MIRA
INFORM REPORT
|
Report Date : |
27.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
LEASE PLAN INDIA PRIVATE LIMITED |
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Formerly Known
As : |
LEASE PLAN INDIA LIMITED [w.e.f. 18.08.1998] ITH FINANCE LIMITED [w.e.f. 25.01.1995] CLASSIC TRAVELS LIMITED [w.e.f. 30.07.1993] CLASSIC TRAVELS PRIVATE LIMITED |
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Registered
Office : |
301, C A Chambers, 2183-84/62, Naiwala, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.02.1983 |
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Com. Reg. No.: |
55-015230 |
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Capital
Investment / Paid-up Capital : |
Rs.500.000 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1983PTC015230 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the Business of Leasing Vehicles and Providing
Related Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 890000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Lease Plan Corporation N.V. It is a well established and reputed company having satisfactory track
record. There appears some accumulated losses recorded by the company.
However, subject gets good support from its holding company.
Fundamentals are healthy and strong.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered for 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
A [Long Term Bank Facilities] |
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Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation it carry low credit risk. |
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Date |
October 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office : |
301, C A Chambers, 2183-84/62, Naiwala, Gurdwara Road, Karol Bagh, New
Delhi-110005, India |
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Tel. No.: |
91-11-27858084 |
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Fax No.: |
91-11-27890264 |
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E-Mail : |
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Headquarters : |
2nd Floor, Tower A, Millennium Plaza, Sector 27, Gurgaon-122009,
Haryana, India |
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Tel No.: |
91-124-4660100 |
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Fax No.: |
91-124-4660111 |
DIRECTORS
AS ON 16.11.2011
|
Name : |
Mr. Sanjeev Prasad |
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Designation : |
Managing Director |
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Address : |
D-40, Greenwoods City, Sector 45, Opposite Delhi Public School,
Gurgaon-122002, Haryana, India |
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Date of Birth/Age : |
07.03.1964 |
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Date of Appointment : |
13.11.2007 |
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Din No.: |
01333192 |
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Other Directorship:
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Name : |
Leonardus Christiaan Boezaart |
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Designation : |
Director |
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Address : |
Divertimentostraat 17, 1312 EA, Almere, Netherlands |
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Date of Birth/Age : |
11.10.1961 |
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Date of Appointment : |
08.09.2010 |
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Din No.: |
03231823 |
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Other Directorship:
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Name : |
Javier Contreras |
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Designation : |
Director |
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Address : |
C, Augustin Bethen Court 13, Madrid, Spain |
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Date of Birth/Age : |
03.09.1959 |
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Date of Appointment : |
29.05.2006 |
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Din No.: |
00237161 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Panchanand Singh |
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Designation : |
Secretary |
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Address : |
110, Second Floor, Sector 3 F, Vaishali, Ghaziabad-201010, Uttar
Pradesh, India |
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Date of Birth/Age : |
02.10.1977 |
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Date of Appointment : |
01.09.2010 |
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Pan No.: |
ARJPS5373E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.11.2011
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Lease Plan Corporation |
-- |
29999994 |
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Aalh Participaties |
-- |
6 |
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Lease Plan Corporation |
20000000 |
- |
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TOTAL
|
20000000 |
30000000 |
AS ON 16.11.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the Business of Leasing Vehicles and Providing
Related Services. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
NOTE: (A) Short term and Long term loans including Interest payable on both. (B) Short term and Long term loans including Interest payable on both. |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Building 8, Tower 8, 8th Floor, DLF Cyber City,
Gurgaon-122002, Haryana, India |
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PAN No: |
AAEFP3641G |
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Holding Company : |
LeasePlan Corporation NV |
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Fellow Subsidiary : |
·
LeasePlan Fleet Management India Private Limited ·
LeasePlan Infrastructure Services Limited ·
Lease Plan International B.V. ·
Lease Plan Emirates |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
20000000 |
Preferences Shares |
Rs.10/- each |
Rs.200.000 Millions |
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TOTAL
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|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
20000000 |
Preferences Shares |
Rs.10/- each |
Rs.200.000 Millions |
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TOTAL
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Rs.500.000 Millions
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
500.000 |
500.000 |
500.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.742 |
0.742 |
0.742 |
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4] (Accumulated Losses) |
(277.988) |
(263.190) |
(314.005) |
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NETWORTH |
222.754 |
237.552 |
186.737 |
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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 |
4405.712 |
4908.603 |
6119.401 |
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TOTAL BORROWING |
4405.712 |
4908.603 |
6119.401 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4628.466 |
5146.155 |
6306.138 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3764.295 |
3794.705 |
3857.489 |
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Capital work-in-progress |
53.698 |
32.743 |
19.813 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
118.826 |
201.133 |
218.341 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
161.001
|
250.442 |
327.620 |
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Cash & Bank Balances |
67.508
|
35.561 |
401.246 |
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Other Current Assets |
138.163
|
473.720 |
1003.957 |
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Loans & Advances |
878.588
|
873.931 |
1001.325 |
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Total
Current Assets |
1245.260
|
1633.654 |
2734.148 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
142.291
|
164.949 |
302.029 |
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Other Current Liabilities |
410.664
|
350.833 |
220.708 |
|
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Provisions |
0.658
|
0.298 |
0.916 |
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Total
Current Liabilities |
553.613
|
516.080 |
523.653 |
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Net Current Assets |
691.647
|
1117.574 |
2210.495 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4628.466 |
5146.155 |
6306.138 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Leasing Income |
1675.840 |
1649.330 |
1623.110 |
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Other Income |
72.580 |
79.110 |
86.430 |
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TOTAL (A) |
1748.420 |
1728.440 |
1709.540 |
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Less |
EXPENSES |
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Office Expenses |
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|
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Administrative Expenses |
242.450 |
220.050 |
233.330 |
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Advertising Expenses |
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TOTAL (B) |
242.450 |
220.050 |
233.330 |
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|
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1505.970 |
1508.390 |
1476.210 |
|
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|
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|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
521.470 |
606.270 |
702.070 |
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|
|
|
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
984.500 |
902.120 |
774.140 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
916.990 |
834.350 |
772.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
67.510 |
67.770 |
1.160 |
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|
|
|
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|
|
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Less |
TAX (H) |
82.310 |
16.950 |
12.310 |
|
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|
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(14.800) |
50.820 |
(11.150) |
|
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|
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|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.30) |
1.02 |
(0.22) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.85)
|
2.94 |
(0.65) |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.03
|
4.10 |
0.07 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.35
|
1.25 |
0.02 |
|
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|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.29 |
0.01 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
22.26
|
22.84 |
35.57 |
|
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Current Ratio (Current Asset/Current Liability) |
|
2.25
|
3.17 |
5.22 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
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 involved in |
-- |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BACKGROUND:
Subject is a 100% subsidiary of Leas Plan
Corporation N.V., Netherlands. The company is engaged in the business of
providing vehicles under operating leases as defined under the accounting
standard 19 on leases specified in companies (Accounting Standard Rules) 2006
and in providing fleet management service to the vehicles given under operating
lease. Further, the company had been providing financial leases till May 26,
2008, the date of the RBI order for cancellation of the NBFC registration
certification. Thereafter, no vehicles were given on financial leases as
defined under the accounting standard 19 on leases.
FINANCIAL RESULTS:
The Company
registered PBT of INR 67.51 million as compared to a profit of INR 67.770
millions last year. The total turnover for the year ended 31st
March, 2011 amounted to INR 1748.420 millions as compared to INR 1728.440
millions reported last year.
OUTLOOK:
The automotive
industry remains one of the highest revenue-earning industries in India and
contributed over 5% to India’s GDP in 2009. The market outlook for the industry
remains promising, especially in the small car segment. The Indian automobile
market is currently dominated by the two-wheeler segment but with an expanding
middle class population and industrial development, the demand for passenger
cars and commercial vehicles is expected to increase exponentially. In addition
to increased domestic demand, there is also likely to be increased investment
by global auto manufacturers to India due to its strong technological
capability and availability of trained manpower at competitive prices.
Currently, the foreign auto companies with assembly plants in India include,
General Motors, Ford, Hyundai, Honda, Suzuki, Nissan Motors, Toyota,
Volkswagen, Audi, Škoda, BMW, Fiat and Mercedes Benz. India has made huge
inroads in the compact car segment with the introduction of the Tata Nano, the
cheapest car in the world at USD 2200, and FDI from Suzuki Motor Corp, Hyundai
Motor Co, and Nissan Motor Co to make India their manufacturing hub for small
cars.
Luxury passenger
cars have seen excellent demand growth in recent years. However, the luxury
segment now accounts for only about a percent of the total passenger vehicle
market. Mercedes Benz and BMW have almost identical market shares while Audi
has made rapid gains over the last couple of years. All three manufacturers
assemble cars in India from imported kits, which attract high import taxes, and
hence product prices are higher than other markets. Jaguar and Land Rover, now
owned by Tata Motors, are gradually expanding their dealerships in the country.
FIXED ASSETS:
·
Land
·
Leasehold Improvements
·
Computers
·
Furniture and Fittings
·
Vehicles
·
Office and Other
Equipments
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 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 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.55.69 |
|
|
1 |
Rs.89.20 |
|
Euro |
1 |
Rs.72.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
42 |
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.