MIRA
INFORM REPORT
|
Report Date : |
06.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
WASAN AUTOMOTIVE PRIVATE LIMITED |
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Registered
Office : |
4, Swastik Parksion, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
16.03.2005 |
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Com. Reg. No.: |
11-151997 |
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Capital
Investment / Paid-up Capital : |
Rs.17.500 Millions |
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CIN No.: [Company Identification
No.] |
U50200MH2005PTC151997 |
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PAN No.: [Permanent Account No.] |
AAACW5857E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Authorised Dealers of Commercial Vehicles. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 150000 |
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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 record. Profitability of the company appears to be low. However, trade relations are fair. Business is active. Payment terms
are 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the trade deficit,
resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9
billion in the corresponding quarter of the previous financial year. The
government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from
4.8 % or $ 88.2 billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million Estimated
average spending by companies across the globe including India, on social media
this year, according to a global study by information technology major Tata
Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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/ Showroom : |
4, Swastik Parksion, Trombay Road, Chembur, Mumbai - 400071,
Maharashtra, India |
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Tel. No.: |
91-22-66831111 / 25237070 |
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Fax No.: |
91-22-25225494 |
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E-Mail : |
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Website: |
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Showroom and Workshop : |
Wasan Ford Plot No 7, Laxmi Narayan Building, S.T. Road, Chembur, Mumbai – 400 071, Maharashtra, India Tel. No.: 66835555 Fax No.: 66835566 Email : salesfordmumbai@wasanonline.com Wasan Ford Unit No : 3,4 Pearl Mansion, 91, Maharshi Karve Marg, Queen’s Road, Marine Lines-400020, Maharashtra, India Phone : 22055050 Fax : 22055060 Email : marinelines@wasanonline.com Wasan Ford Near Shah Industrial Estate, Behind Raheja Acropolis Deonar, Mumbai – 400 088 Ph. No. 66836666 Fax No. 66836677 Email : Dcrc.ford@wasanonline.com Wasan Motors Unit 3 & 4, Blue Rose Indl Estate, Western Express Highway, Borivali (East), Mumbai –400 066, Maharashtra, India Ph. No: 66837777 / 28706000 Fax No. 2870 9904 Email : Wasan_borivali@yahoo.co.in Wasan Motors Deonar
Near Shah Industrial Estate, Behind Raheja Acropolis, Deonar, Mumbai – 400 088, Maharashtra, India Tel. No.: 66833333 Fax No.: 2558 6029 Email : tataservice@wasanonline.com Wasan Motors
Kandivli BMC industrial Estate, Plot No. 3, M. G. Cross Road No. 1, Near Sainagar, Kandivali (West), Mumbai – 400067, Maharashtra, India Tel. No.: 2865 8888 Fax No.: 28658855 Email : tataservicewest@wasanonline.com Wasan Toyota [ 3S
Facility ] Tower No 3, Behind Raheja Acropolis, Near Shah Industrial Estate, Deonar, Mumbai-400088, Maharashtra, India Tel. No.: 66539999 Fax No.: 66539997 Email: sales@wasantoyotamumbai.com Wasan Toyota Prithvi Park, Shop No : 16-18, Plot 4,5,6, Sector 30, Sanpada, Navi Mumbai-400705, Maharashtra, India Tel. No.: 27752999 Fax No.: 27759997 Email: sales@wasantoyotamumbai.com
Wasan Bajaj New Agra Road, Bombay Naka, Nashik – 422 002, Maharashtra, India Tel. No.: 95253/2590823-26 Fax No.: 95253/2594202 Wasan Automotive
Private Limited Gat No.44, Mouje Naigaon, Taluka Gangapur, Nagar Road, Aurangabad – 431133, Maharashtra, India Tel. No.: 95240-2552120/21 Fax No.: 95240-2552122 |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Pradeep Kundanlal Wasan |
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Designation : |
Director |
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Address : |
Wasan Bungalow, Near Pandit Colony, Sharanpur Road, Nasik – 422002, Maharashtra, India |
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Date of Birth/Age : |
21.11.1963 |
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Date of Appointment : |
16.03.2005 |
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DIN No.: |
01588005 |
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PAN No.: |
AALPW4748E |
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Other Directorship:
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Name : |
Mr. Tarun Vijay Wasan |
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Designation : |
Director |
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Address : |
Wasan Bungalow, Near Pandit Colony, Sharanpur Road, Nasik – 422002, Maharashtra, India |
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Date of Birth/Age : |
24.08.1980 |
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Date of Appointment : |
10.06.2009 |
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DIN No.: |
01655208 |
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PAN No.: |
AAIPW0203D |
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Other Directorship:
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Name : |
Mr. Vijay Kundanlal Wasan |
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Designation : |
Director |
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Address : |
Wasan Bungalow, Near Pandit Colony, Sharanpur Road, Nasik – 422002, Maharashtra, India |
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Date of Birth/Age : |
26.11.1957 |
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Date of Appointment : |
16.03.2005 |
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DIN No.: |
01655248 |
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PAN No.: |
AALPW4747M |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
|
Names of Shareholders |
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No. of Shares |
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Bala K Wasan |
|
122500 |
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Kasturilal K Wasan |
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245000 |
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Kunal K Wasan |
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87500 |
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Kasturilal K Wasan-HUF |
|
17500 |
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Meera P Wasan |
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122500 |
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Pradeep K Wasan |
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332500 |
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Pradeep K Wasan-HUF |
|
17500 |
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Mohinidevi K. Wasan |
|
332500 |
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Tarun Vijay Wasan |
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87500 |
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Usha V Wasan |
|
122500 |
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Vijay K. Wasan |
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245000 |
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Vijay K. Wasan-HUF |
|
17500 |
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Total |
|
1750000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Authorised Dealers of Commercial Vehicles. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Banshi Jain and Associates Chartered Accountants |
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Address : |
404-405, Imperial Plaza, KB Hedgewar Marg, Off Linking Road, Abndra West, Mumbai, Maharashtra, India |
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PAN No.: |
AABFB0619B |
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Other Related Parties : |
· Suwasan Hotel Private Limited · Wasan and Sons · Wasan Brothers Private Limited · Wasan Hospitality Private Limited · Wasan Motors Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1750000 |
Equity Shares |
Rs.10/- each |
Rs.17.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
1750000 |
Equity Shares |
Rs.10/- each |
Rs.17.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
17.500 |
17.500 |
17.500 |
|
(b) Reserves & Surplus |
22.408 |
17.728 |
11.099 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
39.908 |
35.228 |
28.599 |
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(3)
Non-Current Liabilities |
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|
|
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(a) long-term borrowings |
0.000 |
2.920 |
6.331 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term liabilities |
1.263 |
1.254 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
1.263 |
4.174 |
6.331 |
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(4) Current Liabilities |
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|
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(a) Short term borrowings |
181.623 |
384.489 |
237.067 |
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(b) Trade payables |
4.156 |
3.989 |
16.559 |
|
(c) Other current
liabilities |
35.603 |
29.082 |
36.137 |
|
(d) Short-term provisions |
14.319 |
11.396 |
5.663 |
|
Total Current Liabilities (4) |
235.701 |
428.956 |
295.426 |
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TOTAL |
276.872 |
468.358 |
330.356 |
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II.
ASSETS |
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|
|
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(1) Non-current assets |
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|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
25.305 |
26.488 |
14.829 |
|
(ii) Intangible Assets |
0.173 |
0.288 |
0.000 |
|
(iii) Capital
work-in-progress |
22.483 |
0.136 |
1.160 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4.650 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.406 |
0.224 |
0.399 |
|
(d) Long-term Loan and Advances |
16.967 |
19.381 |
22.137 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
69.984 |
46.517 |
38.525 |
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|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
84.190 |
217.091 |
172.603 |
|
(c) Trade receivables |
43.023 |
86.470 |
71.917 |
|
(d) Cash and cash
equivalents |
21.242 |
69.324 |
15.965 |
|
(e) Short-term loans and
advances |
58.433 |
48.956 |
31.346 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
206.888 |
421.841 |
291.831 |
|
|
|
|
|
|
TOTAL |
276.872 |
468.358 |
330.356 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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|
SALES |
|
|
|
|
|
|
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Turnover |
1325.800 |
2305.300 |
1812.500 |
|
|
|
Other Income |
NA |
NA |
NA |
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|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
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EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
7.309 |
10.677 |
10.860 |
|
|
|
|
|
|
|
|
|
|
TAX |
2.991 |
4.048 |
4.607 |
|
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|
|
|
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|
|
|
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PROFIT AFTER TAX
|
4.680 |
6.629 |
6.253 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.67 |
3.79 |
3.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.93
|
2.28 |
3.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.30 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.55
|
11.00 |
8.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88
|
0.98 |
0.99 |
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 |
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from others |
3.769 |
4.300 |
|
Total |
3.769 |
4.300 |
OPERATION RESULT:
This is Seventh year of operation of the company. During the year, the company has achieved sales turnover of Rs. 1325.800 Millions and the Profit before tax for the period work out to Rs. 7.309 Millions. The directors are hopeful in achieving higher sales and profits in the coming year.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90353997 |
25/03/2013 * |
200,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B71803241 |
* Date of charge modification
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
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.61.79 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.