MIRA
INFORM REPORT
|
Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
MERU CAB COMPANY PRIVATE LIMITED (w.e.f. 11.07.2008) |
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Formerly Known
As : |
V-LINK TAXIS PRIVATE LIMITED |
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Registered
Office : |
128, IJMIMA, Raheja Matroplex, Behind Goregaon Sports Club, Off |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
04.12.2006 |
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Com. Reg. No.: |
11-165959 |
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Capital
Investment / Paid-up Capital : |
Rs.0.760
Million |
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CIN No.: [Company Identification
No.] |
U63040MH2006PTC165959 |
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PAN No.: [Permanent Account No.] |
AACCV3807B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
engaged in the business of Operating Fleet Taxis or Radio Cab Services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth
of the company. Profitability of the company in under pressure. Business is active. Payment terms are slow. The company can be considered for business dealings on safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-40520100)
LOCATIONS
|
Registered Office : |
128, IJMIMA, Raheja Matroplex, Behind Goregaon Sports Club, Off Link Road,
Malad (West) Mumbai – 400064, Maharashtra, India |
|
Tel. No.: |
91-22-40520100/ 40520000 |
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Fax No.: |
91-22-40520199 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Neeraj Vishnukumar Gupta |
|
Designation : |
Director |
|
Address : |
615, 6th Floor, Raheja Crest Next Cinemax New Link Road,
Andheri (West), Mumbai – 4000548, Maharashtra, India |
|
Date of Birth/Age : |
24.02.1973 |
|
Date of Appointment : |
04.12.2006 |
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Din No.: |
01783151 |
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Name : |
Mr. Pramod Kabra |
|
Designation : |
Additional Director |
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Address : |
Building 5, Anmol Housing Society, Andheri Kurla Road, Mumbai – 400069,
Maharashtra, India |
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Date of Birth/Age : |
20.10.1959 |
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Date of Appointment : |
01.04.2011 |
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Din No.: |
02252403 |
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Name : |
Mr. Vikram Nirula |
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Designation : |
Director |
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Address : |
704, Gypsy Rose Shastri Nagar, Ajmera Complex, Andheri (West), Mumbai
– 400053, Maharashtra, India |
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Date of Birth/Age : |
28.08.1972 |
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Date of Appointment : |
29.11.2007 |
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Din No.: |
01655115 |
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Name : |
Mr. Vishal Gangadhar Nevatia |
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Designation : |
Director |
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Address : |
202, Adibaba, 16th Road, Santacruz (west), Mumbai – 400054,
Maharashtra, India Maharashtra, India |
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Date of Birth/Age : |
05.08.1969 |
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Date of Appointment : |
30.07.2008 |
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Din No.: |
01307857 |
KEY EXECUTIVES
|
Name : |
Mr. Tejas Ramnikbhai Parekh |
|
Designation : |
Company Secretary |
|
Address : |
B-3, Shiv Sadan, Gandhi Nagar, LBS Marg, Ghatkopar (West), Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
25.08.1982 |
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Date of Appointment : |
15.06.2011 |
|
Pan No.: |
APJPP0674F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
V Link Travel Solutions Private Limited, India |
|
75792 |
|
Neeraj Vishnukumar Gupta Nominee of V Link Travel Solutions Private
Limited, India |
|
1 |
|
TOTAL
|
|
75793 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Operating Fleet Taxis or Radio
Cab Services. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India ·
IDBI Bank Limited, IDBI Towerwtc Complex,
Cuffe Parade, Mumbai - 400005, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute: |
· Reliance Capital Limited, "H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India · Tata Motors Finance Limited, C/O. Tata Motors Limited, 3rd Floor, Nanavati Mahalaya, 18, Homi Mody Street, Mumbai - 400001, Maharashtra, India · IVF Trustee Company Private Limited, Ground Floor, Rocklines House, 9/2, Museum Road, Bangalore - 560001, Karnataka, India |
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Auditors : |
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Name : |
S R Batliboy and Associate Chartered Accountants |
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Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar West, Mumbai – 400028, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFS3421N |
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Holding company: |
· V-Link Travel Solutions Private Limited, India [U63040MH2006PTC165956] |
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Fellow Subsidiary
company: |
· V-Link Fleet Solutions Private Limited, India [U63040MH2006PTC165955] · V-Link Automotive Services Private Limited, India [U50500MH2010PTC198987] |
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|
Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their relatives: |
· Music Broadcast Private Limited, India [U64200MH1999PTC137729] |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75973 |
Equity Shares |
Rs.10/- each |
Rs. 0.760
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
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|
I.
EQUITY AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
0.760 |
0.760 |
0.760 |
|
(b) Reserves & Surplus |
(138.090) |
141.390 |
860.830 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
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|
(2) Share Application money
pending allotment |
727.010 |
787.010 |
165.010 |
|
Total
Shareholders’ Funds (1) + (2) |
589.680 |
929.160 |
1026.600 |
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|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
321.780 |
224.400 |
508.710 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
83.830 |
55.520 |
51.030 |
|
(d) long-term provisions |
4.490 |
1.250 |
0.540 |
|
Total
Non-current Liabilities (3) |
410.100 |
281.170 |
560.280 |
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3.050 |
8.350 |
11.830 |
|
(b) Trade payables |
47.460 |
60.530 |
51.470 |
|
(c) Other current liabilities |
480.160 |
545.230 |
790.050 |
|
(d) Short-term provisions |
3.990 |
3.290 |
1.430 |
|
Total
Current Liabilities (4) |
534.660 |
617.400 |
854.780 |
|
|
|
|
|
|
TOTAL |
1534.440 |
1827.730 |
2441.660 |
|
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|
|
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|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1011.520 |
1223.520 |
1834.450 |
|
(ii) Intangible Assets |
174.880 |
225.760 |
243.970 |
|
(iii) Capital work-in-progress |
0.000 |
15.260 |
49.740 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
53.330 |
50.970 |
58.340 |
|
(e) Other Non-current assets |
12.190 |
15.760 |
16.110 |
|
Total
Non-Current Assets |
1251.920 |
1531.270 |
2202.610 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
76.700 |
78.080 |
69.260 |
|
(d) Cash and cash equivalents |
21.840 |
18.410 |
34.870 |
|
(e) Short-term loans and
advances |
168.200 |
173.910 |
127.790 |
|
(f) Other current assets |
15.780 |
26.060 |
7.130 |
|
Total
Current Assets |
282.520 |
296.460 |
239.050 |
|
|
|
|
|
|
TOTAL |
1534.440 |
1827.730 |
2441.660 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
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TOTAL
|
NA |
NA |
NA |
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
229.990 |
29.390 |
156.433 |
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
541.130 |
749.070 |
586.718 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(311.140) |
(719.680) |
(430.284) |
|
|
|
|
|
|
|
|
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(311.140) |
(719.680) |
(430.284) |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1876.900) |
(1157.220) |
(726.929) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(2188.040) |
(1876.900) |
(1157.213) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(4095.40) |
(9472.89) |
(5663.64) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.28) |
(39.71) |
(17.99) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.53) |
(0.77) |
(0.42) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.55 |
0.25 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.53 |
0.48 |
0.28 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.760 |
0.760 |
0.760 |
|
Reserves & Surplus |
860.830 |
141.390 |
(138.090) |
|
Share Application money
pending allotment |
165.010 |
787.010 |
727.010 |
|
Net
worth |
1026.600 |
929.160 |
589.680 |
|
|
|
|
|
|
long-term borrowings |
508.710 |
224.400 |
321.780 |
|
Short term borrowings |
11.830 |
8.350 |
3.050 |
|
Total
borrowings |
520.540 |
232.750 |
324.830 |
|
Debt/Equity
ratio |
0.507 |
0.250 |
0.551 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
239.860 |
376.460 |
645.970
|
|
|
|
|
|
|
Total |
239.860 |
376.460 |
645.970
|
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OUTLOOK AND BUSINESS
PROSPECT:
On the demand side, the need for fleet taxi like services has been palpable for a long time now. Ever expanding middle class in India with increasing disposable income, increased corporate travel and air traffic along with modernization of big city airports and, lack of integrated public transportation system have fuelled this demand. In other words this demand is only expected to grow in the short to medium term.
The Company maintained its leadership position in the industry by delivering superior value to consumer through its service. In line with the strategy, they look to expand into new territories. During the year 2012-13, the Company added approx. 511 vehicles in Bangalore. The Company’s customer oriented strategy has resulted high acceptance level from the consumers and it has helped in maintaining leadership in the market. The Directors believe that the Company will continue to maintain its leadership position in future years.
NATURE OF OPERATIONS
Subject was incorporated in India as a Private Limited Company under the Companies Act, 1956 on December 4, 2006. The Company is engaged in the business of operating fleet taxis or radio cab services. It holds prescribed operating license under the relevant State Fleet Taxi Services Schemes to operate taxis.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10503818 |
05/05/2014 |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA |
C07109143 |
|
2 |
10504526 |
02/05/2014 |
36,207,280.00 |
BMW INDIA FINANCIAL SERVICES PRIVATE LIMITED |
TOWER C, 14TH FLOOR,
BUILDING NO. 10, DLF CYBER C |
C07612039 |
|
3 |
10496179 |
19/04/2014 |
12,241,325.00 |
TOYOTA FINANCIAL SERVICES INDIA LIMITED |
NO. 21 CENTROPOLIS, FIRST FLOOR, 5TH CROSS LANGFORD ROAD, SHANTI NAGAR, BANGALORE, KARNATAKA - 560 025, INDIA |
C04903993 |
|
4 |
10503890 |
17/04/2014 |
36,392,107.00 |
BMW INDIA FINANCIAL SERVICES PRIVATE LIMITED |
TOWER C, 14TH FLOOR, BUILDING NO. 10, DLF CYBER CITY, PHASE-II, GURGAON, HARYANA - 122002, INDIA |
C06995948 |
|
5 |
10496174 |
02/04/2014 |
39,576,050.00 |
BMW INDIA FINANCIAL SERVICES PRIVATE LIMITED |
TOWER C, 14TH FLOOR, BUILDING NO. 10, DLF CYBER CITY, PHASE-II, GURGAON, HARYANA - 122002, INDIA |
C04901872 |
|
6 |
10496161 |
12/03/2014 |
22,086,050.00 |
BMW INDIA FINANCIAL SERVICES PRIVATE LIMITED |
TOWER C, 14TH FLOOR, BUILDING NO. 10, DLF CYBER CITY, PHASE-II, GURGAON, HARYANA - 122002, INDIA |
C04897583 |
|
7 |
10471151 |
19/12/2013 |
20,000,000.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA |
B93873206 |
|
8 |
10471426 |
28/11/2013 |
12,000,000.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK
1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE C |
B93968568 |
|
9 |
10428183 |
31/03/2013 |
60,000,000.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK
1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE C |
B75867267 |
|
10 |
10376975 |
11/09/2012 |
107,600,000.00 |
CORPORATION BANK |
185- R ALHAD , P.K.ROAD, NEAR KALIDAS HALL, MULUN D-WEST, MUMBAI, MAHARASHTRA - 400080, INDIA |
B58295973 |
CONTINGENT
LIABILITIES NOT PROVIDED FOR
a) The Company holds prescribed operating license under the relevant State Fleet Taxi Services Schemes to operate metered taxis. The vehicles owned by the Company are used to provide metered taxi services. The Company’s vehicles are operated by drivers for providing metered taxi services as per the specified policies and procedures of the Company. As the revenue earned under the Revenue Agreement for Metered Taxi Operations (erstwhile Taxi Subscription Agreement with Driver Subscriber Entrepreneur) between the drivers and the Company is in relation to the provision of metered taxi services by the Company and not for any taxable services provided to drivers, the Company had made representations to the Central Board of Excise and Customs (CBEC) that service tax is not applicable on the Company’s Revenue from Metered Taxi Operations (erstwhile referred to as subscription amount) received under the Revenue Agreement for Metered Taxi Operations.
During the year ended March 31, 2011, the Company had received a show cause-cum-demand notice dated October 20, 2010 from the Additional Director General, DGCEI, Mumbai (intelligence cell of the Service Tax Department for investigation) demanding service tax of Rs 199.890 millions (including cess) on the meter fare component of the Company’s Revenue from Metered Taxi Operations along with applicable interest and penalties, for the period May 2008 to September 2010 The Company had filed a Writ Petition before the Hon’ble Bombay High Court on May 7, 2011 against the said notice which has been admitted before the Hon’ble Bombay High Court on December 19, 2012 and is presently pending hearing. In addition, the Company has subsequently received a second show cause-cum-demand notice dated October 3, 2011from the Commissioner, Service Tax, Mumbai -V, demanding service tax of Rs 61.800 millions for the period October 1, 2010 to March 31, 2011 along with applicable interest and penalty. The Company has amended the Writ Petition to include the second show cause-cum-demand notice in the Writ Petition filed with the Bombay High Court. Further, the Company has received a third show cause-cum-demand notice dated October 20, 2012 from the Commissioner, Service Tax, Mumbai -II, demanding service tax of Rs 141.110 millions for the period April 2011to March 2012 along with applicable interest and penalty.
The Company has filed a letter with the service tax authorities in relation to the above mentioned show cause-cum demand notices intimating them that a Writ Petition has been filed by the Company before the Hon’ble Bombay High Court and that the same is pending hearing. The authorities have accordingly kept the said matter in abeyance till the Writ Petition of the Company is heard by the Hon’ble Bombay High Court. In case the tax is applicable, the service tax amount on the Company’s Revenue from Metered Taxi Operations for the year ended March 31, 2013 is estimated to be Rs. 163.480 millions.
The Company is of the view that no service tax is payable given that metered taxi services are outside the purview of service tax and have been specifically included in the Negative List of services with effect from July 1, 2012. The ultimate outcome of the matter cannot presently be determined; accordingly the Company has not created any provision for liability on account of service tax aggregating to Rs 566.280 millions upto and including March 31, 2013 in the financial statements. In the event the service tax demand is confirmed, the Company may be eligible to claim cenvat credit in accordance with the provisions of Cenvat Credit Rules, 2004, as may be applicable.
b) Claims against the Company not acknowledged as debts aggregating Rs.18.68 million (Previous Year Rs. Nil) pertains to litigation filed against the Company by customers/ third parties. The Company has strong grounds of appeal and does not foresee any outflow in this regard.
c) Advertisement tax payable to Delhi Municipal Corporation amounting to Rs. 5.540 millions as at March 31, 2013 (Previous Year Rs.5.540 millions).
FIXED ASSETS
Tangible assets
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Leasehold improvements
Intangible assets
· Computer software
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.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
15 |
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.