24954420 |
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Fax No.: |
91-22-56607964 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
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Tel. No.: |
91-22-24936505 / 02 |
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Fax No.: |
91-22-24900821 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Anand G. Mahindra |
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Designation : |
Director |
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Address : |
Goolestan, 65, Napean Sea Road, Mumbai - 400006, Maharashtra, India |
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Date of Birth/Age : |
01.05.1955 |
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Date of Appointment : |
16.06.2000 |
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DIN No.: |
00004695 |
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Name : |
Mr. Sanjay Mohan Labroo |
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Designation : |
Director |
|
Address : |
Global Business Park, 5th Floor, Tower ‘B’, Gurgaon
– 122002, Haryana, India |
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Date of Birth/Age : |
05.10.1961 |
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Date of Appointment : |
14.01.2000 |
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DIN No.: |
00009629 |
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Name : |
Mr. Ramesh Ganesh Iyer |
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Designation : |
Director |
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Address : |
A-2003, Oberoi Garden, OGI, Kandivali (East), Mumbai – 400 101,
Maharashtra, India |
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Date of Birth/Age : |
04.06.1958 |
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Date of Appointment : |
30.08.2004 |
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DIN No.: |
00220759 |
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Name : |
Mr. Rajeev Dubey |
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Designation : |
Director |
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Address : |
1701 Mahindra Heights, 96, Tardeo Road, Mumbai – 400034, Maharashtra, India |
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Date of Birth/Age : |
03.04.1954 |
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Date of Appointment : |
01.12.2004 |
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DIN No.: |
00104817 |
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Name : |
Mr. Pawan Kumar Goenka |
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Designation : |
Director |
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Address : |
Flat No.602,9, JVPD, Near UTI Bank Ltd., 10” Road, Vile Parle, (West), Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
23.09.1954 |
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Date of Appointment : |
23.08.2006 |
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DIN No.: |
00254502 |
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Name : |
Mr. Padmanabhan Sivaram |
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Designation : |
Director |
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Address : |
A2/22,Azad Apts, Hauz Khas, New Delhi 110016, India |
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Date of Birth/Age : |
30.06.1953 |
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Date of Appointment : |
30.07.2008 |
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DIN No.: |
00066864 |
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Name : |
Mr. Anupam Thareja |
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Designation : |
Director |
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Address : |
G-503, Ivory Tower, Sector 70 Mohali – 160071, Punjab, India |
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Date of Birth/Age : |
09.04.1972 |
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Date of Appointment : |
30.07.2008 |
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DIN No.: |
01091533 |
KEY EXECUTIVES
|
Name : |
Mr. Shubhabrata Saha |
|
Designation : |
Manager |
|
Address : |
Parimal Premises
Co-operative Society Limited, Flat – 402,4 Floor, Plot No.482,17* Road, Khar (West),
Mumbai – 400 052, Maharashtra,
India |
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Date of Birth/Age : |
22.12.1967 |
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Date of Appointment : |
01.08.2009 |
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PAN No. : |
AAAPS0423M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
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Housing Development Finance Corporation Limited, India |
|
3182000 |
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Vinay Leasing And Finance Private Limited, India |
|
49.333 |
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Anand. G. Mahindra |
|
104.922 |
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Sanjay Labroo Jointly With Leena Labroo |
|
1153141 |
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Brij M. Katari |
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17194 |
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Mahindra and Mahindra Limited Jointly With M A Nazareth |
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1 |
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Mahindra and Mahindra Limited Jointly With Ulhas Yargop |
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1 |
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Mahindra and Mahindra Limited Jointly With Bharat Doshi |
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1 |
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Mahindra and Mahindra Limited Jointly With U Y Phadke |
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1 |
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Mahindra and Mahindra Limited Jointly With Bakul P. Sheth |
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1 |
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Mahindra and Mahindra Limited Jointly With Angarika Baviskar |
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1 |
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Mahindra and Mahindra Limited Jointly With c. krishnadas |
|
1 |
|
Mahindra and Mahindra Limited , India |
|
34777248 |
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Bina Sanghi Jointly With Vinay Sanghi |
|
334445 |
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Ranjan Sanghi Jointly With Jayashree Sanghi |
|
446474 |
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Arti Sanghi Jointly With Arun Sanghi |
|
329894 |
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Arun Sanghi Jointly With Arti Sanghi |
|
772817 |
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Alan E Durante Jointly With
Melanie Durante |
|
36484 |
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Jyoti Sanghi Jointly With Ranjan Sanghi |
|
55862 |
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Project Automobiles Private Limited, India |
|
398733 |
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Jyoti Ahuja Jointly With Pramod
Ahuja |
|
60715 |
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Arun Sanghi,Rajeev Dubey, Ramesh Iyer, Trustees, Automartindia Limited
Stock Option Trust |
|
3261937 |
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Aradhana Sanghi Jointly With Arun Sanghi |
|
83272 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
88.48 |
|
Directors or relatives of Directors |
1.92 |
|
Other top fifty shareholders |
9.60 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company is engaged in the business of Trading in Used Cars. |
GENERAL INFORMATION
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No. of Employees : |
250 (Approximately) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Haskins and sells, 12, Annie Besant Road, Opp. Shiva Sagar
Estate, Worli, Mumbai – 400018, Maharashtra, India |
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PAN.: |
AACFD4815A |
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Holding Company : |
Mahindra and Mahindra Limited |
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Fellow Subsidiary
Company : |
· Mahindra and Mahindra Financial Services Limited · Mahindra Intertrade Limited · Mahindra Castings Limited (Formerly known as Mahindra Hinoday Industries Limited.) · Mahindra Ugine Steel Company Limited · Mahindra Gears and Transmissions Private Limited · Mahindra Retail Private Limited · Mahindra First Choice Services Limited · Mahindra Logistics Limited · Mahindra Automobile Distributors Private Limited (Formerly known as Mahindra Renault Private Limited) · Mahindra Forgings Limited · Tech Mahindra Limited · Mahindra Navistar Automotives Limited · Mahindra Holidays and Resorts India Limited · Mahindra Shubhlabh Services Limited · NBS International Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
70000000 |
Equity Shares |
Rs. 10/- each |
Rs.700.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
66692656 |
Equity Shares |
Rs.10/- each |
Rs.666.927
Millions |
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|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
Rs. 10/- each |
Rs.700.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
63430719 |
Equity Shares |
Rs.10/- each |
Rs.634.307
Millions |
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Out of the above, 34777255
(including 31837255 issued on rights basis).Equity Shares of Rs.10/- each fully
paid-up are held by Mahindra and Mahindra Limited, the holding company
(Including 7 shares held jointly)
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 |
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|
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|
1] Share Capital |
634.307 |
634.307 |
634.307 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
584.180 |
584.180 |
584.180 |
|
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4] (Accumulated Losses) |
(857.038) |
(795.697) |
(708.521) |
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NETWORTH |
361.449 |
422.790 |
509.966 |
|
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LOAN FUNDS |
|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
361.449 |
422.790 |
509.966 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.514 |
44.299 |
47.594 |
|
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Capital work-in-progress |
6.630 |
0.026 |
1.925 |
|
|
|
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|
|
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INVESTMENT |
69.946 |
103.933 |
22.960 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
112.375
|
86.925
|
82.619
|
|
|
Sundry Debtors |
12.162
|
5.335
|
3.047
|
|
|
Cash & Bank Balances |
81.463
|
83.853
|
99.267
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
236.044
|
247.427
|
380.630
|
|
Total
Current Assets |
442.044
|
423.540
|
565.563
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
156.513 |
19.624
|
14.113
|
|
|
Sundry Creditors |
31.345 |
115.779 |
105.761 |
|
|
Provisions |
15.827
|
13.606
|
8.202
|
|
Total
Current Liabilities |
203.685
|
149.009
|
128.076
|
|
|
Net Current Assets |
238.359
|
274.531
|
437.487
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
361.449 |
422.790 |
509.966 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales (including accessories) (net of sales returns) |
1088.120 |
1209.251 |
1370.156 |
|
|
|
Income from Services |
85.261 |
52.298 |
51.400 |
|
|
|
Other Income |
44.485 |
39.704 |
33.405 |
|
|
|
TOTAL (A) |
1217.866 |
1301.253 |
1454.961 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
(25.450) |
(4.306) |
|
|
|
|
Manufacturing service costs |
1020.137 |
1116.308 |
|
|
|
|
Employee related expenses |
114.816 |
92.700 |
1647.001 |
|
|
|
Administrative selling other expenses |
159.851 |
174.570 |
|
|
|
|
TOTAL (B) |
1269.354 |
1379.272 |
1647.001 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(51.488) |
(78.019) |
(192.040) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.093 |
0.084 |
8.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(51.581) |
(78.103) |
(200.085) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.759 |
9.072 |
16.651 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(61.340) |
(87.175) |
(216.736) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
1.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-I) (J) |
(61.340) |
(87.175) |
(218.161) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(795.697) |
(708.521) |
(490.360) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(857.037) |
(795.697) |
(708.521) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.97) |
(1.37) |
(3.87) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(5.04)
|
(6.70) |
(14.99)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.64)
|
(7.21) |
(15.81)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.56)
|
(18.63) |
(35.34)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
(0.20) |
(0.42)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.56
|
0.35 |
0.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17
|
2.84 |
4.41
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Creditors due other |
156.513 |
115.779 |
105.761 |
|
Total |
156.513 |
115.779 |
105.761 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
OPERATIONS
The loss for the year is nearly 30% lower than the previous year and reflects the success of the measures adopted by the Company for improvement in its performance.
During the last quarter of the year, the Company inaugurated 2 new superstores one at Delhi and the other at Chennai to replace the small format retail stores which were shut down earlier in the said cities. In addition, one non-viable small format store at Ahmedabad was also shut down in the first quarter resulting in a small drop in topline. The Company's existing superstores at Mumbai and Pune performed satisfactorily with improved operating profits.
The income from franchisee dealerships more than doubled over the previous year on the strength of additional dealer network and improved margins. The Company also inaugurated new franchisee superstores at Hyderabad, Jaipur and Mohali.
The Commitment Card, a product combining comprehensive warranty and 24X7 roadside assistance, which was launched last year, has received enthusiastic response from the market. The Company's tie-ups with leading Banks and NBFCs for auto retail financing have been leveraged for the benefit of customers, resulting in enhanced volumes.
The short-term surplus funds available last year were partly utilised for setting up new superstores and funding the increase in working capital, with consequent decline in interest earnings
OUTLOOK FOR THE
CURRENT YEAR
In the current year, the Company plans to expand its network and scale through an appropriate mix of superstores as well as franchisee dealerships. This would help the Company expand its footprint on a pan India basis and tap synergies across channels.
CONTINGENT LIABILITIES AND PROVISIONS
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Provision for Warranty is estimated considering the pattern of history of such claims admitted by the Company. The details of such provision are as under. |
|
|
|
Balance outstanding as at the beginning of the year |
1.108 |
0.300 |
|
Add: Provision made during the year |
0.000 |
1.157 |
|
Less: Payments made during the year |
0.700 |
0.349 |
|
Balance outstanding as at the year end |
0.408 |
1.108 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U64200MH1994PLC083996 |
|
Name of the company |
MAHINDRA FIRST
CHOICE WHEELS LIMITED |
|
Address of the registered office or of the
principal place of business in |
Gateway
Bldgapollo Bunder, Mumbai – 400001, |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Others (Stock, other current assets, etc.) |
|
Particular of charge holder |
Axis Bank Limited, Credit Management Centre,
Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai – 400071,
Maharashtra, India |
|
Nature of instrument creating charge |
1. Letter from Axis Bank dated 07.01.2011 2.Amendment cum link Agreement dated
07.01.2011 both modifying a single charge. |
|
Date of instrument Creating the charge |
07.01.2011 |
|
Amount secured by the charge |
Rs. 55.000 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest On CC at Base rate + 3.25% p.a. or as specified in the sanction letter
or as stipulated by the Bank from time to time Terms
of repayment As per sanction letter or as stipulated by
the Bank from time to time Margin As per sanction letter or as stipulated by
the Bank from time to time Extent
and operation of the charge Credit facilities granted by the Bank
revised from Rs.200.000 millions to Rs.55.000 millions to secure the limit as
under. Cash Credit 55.000
millions Intra-day exposure(sub limit Within CC Limit) (10.000 millions) Total
55.000 millions The security by way of 1st charge on all present and
future Current Assets of the Company given earlier shall continue as security
for the revised / modified limit. |
|
Short particulars of the property charged
(Including location of the property) |
Hypothecation by way of 1st
charge on all present and future Current Assets of the Company. |
|
Date of instrument modifying the charge |
11.05.2006 |
|
Particulars of the present modification |
Now vide this modi., Credit facilities granted
by the Bank revised from Rs.200.000 millions. to Rs.55.000 millions to secure
the limit as under. Cash Credit 55.000
millions Intra-day exposure(sub limit Within CC Limit) (10.000) millions Total 55.000
millions The security by way of 1st charge on all
present and future Current Assets of the Company given earlier shall continue
as security for the revised / modified limit. |
FIXED ASSETS
· Office equipments
· Furniture fixtures
· Motor vehicles
· Computer
AS PER WEBSITE DETAILS
PRESS RELEASE
Mahindra First Choice
Wheels inaugurates its largest store in New Delhi
India’s No. 1 multi-brand pre-owned car company unveils new look and feel for the brand; Now has 25+ dealers in Delhi NCR
June 27, 2012, New Delhi: Mahindra First Choice Wheels Limited (MFCWL), India’s No. 1 multi-brand pre-owned car company today inaugurated its largest store in New Delhi. M/s Garg Automotives LLP is located at RZ 29/2, Vijay Enclave, Dabri Palam Road and is spread across 15,000 sq. ft.
The showroom has a display capacity of more than 50 cars and will offer a range of services for customers including purchase and sale of pre-owned cars, car finance and insurance, fitment of car accessories and assistance with paperwork and documentation.
Rajeev Dubey, President, After-Market and Member of the Group Executive Board, Mahindra and Mahindra Ltd. inaugurated the new outlet which will also feature a new look and feel for the brand. This new image will now be rolled out across the MFCWL network throughout the country.
“The pre-owned car industry often focuses only on the car transaction and not on the total experience of car-ownership. With this new store we hope to change this perception and create a unique, aspirational experience for the pre-owned car consumer, right from the point of entry till final exit. Our network in Delhi NCR has now increased to include over 25 dealers, making us well positioned to tap the potential of the pre-owned car market in the region,” said Rajeev.
“Since its inception in 2008, Mahindra First Choice Wheels has established a strong reputation in the Indian pre-owned car industry as a trustworthy and credible player. We are delighted to associate ourselves with the Mahindra name and look forward to offering customers a great purchase experience,” said Mr. Gaurav Garg, Director, M/s Garg Automotives LLP.
Mahindra First Choice Wheels is the country’s preferred pre-owned car mart and is India’s only organized multi-brand player, with 161 outlets in over 100 towns across India. The company plans to expand this number to 500 outlets in the next three years. This implies that customers will soon be able to choose from a range of certified pre-owned cars throughout India, including the metros and tier-2 towns and cities.
Tremendous attention to detail is required to ensure that each pre-owned car meets a high level of quality. Before purchasing the car, a trained engineer thoroughly inspects the vehicle and also sees to it that all papers are in order. After purchase, every car is refurbished and undergoes an extensive 118 point quality check by a trained engineer, as part of the company’s robust certification process. The objective behind the care and diligence exercised is to present the customer with a car in good condition.
In short, buying a pre-owned car from Mahindra First Choice offers several advantages, including quality assurance, safety and a hassle-free driving experience.
Mahindra First Choice also offers 24x7 Road Side Assistance and warranty on certified pre-owned cars. The warranty, subject to specific terms and conditions, covers the important parts of the car. The 24x7 Road Side Assistance, subject to specific terms and conditions, assures the certified pre-owned car buyer that should the car break-down, he will be provided assistance. This warranty and road side assistance gives tremendous peace of mind to buyers of Certified Pre-Owned Cars.
Mahindra First Choice also has retail finance relationships with major banks and NBFCs in the country. As an industry first, Mahindra First Choice has recently partnered with Syndicate Bank to offer consumers finance rates comparable to those for new cars.
About The Mahindra
Group
The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.
A USD 15.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries.
In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun and Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow.
In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.
Mahindra FirstChoice
Wheels inaugurates First Authorised Dealership in Kottayam
April 12, 2012, Kottayam: Mahindra First Choice Wheels Limited, India’s largest multi-brand pre-owned car company, today inaugurated the showroom of its Authorized Dealership in Kottayam. Jewel Motors is located at VC building, opposite Heera Apartment, on MC Road.
The showroom was inaugurated by Honorable Minister for Finance, Kerala state, Mr. K. M. Mani, in presence of Honorable Minister of Revenue, Kerala state, Mr. Thiruvanchoor Radhakrishnan, Honorable Member of Parliament, Mr. Jose K. Mani, Honorable MLA Mr. Suresh Kurup, Honorable MLA Sri Mons Joseph, Honorable Municipal Chairman, Mr. Sunny Kalloor, Honorable Mr. Thomas Chazikadan, Ex-MLA, Honorable Mr. V. N. Vasavan, Ex-MLA and Honorable Municipal Councillor, Mr. T. C. Roy. Sri Punnoose Unnithan, Vice President and Zonal Sales Head, HDFC Bank Limited was also present on the occasion. The inaugural lamp was lit by Mr. Sharad Agarwal, National Head - Franchisee Operations, Mahindra First Choice Wheels Limited.
Speaking on the occasion, Honorable Sri Mani said “I am very happy on inaugurating this showroom which will expand the organized pre-owned car retail industry in Kottayam and in Kerala”.
Mr. Sharad Agarwal said “Jewel Motors is a well respected name in Kottayam. Their expertise in the region, coupled with our value proposition of trust, transparency and wide choice will ensure that Mahindra FirstChoice is well poised to tap the vast potential of the pre-owned car market in the region,”
“We are delighted to partner with Mahindra FirstChoice in Kottayam. Jewel Motors will function as a one-stop shop for all those wishing to either buy or sell a car. The showroom will display all varieties of car brands. Customers in Kottayam can also avail of an array of services under one roof. These include purchase and sale of pre-owned cars, car finance and insurance, fitment of car accessories and assistance with paperwork and documentation,” said Sri Shaiji Kuriakos, Managing Director, Jewel Motors.
Mahindra First Choice Wheels is the country’s preferred pre-owned car mart and is India’s number 1 multi-brand pre-owned car player, with 160 outlets in over 85 towns across India. The company plans to expand this number to more than 350 outlets in the next three years. This implies that customers will soon be able to choose from a range of certified pre-owned cars throughout India, including the metros and tier-2 towns and cities.
Tremendous attention to detail is required to ensure that each pre-owned car meets a high level of quality. Before purchasing the car, a trained engineer thoroughly inspects the vehicle and also sees to it that all papers are in order. After purchase, every car is refurbished and undergoes an extensive 118 point quality check by a trained engineer, as part of the company’s robust certification process. The objective behind the care and diligence exercised is to present the customer with a car in good condition.
In short, buying a pre-owned car from Mahindra FirstChoice offers several advantages, including quality assurance, safety and a hassle-free driving experience.
Mahindra FirstChoice also offers warranty and 24x7 Road Side Assistance on certified pre-owned cars. The warranty, subject to specific terms and conditions, covers the important parts of the car. The 24x7 Road Side Assistance, subject to specific terms and conditions, assures the certified pre-owned car buyer that should the car break-down, he will be provided assistance. This warranty and road side assistance gives tremendous peace of mind to buyers of Certified Pre-Owned Cars.
Mahindra FirstChoice also has retail finance relationships with major banks and NBFCs in the country.
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.55.38 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
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.