MIRA
INFORM REPORT
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Report Date : |
13.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SAHIL FREIGHT EXPRESS PRIVATE LIMITED |
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Registered Office : |
14/2, Fazal Manzil, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
12.10.1995 |
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Com. Reg. No.: |
11-93582 |
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CIN No.: [Company
Identification No.] |
U61100MH1995PTC093582 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS38200B |
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PAN No.: [Permanent
Account No.] |
AABCS119G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject
is engaged in providing of air transport service. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 200 |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a small and unknown company. No financial details are
available from any sources. In absence of require details, it would be difficult to assess
company’s current financial position and performance. In view of the aforesaid, it would be advisable to deal with the
company on safe and secured trade terms and conditions, initially. |
LOCATIONS
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Registered Office : |
14/2, Fazal Manzil, |
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Tel. No.: |
91-22-23731515 |
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Fax No.: |
91-22-23731515 |
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Website : |
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Head Office : |
3, Busheri Bldg., Block No. 3, Ground Floor, North Cross Lane,
Umerkhadi, Sandhurst Road (West), Mumbai - 400 009 |
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Tel. No.: |
91-22-2373 1515 (10 LINES) /
2373 6068 / 87 |
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Fax No.: |
91-22-2373 1919 / 2378 1515 |
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E-Mail : |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Suhail Shaikh |
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Designation : |
Managing Director |
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Address : |
A-1/402, Tanwar Nagar Kausa, Mumbra, Thane, |
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Email : |
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Mobile No. : |
91-9820417147 |
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Date of Birth/Age : |
05.07.1966 |
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Date of Appointment : |
12.10.1995 |
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Name : |
Mr. Aasiya Suhail Shaikh |
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Designation : |
Director |
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Address : |
A-4/402, Tanwar Nagar Kausa, Mumbra, Thane, |
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Email : |
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Date of Birth/Age : |
11.09.1972 |
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Date of Appointment : |
03.02.1997 |
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Name : |
Mr. Dutta Sarang |
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Designation : |
Director |
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Address : |
3/35, Poddar Building No. 1, Dr. Maheshwari Road, Mumbai –
400009, Maharashtra, India |
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Date of Birth/Age : |
02.06.1932 |
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Date of Appointment : |
12.10.1995 |
KEY EXECUTIVES
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Name : |
Mr. Riyaz Shaikh |
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Designation : |
G. M. - International Network Development |
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Email : |
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Name : |
Mr. Yogendra Sharma |
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Designation : |
Vice President |
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Email : |
sharma@sahilgroup.com |
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Name : |
Mr. Prashant Vagal |
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Designation : |
Manager Import |
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Email : |
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Name : |
Mr. Abdul Rehman Shaikh |
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Designation : |
Branch Manager |
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Email : |
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Name : |
Mr. Satish Kale |
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Designation : |
Manager Export |
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Email : |
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Name : |
Mr. Santosh Tiwari |
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Designation : |
Operation Executive |
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Email : |
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Name : |
Mr. Rajendra Kale |
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Designation : |
Operation Executive |
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Email : |
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Name : |
Mr. Milind Satalkar |
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Designation : |
Sales Manager |
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Email : |
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Name : |
Mr. Mohd. Jawed Khan |
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Designation : |
Branch Manager |
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Email : |
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Name : |
Mr. |
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Designation : |
Branch Manager |
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Email : |
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Name : |
Mr. P.Dharni |
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Designation : |
Branch Manager |
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Email : |
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Name : |
Mr. V. Reddy |
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Designation : |
Branch Manager |
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Email : |
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Name : |
Mr. Ramesh V. M |
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Designation : |
Branch Manager |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Suhail Shaikh |
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950 |
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Mr. Dutta Sarang |
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50 |
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Total |
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1000 |
BUSINESS DETAILS
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Line of Business : |
Subject
is engaged in providing of air transport service. |
GENERAL INFORMATION
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Suppliers : |
Ø
Prokargo ( Ø
Unimarine Agencies Private Limited Ø
APEX Ø
Elkay Telelinks Limited Ø
Exime Multimedia ( |
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Customers : |
Ø
Bharat Electronics Limited Ø
DOT Transport Private Limited Ø
Macleods Pharmaceuticals Limited Ø
Major Export Limited Ø
Just Textiles Limited |
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Bankers : |
Ø
Andha Bank Ø
Ø
Citi Bank |
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Facilities : |
Unsecured Loan from Zubi Shipping Private Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Abhay Mori and Associates Chartered Accountants |
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Address: |
1/22, |
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Tel No.: |
91-22-28375624 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500 |
Equity Shares |
Rs. 100/- each |
Rs. 0.250 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.717 |
5.992 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.036] |
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NETWORTH |
7.817 |
6.092 |
0.064 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.541 |
0.141 |
0.639 |
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TOTAL BORROWING |
0.541 |
0.141 |
0.639 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.358 |
6.233 |
0.703 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.635 |
1.804 |
0.477 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.075 |
0.049 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.015
|
0.020 |
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Sundry Debtors |
3.414
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3.137 |
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Cash & Bank Balances |
0.827
|
5.048 |
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Other Current Assets |
0.000
|
0.000 |
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Loans & Advances |
3.583
|
3.555 |
2.608 |
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Chennai Branch |
0.681
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(0.299) |
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(0.303)
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0.000 |
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Pune Branch |
0.227
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0.000 |
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Deposits |
0.285
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0.272 |
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Total
Current Assets |
8.729
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11.735 |
2.608 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.056
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7.382 |
2.434 |
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Provisions |
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Total
Current Liabilities |
3.056
|
7.382 |
2.434 |
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Net Current Assets |
5.673
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4.352 |
0.174 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.003 |
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TOTAL |
8.358 |
6.233 |
0.703 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
46.279 |
89.134 |
4.000 / 5.000 |
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Profit/(Loss) Before Tax |
3.757 |
9.066 |
0.000 |
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Provision for Taxation |
1.851 |
3.492 |
0.000 |
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Profit/(Loss) After Tax |
1.906 |
5.574 |
0.000 |
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Expenditures : |
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Depreciation & Amortization |
0.062 |
0.309 |
0.000 |
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Other Expenditure |
41.744 |
79.450 |
0.000 |
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Total Expenditure |
41.806 |
79.759 |
0.000 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
4.11
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6.25 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
8.11
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10.17 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
33.06
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66.96 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.48
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1.48 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.46
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1.23 |
48.02 |
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Current Ratio (Current Asset/Current Liability) |
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2.85
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1.58 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
Property:
Ø
Furniture and Fixture
Ø
Xerox Machine
Ø
Vehicles
Ø
Office Equipments
Ø
Company Car
Ø
Fax Machine
AS PER
WEBSITE
Profile
They
provide complete logistics solutions for project transportation &
management and also provide services like expedited and staged consignments, complete
import and export documentation, seamless transportation options, door-to-door
arrangements, oversized cargo handling, packing and crating, vendor assembly
programs and air freight logistics coordination.
SAHIL
celebrated 20 years in business on NOVEMBER 1, 2005. Sahil’s founder, Mr,
Suhail ABDUL RAHIM SHAIKH, began Operating as a sole proprietorship on November
1st, 1986. Suhail started out as a custom broker specialized in handling
unaccompanied baggage at Mumbai seaport. In March of 1989, SAHIL received its
CUSTOM HOUSE AGENT license to operate as a authorized custom broker at Mumbai
sea & airport.
SAHIL
Started growing significantly in the early 1990’s And from the proprietorship
the company is being changed to a private limited company registered with
Registrar Of companies, Certificate of Incorporations received on dated 12th
October, 1995, vide certificate no. 11-93582, and the name of company is
registered as” SAHIL FREIGHT EXPRESS PRIVATE LIMITED”.
Today, SAHIL have offices at
and
associates at all the major location in
”To
put it simply – the customers are happy with our service, and we are more than
happy to be service to them ……”
“By
keeping a finger on the pulse of the Market, we are able to anticipate our
customer’s needs at every step, and provide top-notch service – made possible
by a motivated, dedicated & disciplined staff that does not find any task
too difficult to accomplish …..’
”We
are disciplined, committed Organization with customer satisfaction at the top
of our priority list ….”
”A positive, solutions – oriented approach coupled with
constant monitoring , evolution and improvement of systems, plus complete
improvement of systems, Plus complete involvement and motivation of staff at
all levels of operations, has helped us grow from strength to strength ….”
Our
company has owned mush of its success to having made every efforts to live
up to its motto of “Kindness, Reliability and safety “.
In
order to prepare to serve you at anytime, Sahil Freight Express Private Limited
Is constantly working on further technological develop and the creation of
better services.
Directors Report
The company is operating under one activity i.
e. Logistic Business. During the year under review the performance of the
company has seen a major set back due to loss incurred at the branch offices of
the company and other expenses. The turnover of the company has gone down the
extent of Rs. 45.800 millions as compared to the last years turnover of Rs.
88.500 millions. Directors are hopeful of better results in future.
No dividend has been recommended by the
directors.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.67 |
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|
1 |
Rs.82.12 |
|
Euro |
1 |
Rs.55.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
- |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
21 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|