MIRA
INFORM REPORT
|
Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
INFINITY CARS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
12/A, Lotus Cinema, Dr. Annie Besant Road, Opposite Nehru Centre,
Worli, Mumbai – 400 018, Maharashtra |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.09.2006 |
|
|
|
|
Com. Reg. No.: |
11-164260 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.11.600
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51502MH2006PTC164260 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI5671H |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
Subject is primarily
engaged in a business of dealing in vehicles, yachts, spare parts,
accessories and vehicle and yachts services. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 810000 |
|
|
|
|
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 a moderate track record. There incurred a loss recorded by the company during 2013. However,
general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under control,
said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up
from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Manish Meswani |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-67145100 |
|
Date : |
19.08.2013 |
LOCATIONS
|
Registered Office/ Showroom : |
12/A, Lotus Cinema, Dr. Annie Besant Road, Opposite Nehru Centre,
Worli, Mumbai – 400 018, Maharashtra, India |
|
Tel. No.: |
91-22-67145100/ 67145122 |
|
Fax No.: |
91-22-67145199 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Mumbai Workshop (Chembur): |
W.T. Patil Marg, Opposite Shatabdi Hospital, Chembur, Mumbai – 400
074, Maharashtra, India |
|
Tel. No.: |
91-22-67522222 |
|
Fax No.: |
91-22-67522299 |
|
|
|
|
Mumbai Workshop (Worli)/ Service Centre : |
Mohatta Bhavan Compound, Plot No.3, Manjrekar Lane, Off Dr. E Moses
Road, Worli, Mumbai – 400 018, Maharashtra, India |
|
Tel. No.: |
91-22-61144444 |
|
Fax No.: |
91-22-61144455 |
|
|
|
|
Mumbai Workshop (Turbhe): |
D-83, Turbhe, M.I.D.C., TTC Industrial Area, Near Amul Dairy, Navi
Mumbai – 400 705, Maharashtra, India |
|
Tel. No.: |
91-22-65664444 |
|
Fax No.: |
91-22-27635354 |
|
|
|
|
Indore Showroom and Workshop : |
No.17, Mangal Compound, MR – 11, Pipliya Kumar, Dewas Naka, Indore –
452 010, Madhya Pradesh, India |
|
Tel. No.: |
91-731-4008989 |
|
Fax No.: |
91-731-4008999 |
|
Email : |
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|
|
|
|
Godown : |
Anjur Road, W/Housing Complex, Bhiwandi – 423 102, Maharashtra, India |
|
|
|
|
Showroom 1 (Nariman Point) : |
Maker Chamber VI, Jamnalal Bajaj Road, Nariman Point, Mumbai – 400
021, Maharashtra, India |
|
Tel No. : |
91-22-66664848 |
|
|
|
|
Showroom 2 (Navi Mumbai): |
Plot 50, Sector 1A, Nerul, Navi Mumbai – 400 706, Maharashtra, India |
|
Tel No. : |
91-22-27739000 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Lalitchandra Pamulapati Choudary |
|
Designation : |
Director |
|
Address : |
F No-4001, Tower
-1, Planet Godrej, Sant Gadge Maharaj Chowk, 30, K.K. Marg, Mahalaxmi, Mumbai
– 400 011, Maharashtra, India |
|
Date of Birth/Age : |
26.12.1974 |
|
Date of Appointment : |
01.09.2006 |
|
DIN No.: |
01662474 |
|
PAN No.: |
ACUPP4047L |
|
|
|
|
Name : |
Mrs. Pooja Pamulapati Lalit Choudary |
|
Designation : |
Director |
|
Address : |
F No-4001, Tower
-1, Planet Godrej, Sant Gadge Maharaj Chowk, 30, K.K. Marg, Mahalaxmi, Mumbai
– 400 011, Maharashtra, India |
|
Date of Birth/Age : |
09.09.1977 |
|
Date of Appointment : |
01.09.2006 |
|
DIN No.: |
01662561 |
|
PAN No.: |
AGJPB9056A |
KEY EXECUTIVES
|
Name : |
Mr. Manish Meswani |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
%age |
|
Lalitchandra Pamulapati Choudary |
580000 |
50.00 |
|
Pooja Pamulapati Lalit Choudary |
580000 |
50.00 |
|
Total
|
1160000 |
100.00 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily
engaged in a business of dealing in vehicles, yachts, spare parts, accessories
and vehicle and yachts services. |
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||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
Kotak Mahindra Bank Limited, 36-38A Nariman Bhavan,
227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India |
|||||||||||||||||||||
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|||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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|
Financial
Institutions : |
BMW India Financial Services Private Limited, Tower C, 14th Floor, Building No.10, DLF Cyber City, Phase-II, Gurgaon – 122 002, Haryana, India |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 5th
Floor, Apollo Mills, Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400
011, Maharashtra, India |
|
PAN No.: |
AAIFB7357B |
|
|
|
|
Associates Companies : |
· Infinity Yachts Private Limited, India (CIN No.: U74900MH2008PTC186257) · Infinity Autolinks Private Limited, India (CIN No.: U50403MH2008PTC186256) · Liquid Properties Private Limited, India (CIN No.: U70102MH2006PTC159813) |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1160000 |
Equity Shares |
Rs.10/- each |
Rs.11.600 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1160000 |
Equity Shares |
Rs.10/- each |
Rs.11.600
millions |
|
|
|
|
|
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 |
|
|
|
|
(a) Share Capital |
11.600 |
11.600 |
11.600 |
|
(b) Reserves & Surplus |
190.943 |
225.920 |
184.414 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
202.543 |
237.520 |
196.014 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
399.575 |
314.826 |
32.844 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
1.125 |
1.161 |
|
(d) Long-term
provisions |
3.995 |
2.844 |
1.360 |
|
Total Non-current
Liabilities (3) |
403.570 |
318.795 |
35.365 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
387.307 |
445.897 |
163.986 |
|
(b)
Trade payables |
685.003 |
511.121 |
370.211 |
|
(c)
Other current liabilities |
258.850 |
227.465 |
220.697 |
|
(d) Short-term
provisions |
0.131 |
0.114 |
12.335 |
|
Total Current
Liabilities (4) |
1331.291 |
1184.597 |
767.229 |
|
|
|
|
|
|
TOTAL |
1937.404 |
1740.912 |
998.608 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
501.552 |
254.999 |
104.818 |
|
(ii)
Intangible Assets |
1.075 |
0.150 |
0.294 |
|
(iii) Capital
work-in-progress |
159.139 |
302.213 |
28.089 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.001 |
0.001 |
0.000 |
|
(c) Deferred tax assets (net) |
2.375 |
3.508 |
1.544 |
|
(d) Long-term Loan and Advances |
123.577 |
85.858 |
69.651 |
|
(e) Other
Non-current assets |
9.598 |
13.564 |
12.760 |
|
Total Non-Current
Assets |
797.317 |
660.293 |
217.156 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
767.496 |
721.435 |
420.163 |
|
(c)
Trade receivables |
200.712 |
165.430 |
176.654 |
|
(d) Cash
and cash equivalents |
134.941 |
97.559 |
110.857 |
|
(e) Short-term
loans and advances |
36.243 |
95.576 |
73.289 |
|
(f)
Other current assets |
0.695 |
0.619 |
0.489 |
|
Total
Current Assets |
1140.087 |
1080.619 |
781.452 |
|
|
|
|
|
|
TOTAL |
1937.404 |
1740.912 |
998.608 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4066.010 |
3945.299 |
3443.517 |
|
|
|
Other Income |
27.113 |
14.298 |
3.640 |
|
|
|
TOTAL (A) |
4093.123 |
3959.597 |
3447.157 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
3948.649 |
3789.219 |
3266.968 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
3948.649 |
3789.219 |
3266.968 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
144.474 |
170.378 |
180.189 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
132.455 |
84.656 |
26.805 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.019 |
85.722 |
153.384 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.815 |
24.180 |
16.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(33.796) |
61.542 |
136.854 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.180 |
20.036 |
48.631 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(34.976) |
41.506 |
88.223 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
225.919 |
184.413 |
96.190 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
190.943 |
225.919 |
184.413 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(30.15) |
35.78 |
76.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.85) |
1.05
|
2.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.83) |
1.56
|
3.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.90) |
4.29
|
14.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17) |
0.26
|
0.70 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.89 |
3.20
|
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
0.91
|
1.02 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
11.600 |
11.600 |
11.600 |
|
Reserves & Surplus |
184.414 |
225.920 |
190.943 |
|
Net worth |
196.014 |
237.520 |
202.543 |
|
|
|
|
|
|
long-term borrowings |
32.844 |
314.826 |
399.575 |
|
Short term borrowings |
163.986 |
445.897 |
387.307 |
|
Total borrowings |
196.830 |
760.723 |
786.882 |
|
Debt/Equity ratio |
1.004 |
3.203 |
3.885 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
3443.517 |
3945.299 |
4066.010 |
|
|
|
14.572 |
3.060 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Sales |
3443.517 |
3945.299 |
4066.010 |
|
Profit |
88.223 |
41.506 |
(34.976) |
|
|
2.56% |
1.05% |
(0.86%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT:
|
Particulars |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
|
Current maturities of long-term debt |
104.574 |
61.486
|
68.960 |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10442329 |
17/07/2013 |
75,000,000.00 |
BMW INDIA FINANCIAL
SERVICES PRIVATE LIMITED |
TOWER C, 14TH FLOOR,
BUILDING NO.10, DLF CYBER CITY, PHASE-II, GURGAON, HARYANA - 122002, INDIA |
B81826737 |
|
2 |
10380497 |
08/02/2013 * |
133,200,000.00 |
KOTAK MAHINDRA PRIME
LIMITED |
36-38A NARIMAN BHAVAN,
227, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B68469121 |
|
3 |
10364489 |
02/05/2013 * |
202,500,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
36-38A, NARIMAN BHAVAN, 227,
D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B75679365 |
|
4 |
10366282 |
27/05/2012 |
170,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. |
B44074417 |
|
5 |
10342228 |
06/03/2012 |
360,000,000.00 |
KOTAK MAHINDRA PRIME
LIMITED |
36-38A NARIMAN BHAVAN,
227, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B35036136 |
|
6 |
10323570 |
15/07/2013 * |
319,750,000.00 |
BMW INDIA FINANCIAL SERVICES
PRIVATE LIMITED |
TOWER C, 14TH FLOOR,
BUILDING NO. 10, DLF CYBER CITY, PHASE-II, GURGAON, HARYANA -122002, INDIA |
B81693665 |
|
7 |
10340953 |
15/07/2013 * |
515,250,000.00 |
BMW INDIA PRIVATE LIMITED |
TOWER B, 7TH FLOOR, BUILDING
NO.8, DLF CYBER CITY, PHASE II, GURGAON, HARYANA - 122002, INDIA |
B81691727 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT-TERM
BORROWINGS |
|
|
|
Deposits from directors |
22.729 |
16.182 |
|
Total
|
22.729 |
16.182 |
BACKGROUND:
The Company was
incorporated on 1st September, 2006. The business of the Company comprises
purchase of BMW passenger cars from BMW India Private Limited from their
Chennai location (BMW India), and selling the cars on retail basis and
servicing of the BMW passenger cars. The Company has entered into a dealer
agreement with BMW India for obtaining sales and service rights for BMW cars,
parts and accessories. The Company operates through two showrooms, one at
Mumbai and one at Indore and workshops at Mumbai and Indore.
In 2008, the Company
started a division in the name of Infinity yachts to cater to high-end
customers for sale and service of yachts. The Company is an authorized dealer
for brands like Princess, Brunswicks, Fibrafort and Sealine.
During the previous year,
the Company started a division in name of Performance Cars to cater to high end
customers for sale and service of Aston Martin Cars. The Company operates
through one showroom and one workshop for the above division.
OPERATIONS AND FUTURE PROSPECTS:
The Company is in Automobile Sector i.e. sale
of high end luxury cars (BMW) and reported turnover of Rs.4066.010 millions
(Rs.3533.253 millions from sale of vehicles and yachts, Rs.341.326 millions
from sale of spare parts, accessories and Rs.97.812 millions from servicing of
vehicles) as compared to its previous year turnover of Rs.3945.299 millions
which includes (Rs.3333.872 millions from sale of vehicles and yachts,
Rs.234.810 millions from sale of spare parts, accessories and Rs.58.520
millions from servicing of vehicles) and incurred a loss of Rs.34.976 millions
as compared to previous years’ profit of Rs.41.506 millions.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Computer
·
Furniture and Fixtures
·
Vehicles
·
Ship Vessels
·
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.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.