MIRA
INFORM REPORT
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Report Date : |
06.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TIME RICH SHIPPING PRIVATE LIMITED |
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Registered Office : |
No : 83-84, 3rd
Floor, (rear side) |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.09.2002 |
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Com. Reg. No.: |
18-49668 |
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CIN No.: [Company
Identification No.] |
U63090TN2002PTC049668 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET07891C |
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PAN No.: [Permanent
Account No.] |
AABCT6968L |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
To carry on and undertake the business of freight forwarding and clearing
by Air and Sea and maintain lines of steam and other ships to transport goods
and passengers. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 5000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No : 83-84, 3rd
Floor, (rear side) |
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Tel. No.: |
91-44-52113503-05 / 52161677 |
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Mobile No.: |
91-98410 32376 |
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Fax No.: |
91-44-52113506 /52161675 |
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E-Mail : |
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Website : |
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Head Office : |
Old No. 24/1, New No. 32, Thambiah Road, Extension, West Mambalam,
Chennai – 600033, Tamilnadu, India |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. T. S. Palaniswamy |
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Designation : |
Managing Director |
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Address : |
Sri Karthik Balaji Flats No. 42, Nerukundram, Pathai West,
Vadapalani, Chennai – 600026, |
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Date of Appointment : |
13.09.2002 |
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Name : |
Mr. S. Kumar |
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Designation : |
Director |
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Address : |
Sri Karthik Balaji Flats No. 42, Nerukundram, Pathai West,
Vadapalani, Chennai – 600026, |
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Date of Appointment : |
13.09.2002 |
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Name : |
Mr. S. Bennett |
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Designation : |
Director |
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Address : |
No. 19, 1st |
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Date of Appointment : |
13.09.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. T. S. Palaniswamy |
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4000 |
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Mr. S. Kumar |
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3000 |
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Mr. S. Bennett |
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3000 |
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Total |
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10000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on and undertake the business of freight forwarding and
clearing by Air and Sea and maintain lines of steam and other ships to
transport goods and passengers. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V S Reddy and Company Chartered Accountants |
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Address : |
S-19, TNHB Complex, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.774 |
0.774 |
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3] Reserves & Surplus |
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0.469 |
0.172 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.343 |
1.046 |
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LOAN FUNDS |
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1] Secured Loans |
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2.384 |
0.537 |
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2] Unsecured Loans |
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0.432 |
0.000 |
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TOTAL BORROWING |
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2.816 |
0.537 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.002 |
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TOTAL |
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4.159 |
1.585 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.297 |
0.775 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.010 |
0.010 |
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DEFERREX TAX ASSETS |
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0.027 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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2.480 |
1.368 |
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Cash & Bank Balances |
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0.391 |
0.160 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.928 |
0.940 |
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Total
Current Assets |
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3.799 |
2.468 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.567 |
1.525 |
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Provisions |
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0.422 |
0.161 |
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Total
Current Liabilities |
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1.989 |
1.686 |
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Net Current Assets |
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1.810 |
0.782 |
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MISCELLANEOUS EXPENSES |
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0.015 |
0.018 |
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TOTAL |
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4.159 |
1.585 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [Estimated] |
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3.000 |
1.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.58 |
2.13 |
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Current Ratio (Current Asset/Current Liability) |
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1.91 |
1.46 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
Established in
The management and staff of TIME RICH are dedicated people
with specialized knowledge and qualified expertise. As a professional corporate
team, they are constantly seeking to exceed and excel in their performance. As
a customer-oriented service team, they are highly committed to the creation of
value-added services that satisfy their customers, and strongly believe in
making that extra mile of personal touch in their global logistics.
TIME RICH is a one-stop centre that offers a full spectrum
of services aimed at providing excellent freighting solutions. Their customers
can expect benefits such as reduced time and cost, load optimization, minimized
handling interruptions, more reliable delivery, greater care for cargoes and
personalized services. They pride their selves on the quality of their people,
their suppliers and, above all, their ability to understand their customers'
needs.
Subject is the definite one-stop International Freight
Forwarder. Strategically located in Chennai / Mumbai /
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.46 |
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1 |
Rs.81.29 |
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Euro |
1 |
Rs.54.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
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33 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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