MIRA INFORM REPORT

Report No. :	355505
Report Date :	19.12.2015

IDENTIFICATION DETAILS

Name :	MADHUSUDAN VEHICLES PRIVATE LIMITED
Registered Office :	B-6, Lawyers Colony, Agra – 282005, Uttar Pradesh
Tel. No.:	91-562-4050100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.06.2011
Com. Reg. No.:	20-045238
Capital Investment / Paid-up Capital :	Rs. 2.750 Million
CIN No.: [Company Identification No.]	U50102UP2011PTC045238
IEC No.:	Not Applicable [As claimed by Company management, the Company does not Export and Import]
TAN No.: [Tax Deduction & Collection Account No.]	AGRM11984A
PAN No.: [Permanent Account No.]	AAHCM2382B
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Seller of Maruti Cars. (Confirmed by Management)
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2011. It is the dealer and seller of Maruti Cars. Management has failed to file its financial with the government department for the year 2015. The company has registered decent sales turnover along with thin profitability margin in the FY14. However, it has very high debt levels, along with unfavorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are slow but correct. In view of strong brand recognition of Maruti – Suzuki, the company can be considered for business dealings on fully safe and secure trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rajan Malhotra
Designation :	Accounts Manager
Contact No.:	91-9837950606
Date :	18.12.2015

LOCATIONS

Registered Office :	B-6, Lawyers Colony, Agra – 282005, Uttar Pradesh, India
Tel. No.:	91-562-4050100
Mobile No.:	91-9837950606 (Mr. Rajan Malhotra)
Fax No.:	Not Available
E-Mail :	caprachiagarwal09@gmail.com shankeragra@yahoo.com

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Deependra Shanker Agarwal
Designation :	Director
Address :	83, Old Vijay Nagar Colony, Agra – 282005, Uttar Pradesh, India
Date of Birth/Age :	14.07.1983
Date of Appointment :	13.06.2011
DIN No.:	01961362
Name :	Mr. Rachit Agarwal
Designation :	Director
Address :	22 44 Old Vijay Nagar Colony, Agra – 282005, Uttar Pradesh, India
Date of Birth/Age :	23.02.1983
Date of Appointment :	13.06.2011
DIN No.:	00336965

KEY EXECUTIVES

Name :	Mr. Rajan Malhotra
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rachit Agarwal	12500
Deependra Shanker Agarwal	12500
Rajeev Agarwal and Sons	100000
Rama Shanker and Sons	100000
Usha Agarwal	25000
Meena Kumari	25000
Total	275000

AS ON 13.08.2015

Names of Allottees	No. of Shares
Rachit Agarwal	20000
Deependra Shanker Agarwal	20000
Rajeev Agarwal and Sons	150000
Total	190000

AS ON 15.09.2015

Names of Allottees	No. of Shares
Rachit Agarwal	17500
Deependra Shanker Agarwal	17500
Total	35000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer and Seller of Maruti Cars. (Confirmed by Management)
Brand Names :	--
Agencies Held :	Maruti Suzuki India Limited
Exports :	--
Imports :	--
Terms :
Selling :	Other (RTGS)
Purchasing :	Other (RTGS)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Maruti Suzuki India Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Retailers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

Bank Name:	Axis Bank Limited
Branch:	Agra Main Branch, GFI, 3-16, Anupam Plaza 11, Sanjay Place, Agra - 282002, Uttar Pradesh, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-562-4037500 (Continuously Ringing)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· State Bank of India

SME Branch, Sanjay Place, Agra - 282002, Uttar Pradesh, India

· Small Industries Development Bank of India

Shop No. 5 and 6, Shree Nath Ji Complex, Madia Katra Crossing, Agra - 282002, Uttar Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loans From banks
HDFC Car Loan	0.000	0.658
SHORT TERM BORROWINGS
Bank Overdraft/ CC limit From banks
Axis Bank*	28.197	16.589
State Bank of India	0.000	4.515
Under Dealer Credit Scheme through MUL**	32.240	19.424
Total	60.437	41.186
SHORT TERM BORROWINGS *Secured by way of hypothecation charge over entire present and future current assets, properties of group companies, hypothecation of all fixed assets of the company, personal guarantee of directors and relatives and corporate guarantee of group companies. **Against new vehicle purchase from MUL under Dealer Credit Scheme

Banking Relations :	--
Auditors :
Name :	R.S Mehta and Company Chartered Accountants
Address :	3-205,206 Prem Nagar, Dayal Bagh, Agra – 282006, Uttar Pradesh, India
Tel. No.:	91-562-2570400/ 2570824
Income-tax PAN of auditor or auditor's firm :	AAEFR6769F
Memberships :	--
Collaborators :	--
Company in which KMP / Relatives of KMP can exercise significant influence :	· Madhusudan Motors Private Limited · Shivam Traders & Hire Purchase Private Limited · Shanker Infraventures Private Limited · Shyamak Builders Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs. 10/- each	Rs. 3.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
275,000	Equity Shares	Rs. 10/- each	Rs. 2.750 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.750	2.750	2.750
(b) Reserves & Surplus	4.771	3.869	7.461
(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)	7.521	6.619	10.211
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.658	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.658	0.000
(4) Current Liabilities
(a) Short term borrowings	60.437	40.528	61.601
(b) Trade payables	6.888	0.408	0.000
(c) Other current liabilities	20.278	9.916	0.784
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	87.603	50.852	62.385
TOTAL	95.124	58.129	72.596
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.044	10.363	2.659
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.481	1.389	0.317
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.525	11.752	2.976
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.646	22.490	1.538
(c) Trade receivables	3.967	4.936	0.000
(d) Cash and cash equivalents	27.781	3.244	21.677
(e) Short-term loans and advances	23.808	14.322	46.405
(f) Other current assets	2.397	1.385	0.000
Total Current Assets	83.599	46.377	69.620
TOTAL	95.124	58.129	72.596

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	430.764	55.763	28.020
		Other Income	9.504	8.641	0.128
		TOTAL (A)	440.268	64.404	28.148
Less	EXPENSES
		Purchases of Stock-in-Trade	410.149	74.823	29.129
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.156)	(20.952)	(1.538)
		Employees benefits expense	8.690	0.790	0.000
		Other expenses	12.148	4.372	0.689
		TOTAL (B)	427.831	59.033	28.280
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.437	5.371	(0.132)
Less	FINANCIAL EXPENSES (D)		8.687	9.609	0.975
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.750	(4.238)	(1.107)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.615	0.425	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.135	(4.663)	(1.107)
Less	TAX (H)		1.233	(1.072)	(0.318)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.902	(3.591)	(0.789)
	Earnings/ (Loss) Per Share (Rs.)		3.28	(13.06)	(7.59)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.21	(6.44)	(2.82)
Operating Profit Margin (PBDIT/Sales)	(%)	2.89	9.63	(0.47)
Return on Total Assets (PBT/Total Assets}	(%)	2.26	(8.22)	(1.53)
Return on Investment (ROI) (PBT/Networth)		0.28	(0.70)	(0.11)
Debt Equity Ratio (Total Liability/Networth)		8.04	6.22	6.03
Current Ratio (Current Asset/Current Liability)		0.95	0.91	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.750	2.750	2.750
Reserves & Surplus	7.461	3.869	4.771
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	10.211	6.619	7.521
Long-term borrowings	0.000	0.658	0.000
Short term borrowings	61.601	40.528	60.437
Total borrowings	61.601	41.186	60.437
Debt/Equity ratio	6.033	6.222	8.036

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	28.020	55.763	430.764
		99.011	672.491

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	28.020	55.763	430.764
Profit/ (Loss)	(0.789)	(3.591)	0.902
	-2.82%	-6.44%	0.21%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10595754	14/09/2015	65,000,000.00	STATE BANK OF INDIA	INDUSTRIAL ESTATE NUNHAI RMME BRANCH, NUNHAI, AGRA, UTTAR PRADESH - 282006, INDIA	C66659459
2	10587404	18/08/2015	28,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SHOP NO. 5 & 6, SHREE NATH JI COMPLEX, MADIA KATRA CROSSING, AGRA, UTTAR PRADESH - 282002, INDIA	C62337779

CORPORATE INFORMATION

Madhusudan Vehicles Private Limited is an authorised dealership and service station for Maruti Suzuki India Limited. The company is engaged in the business of sale, purchase and service of Maruti vehicles and other allied activities.

FIXED ASSETS:

· Plant and Equipment

· Motor Vehicle

· Electric Fittings

· Furniture and Fixtures

· Signage

· Software

· Tools

· Temporary Erections

· Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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. 66.42
UK Pound	1	Rs. 99.17
Euro	1	Rs. 72.14

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	TRI
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	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		41

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.