|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
HOVER AUTOMATIVE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Metro Estate, 178, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
23.04.2008 |
|
|
|
|
Com. Reg. No.: |
55-181461 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1.562 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28990MH2008PTC181461 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMH11453B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCH0477M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Sales, Services, Parts, Marketing, Training and Dealer Development
functions in the Indian market. |
|
|
|
|
No. of Employees
: |
Not Divulged by Management |
RATING & COMMENTS
|
MIRAs Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a part of Nissan Motors India Private Limited. It is an
established company having moderate track. There appears some accumulated
losses recorded by the company. Profitability of the company is under
pressure. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Venkat |
|
Designation : |
G M Finance |
|
Contact No.: |
91-22-66208888 |
|
Date : |
23.05.2012 |
LOCATIONS
|
Registered Office : |
Metro Estate, 178, |
|
Tel. No.: |
91-22-66208888 |
|
Fax No.: |
91-22-66208899 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing and Sales Office: |
Grande Palladium, 5th Floor, B Wing, 175, CST Road, Kalina,
Santacruz (East), Mumbai 400098, Maharashtra, India |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Gurinder Mohan Singh Nindrajog |
|
Designation : |
Additional Director |
|
Address : |
D-44, South Extension, Part II, |
|
Date of Appointment : |
07.05.2008 |
|
DIN No.: |
00182858 |
|
|
|
|
Name : |
Mr. Moez Sadrudin Mangalji |
|
Designation : |
Additional Director |
|
Address : |
2, Smithdale Estates, |
|
Date of Appointment : |
07.05.2008 |
|
DIN No.: |
02143966 |
|
|
|
|
Name : |
Mr. Kevin Heaton Whalen |
|
Designation : |
Director |
|
Address : |
617 W, |
|
Date of Appointment : |
07.05.2008 |
|
DIN No.: |
02146570 |
KEY EXECUTIVES
|
Name : |
Mr. Venkat |
|
Designation : |
G M Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Aston Westmont Holdings Limited, |
|
156219 |
|
Joe Moore |
|
1 |
|
Total |
|
156220 |
AS ON 17.10.2011
|
Names of Allottees |
|
No. of Shares |
|
Gurinder Mohan Singh (HUF) |
|
57780 |
|
Gurinder Mohan Singh |
|
1180100 |
|
Aston Westmont Holding Limited, |
|
3000000 |
|
Salsha Incorporation, |
|
178770 |
|
Total |
|
4416650 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Directors
or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Sales, Services, Parts, Marketing, Training and Dealer
Development functions in the Indian market. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by Management |
|||||||||
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|
|
|||||||||
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Bankers : |
Not Divulged by Management |
|||||||||
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|||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sanjeev Kapoor and Associates Chartered Accountants |
|
Address : |
D-36, N.D.S.E.-Ii, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAQPK7924D |
|
|
|
|
Associates/Subsidiaries : |
v
Nissan Motors India Private Limited Address: |
|
|
|
|
Enterprises : |
v
Ichibaan Automobiles Private Limited v
Budget Rent-a-Car v
GMS Motors Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4572870 |
Equity Shares |
Rs. 10/- each |
Rs. 45.729
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
156220 |
Equity Shares |
Rs. 10/- each |
Rs. 1.562
Millions |
|
|
|
|
|
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 |
1.562 |
1.562 |
1.562 |
|
|
2] Share Application Money |
44.167 |
42.379 |
0.578 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(12.560) |
(11.703) |
(0.109) |
|
|
NETWORTH |
33.169 |
32.238 |
2.031 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.100 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.100 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
33.269 |
32.238 |
2.031 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.352 |
15.798 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
5.966 |
5.147 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
58.084
|
12.910 |
0.000 |
|
|
Sundry Debtors |
10.997
|
2.121 |
0.000 |
|
|
Cash & Bank Balances |
29.680
|
24.773 |
1.892 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
24.630
|
12.024 |
1.636 |
|
Total
Current Assets |
123.391
|
51.828 |
3.528 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
46.681
|
20.954 |
0.055 |
|
|
Other Current Liabilities |
60.138
|
17.002 |
1.501 |
|
|
Provisions |
2.652
|
2.625 |
0.002 |
|
Total
Current Liabilities |
109.471
|
40.581 |
1.558 |
|
|
Net Current Assets |
13.920
|
11.247 |
1.970 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.031 |
0.046 |
0.061 |
|
|
|
|
|
|
|
|
TOTAL |
33.269 |
32.238 |
2.031 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
TOTAL INCOME |
521.979 |
97.278 |
N.A. |
|
|
|
|
|
|
|
Less |
EXPENSES |
521.055 |
112.726 |
N.A. |
|
|
|
|
|
|
|
|
PROFIT/
LOSS BEFORE DEPRECIATION AND AMORTISATION |
0.924 |
(15.448) |
(0.107) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
2.601 |
1.293 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX |
(1.676) |
(16.741) |
(0.107) |
|
|
|
|
|
|
|
Less |
TAX |
0.819 |
5.148 |
0.02 |
|
|
|
|
|
|
|
|
PROFIT/ LOSS
AFTER TAX |
(0.858) |
(11.593) |
(0.109) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
(11.702) |
(0.109) |
0.000 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(12.560) |
(11.702) |
(0.109) |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.49) |
(74.21) |
(0.70) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.16)
|
(11.92) |
N.A. |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.23)
|
(24.76) |
(3.03) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
(0.52) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.30
|
1.26 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.28 |
2.26 |
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. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoters background |
Yes |
|
8. No. of Employees |
No |
|
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 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 |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
23. Banking Details |
No |
|
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 |
SUNDRY CREDITORS DETAILS
(Rs. in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors (Other than Small Scale industrial Undertakings) |
46.681 |
20.954 |
0.055 |
AS PER WEBSITE DETAILS
PROFILE:
Nissan Motor
India Private Limited (NMIPL) has appointed Subject (HAI) with effect from 8th May
2008, as its service partner to operate the Sales, Service, Parts, Marketing
and Dealer Development functions in the Indian Market for Nissan range of
products.
Subject has therefore assumed the role and responsibility to select and
establish a network of Dealers across the country with a view to enhance
presence of the brand in key markets in
Subject is the creation of three global entrepreneurs. Mr. Moez Mangalji from
Westmont Group, Mr. G.M.Singh and Mr. Kevin Whalen form the partners and board
of directors of subject. Subject Board of Directors has a proven track record
of aligning with world class brands to deliver unmatched speed to market and
uncompromised customer service.
Subjects activities will complement those of NMIPL. Growing Nissans
distribution footprint from the current 5 to 55 dealers in 2012 will extend
Nissans presence in all major cities to achieve at least 80 percent market
coverage. Each Nissan dealership will comply with the global Nissan brand and
retail standards in terms of design and customer service.
CORPORATE INFO:
Subject is the creation of three global entrepreneurs. Mr. Moez Mangalji from
Westmont Group, Mr. G.M.Singh and Mr. Kevin Whalen form the partners and board
of directors of subject. Subject Board of Directors has a proven track record
of aligning with world class brands to deliver unmatched speed to market and
uncompromised customer service.
Moez S. Mangalji | Partner and Chairman
Over 25 years experience in international business development, brand
management and marketing within the hospitality industry
Focus on customer satisfaction, business development and brand positioning
Owns and operates companies in Asia,
Westmont International employs over 40,000 people.
G. M. Singh | Partner and Vice
Chairman
Founder and Chairman of GMS Group.
Over 38 years building businesses in
Has built businesses in a diverse range of industries including Automotive
Retail for multiple car brands, Power
Plants, Rental Car and Commercial Real Estate
Development.
Promotes culture of Servicing Customers with Smile and Pride through all his
companies.
Kevin H. Whalen | Partner and Director
Founding member of a Fortune 500 publicly traded automotive retail consolidator
Over 30 years of elite Dealer Development experience in the American Automotive
Retail Industry.
Founding member of Group One Automotive, a publicly held fortune 500 company
Formed Ascent Automotive, a private consolidator of
premier luxury franchises across the
Consults to several international OEMs on new products and brand development
The Westmont Group is a global consortium consisting of a diverse
portfolio in hotels, real estate, customer service, brand management and
marketing. The Westmont group employs more than 40,000 people in Asia, Europe,
Mr. G.M. Singh is a successful Mumbai-based
businessman who founded the GMS group. His companies have ranged from
automotive retail and car rental franchises to power generation and real estate
development across
Mr. Kevin Whalen is regarded as one of the elite
Dealer entrepreneurs in the
FIXED ASSETS
v Air Conditioner
v Building Leased
v Computer
v Electrical Fittings
v Furniture and Fittings
v Signages
v Office Equipment
v Tools and Equipment
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 Intl
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 companys 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. 55.93 |
|
|
1 |
Rs. 88.15 |
|
Euro |
1 |
Rs. 70.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
0 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SCs 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.