MIRA
INFORM REPORT
|
Report Date : |
28.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
AFL
PRIVATE LIMITED |
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Registered Office : |
Neville House, Currimbhoy Road, Ballard Estate, Mumbai – 400 001,
Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
26.04.1947 |
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Com. Reg. No.: |
11-5720 |
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CIN No.: [Company
Identification No.] |
U35300MH1947PTC005720 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA00180F |
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PAN No.: [Permanent
Account No.] |
AABCA2213P |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Subject is engaged in the business of
Integrated Logistics and Distribution of Shipments. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
2250000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
AFL
Private Limited formerly AFL Limited, is a reputed name in Express, Cargo,
Intervals and Logistics Industry. The
company is controlled, financed and managed by Guzder family, who are
resourceful, respectable and experienced businessmen. Their trade relations
are fair. Financial position is good. Payments are always correct and as per
commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Neville House, Currimbhoy Road, Ballard Estate, Mumbai – 400 001,
Maharashtra, India. |
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Tel. No.: |
91-22-22656761 |
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Fax No.: |
91-22-22679613 / 22610596 |
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E-Mail : |
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Website : |
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Head
Office : |
AFL
House, Lok Bharati Complex, Marol – Maroshi Road, Andheri (East), Mumbai –
400 059, Maharashtra, India |
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Tel.
No.: |
91-22-26903242/
52/56943042/52/5646 |
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Fax
No.: |
91-22-28505652/28503903 |
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Corporate
Office : |
AFL
House, Lok Bharati Complex, Marol – Maroshi Road, Andheri (East), Mumbai –
400 059, Maharashtra, India |
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Tel.
No.: |
91-22-26903242/
52 |
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Fax
No.: |
91-22-28505652 |
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Branch
: |
8/3, RT 1-8-875, Prakasan Nagar, Opposite
Airport Approach Road, Begumpet, Hyderabad – 560 016, Andhra Pradesh. |
DIRECTORS
|
Name : |
Mr. Cyrus Jamshed Guzder |
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Designation : |
Chairman & Managing Director |
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Address : |
D-11, Seaface Park, 50 B, Desai Road,
Mumbai – 400026, Maharashtra |
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Qualification : |
M.A. (Hons) (Contab) |
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Date of Birth : |
17-09-1945 |
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Experience : |
35 Years |
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Date of Appointment : |
19.08.1970 |
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Last Employment : |
ICICI Limited |
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Name : |
Mr. Farrokh Jamshed Guzder |
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Designation : |
Whole
Time Director |
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Address : |
132,
El-Cid, 13th Floor, Ridge Road, Malabar Hill, Mumbai – 400 006,
Maharashtra |
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Qualification : |
B. A.
(Lon) |
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Date of Birth : |
13.10.1950 |
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Date of Appointment : |
01.05.1981 |
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Name : |
Mrs.
Statira F. Wadia |
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Designation : |
Executive
Director |
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Address : |
Pune,
Maharashtra |
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Qualification : |
TRIPOS
(B.A.) Degree in Archaelogy from Cambridge University Ph.D
in Environmental Archaeology from Pune University |
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Date of Joining : |
02.01.1985 |
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Experience : |
17 |
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Last Employment : |
Raka
Advertising & Marketing Private Limited |
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Name : |
Mr. S.
Nehru |
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Designation : |
Chief
Operating Officer |
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Qualification : |
B. Sc.
(Hons) Mechanical Engineering |
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Age : |
56
Years |
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Date of Employment : |
12.09.1999 |
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Experience : |
33
Years |
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Last Employment : |
Hutchison
Max Telecom Limited |
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|
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|
Name : |
Mr.
Jahangir J Guzder |
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Designation : |
Director
|
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Address : |
310,
Victoria Avenue, Suite 408, Westmount, Montreal, QUE, H3Z 2M9, Canada |
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Date of Birth : |
13.10.1950 |
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Date of Appointment : |
11-11-1988 |
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Name : |
Mr.
Minoo R. Shroff |
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Designation : |
Director
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Address : |
75,
Ashoka Apartments, Nepean Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth : |
28.01.1929 |
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Date of Appointment: |
05.03.1991 |
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Name : |
Ms.
Nelum P Gidwani |
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Designation : |
Director
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Address : |
92-B,
Embassy Apartments, 46, Nepean Sea Road, Mumbai-400036 |
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Date of Birth : |
14.02.1941 |
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Date of Appointment : |
21.11.2002 |
KEY EXECUTIVES
|
Name
: |
Mr.
Devang M Dalal |
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Designation
: |
Company
Secretary |
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Address
: |
3/8,
Akruti Society, Akruti Cross Road-1, Kandivali (East), Mumbai-400101,
Maharashtra, India |
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Date
of Birth : |
15.05.1958 |
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Date
of Appointment : |
12.12.1997 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Erangal
Investments Private Limited |
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2122982 |
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1112653 |
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Mr.
Farrokh Framji Wadia |
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600000 |
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Mrs.
Statira Farrokh Wadia |
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1856000 |
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Mrs.
Manek Cyrus Guzder |
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578047 |
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Mr.
Cyrus Jamshed Guzder |
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860000 |
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Mr.
Farokh Jamshed Guzder |
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1090500 |
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Mrs.
Navaz Farokh Guzder |
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464569 |
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Mr.
Farokh Jamshed Guzder |
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Jamshed
Investments Private Limited |
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500000 |
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Mr.
Jehangir Jamshed Guzder |
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630000 |
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400627 |
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Mr.
Cyrus Janshed Guzder |
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(Trustees-
Cyrus Guzder Family Trust) |
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1044954 |
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Mr.
Jehangir Jamshed Guzder |
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(Trustees-
Cyrus Guzder Family Trust) |
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Mr.
Jehangir Jamshed Guzder |
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153550 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of
Integrated Logistics and Distribution of Shipments. |
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Products : |
Courier
Services, Air Export, import, consolidation, travel, money transfer, domestic
surface distribution and export (through its subsidiary). |
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GENERAL
INFORMATION
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Suppliers : |
Ø
Sandeep
Polymer |
|
|
|
|
Customer : |
Ø
HP
Invent Ø
NIIT Ø
Philips
Ø
Hindustan
Lever Limited Ø
Larsen
and Toubro Ø
IBM
Ø
TATA Ø
Bajaj
Auto Limited Ø
Novartis Ø
Siemens
Ø
Reliance
Industries Ø
Thomas
Cook Ø
Canon
Ø
Godrej
Locks Ø
IFB
Ø
Johnson
and Johnson Ø
J
L Morrison Ø
Bayer
Ø
Reliance
Petrochem Ø
HCL
Infosystems Limited Ø
Parke
– Davis Ø
Sterlite
Ø
Thermax
Ø
Malayalam
Manorama Ø
Venky’s |
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No. of Employees : |
Around
2000 |
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Bankers : |
® Standard Chartered Grindlays Bank Limited ® Union Bank of India ® Corporation Bank ® Hong Kong & Shanghai Banking Corporation Limited |
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Banking Relations : |
Good |
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Auditors : |
S. R.
Botliboi & Company Chartered
Accountants |
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Address : |
6th
Floor, Express Towers, Nariman Point, Mumbai-400021, India |
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Tel. No.: |
91-22-22876485/6 |
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Fax No.: |
91-22-22876401 |
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Branch Offices: |
Ø
Calcutta Ø
New
Delhi Ø
Mumbai Ø
Chennai Ø
Hyderabad Ø
Bangalore Ø
Pune |
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Associates : |
® AFL – Coughlin Logistics Limited ® DHL Worldwide Express (India) Private Limited ® N. S. Guzder and Company Limited ® Unifreight India Private Limited ® AFT International Freight Systems Inc., U.S.A. ® Daivam Transport Inc., Canada ® Erangal Investments Private Limited ® Seejay Investments Private Limited ® Jamshed Investments Private Limited ® BT Asia Capital (Mauritius) Limited |
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Subsidiaries : |
® AFL Worldwide Limited ® AFL Shipping Services Limited ® Zeenia Realtors Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,50,00,000 |
Equity Shares |
Rs. 10//- |
Rs. 150.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,14,13,882 |
Equity Shares |
Rs. 10/- |
Rs. 114.139 millions |
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 |
|
|
|
|
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1] Share Capital |
114.139 |
114.139 |
114.139 |
|
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2] Premium Suspense |
0.000 |
0.000 |
70.353 |
|
|
3] Reserves & Surplus |
464.567 |
577.283 |
653.804 |
|
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NETWORTH |
578.706 |
691.422 |
838.296 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
420.239 |
280.815 |
336.274 |
|
|
2] Unsecured Loans |
15.440 |
17.940 |
21.930 |
|
|
TOTAL BORROWING |
435.679 |
298.755 |
358.204 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
8.200 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1014.385 |
998.377 |
1196.500 |
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
628.994 |
665.089 |
682.550 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
83.747 |
62.687 |
63.875 |
|
|
DEFERREX TAX ASSETS |
43.122 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Sundry Debtors |
412.730
|
271.803 |
317.691 |
|
|
Cash & Bank Balances |
11.630
|
29.393 |
136.419 |
|
|
Loans & Advances |
366.754
|
395.928 |
544.472 |
|
Total Current Assets |
791.114
|
697.124 |
998.582 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
532.592
|
428.104 |
551.813 |
|
Total Current Liabilities |
532.592
|
428.104 |
551.813 |
|
|
Net Current Assets |
258.522
|
269.020 |
446.769 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
1.581 |
3.306 |
|
|
|
|
|
|
|
|
TOTAL |
1014.385 |
998.377 |
1196.500 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
1358.575 |
1099.686 |
3319.476 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
(126.144) |
(111.947) |
69.550 |
|
Provision
for Taxation |
(13.428) |
(17.433) |
0.000 |
|
Profit/(Loss)
After Tax |
(112.716) |
(94.514) |
69.550 |
|
|
|
|
|
|
Export
Value |
95.558 |
98.523 |
615.512 |
|
|
|
|
|
|
Total
Expenditure |
1471.291 |
1211.634 |
3389.029 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
(8.29)
|
(8.59) |
2.09 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
(9.28)
|
(10.18) |
2.09 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
(8.15)
|
(7.85) |
3.98 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
(0.21)
|
(0.16) |
0.08 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
2.67
|
2.06 |
2.08 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.48
|
1.63 |
1.81 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject
was incorporated on 26th April 1947 at Mumbai in Maharashtra having
Company Registration Number 5720.
The
company was originally incorporated under the name and style of Air Freight
Limited and was changed to AFL Limited with effect from 3rd February
1999. The company was converted into private limited liability company and the
name was changed to present in March 2002.
The AFL history can be
traced back to 1867 when
Nusserwanji Tata, the founder of the Tata Empire entrusted Framji Guzder with
the entire shipping arrangement of the British Commissariat campaign supplies.
Soon, Framji and his son Sorabji set up a clearing and forwarding agency, now
known as N.S. Guzder and Company Limited. Incidentally during World War II, the
company was the sole clearing agent of lakhs of tonnes of freight for the
Government of India Supply Department.
AFL was founded in 1945 by Mr. Jamshed
Guzder when he was appointed by Tata Airlines as its first sole cargo
agent in India. Eventually AFL added a range of services to its name.
Indtravels, one of the first travel
agencies to be approved by IATA in India, was launched in 1948. Indtravels became a 50:50 JV
company in 2000 between AFL and Carlson Wagonlit Travel, the global corporate
travel leader.
Then in 1979, AFL introduced
India to the concept of 'Express
Delivery' (courier services) through an exclusive alliance with DHL
Worldwide Express, the world's largest international express company.
In 1988, AFL launched Advanced Cargo Enterprise (ACE) - now
AFL Logistics - to fulfill the needs for a value added door-to-door cargo
service for small and large shipments in India. Keeping in times with the
on-line boom, AFL commenced its e-commerce
order fulfillment services in 2000.
In 2001 AFL launched as India's most
modern express service under the brand name of AFL WIZ. It operates as a
business partner of DHL Worldwide Express offering international express
service in 43 cities in India.
Over the years AFL has constantly endeavoured to live up to the corporate
mission of providing the best to
the customers by innovative services and upgrading existing ones.
Profile
"As an acknowledged leader in the logistics industry in India, AFL has constantly pursued a mission to innovate and bring world class services to India within the domain of logistics services.
The company, which pioneered airfreight forwarding in India at the time of its incorporation in 1945, continued to be a trendsetter throughout its sixty year history. It introduced the first courier service in India through its tie up with DHL Worldwide Express in 1979, launched the first of its kind Door-to-Door Surface Express in 1988 and brought Logistics services for the first time to customers in India in 1996.
In the Logistics domain, AFL has acquired a high level of expertise in Third Party Logistics and has made substantial investment in Information Technology and Infrastructure. AFL is now moving rapidly into the realm of Fourth Party Logistics, managing for large Indian and Multinational companies their needs in time and value sensitive transportation, warehousing and inventory management.
AFL has recently ushered in world class standards in domestic couriering for the first time in India through its latest offering, AFL WIZ.
Though its three business divisions, AFL caters to almost every logistics related need of customers. The Cargo division focuses on air and sea freight forwarding, customs clearance. The Logistics division provides door-to-door, time and value sensitive movement of goods, warehousing and a wide range of customized inventory management related services. AFL WIZ, the domestic courier division, caters to the domestic couriering needs of both businesses as well as individuals.
AFL also has a joint venture with Carlson Wagonlit Travel, the dominant player in Corporate Travel Management and continues its strong business partnership (of 24 years standing) with DHL Worldwide Express, India's market leader in the International Express business".
AFL is
one of the leading integrated logistic companies in India. The company business
operations cover a range of services from supply and distribution chain
management, domestic and international courier, air, sea and multi-modal
freight forwarding to corporate travel management.
The
company is structured into three business divisions:
Domestic Logistic Division
The
division offers:
®
Package
Express (door-to-door) Services
®
Warehousing
Services
®
Distribution
Services
®
Value
– added Services
International Logistic Division
The
division offers:
®
International
Freight Forwarding Services (Air, Multi-Modal) across 45 countries
®
Customs
Clearing Services
AFL WIZ (Domestic Courier Services)
The
division offers express services for documents and small commercial and
non-commercial packages.
Our
operational network covers handling consignments on a door-to-door basis across
all corners of India. Updated communication network across various AFL offices
and franchisees ensure both monitoring ability and a speedy delivery.
With e-commerce
seeping into everyday lives, AFL WIZ has also been undertaking the order
fulfilment end of various multinationals.
During
the year the company grew at a robust pace in all its businesses. The company
introduced its new ERP Systems for the AFL Wiz Division. The new software would
help the WIZ Division in efficient tracking shipments enable it to provide
value added services to the customers, facilitate flexible billing and improve
productivity. The company started Bonded Tracking activity on certain routes.
The business holds immense potential and is expected to grow at a significant
rate in future. The company expended its money business by substantially
enhancing the franchisee network and appointed large commercial banks as sub
agents.
The
company’s fixed assets of important value include land, buildings, electrical
installations & air conditioners, furniture & fixtures, EDP machinery,
office equipments, vehicles and leasehold improvements.
The
company is not a manufacturing company. The Mumbai High Court in August, 2004
vacated the stay granted by the court in respect of a writ petition filed by
the company in 2003, regarding the payment of Royalty on the Gross Turnover of
the carting business to the Aircrafts Authority of India for the period of
January 1996 to December 2002, which approximately amounts to Rs. 37.800
millions. The company has filed a special leave petition in the Supreme Court,
New Delhi, against the order of the court.
The
company has joint venture with :-
ª Indtravels Private Limited
ª AFL Infotech Limited
The
following list includes company where the Directors have substantial interest :
®
BP
India Limited
®
Jaygee
Pharmaceuticals Private Limited
®
Jamshed
Investments Private Limited
®
Aviation
Consultancy Services Private Limited
®
Mazda
Jaygee Electronics (Gamdevi) Private Limited
®
Seejay
Investments Private Limited
®
Erangal
Investments Private Limited
AFL has
tied up with world leaders in their respective business to provide you the best
in Integrated Logistic Solutions.
International Partners
Courier Services
ª
DHL
Worldwide Express
Corporate Travel Management Services
ª
Carlson
Wagonlit Travel
Money Transfer Services
ª
Western
Union
Some of
International Tie-Ups includes:
Europe
î
Dachser
GmbH and Company, Germany
î
Daher
International and Logistics, France
î
Sittam
International Freight Forwarding
î
Multitrade
S L, Spain
î
Natural
AG, Switzerland
î
Cargo
Partner AG, Austria
î
Blue
Water Shipping A/S, Denmark
î
Road
Air, Holland and Belgium
î
ScanAm
Transport (Sweden) AB, Finland and Sweden
î
Davies
Turner Air Cargo Limited, UK
î
Kerry
Logistics (UK) Limited, (Trident), UK
America
î
AFT
International Freight Systems Inc., USA
î
Daivam
Transport Inc., Canada
î
Figwal,
Brazil
Africa
î
Swiftair
International cc., South Africa
î
Stejan
Freight Forwarders (K) Limited, Kenya
Middle East
î
Gulf
Agency Company, UAE
Asia
î
Baltrans
Logistics Pte. Limited, Singapore
î
Kerry
BHL Logistics Limited, China
î
Kerry
Freight (Korea) Inc., Korea
î
Yusen
Air and Sea Service Company Limited, Japan
î
Mars
Airfreight Limited, Hong Kong
î
Securiforce
Logistics Sdn Bhd., Malaysia
Australia and New Zealand
î
Vanguard
Logistics Services, Australia
î
Intramar
Freight Limited, New Zealand
Press Release
AFL Ties Up with
Catridge World
Mumbai, 1 August
2006.
AFL Private Limited, the
leading express and logistics brand in India has announced its tie-up with Cartridge World, the world leader in
printer cartridge refilling. AFL will be the master franchisee for India, Sri
Lanka, Bangladesh, Nepal, Bhutan and The Maldives. The tie up will introduce
the unique cartridge refilling concept through 'Cartridge World' stores to
consumers and businesses, for the first time in these countries, starting with
India.
With 1500 stores spanning 40 countries, Cartridge World is the largest Retailer
for the recycling and refilling of ink and toner cartridges in the world. It
offers a while-u-wait service in its stores and most importantly offers the
customer an alternative to purchasing expensive new printer cartridges,
resulting in huge savings.
The Cartridge World store is a One Stop Shop for all printer needs. It offers
the following:
Services
î
Inkjet Cartridge
Refill
î
Remanufacturing
of Laser Cartridges
î
Free Cartridge
Care education to our patrons
Products
î
OEM Inkjet
Cartridges
î
OEM Laser
Cartridges
î
Copier Cartridges
î
Fax Supplies
î
High Quality
Specialty Paper
î
Compatibles
Announcing the tie-up, Mr. Cyrus
Guzder, Chairman and Managing Director, AFL said, "We are
pleased to be the partner to Cartridge World, one of the world's fastest
growing franchise brand and introduce it in the Indian sub-continent. We
believe that the Cartridge World franchise is a great opportunity for those
Indian entrepreneurs who would like to be a part of the booming retail industry."
Expressing his happiness, Mr. Mike
Fuller, CEO, Franchise Development, Cartridge World said,
"We are delighted to be here through our partnership with AFL and be a
part of India's growth story. The printer consumables industry is a USD 101
billion opportunity worldwide. Over the past ten years, we have seen the
Cartridge World brand emerge as the world's leading franchise in the cartridge
refill and recycling category. Today, our franchise is growing at the rate of a
store opening every day.
The Indian market offers a very large opportunity and we believe there is a
huge potential for our services in this largely untapped Indian market. Our
tie-up with AFL will ensure that we can leverage their knowledge of the Indian
market and their skills in franchising and supply chain management, to quickly
establish the brand in the Indian sub-continent."
Explaining the growth plan for India, Mr.
Naveen Rakhecha, CEO, Cartridge World, India said, "The ink
and toner cartridge market size in India is estimated to be over $300 million
and is growing at a rate of over 20%.
Currently, the Indian consumer has little or no choice between high priced OEM
cartridges and the cheaper but inferior quality compatibles available. There is
a distinct need for "OEM quality - affordable price" option. With its
world-class technology and quality of products & service, Cartridge World
definitely addresses this need gap. Added to this, our 100% guarantee ensures
that our customers are fully satisfied.
We plan to launch the first Cartridge World store in this quarter and will
expand the brand by appointing franchisees across the Indian sub-continent. Our
target is to have over 20 Cartridge World stores in the first year of our
operation and establish 250 stores by 2010. We would emerge as the No.1
franchise of choice in this region"
About Cartridge
World:
Cartridge World was founded in South Australia in 1997. In addition to
providing refill services, Cartridge World's more than 1500 locations worldwide
deal in original manufacturer cartridges for inkjet printers, laser printers,
fax machines and photocopiers as well as additional supplies for fax machines
and copiers. Cartridge World was recently named the No.1 Toner Replacement
Service franchise and was included as one of the Fastest Growing Franchises in
2004 according to Entrepreneur Magazine.
About AFL:
As an acknowledged leader in the logistics industry in India, the Rs 875 crore
AFL Private Limited has constantly pursued a mission to innovate and bring
world-class services to India within the domain of logistics and express
services. Through its business divisions, AFL caters to almost every logistics
related need of customers. The Logistics division provides door-to-door, time
and value sensitive movement of goods, warehousing and a wide range of
customized inventory management related services. The Express division caters
to the domestic courier needs of both businesses as well as individuals through
its brand AFL WIZ and also provides international services through its
partnership with DHL, the world's leading express brand. The Cargo division
focuses on air and sea freight forwarding, customs clearance etc. Leveraging
its network and customer interface, AFL has diversified into the movement of
person-to-person Money Transfer services as the primary agent for Western Union
Financial Services to offer money remittances in India, through its Retail
Division,. It also operates a chain of Convenience services stores under the
brand of AFL TouchWorld. AFL also has a joint venture with Carlson Wagonlit
Travel, the dominant player in Corporate Travel Management in India.
Form
8 Particular for creation or modification of charges
|
Name of the company |
AFL Private Limited |
||||
|
Presented By |
D. M. Dalal, Company Secretary |
||||
|
1) Date and description of instrument creating
the change |
On June 26, 2003 a mortgage was created by the
company in favour of Kotak Mahindra Bank Limited (“the Bank”), by deposit of
title deeds with the Bank in respect of the Company’s immovable property
situated at AFL House, Mumbai-400059. |
||||
|
2) Amount secured by the charge/amount owing on
the securities of charge |
|
||||
|
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 |
Company’s immovable property situated at AFL
House, Lok Bharati
Complex, Marol – Maroshi Road, Andheri (East), Mumbai – 400 059 |
||||
|
4) Gist of the terms and conditions and extent
and operation of the charge. |
First and exclusive charge in respect of the
following Facilities extended by the Bank.
ii) The rate of interest is 9% per annum iii) The facility up to Rs.44.000 millions for
purchase of rent/ service charges/ licence fees/ hire charges receivables
payable to AFL Private Limited from DHL India at Andheri- Marol, Pune,
Tirupur, Coimbatore, Ahmedabad (Navrangpura and Shahibaug) iv) The Term Loan of Rs.50.000 millions repayable
in equal amounts in 4 quarterly instalments in March 2004, June 2004,
September 2004 and December 2004. |
||||
|
5) Name and Address and description of the person
entitled to the charge. |
Kotak Mahindra Bank Limited Bhaktawar, 12th Floor, 229, Nariman
Point, Mumbai-400021 |
||||
|
6) Date and brief description of instrument
modifying the charge |
The Charge is further modified by letter no.
CB/191005/1101 dated November 21, 2005 whereby there is no increase in the
sanctioned limit however, the validity of the Working Capital Demand Loan of
Rs.15.000 millions granted earlier, has been extended upto October 18, 2006. |
||||
|
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. |
The original Charge for Rs.94.000 millions was
created on June 26, 2003 under Registration No. 469 by deposit of title deeds
against the security of Company’s immoveable property situated at AFL House,
Lok Bharti Complex, Marol-Maroshi Road, Andheri (East), Mumbai-400059. The said charges was modified on December 30,
2003, whereby the sanction limits were increased from Rs.94.000 millions to
Rs.164.000 millions and the modification was registered under Sr. No. 471. The aforesaid charge was further modified on May
31, 2004 whereby the sanction limits were increased from Rs.164.000 millions
to Rs. 184.000 millions and the modification was registered under Sr. No.
476. The aforesaid charge was further modified in
terms of the Sanction Letter accepted on November 3, 2004, whereby Kotak
Mahindra Bank gave additional facilities consisting of (a) Term Loan (III) –
Rs.100.000 millions (b) Bank Guarantee Limits- Rs.20.000 millions (c)
Derivation and Forward Contracts Rs.6.000 millions. Thus, the total
additional facilities sanctioned increased from Rs.184.000 millions to
Rs.310.000 millions. The said modification was registered at Serial No. 480. The aforesaid charge was further modified by
letter no. CB2/180705/867 dated July 19, 2005, whereby there was no increase
in the sanctioned limit however; the nature of facility had been modified.
Thus, though the overall facilities remained at Rs.310.000 millions the bank
guarantee limit of Rs.20.000 millions was reduced to Rs.5.000 millions and
instead the Bank had granted Working Capital Demand Loan of Rs.15.000
millions. The said modification was registered at Serial No.481. The aforesaid charge is now further modified by
letter no. CB/191005/1101 dated November 21, 2005, whereby there is no
increase in the sanctioned limit of Rs.310.000 millions. However, the
validity of the Working Capital Demand Loan of Rs.15.000 millions within the
overall sanctioned limit has been extended upto October 18, 2006. The repayment of the modified facilities is
secured against the aforesaid immoveable property of the Company situated at
AFL House, Lok Bharati Complex, Marol-Maroshi Road, Andheri (East), Mumbai
-400059. |
||||
|
|
|
||||
|
Name of the company |
AFL Private Limited |
||||
|
Presented By |
D. M. Dalal, Company Secretary |
||||
|
1) Date and description of instrument creating
the change |
Joint Deed of Hypothecation dated the 20th
day of August, 1986 executed by Airfreight Limited, now known as AFL Limited
(therein and hereinafter referred to as “the Company”) in favour of ANZ
Grindlays Bank Limited, Union Bank of India, The Hongkong & Shanghai
Banking Corporation Limited and Corporation Limited (therein and hereinafter
referred to as “Consortium of Bankers”) |
||||
|
2) Amount secured by the charge/amount owing on
the securities of charge |
Banking Facilities of Rs.41.100 millions (therein
and hereinafter referred to as “the Credit Facilities”)
|
||||
|
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 |
All present and future book debts outstanding
moneys, receivable, claims, bills, contracts, engagements, securities which
one now due and owing or which may at any time hereafter during continuance
of the security become due and owing to the Company in due course of business
of any person. |
||||
|
4) Gist of the terms and conditions and extent
and operation of the charge. |
ROI: As would be determined by the consortium of
bankers from time to time. |
||||
|
5) Name and Address and description of the person
entitled to the charge. |
ANZ Grindlays Bank Fort, Mumbai-400001 The Hongkong & Shanghai Banking Corporation
Limited Mahatma Gandhi Road, Fort, Mumbai-400001 Union Bank of India Bombay Samachar Marg Mumbai-400023 Corporation Bank Bombay Samachar Marg, Mumbai-400023 |
||||
|
6) Date and brief description of instrument
modifying the charge |
Seventh Supplemental Joint Deed of Hypothecation
dated 31.12.2005 |
||||
|
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. |
The original charge for Rs.41.100 millions was
created on 20.08.1986, in terms of Joint Deed of Hypothecation of Book Debts. 1st modification was on 03.01.1989
through First Joint Supplemental Deed of Hypothecation of Book Debts, whereby
the Banking facilities were increased to Rs.46.100 millions 2nd modification was on 10.06.1989
through Second Joint Supplemental Deed of Hypothecation of Book Debts,
whereby the Banking facilities were increased to Rs.60.000 millions 3rd modification was on 12.08.1994
through Third Joint Supplemental Deed of Hypothecation of Book Debts, whereby
the Banking facilities were increased to Rs.110.000 millions 4th modification was on 02.05.1996
through Fourth Joint Supplemental Deed of Hypothecation of Book Debts,
whereby the Banking facilities were increased to Rs.279.000 millions. 5th modification was on 01.09.1997
through Sixth Joint Supplemental Deed of Hypothecation of Book Debts, whereby
the Banking facilities were increased to Rs.382.250 millions. 6th modification was on 19.08.2000
through Sixth Joint Supplemental Deed of Hypothecation of Book Debts, whereby
the Banking facilities were increased to Rs.468.900 millions. The 7th modification is now through
Seventh Supplemental Joint Deed of Hypothecation dated 31st
December 2005, whereby the overall limits have been reduced to Rs.224.800
millions. The Standard Chartered Bank, into which ANZ Grindlays Bank merged
and which was one of the Bank in the Consortium and now the Banking
facilities amounting to Rs.224.800 millions is being financed as follows:
The limits are further secured by a 2nd
Charge on the Office Premises situated at AFL House, Lok Bharati Complex,
Marol- Maroshi Road, Andheri (East), Mumbai-400059, in terms of the Seventh
Supplemental Joint Deed of Hypothecation dated 31.12.2005. |
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U35300MH1947PTC005720 |
|
Name of the company |
AFL
PRIVATE LIMITED |
|
Address |
Neville House, Nicol Road, Ballard Estate, Mumbai – 400 001,
Maharashtra, India. |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
Equitable mortgage or mortgage of property by depositing the title deeds |
|
Whether consortium finance is involved |
No |
|
Number of charge holder(s) |
1 |
|
Particular of the charge holder |
CIN : L99999MH1985PLC038137 KOTAK MAHINDRA BANK LIMITED 36-38A, Narimanbhavan, 227, D, Nariman Point, Mumbai-400021 W.E.F. 29.01.2001 Maharashtra-MH India E-Mail: raghu.bangalorekar@kotak.com |
|
Amount Secure by the charge |
Rs.94.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
The Kotak Mahindra Bank has granted additional facility of Term Loan III for Rs.50.000 millions, which is for maximum tenure of three years with an interest rate at 11% floating over the tenure of the facility. Penal rate of 2% p.m. in case of default. Processing charges 2% of the facilities payable upfront. |
|
Description of the property charge whether it is a charge on |
Immovable properties |
|
Modification charge Charge identification number of the charge to be modified |
90244342 |
|
Brief description of the instrument modifying the charge under section 135 |
Memorandum of Deposit of Title deeds |
|
Date of instrument modifying the charge |
02.08.2006 |
|
Particulars of the Property charged |
All the piece of land situate on the North of the D.P.Road, Off Marol – Maroshi Road, Andheri (East), Mumbai – 400 059 admeasuring 3500 square yards and forming part of Sub-divided Plot A of the Layout “Lok Bharati” and consisting of new CTS No.517/B, Survey No.59, Hissa No.1 (pt.) to 3 (pt.), 5 and 8 (pt.), CTS No.445/A(pt.), Survey No.57, Hissa No.6(pt.), CTS No.507(pt.), Survey No.56, Hissa No.3(pt.), New CTS No.447/A-1/pt., Survey No.56, Hissa No.1(pt.) with building etc as stated in second schedule |
|
|
|
|
Corporation identity number or foreign company registrations number of the company |
U35300MH1947PTC005720 |
|
Name of the company |
AFL
PRIVATE LIMITED |
|
Address |
Neville House, Nicol Road, Ballard Estate, Mumbai – 400 001,
Maharashtra, India. |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
Equitable mortgage or mortgage of property by depositing the title deeds |
|
Whether consortium finance is involved |
No |
|
Number of charge holder(s) |
1 |
|
Particular of the charge holder |
CIN : L99999MH1985PLC038137 KOTAK MAHINDRA BANK LIMITED 36-38A, Narimanbhavan, 227, D, Nariman Point, Mumbai-400021 W.E.F. 29.01.2001 Maharashtra-MH India E-Mail: raghu.bangalorekar@kotak.com |
|
Amount Secure by the charge |
Rs.206.300 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
The title deeds in respect of the immovable properties of the Company at AFL House, Lok Bharati Complex, Andheri were deposited with an intent to create mortgage in favour of Kotak Mahindra Bank for the additional term loan of Rs.50.000 millions advanced/ to be advanced to the Company by the Bank together with interest, costs, charges, expenses and any other monies so payable by the Borrower to the Bank |
|
Description of the property charge whether it is a charge on |
Immovable properties |
|
Modification charge Charge identification number of the charge to be modified |
90244342 |
|
Brief description of the instrument modifying the charge under section 135 |
Memorandum of Deposit of Title deeds |
|
Date of instrument modifying the charge |
02.08.2006 |
|
Particulars of the Present modification |
The Kotak Mahindra Bank has advanced additional Term Loan of Rs.50.000 millions to Borrower which is secured by way of mortgage by way of constructive delivery of the title deeds in respect of immovable property |
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 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.44.74 |
|
UK
Pound |
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.58.71 |
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 |
|