MIRA
INFORM REPORT
|
Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
TRANSCEND FREIGHT SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
211/213, Best
Arcade, Plot No. 3, Pocket-6, Sec-12, Dwarka, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
06.11.2003 |
|
|
|
|
Com. Reg. No.: |
55-122962 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U63013DL2003PTC122962 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELT04263A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCT9557H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in providing air export forwarding
services and sea export forwarding services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
211/213, Best
Arcade, Plot No. 3, Pocket-6, Sec-12, Dwarka, |
|
Tel. No.: |
91-11-28301937
/ 65461965 / 64522711 / 12 |
|
Mobile No.: |
91-9911297757 / 9818697758 |
|
Fax No.: |
91-11-28031938 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Dharmender Kumar Jagga |
|
Designation : |
Managing Director |
|
Address : |
C-709, Gali No. 3, Ganesh Nagar - II, Shakarpur, |
|
Date of Birth/Age : |
19.07.1966 |
|
Date of Appointment : |
06.11.2003 |
|
|
|
|
Name : |
Mr. Deepak Jerath |
|
Designation : |
Director |
|
Address : |
House No. 1470, HB Colony, Sector – 31, Near Bear Factory, Gurgaon –
122001, |
|
Date of Birth/Age : |
23.10.1972 |
|
Date of Appointment : |
06.11.2003 |
|
|
|
|
Name : |
Mr. Ganpat Kashiram Belanekar |
|
Designation : |
Director |
|
Address : |
Flat No 04, |
|
Date of Birth/Age : |
15.03.1963 |
|
Date of Appointment : |
01.10.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Dharmender Kumar Jagga |
|
5000 |
|
Mr. Deepak Jerath |
|
5000 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Directors of relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing air export
forwarding services and sea export forwarding services. |
GENERAL INFORMATION
|
Bankers : |
IDBI Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Prabhat Jain and Company Chartered Accountants |
|
Address : |
B-61, Flatted Factory Complex, Jhandewalan, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.300
Million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.300 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1.008 |
0.246 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1.308 |
0.346 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.624 |
0.810 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.624 |
0.810 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
1.932 |
1.156 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.379 |
1.223 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.071 |
0.035 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
7.298 |
4.254 |
|
|
Cash & Bank Balances |
|
0.979 |
0.991 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1.248 |
0.653 |
|
Total
Current Assets |
|
9.525 |
5.898 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
8.088 |
5.467 |
|
|
Provisions |
|
0.980 |
0.543 |
|
Total
Current Liabilities |
|
9.068 |
6.010 |
|
|
Net Current Assets |
|
0.457 |
[0.112] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.025 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
|
1.932 |
1.156 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [Estimated] |
|
3.000 |
2.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
7.41 |
19.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.05 |
0.98 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from PT Jagan Nath
Complex -18, Anand Bhawan, Mahipalpur,
Profile
Subject is a fast growing international logistic service provider. Their
company was established in the year 2003 by the name Transcend Freight Solutions Private Limited Their core management
comprises of professionals who have vast experience of international Freight
Forwarding. They provide one stop solution to manage the cargo from anywhere in
the world efficiently and cost effectively. This is enabled by their strong
network of global logistics services. Their mission is to become one of the
renowned service provider of quality, integrated transportation and logistics
solutions.
They are aware of the fact of communication as the most important factor
in their trade. Their main competitive advantage is their adherence to timely
shipment of the cargo and safe delivery of every consignment. They make intense
efforts to offer elite services to all their customers providing them maximum
satisfaction that nurtures trust and confidence in them for them. The perfect
combination of professional skills, innovative techniques and the resolution to
excel has empowered them to achieve total customer satisfaction resulting in
worldwide customer base.
They are a global logistics service provider and satisfy the
increasingly sophisticated needs of international trade through a worldwide
network of responsive, highly-trained professionals and integrated information
systems. Their services comprise of:
- Vendor
Consolidation
- Air and Ocean
Freight Forwarding
- Insurance
- Ocean
Consolidation
They have become a key player in the international forwarding business.
They handle around 30 tons of air imports and around 100 by ocean imports and
substantial ocean export or air exports business per month. Their value added service spans the entire range of
Logistics Service from Custom Brokerage to Warehousing to Air, Sea, Multi-modal
Transport.
- The complete
supply chain from Lead Logistics Partner to industry specific services
- A unique network
of agents, highly specialized, carefully selected and continuously
monitored, constitute their worldwide strength
- They provide
quality international transportation and logistics support to local and
worldwide customers
- They have got
their associate network in countries like
Quality is topmost priority for them. They are one of
the most prominent Freight Forwarders
of the country. All this is aptly based on the quality of the
services they offer. All their services are rendered by vocationally trained
professionals who are specially trained in their respective sphere of
activities. The professionals take special measures to ensure safety of the
materials, proper execution of the services and convenience of the customers.
They have developed a quality system that enables shipments to be monitored at
every step, from origin to destination, based on clearly defined performance
standards. Their main objective is to exceed customers' expectations in the
transfer of their goods and documents around the world. They deliver value to
their customers by providing the most reliable and efficient solutions in
distribution and logistics.
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.40.39 |
|
|
1 |
Rs.82.93 |
|
Euro |
1 |
Rs.55.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|