MIRA
INFORM REPORT
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Report Date : |
19.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SEQUEL MOTORS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.10.2007 |
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Com. Reg. No.: |
11-174820 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 millions |
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CIN No.: [Company Identification
No.] |
U50100MH2007PTC174820 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS08309A |
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PAN No.: [Permanent Account No.] |
AALCS2483F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealership of Car. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Mr. Manish,
the accountant has parted with few general information and denied to disclose
any financial details. The management of the company failed to file its
financials after the year 2010. The company has incurred losses continuously
for two years prior to 2010. However, trade relations are reported as fair. Business is active.
Payments are reported to be unknown. Initially, the company can be considered for business dealings on a
safe and secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Manish |
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Designation : |
Accountant |
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Contact No.: |
91-712-2630764 |
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Date : |
18.06.2012 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-712-3299562/ 2630764 |
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Fax No.: |
91-712-3299564 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Shabbir Zoeb Vali |
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Designation : |
Director |
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Address : |
6, |
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Date of Birth/Age : |
14.12.1964 |
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Date of Appointment : |
09.10.2007 |
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DIN No.: |
01148194 |
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Other Directorship :
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Name : |
Zanubia Iqbal Daud |
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Designation : |
Director |
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Address : |
Mehuzbhai Bunglow, Shanti Nagar, |
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Date of Birth/Age : |
29.08.1971 |
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Date of Appointment : |
09.10.2007 |
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DIN No.: |
01148421 |
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Other Directorship :
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Name : |
Mr. Amir Zoeb Vali |
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Designation : |
Director |
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Address : |
Sadiq and Company, 6, |
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Date of Birth/Age : |
06.03.1958 |
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Date of Appointment : |
31.12.2008 |
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DIN No.: |
01831844 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Manish |
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Designation : |
Accountant |
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Name : |
Dr. V.K. Jain |
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Designation : |
Practicing Company Secretary |
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Address : |
S-13, “Saburi”, Bharat Nagar, |
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Tel. No.: |
91-712-2541739 |
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Mobile No.: |
91-9422807726 |
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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Shabbir Zoeb Vali |
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255000 |
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Zanubia Iqbal Daud |
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100000 |
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Amir Zoeb Vali |
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145000 |
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Total |
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500000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealership of Car. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
25 (Approximately) |
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Bankers : |
v HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, Maharashtra, India v HDFC Bank
Limited, v ICICI Bank
Limited v IDBI Bank v Shikshak
Sahakari Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.N. Bahri and Company Chartered Accountants |
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Address : |
# 4, 3rd Floor, NMC Complex, Sadar, |
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Tel. No.: |
91-712-3042547 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AABFP2336H |
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Related Parties (Enterprises under significant influence of key
management personnel) : |
v
Star Motors v
Safeway Motors v
Sadiq and Company v
Sadiq Motors Private Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 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 |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(4.367) |
(3.713) |
(1.973) |
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NETWORTH |
0.633 |
1.287 |
3.027 |
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LOAN FUNDS |
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1] Secured Loans |
24.902 |
23.166 |
17.201 |
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2] Unsecured Loans |
7.902 |
8.729 |
7.201 |
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TOTAL BORROWING |
32.804 |
31.895 |
24.402 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
33.437 |
33.182 |
27.429 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.458 |
13.349 |
13.288 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
1.787 |
1.625 |
0.805 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
21.677
|
19.181 |
14.985 |
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Sundry Debtors |
4.275
|
0.657 |
0.357 |
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Cash & Bank Balances |
5.452
|
3.677 |
0.949 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans, Advances & Deposits |
1.127
|
1.019 |
1.072 |
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Total
Current Assets |
32.531
|
24.534 |
17.363 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
13.226
|
5.254 |
2.868 |
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Other Current Liabilities |
3.201
|
1.149 |
1.252 |
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Provisions |
0.000
|
0.032 |
0.028 |
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Total
Current Liabilities |
16.427
|
6.435 |
4.148 |
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Net Current Assets |
16.104
|
18.099 |
13.215 |
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MISCELLANEOUS EXPENSES |
0.088 |
0.109 |
0.121 |
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TOTAL |
33.437 |
33.182 |
27.429 |
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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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Income |
134.781 |
131.146 |
23.516 |
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Other Income |
|
0.574 |
0.039 |
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TOTAL (A) |
134.781 |
131.720 |
23.555 |
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Less |
EXPENSES |
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|
131.320 |
129.784 |
NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
131.320 |
129.784 |
NA |
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.461 |
1.936 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
2.181 |
1.927 |
NA |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.280 |
0.009 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.093 |
2.525 |
NA |
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PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(0.813) |
(2.516) |
NA |
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Less |
TAX (H) |
(0.159) |
(0.776) |
NA |
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PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(0.654) |
(1.740) |
NA |
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Earnings/ (Loss)
Per Share (Rs.) |
(1.31) |
(3.48) |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.49)
|
(1.32)
|
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(1.92)
|
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.69)
|
(6.64)
|
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
(1.28)
|
(1.95)
|
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
77.77
|
29.78 |
9.43 |
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Current Ratio (Current Asset/Current Liability) |
|
1.98
|
3.81 |
4.19 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last two years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
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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 |
Yes |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
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 |
No |
|
30) Major Shareholders,
if available |
Yes |
Note:
The registered office of the company has been shifted from 6, Sadiq Building, Mount Road Extension, Nagpur – 440 001, Maharashtra to the present address w.e.f. 19.10.2007.
FINANCIAL PERFORMANCE:
The company was
unable to recover itself from the losses that it posed during the previous
year. The company's poor performance is mainly due to continued tough market
conditions and high interest rates that prevailed during the year. The
performance of the company is expected to improve during the current year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U50100MH2007PTC174820 |
|
Name of the
company |
SEQUEL MOTORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-Mail: szeevali@yahoo.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10232388 |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
CIN No.:
L65920MH1994PLC080618 HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400 013, Maharashtra, India E-Mail: Gokulnath.Rao@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Letter of Hypothecation of Stocks and Book Debts. |
|
Date of
instrument Creating the charge |
23.03.2011 |
|
Amount secured by
the charge |
Rs.55.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment: On Demand. Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: Hypothecation by
way of First Charge on Company's Stocks and Book Debts etc., to secure as a
continuing security for the repayment of Rs.55.000 millions together with
interest, costs, charges, expenses and other moneys due and payable by the
Company to the Bank. |
|
Short particulars
of the property charged |
Hypothecation
first charge over the Stocks and Book Debts of the Company. |
|
Particulars of
the present modification |
The charge increased
from Rs.45.000 millions to Rs.55.000 millions,
against the security of Stocks and Book Debts of the Company. |
FIXED ASSETS:
v
Building (Workshop)
v
Building (Showroom)
v
Electrical Installation (Showroom)
v
Electrical Installation (Workshop)
v
Machinery
v
Computer
v
Air Conditioner
v
Test Drive Cars
v
Display Board
v
Furniture and Fixtures
v
Generator (25 KVA)
v
Office Equipment
v
Car
v
Tools and Equipments
v
Bike
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.55.60 |
|
|
1 |
Rs.87.34 |
|
Euro |
1 |
Rs.70.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
12 |
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.