MIRA
INFORM REPORT
|
Report Date : |
23.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
UNIFREIGHT
INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
D
194, MIDC, TTC Thane Belapur Road, Navi Mumbai 400706, Maharashtra |
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|
|
|
Country : |
India |
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|
Financials (as on) : |
31.03.2004 |
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|
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Date of Incorporation : |
28.08.2001 |
|
|
|
|
Com. Reg. No.: |
11-133173 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U63090MH2001PTC133173 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU02948B |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
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|
|
|
Line of Business : |
Subject
is engaged in goods transportation. |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
15000 |
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|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per
commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
D
194, MIDC, TTC Thane Belapur Road, Navi Mumbai 400706, Maharashtra, India |
|
Tel. No.: |
91-22-27688888 |
|
Fax No.: |
91-22-27672660 |
|
Website : |
http://www.unifreightindia.com |
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|
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Corporate
Office : |
Plot
No. 6, Marwah Estate, Opposite Tata Power, Off Saki Vihar Road, Sakinaka,
Andheri [East], Mumbai 400072, Maharashtra, India |
|
Tel.
No.: |
91-22-66010522/21 |
DIRECTORS
|
Name : |
Mr.
Subramanian Narayanswamy |
|
Designation : |
Director |
|
Address : |
101,
Plaza Angelica, Plot No. 86, St. Anthony Road, Chembur, Mumbai 400076,
Maharashtra, India |
|
Date of Birth/Age : |
10.05.1955 |
|
Date of Appointment : |
28.08.2001 |
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|
|
|
Name : |
Mr.
Cyrus Jamshed Guzder |
|
Designation : |
Director
|
|
Address : |
D
11, Sea Face Park, Bhulabhai Desai Road, Mumbai 400026, Maharashtra, India |
|
Date of Birth/Age : |
17.09.1946 |
|
Date of Appointment : |
28.08.2001 |
|
|
|
|
Name : |
Mr. Vinodkumar
R. Sharma |
|
Designation : |
Director
|
|
Address : |
701,
Sagar Darshan Cooperative Housing Society, D 20, Sector 18, Nerul, Navi
Mumbai 400706, Maharashtra |
|
Date of Birth/Age : |
18.11.1956 |
|
Date of Appointment : |
16.08.2004 |
KEY EXECUTIVES
|
Name
: |
Ms.
Mrinalini Rasane |
|
Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. N.
Subramanian |
|
247000 |
|
Mr.
Cyrus Guzder |
|
90000 |
|
Erangal
Investments Private Limited |
|
60000 |
|
Seejay
Investments Private Limited |
|
90000 |
|
Mr.
Ratnakar P. Munglkar |
|
171000 |
|
Mr.
Vinod Sharma |
|
171000 |
|
Mr.
Sundaresan Premkumar |
|
171000 |
|
TOTAL |
|
1000000 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in goods transportation. |
GENERAL
INFORMATION
|
Suppliers : |
Speed
Trans Cargo Private Limited Safe
Speed Carriers Private Limited Bhandari
Southern Carriers Private Limited Mahaveera
Transport Private Limited Unitech
Automobiles Private Limited |
|
|
|
|
Customers : |
AFL
Logistics Limited Lumax
Industries Limited Zodiac
Clothing Company Limited Transnet
Express Private Limited RDM
Traders Private Limited |
|
|
|
|
No. of Employees : |
230 |
|
|
|
|
Bankers : |
HDFC
Bank Limited Commercial
Transportation Group, Trade World, A Wing, 2nd Floor, Kamala
Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400013,
Maharashtra, India Tel.
No. : 91-22-24988484 [Extn. : 3043] Fax
No. : 91-22-24903734 Tamilnad
Mercantile Bank Limited Unit
No. 4, Banking Plaza, APMC Market, Sector 19, Vashi, Navi Mumbai 400705,
Thane District, Maharashtra, India Tel. No.
: 91-22-27881710 / 27669023/27669022 /27669024 Fax
No. : 91-22-27664936 Corporation
Bank |
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|
|
|
Facilities : |
Cash
Credit [Book debts] : Rs. 10.000 millions from Tamilnad Mercantile Bank
Limited |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
V. I.
Bhatia & Company Chartered
Accountants, 103,
Gateway Plaza, Hiranandam Gardens, Powai, Andheri [East], Mumbai 400076,
Maharashtra, India |
|
Tel. No.: |
91-22-25705977 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.417 |
1.533 |
0.664 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.417 |
1.633 |
0.764 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.341 |
0.451 |
0.000 |
|
|
2] Unsecured Loans |
12.804 |
2.500 |
0.000 |
|
|
TOTAL BORROWING |
18.145 |
2.951 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21.562 |
4.584 |
0.764 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.142 |
1.328 |
0.037 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
|
|
|
Sundry Debtors |
41.796 |
23.713 |
5.995 |
|
|
Cash & Bank Balances |
6.381 |
0.155 |
|
|
|
Other Current Assets |
0.000 |
0.000 |
|
|
|
Loans & Advances |
4.702 |
2.881 |
|
|
Total Current Assets |
52.879 |
26.749 |
5.995 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
39.484 |
23.531 |
5.318 |
|
Total Current Liabilities |
39.484 |
23.531 |
5.318 |
|
|
Net Current Assets |
13.395 |
3.218 |
0.677 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.025 |
0.038 |
0.050 |
|
|
|
|
|
|
|
|
TOTAL |
21.562 |
4.584 |
0.764 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
133.029 |
68.938 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
1.352 |
1.342 |
|
Provision
for Taxation |
|
0.467 |
0.473 |
|
Profit/(Loss)
After Tax |
|
0.885 |
0.869 |
|
|
|
|
|
|
Total
Expenditure |
|
128.930 |
66.993 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
0.66
|
1.26 |
N.A. |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
1.01
|
1.94 |
N.A. |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
2.21
|
4.77 |
N.A. |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.82 |
N.A. |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
16.86
|
16.21 |
6.96 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.33
|
1.13 |
1.12 |
LOCAL AGENCY
FURTHER INFORMATION
No amount
has been transferred to any Reserves during the year.
In view
of expansion plans the directors do not recommend any dividend.
During
the year no deposits were accepted from public. During the year there was no foreign exchange earnings or outgo.
Fixed
Assets
Furniture
& Fixtures, Office Equipments, Computers, Motor Car and Other Vehicles.
|
Name of the company |
UNIFREIGHT INDIA PRIVATE LIMITED, MUMBAI |
|
Presented By |
Sundaram Finance Limited, No. 21, Patullos Road, Chennai 600002, Tamilnadu |
|
1) Date and description of instrument creating the change |
Loan Agreement dated 15.11.2004 bearing Loan Cont No. WM-0208 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.490 million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
On the security of 1 No. 2004 Model Tata Pickup bearing E No. 497SPTC36KVZ 935882 Ch. No. 357341KVZ823924 as mentioned in the Ist schedule of the enclosed copy of the loan agreement |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The total loan amount of Rs. 0.536 million is repayable in 35 monthly instalments as follows : The Ist instalment of Rs. 0.015 million & the rest of the 34 monthly instalments of Rs. 0.015 million each. The Ist loan instalment falls due on 03.12.2004 |
|
5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited No. 21, Patullos Road, Chennai 600002, Tamilnadu, India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
Form
8 Particular for creation or modification of charges
|
Corporation
identity number or foreign company registrations number of the company |
U63090MH2001PTC133173 |
|
Name of the
company |
UNIFREIGHT
INDIA PRIVATE LIMITED |
|
Address |
D
194, MIDC, TTC Thane Belapur Road, Navi Mumbai 400706, Maharashtra |
|
This Form is for
|
Modification
of charge |
|
Type of Charges |
Hypothecation
and equitable mortgage or mortgage of property by depositing the title deeds |
|
Particular of
the charge holder |
Tamilnad
Mercantile Bank Limited Unit
No. 4, Banking Plaza, APMC Market, Sector 19, Vashi, Navi Mumbai 400705,
Thane District, Maharashtra, India E-mail : tmbmail@tnmbonline.com |
|
Amount Secure by
the charge |
Rs. 50.000
millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Rate of Interest
: 10.50% Margin : 30% |
|
Description of
the property charge whether it is a charge on |
Immovable
Properties and Book Debts |
|
Modification
charge Charge identification
number of the charge to be modified |
10006293 |
|
Brief
description of the instrument modifying the charge |
Sanction letter
by the bank for additional cash credit facility of Rs. 10.000 millions |
|
Date of
instrument modifying the charge |
22.06.2006 |
|
Particulars of
the Property charged |
|
|
Name of the company |
UNIFREIGHT INDIA PRIVATE LIMITED, MUMBAI |
|
Presented By |
HDFC Bank Limited |
|
1) Date and description of instrument creating the change |
Working Capital Agreement cum deed of hypothecation dated 28.05.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First & exclusive charge on all commercial vehicles, stock & book debts |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1. The facility provided to the borrower is in the nature of overdraft 2. The bank is entitled to charge interest 3. The charges and hypothecation shall continue subject till such time all the borrowers repaid in full |
|
5) Name and Address and description of the person entitled to the charge. |
HDFC
Bank Limited Commercial
Transportation Group, Trade World, A Wing, 2nd Floor, Kamala
Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400013,
Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
|
Name of the company |
UNIFREIGHT INDIA PRIVATE LIMITED, MUMBAI |
|
Presented By |
Sundaram Finance Limited, No. 21, Patullos Road, Chennai 600002, Tamilnadu |
|
1) Date and description of instrument creating the change |
Loan Agreement dated 15.11.2004 bearing Loan Cont No. WM-0209 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.490 million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
On the security of 1 No. 2004 Model Tata Pickup bearing E No. 497SPTC36LVZ 940990; Ch. No. 357341LVZ825484 as mentioned in the Ist schedule of the enclosed copy of the loan agreement |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The total loan amount of Rs. 0.536 million is repayable in 35 monthly instalments as follows : The Ist instalment of Rs. 0.015 million & the rest of the 34 monthly instalments of Rs. 0.015 million each. The Ist loan instalment falls due on 03.12.2004 |
|
5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited No. 21, Patullos Road, Chennai 600002, Tamilnadu, India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
Form 8 Particular for creation or modification of charges
|
Corporation
identity number or foreign company registrations number of the company |
U63090MH2001PTC133173 |
|
Name of the
company |
UNIFREIGHT
INDIA PRIVATE LIMITED |
|
Address |
D
194, MIDC, TTC Thane Belapur Road, Navi Mumbai 400706, Maharashtra |
|
This Form is for
|
Creation of
Charge |
|
Type of Charges |
Equitable
mortgage or mortgage of property by depositing the title deeds |
|
Particular of
the charge holder |
Tamilnad
Mercantile Bank Limited Unit
No. 4, Banking Plaza, APMC Market, Sector 19, Vashi, Navi Mumbai 400705,
Thane District, Maharashtra, India E-mail : tmbmail@tnmbonline.com |
|
Nature or
description of the instrument creating charge |
Simple mortgage
of property as mentioned in the mortgage deed |
|
Date of the
instrument creating charge |
07.04.2006 |
|
Amount Secure by
the charge |
Rs. 50.000
millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Rate of Interest
: 10.50% Margin : 30% |
|
Description of
the property charge whether it is a charge on |
Immovable properties
and book debts |
|
Particulars of
the Property charged |
1. Flat NO. A
5, 1st Floor, Shreeji Co-operative Housing Society Limited, Plot
No. 27, Sector No. 3, New Panvel 2. All present
and future book debts |
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 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 Intl 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
companys 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.44.75 |
|
UK
Pound |
1 |
Rs.85.14 |
|
Euro |
1 |
Rs.57.55 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SCs 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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|