MIRA INFORM REPORT

 

 

Report No. :

342937

Report Date :

30.09.2015

 

IDENTIFICATION DETAILS

 

Name :

FUTURE AUTOMOBILE AGENCY PRIVATE LIMITED

 

 

Registered Office :

East India House, Room No. 2C,  2nd Floor, 20B, British Indian Street, Kolkata – 700069, West Bengal

Tel. No.:

91-33-32487401

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.04.2009

 

 

Com. Reg. No.:

21-134565

 

 

Capital Investment / Paid-up Capital :

Rs. 5.750 Million

 

 

CIN No.:

[Company Identification No.]

U50102WB2009PTC134565

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Dealer of Eicher motors and trucks.

 

 

No. of Employees :

110  (Approximately)

 

 

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 2009. It is having moderate track.

 

Rating takes into consideration moderate financial risk profile of the company marked by minimal networth base and slightly high external borrowings in FY14.

 

Further, the company has reported decrease in its sales turnover and net profit along with thin profit margin.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings with some cautions.

 

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

 

Rating Agency Name

CRISIL

Rating

Long term rating: B+

Rating Explanation

Risk prone credit quality and carries very high credit risk.

Date

30.09.2014

 

Rating Agency Name

CRISIL

Rating

Short term rating: A4

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

30.09.2014

 

 

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

 

Name :

Mr. Kamal Kishore Daga

Designation :

Director

Contact No.:

91-9831256442

Date :

29.09.2015

 

 

LOCATIONS

 

Registered Office :

East India House, Room No. 2C,  2nd Floor, 20B, British Indian Street, Kolkata – 700069, West Bengal, India

Tel. No.:

91-33-32487401/32016093

Mobile No.:

91-9831256442 (Mr. Kamal Kishore Daga)

Fax No.:

Not Available

E-Mail :

niraj@futureauto.co.in

md@futureauto.co.in

Website :

www/futureauto.co.in

Area :

2500 Sq ft

Location :

Rented

 

 

Warehouses :

NH 6, Near Bus Stop Tata Gate, Chamrail, Howrah – 711114, West Bengal, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Kamal Kishore Daga

Designation :

Director

Address :

4, Gopi Nath Changdar Lane, Howrah -  711101, West Bengal, India

Date of Birth/Age :

11.05.1959

Date of Appointment :

13.04.2009

DIN No.:

00761396

 

 

Name :

Mr. Nawal Kishore Daga

Designation :

Director

Address :

4, Gopi Nath Changdar Lane, Howrah -  711101, West Bengal, India

Date of Birth/Age :

21.11.1966

Date of Appointment :

13.04.2009

DIN No.:

02583385

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Kamal Kishore Daga

 

250000

Nawal Kishore Daga

 

250000

Heritage Nirman Private Limited, India

 

2000

Beyond Commerce Private Limited, India

 

2000

Gajbadan Marketing Private Limited, India

 

2000

Sadabahar Tradecomm Private Limited, India

 

4000

Splendor Infrastructure Private Limited, India

 

2000

Wonder Dealcom Private Limited, India

 

2000

Keynote Vanijya Private Limited, India

 

2000

Ritamba Trading Private Limited, India

 

5500

Express Dealcom Private Limited, India

 

12000

Spring Commercial Private Limited, India

 

3700

Heritage Structures Private Limited, India

 

500

Zenstar Suppliers Private Limited, India

 

7300

Garodia Securities Limited, India

 

4500

Tinku Garodia

 

3000

Imagine Tradelinks Private Limited, India

 

11250

Samar Mitra

 

2250

Manju Shaw

 

500

Surojit Mondal

 

2000

Meera Gupta

 

2250

Kamla Devi Shaw

 

2250

Sachin Kumar Shaw

 

2000

Total

 

575000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Bodies corporate

10.56

Directors or relatives of Directors

86.96

Other top fifty shareholders

2.48

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Dealer of Eicher motors and trucks.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cheque and Credit

 

 

Purchasing :

Cheque and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

End Users and OEMS

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

110  (Approximately)

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

SME Branch, Ballygunge, 50a, Gariahat Road, 5th Floor, Kolkata - 700019, West Bengal, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Cash credit: Rs. 8.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Vehicle Loan from State Bank of India

0.597

0.278

SHORT TERM BORROWING

 

 

State Bank of India-Inventory Funding

71.014

72.466

State Bank of India-Cash Credit against Stock & Receivables

3.788

7.245

Total

75.399

79.989

 

Auditors :

 

Name :

Choudhary S.Kumar and Company

Chartered Accountants

Address :

50, Weston Street, Kolkata – 700012, West Bengal, India

Tel. No.:

91-33-22111255

E-Mail :

skcfca@gmail.com

PAN N Income-tax PAN of auditor or auditor's firm :

ABVPC0341C

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Daga Auto Distributors

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

575000

Equity Shares

Rs.10/- each

Rs. 5.750 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

5.750

5.750

5.750

(b) Reserves & Surplus

29.365

28.382

27.194

(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)

35.115

34.132

32.944

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

16.024

0.278

0.579

(b) Deferred tax liabilities (Net)

0.000

0.022

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)

16.024

0.300

0.579

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

74.802

79.711

101.406

(b) Trade payables

0.069

4.642

0.706

(c) Other current liabilities

2.014

2.141

1.338

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

76.885

86.494

103.450

 

 

 

 

TOTAL

128.024

120.926

136.973

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

11.919

12.223

5.695

(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)

0.041

0.000

0.016

(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

11.960

12.223

5.711

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

95.552

59.368

116.320

(c) Trade receivables

10.893

41.024

0.046

(d) Cash and cash equivalents

1.330

1.712

3.340

(e) Short-term loans and advances

6.453

3.718

7.630

(f) Other current assets

1.836

2.881

3.926

Total Current Assets

116.064

108.703

131.262

 

 

 

 

TOTAL

128.024

120.926

136.973

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

421.037

507.437

512.624

 

Other Income

0.118

0.084

1.915

 

TOTAL

421.155

507.521

514.539

 

 

 

 

 

Less

EXPENSES

419.732

505.802

512.937

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1.423

1.719

1.602

 

 

 

 

 

Less

TAX

0.440

0.531

0.495

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

0.983

1.188

1.107

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

4.132

2.944

1.837

 

 

 

 

 

 

Balance Carried to the B/S

5.115

4.132

2.944

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.71

NA

NA

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

350.000

 

Expected Sales (2015-2016) : Rs.400.000 Million

 

The above information has been parted by Mr. Kamal Kishore Daga

 

 

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 flows from (used in) operations

NA

NA

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.23

0.23

0.22

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.11

1.42

1.17

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.05

0.05

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.59

2.34

3.10

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.51

1.26

1.27

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

5.750

5.750

5.750

Reserves & Surplus

27.194

28.382

29.365

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

32.944

34.132

35.115

 

 

 

 

long-term borrowings

0.579

0.278

16.024

Short term borrowings

101.406

79.711

74.802

Total borrowings

101.985

79.989

90.826

Debt/Equity ratio

3.096

2.344

2.587

 

 

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

512.624

507.437

421.037

 

 

(1.012)

-17.027

 

 

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

512.624

507.437

421.037

Profit

1.107

1.188

0.983

 

0.22%

0.23%

0.23%

 

 

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

Yes

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

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

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

 

 

NOTE: Registered office of the company has been shifted from 1, British Indian Street, Room No-28, Mezzanine Floor, Kolkata – 700069, West Bengal, India to the present address.

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

From Directors

15.427

0.000

Total

15.427

0.000

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10169525

02/06/2015 *

85,000,000.00

STATE BANK OF INDIA

SME BRANCH, BALLYGUNGE, 50A, GARIAHAT ROAD, 5TH F 
LOOR, KOLKATA, WEST BENGAL - 700019, INDIA

C56755713

 

* Date of charge modification

 

FIXED ASSETS

 

 

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.66.09

UK Pound

1

Rs.100.87

Euro

1

Rs.73.96

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--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

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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