|
|
|
MIRA INFORM REPORT
|
Report No. : |
495536 |
|
Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA FIRST CHOICE SERVICES LIMITED |
|
|
|
|
Registered
Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra
|
|
Tel. No.: |
91-22-24905633 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
24.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-180385 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 2343.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35999MH2008PLC180385 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Maintenance and repair services of trailers, semi-trailers and other motor vehicles, parts and accessories. (Registered activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of “Mahindra and Mahindra
Limited”. The company was incorporated in the year 2008. For the FY 2016, the company has achieved decent revenue base which
has improved when compared to previous year but has incurred operational
loss. The moderate financial profile of the company is marked by negative
reserve base. However, rating takes into consideration equity infused by its
promoters and strong debt coverage indicators due to debt free balance sheet
profile. Rating also takes into consideration strong financial and managerial
support that the company receives from its holding entity backed by its well
experienced management team. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business
dealings at usual 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is not
listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 03.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly available
IBBI (Insolvency and Bankruptcy Board of India) list as of report date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-22-24905633
LOCATIONS
|
Registered Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra,
India |
|
Tel. No.: |
91-22-24905633 / 24905632 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office 1 : |
271 Business Park, 1st Floor, Vishveshwar Nagar Road,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-33678700 |
|
|
|
|
Corporate Office 2 : |
1501/02, DLH Park, Near Telephone Exchange, S.V. Road, Goregaon
(West), Mumbai – 400062, Maharashtra, India |
|
Tel. No.: |
91-22-33678700 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Rajeev Bidyanand Dubey |
|
Designation : |
Director |
|
Address : |
1701 Mahindra Heights, 96 Tardeo Road, Mumbai - 400034, Maharashtra, India |
|
Date of Birth/Age : |
03.04.1954 |
|
Qualification : |
B.A. M.A. MBA(Yale) |
|
Date of Appointment : |
24.03.2008 |
|
DIN No.: |
00104817 |
|
|
|
|
Name : |
Mr. Ramesh Ganesh Iyer |
|
Designation : |
Director |
|
Address : |
A-801/802, 8th Floor, Oberoi Gardens, Western Express Highway, Kandivali (East), Mumbai - 400101, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1958 |
|
Date of Appointment : |
22.07.2009 |
|
PAN No.: |
ABVPR7362J |
|
DIN No.: |
00220759 |
|
|
|
|
Name : |
Mr. Chandrasekar Kandasamy |
|
Designation : |
Director |
|
Address : |
DII/53, Mahindra Park LBS Marg, Ghatkopar, Mumbai - 400086, Maharashtra, India |
|
Date of Birth/Age : |
08.01.1954 |
|
Date of Appointment : |
24.03.2008 |
|
DIN No.: |
01084215 |
|
|
|
|
Name : |
Mr. Anupam Thareja |
|
Designation : |
Director |
|
Address : |
3rd Floor, Chaitanya Building, Khadar Nawaz Khan Road, Nungambakkam, Chennai - 600006, Tamilnadu, India |
|
Date of Birth/Age : |
09.04.1972 |
|
Date of Appointment : |
22.07.2009 |
|
DIN No.: |
01091533 |
|
|
|
|
Name : |
Mr. Ruzbeh Baman Irani |
|
Designation : |
Director |
|
Address : |
5, Kismet Westfield Compound Lane, Opposite Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1963 |
|
Date of Appointment : |
22.07.2009 |
|
DIN No.: |
01831944 |
|
|
|
|
Name : |
Mr. Prince Mulapampallil Augustin |
|
Designation : |
Director |
|
Address : |
Flat No. 3, Seagull Angeloo CHS Limited, Pestom Sagar, Chembur, Mumbai - 400089, Maharashtra, India |
|
Date of Birth/Age : |
24.05.1961 |
|
Date of Appointment : |
22.07.2009 |
|
DIN No.: |
02336637 |
|
|
|
|
Name : |
Mr. Sonu Halan Bhasin |
|
Designation : |
Director |
|
Address : |
4/4, Sarvapriya Vihar, New Delhi - 110016, India |
|
Date of Birth/Age : |
28.09.1963 |
|
Qualification : |
B.Sc and MBA |
|
Date of Appointment : |
22.10.2014 |
|
DIN No.: |
02872234 |
|
|
|
|
Name : |
Mr. Vivek Nayer |
|
Designation : |
Director |
|
Address : |
B / 31, 3rd Floor, Cozihom 251 Pali Hill, Bandra West, Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
10.09.1965 |
|
Date of Appointment : |
02.08.2011 |
|
DIN No.: |
03410053 |
|
|
|
|
Name : |
Mr. Vijaykumar Venkattasatya Yegireddi |
|
Designation : |
Whole-Time Director |
|
Address : |
Ramea Flats, 79/32 , Gandhi Nagar, IV Main Road, Adyar, Chennai - 600020, Tamil Nadu, India |
|
Date of Birth/Age : |
15.08.1964 |
|
Qualification : |
B. Tech(Mach),MBA |
|
Date of Appointment : |
04.08.2011 |
|
DIN No.: |
03588223 |
|
|
|
|
Name : |
Mr. Debabrata Bandyopadhyay |
|
Designation : |
Director |
|
Address : |
D-401/402, Serenity, Shri Sai CHS, Off New Link Road, Oshiwara, Andheri (West), Mumbai - 400102, Maharashtra, India |
|
Date of Appointment : |
22.10.2014 |
|
DIN No.: |
06972463 |
|
|
|
|
Name : |
Mr. Hemant Sikka |
|
Designation : |
Additional Director |
|
Address : |
9-A 1405/06 14th Floor, Whispering Palms XXclusive Lokhandwala Township, Akurli Road, Kandivili (East) Mumbai – 400101, Maharashtra, India |
|
Date of Appointment : |
19.02.2018 |
|
DIN No.: |
00922281 |
KEY EXECUTIVES
|
Name : |
Mr. Rajan Venkatesan |
|
Designation : |
Chief Finance Officer |
|
Address : |
Mahindra and Mahindra Limited, SSBU Building, Akurli Road, Kandivli East, Mumbai - 400101, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1960 |
|
Qualification : |
CA ,CWA |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AASPR7209L |
|
|
|
|
Name : |
Mrs. Hemangi Shailesh Patil |
|
Designation : |
Company Secretary |
|
Address : |
201/B, Srushti CHS, G D Ambedkar Marg, Bhoiwada Naka, Parel, Mumbai – 400012, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1979 |
|
Date of Appointment : |
17.10.2017 |
|
PAN No.: |
AINPD9642E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Limited, India |
|
263999994 |
|
Mahindra and Mahindra Limited jointly with Mr. Narayan
Shankar |
|
1 |
|
Mahindra and Mahindra Limited jointly with Mr. S Venkatraman |
|
1 |
|
Mahindra and Mahindra Limited jointly with Mr. K Chandrasekar |
|
1 |
|
Mahindra and Mahindra Limited jointly with Mr. Y. V. S. Vijay Kumar |
|
1 |
|
Mahindra and Mahindra Limited jointly with Mr. Ruzbeh Irani |
|
1 |
|
Mahindra and Mahindra Limited jointly with Mr. Rajeev
Dubey |
|
1 |
|
Total |
|
264000000 |
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Limited, India |
|
234299994 |
|
Mahindra and Mahindra Limited jointly with Mr. Rajeev Dubey |
|
1 |
|
Mahindra and Mahindra Limited jointly with Mr. Narayan Shankar |
|
1 |
|
Mahindra and Mahindra Limited jointly with Mr. S Venkatraman |
|
1 |
|
Mahindra and Mahindra Limited jointly with Mr. K Chandrasekar |
|
1 |
|
Mahindra and Mahindra Limited jointly with Mr. Y. V. S. Vijay Kumar |
|
1 |
|
Mahindra and Mahindra Limited jointly with Mr. Ruzbeh Irani |
|
1 |
|
Total |
|
234300000 |
LIST OF ALLOTTEES
As on 22.12.2016
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Limited, India |
|
1000000 |
|
Total |
|
1000000 |
As on 21.12.2016
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Limited, India |
|
500000 |
|
Total |
|
500000 |
As on 27.10.2016
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Limited, India |
|
500000 |
|
Total |
|
500000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.07.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Maintenance and repair services of trailers, semi-trailers and other motor vehicles, parts and accessories. (Registered activity) |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indiabulls Financial Centre,Tower 3 ,27th -32rd Floor, Senapati Bapat Marg, Elphinstone Road(West), Mumbai – 400013, Mahrashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Secretarial Audit
Report : |
Makarand M. Joshi and Company |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
U65993MH2007PLC175649
L65990MH1945PLC004558 |
|
|
|
|
Subsidiary company:
(As on 28.07.2017) |
U29253MH2009PTC196365 |
|
|
|
|
Fellow Subsidiary
company: |
U65922MH2007PLC169791
U34100MH2005PTC153702
U80302MH2010PLC198303
L55101TN1996PLC036595
U18101MH1995PLC095482
U75220MH2012PLC233889
U64200MH1994PLC083996
U74999MH2011PTC212468
U30007MH1991PLC064368
L65921MH1991PLC059642
U63000MH2007PLC173466
U01403MH2013PTC242474
U34100MH2007PLC171151
U63040MH1994PLC079098
U35911MH2008PLC185462
U27100MH1993PLC070416
U27100MH2013PTC250979 |
CAPITAL STRUCTURE
After 28.07.2017
Authorised Capital : INR 2640.000
Million
Issued, Subscribed & Paid-up Capital : INR 2640.000 Million
After 29.07.2016
Authorised Capital : INR 2640.000
Million
Issued, Subscribed & Paid-up Capital : INR 2590.000 Million
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
INR 10/- each |
INR 2500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
234300000 |
Equity Shares |
INR 10/- each |
INR 2243.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2343.000 |
1919.000 |
1387.700 |
|
(b) Reserves &
Surplus |
(2257.018) |
(1585.514) |
(1044.145) |
|
(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) |
85.982 |
333.486 |
343.555 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
32.320 |
9.430 |
0.000 |
|
(d) long-term provisions |
9.166 |
6.005 |
5.384 |
|
Total Non-current
Liabilities (3) |
41.486 |
15.435 |
5.384 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
194.676 |
99.564 |
78.085 |
|
(c) Other current
liabilities |
62.458 |
25.924 |
24.344 |
|
(d) Short-term provisions |
5.542 |
2.936 |
2.421 |
|
Total Current Liabilities
(4) |
262.676 |
128.424 |
104.850 |
|
|
|
|
|
|
TOTAL |
390.144 |
477.345 |
453.789 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
122.755 |
252.330 |
294.749 |
|
(ii) Intangible Assets |
19.321 |
7.474 |
8.319 |
|
(iii) Capital
work-in-progress |
0.030 |
0.275 |
0.045 |
|
(iv) Intangible assets
under development |
13.368 |
1.118 |
5.598 |
|
(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 |
64.901 |
77.324 |
78.402 |
|
(e) Other Non-current
assets |
0.047 |
0.495 |
0.495 |
|
Total Non-Current Assets |
220.422 |
339.016 |
387.608 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
30.827 |
31.817 |
18.239 |
|
(c) Trade receivables |
28.023 |
24.495 |
9.026 |
|
(d) Cash and cash
equivalents |
68.853 |
56.174 |
19.999 |
|
(e) Short-term loans and
advances |
20.154 |
13.146 |
11.877 |
|
(f) Other current assets |
21.865 |
12.697 |
7.040 |
|
Total Current Assets |
169.722 |
138.329 |
66.181 |
|
|
|
|
|
|
TOTAL |
390.144 |
477.345 |
453.789 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
601.399 |
500.413 |
292.268 |
|
|
Other Income |
4.611 |
2.139 |
1.969 |
|
|
TOTAL |
606.010 |
502.552 |
294.237 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
305.519 |
268.089 |
159.758 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.990 |
(13.578) |
(12.550) |
|
|
Employees benefits
expense |
303.843 |
266.535 |
183.903 |
|
|
Other expenses |
616.524 |
456.247 |
336.958 |
|
|
TOTAL |
1226.876 |
977.293 |
668.069 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(620.866) |
(474.741) |
(373.832) |
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(620.866) |
(474.741) |
(373.832) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
50.638 |
65.783 |
52.675 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(671.504) |
(540.524) |
(426.507) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
(671.504) |
(540.524) |
(426.507) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(1585.514) |
(1044.145) |
(617.638) |
|
|
|
|
|
|
|
Less |
Depreciation on transition to Schedule II of the Companies Act, 2013
on tangible fixed assets with nil remaining useful life. |
0.000 |
0.845 |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
(2257.018) |
(1585.514) |
(1044.145) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(3.21) |
(3.36) |
(4.19) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
(385.458) |
(468.822) |
(397.817) |
|
Net cash flow from operating activity |
(387.186) |
(471.205) |
(398.080) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
17.01 |
17.87 |
11.27 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
21.46 |
20.43 |
32.38 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
232.58 |
135.56 |
178.40 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(20.14) |
(14.92) |
(20.50) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(3.99) |
(1.82) |
(1.21) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.67 |
0.27 |
0.23 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
3.06 |
0.39 |
0.31 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.81 |
0.78 |
0.90 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.00 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(111.66) |
(108.02) |
(145.93) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(172.12) |
(113.24) |
(93.99) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(780.98) |
(162.08) |
(124.15) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.65 |
1.08 |
0.63 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.53 |
0.83 |
0.46 |
|
|
|
|
|
|
G(Score Ratio Financial (Networth / Total
Assets) |
0.22 |
0.70 |
0.76 |
|
|
|
|
|
|
G(Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G(Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.65 |
1.08 |
0.63 |
Total Liability = Short(term Debt + Long(term
Debt + Current Maturities of Long(term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
1387.700 |
1919.000 |
2343.000 |
|
Reserves & Surplus |
(1044.145) |
(1585.514) |
(2257.018) |
|
Net
worth |
343.555 |
333.486 |
85.982 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
292.268 |
500.413 |
601.399 |
|
|
|
71.217 |
20.181 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
292.268 |
500.413 |
601.399 |
|
Profit / (Loss) |
(426.507) |
(540.524) |
(671.504) |
|
|
(145.93%) |
(108.02%) |
(111.66%) |
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 |
Yes |
|
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 |
No |
|
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 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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS
The Company continues to be the leader in multi brand servicing space with significant lead over the closest competitor. Income during the year stood at INR 6060.000 Million which is 20% higher as compared to the previous year.
The Company’s Franchise program, which was launched only last year with a strong Franchisee Value Proposition, has issued Letter of Intent (“LOIs”) to 288 Franchisees in this year (cumulatively 367) and made 66 Franchisees Operational (cumulatively 102). The Franchise program has been received well by a diverse set of entrepreneurs varying from Original Equipment Manufacturers dealers and independent workshops to partners from non-auto background. The Company has further strengthened the hub and spoke based spare parts distribution network in financial year 2016 by making 12 hubs operational (22 cumulatively) which has ensured timely availability of spare parts at all its workshops.
With overall network crossing 100 workshops the Company has launched its first ever marketing campaign ‘Free Ke Baad First Choice’ for improving the brand awareness. This campaign has been very well received by customers, market place, prospective franchisees and suppliers.
With increase in scale and increased brand awareness the Company is now being approached by prospective suppliers, insurance companies and fleet companies among others to establish a successful alliance as the Company is the only multi-brand Company with such a wide network coverage.
Owing to all the support provided by the Company, the franchisee partners have been improving their performance with a healthy growth in revenue and customer footfalls month on month. 6 of the Company’s franchisee partners own more than one franchisee outlets proving their confidence in the Franchisee Value Proposition.
During the year, the Company has closed down 11 Company Owned Company Operated (“COCOs”) outlets and transferred 3 COCOs to Franchisees which are now being run as Franchisee Owned Franchisee Operated (“FOFOs”) outlets. The Company’s Franchisee partners are expressing keen interest in taking over COCOs and discussions are on for transferring 4 more existing COCOs to prospective franchisee partners.
OUTLOOK FOR THE
CURRENT YEAR
The Company’s
strategic focus area in Financial Year 2017 will be: –
a) Expand network rapidly through FOFOs and supporting cluster warehouses
b) Increasing spare parts sales to Franchisees
c) Increasing sales and margins for Private Label Business.
d) Innovate in digital space to create value through initiatives like multi brand parts catalogue, Service Estimator and CarworkZ.
e) Further strengthen the Pillars of Brand, Spares, Training and Processes through Innovation.
The Company has plans to start 306 franchisees in financial year 2017. It already has a strong head-start with an opening balance of 251 Franchisee LOIs which are currently under various stages of construction and will become operational this year. The Company will also focus on improving margins and profitability and focus on steps to improve customer satisfaction. With the above plans the Company is set to cross a revenue of 1000.000 Million in the Financial Year 2017.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G10299444 |
100046823 |
HDFC BANK LIMITED |
15/07/2016 |
- |
- |
200000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Bank, Lower Parel WEST, Mumbai – 400018, Maharashtra, India |
|
2 |
G10299006 |
100046819 |
HDFC BANK LIMITED |
27/05/2016 |
- |
- |
100000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Bank, Lower Parel WEST, Mumbai – 400018, Maharashtra, India |
|
3 |
G09650649 |
100045029 |
HDFC BANK LIMITED |
21/01/2016 |
- |
- |
300000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Bank, Lower Parel WEST, Mumbai – 400018, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
4.754 |
4.750 |
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 79.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.