MIRA INFORM REPORT
|
Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
JAIKRISHNAA AUTOSALES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Door No. 392, 100 Feet Road, Gandhipuram, Coimbatore-641012, Tamilnadu
|
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|
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
19.06.2007 |
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Com. Reg. No.: |
013810 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.40.153
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U50101TZ2007PTC013810 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Maruti Suzuki. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 185000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be slow. However, there is tremendous increase in the
sales and the company will get benefit over the medium term from the
promoter’s experience. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
|
Rating Agency Name |
CRISIL |
|
Rating |
BB – [Cash Credit] |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
15.12.2011 |
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
|
Registered Office : |
Door No. 392, 100 Feet Road, Gandhipuram, Coimbatore-641012,
Tamilnadu, India |
|
Tel. No.: |
91-422-2480405 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
|
|
Showroom Office 1 : |
225/226, Mettupalayam Road, Opposite TNSTC Bus Depot,
Coimbatore-641043, Tamilnadu, India |
|
|
|
|
Showroom Office 2 : |
No. 460, Near Kalpana Hospital, Mettupalayam, Road, Kavundampalayam, Coimbatore-641030,
Tamilnadu, India |
|
Tel No.: |
91-422-4347481/4347482 |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Marthandanpatti Rajarathnasamy Durairaj |
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Designation : |
Managing Director |
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|
Address : |
222, Dr. Radhakrishna Road, Sivananda Colony, Coimbatore-641012,
Tamilnadu, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
06.05.1958 |
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Date of Appointment : |
19.06.2007 |
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Din No.: |
01264100 |
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Other Directorship:
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||||||||||||||||||||||||
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Name : |
Mr. Kanchanamala Durairaj |
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Designation : |
Director |
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Address : |
222, Dr. Radhakrishna Road, Sivananda Colony, Coimbatore-641012,
Tamilnadu, India |
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|
Date of Birth/Age : |
12.04.1963 |
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Date of Appointment : |
19.06.2007 |
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Din No.: |
01264126 |
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Other Directorship:
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||||||||||||||||||||||||
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Name : |
Mr. Praveen Kumar Durairaj |
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Designation : |
Director |
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|
Address : |
222, Dr. Radhakrishna Road, Sivananda Colony, Coimbatore-641012,
Tamilnadu, India |
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|
Date of Birth/Age : |
17.11.1983 |
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Date of Appointment : |
19.06.2007 |
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Din No.: |
02451415 |
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Other Directorship:
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||||||||||||||||||||||||
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Name : |
Mr. Pradeep Durairaj |
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Designation : |
Director |
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|
Address : |
222, Dr. Radhakrishna Road, Sivananda Colony, Coimbatore-641012,
Tamilnadu, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
28.02.1989 |
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Date of Appointment : |
19.06.2007 |
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Din No.: |
01546725 |
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Other Directorship:
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Marthandanpatti Rajarathnasamy Durairaj |
|
3401187 |
|
Kanchanamala Durairaj |
|
525000 |
|
Praveen Kumar Durairaj |
|
29100 |
|
Pradeep Durairaj |
|
60000 |
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|
|
|
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TOTAL
|
|
4015287 |
AS ON 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Maruti Suzuki. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
CSK Prabhu and Company Chartered Accountants |
|
Address : |
No. 7, Auditors Association Buildings, D. B Road, R.S. Puram,
Coimbatore-641002, Tamilnadu, India |
|
PAN No: |
AACFC6296Q |
CAPITAL STRUCTURE
AS ON 31.03.2011
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 |
|
4015287 |
Equity Shares |
Rs.10/- each
|
Rs.40.153
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 |
40.153 |
40.153 |
20.953 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.221 |
0.847 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(5.672) |
|
|
NETWORTH |
46.374 |
41.000 |
15.281 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
133.982 |
71.352 |
95.663 |
|
|
2] Unsecured Loans |
22.975 |
6.025 |
2.794 |
|
|
TOTAL BORROWING |
156.957 |
77.377 |
98.457 |
|
|
DEFERRED TAX LIABILITIES |
3.961 |
2.779 |
1.774 |
|
|
|
|
|
|
|
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TOTAL |
207.292 |
121.156 |
115.512 |
|
|
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
72.579 |
48.860 |
51.544 |
|
|
Capital work-in-progress |
3.855 |
0.000 |
0.000 |
|
|
|
|
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INVESTMENT |
1.500 |
1.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.713
|
19.640 |
39.889 |
|
|
Sundry Debtors |
88.942
|
38.439 |
27.446 |
|
|
Cash & Bank Balances |
6.263
|
6.870 |
3.039 |
|
|
Other Current Assets |
0.000
|
0.000 |
15.388 |
|
|
Loans & Advances |
35.667
|
34.084 |
19.390 |
|
Total
Current Assets |
193.585
|
99.033 |
105.152 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
25.627
|
8.923 |
20.021 |
|
|
Other Current Liabilities |
34.951
|
16.861 |
20.661 |
|
|
Provisions |
3.649
|
1.953 |
0.502 |
|
Total
Current Liabilities |
64.227
|
27.737 |
41.184 |
|
|
Net Current Assets |
129.358
|
71.296 |
63.968 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
207.292 |
121.156 |
115.512 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
|
|
|
|
|
Other Income |
NA |
|
|
|
|
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TOTAL |
NA |
782.220 |
613.174 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
770.807 |
612.074 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
11.637 |
11.413 |
1.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.593 |
2.888 |
2.680 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
8.044 |
8.525 |
(1.580) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
2.005 |
1.257 |
|
|
|
|
|
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|
|
PROFIT / (LOSS)
AFTER TAX |
NA |
6.520 |
(2.837) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
NA |
1.30 |
(0.95) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
0.83 |
(0.46) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.02
|
5.76 |
(1.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.21 |
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.77
|
2.56 |
9.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.01
|
3.57 |
2.55 |
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 two 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 |
No |
|
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 |
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 |
|
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 |
PERFORMANCE:
The Directors
submit the working of the company for the year which has resulted in a Net
Profit of Rs.8.044 Millions (Prev. Year Rs.8.525 Millions) after providing
Depreciation of Rs.3.593 Millions (Prev. Year Rs.2.888 Millions). With reference
to the remarks made by the Auditors, the Directors are in the process of
implementing and complying with the AS.15 (Revised) with respect to Gratuity
including the disclosure and other requirements set forth therein. Further in
the opinion of Directors, the provision made in the Books would suffice to
cover the Gratuity Liability as per AS-15 (revised).
PERFORMANCE AND
PROSPECTS:
The Directors are
initiating all the necessary efforts to improve the performance of the
dealership inspite of the Economic scenario prevailing at present
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10254441 |
|
Corporate
identity number of the company |
U50101TZ2007PTC013810 |
|
Name of the
company |
JAIKRISHNAA
AUTOSALES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Door No. 392, 100 Feet Road, Gandhipuram, Coimbatore-641012,
Tamilnadu, India |
|
Type of charge |
Movable Property
[not being pledge] Others |
|
Particular of
charge holder |
State Bank of India, SME Branch, 687/2-4, Trichy Road, Ramanathapuram
Post, Coimbatore-641045, Tamilnadu, India Email: sbi.12776@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
i) Letter of
arrangement- sme-1 dated 22/06/2012 ii) Supplemental
agreement of loan- cum- hypothecation- SME- 4 dated 22/06/2012 |
|
Date of instrument
Creating the charge |
22.06.2012 |
|
Amount secured by
the charge |
Rs.145.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit (e-
DFS): 1.25% above Base Rate( BR- 10%) Present Effective Rate- 11.25% p.a.
(ii) Cash Credit (Hyp): 5.75% above Base Rate (BR- 10%) Present Effective
Rate- 15.75% p.a. Terms of Repayment Working Capital:
Repayable on demand. Margin Fund Based Limits:
Cash Credit- Electronic Dealer Finance Scheme(e- DFS)- 100% finance with NIL
margin as per the scheme and Cash Credit (Hypothecation) Regular- 25% Non- Fund Based
Limits: Bank Guarantees- 25% Extent and Operation of the charge The Charge
Operates as security for the due repayment of all liabilities in respect of
the loan/ limit including costs, charges and expenses and all other monies
due to the bank. Others The Revised
Limits Given Below(Rs In Millions): -------------------------------------------------------------- Facility Existing Revised CC(e-DFS) 90.000 120.000 CC (Hyp) NIL 10.000 Bank Guarantees NIL 15.000
---------
---------- TOTAL 90.000 145.000 |
|
Short particulars
of the property charged |
Cash Credit ( Under
e- DFS): Hypothecation of Stocks financed and Receivables. (Since the limit
is under e- DFS, Maruti Suzuki will mark a lien in favour of SBI on the
invoice pertaining to vehicle Purchased out of
Bank Finance). Cash Credit-
Regular (Hypn): Hypothecation charge over current assets like Spare Parts and
other accessories other than stocks covered under e- DFS. Bank Guarantee:
Extension of hypothecation charge over the current assets other than the
assets covered under e- DFS. |
|
Particulars of
the present modification |
The Amount
secured by the Existing charge on the Movable properties of the Company
Stands Enhanced From Rs. 90.000 Millions To Rs. 145.000 Millions. |
FIXED ASSETS:
- Leasehold
Building
- Plant and
Machinery
- Electrical
Equipment and Fittings
- Office
Equipments
- Vehicles
- Furniture and
Fixtures
- Computer
- Tools
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 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.52.97 |
|
|
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.