MIRA INFORM
REPORT
|
Report
Date : |
20.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
EXPRESS TRANSPORT PRIVATE LIMITED |
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Registered
Office : |
17, Western India House, |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
12.01.1946 |
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Com.
Reg. No.: |
11-4733 |
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CIN
No.: [Company
Identification No.] |
U63090MH1946PTC004733 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
MUME05343C / MUME04807F |
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PAN
No.: (Permanent
Account No.) |
AAACE2632F |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Carry on the business of Clearing, Forwarding, Shipping,
Booking by Railways, Steamers and Air
Passengers and Merchandise Goods. |
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 210000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established company having satisfactory
track. Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. Payments are usually correct and
as per commitments. The company can be considered normal for business
dealings at usual trade terms and conditions.
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LOCATIONS
|
Registered
Office : |
17, Western India House, |
|
Tel.
No.: |
91-22-56339898 |
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Fax
No.: |
91-22-56339833 |
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E-Mail
: |
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Website
: |
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Factory
1 : |
Kulkarni
Patil Bhavan, 2nd Floor, 14, |
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Branches
: |
Located at: |
DIRECTORS
|
Name : |
Mr. Vinodchandra R Gandhi |
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Designation
: |
Director |
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Address
: |
27/28, Shankar Sagar, |
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Date
of Birth/Age : |
09.08.1939 |
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Date
of Appointment : |
12.01.1961 |
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Name : |
Mr. Kiritkumar R Gandhi |
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Designation
: |
Director |
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Address
: |
27/28, Shankar Sagar, |
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Date
of Birth/Age : |
15.09.1941 |
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Date
of Appointment : |
20.06.1972 |
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Name : |
Mr. Ashwin R Gandhi |
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Designation
: |
Director |
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Address
: |
27/28, Shankar Sagar, |
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Date
of Birth/Age : |
11.05.1945 |
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Date
of Appointment : |
20.06.1972 |
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|
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|
Name : |
Mr. Nailesh V Gandhi |
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Designation
: |
Director |
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Address
: |
27/28, Shankar Sagar, |
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Date
of Birth/Age : |
29.09.1965 |
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Date
of Appointment : |
29.09.1988 |
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|
Name : |
Mr. Keyur V Gandhi |
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Designation
: |
Director |
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Address
: |
27/28, Shankar Sagar, |
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Date
of Birth/Age : |
30.05.1976 |
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Date
of Appointment : |
01.06.2001 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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|
Mr.
Vinodchandra R Gandhi |
|
90 |
|
Mr.
Kiritkumar R Gandhi |
|
320 |
|
Mr.
Ashwin R Gandhi |
|
320 |
|
Mr. Keyur
V Gandhi |
|
170 |
|
Mr. Nirav
V Gandhi |
|
130 |
|
Mr. Hetan
K Gandhi |
|
115 |
|
Mr. Hiren
A Gandhi |
|
165 |
|
Mr.
Nailesh V Gandhi Mrs.
Manjari V Gandhi |
|
140 |
|
Mr.
Rakesh K Gandhi Mrs.
Manjari V Gandhi |
|
85 |
|
Nailesh V
Gandhi (HUF) |
|
40 |
|
Ashwin R
Gandhi (HUF) |
|
120 |
As on 31.03.2006
|
Names of Shareholders |
|
Percentage of holding |
|
Directors
or their relatives |
|
99.90 |
|
Other top
50 shareholders |
|
0.10 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Carry on the business of Clearing, Forwarding, Shipping,
Booking by Railways, Steamers and Air
Passengers and Merchandise Goods. |
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Products
: |
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GENERAL INFORMATION
|
No. of
Employees : |
About 200 |
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Bankers
: |
ICICI Bank Limited Free Press House, Nariman Point, Mumbai – 400 021, ABN Amro Bank NV 14, The Hongkong and
Shanghai Banking Corporation Limited Network Services |
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Facilities : |
Secured Loans (As on
31.03.2004) : (Rs. In millions)
Unsecured Loans :
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Banking Relations : |
Satisfactory |
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Auditors
: |
Rashmi Zaveri and Company Chartered Accountants |
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Address
: |
PNB House, 4th Floor, |
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Tel.
No.: |
91-22-22660205 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2000 |
Equity Shares |
Rs. 100/- |
Rs. 0.200 million |
|
500 |
6% Cumulative Preference Shares |
Rs. 100/- |
Rs. 0.050 million |
|
|
Total |
|
Rs. 0.250 million |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1900 |
Equity Shares |
Rs. 100/- |
Rs. 0.190 million |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
0.190 |
0.190 |
0.190 |
|
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2]
Reserves & Surplus |
52.926 |
22.706 |
16.831 |
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NETWORTH
|
53.116 |
22.896 |
17.021 |
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|
LOAN
FUNDS |
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|
|
|
|
1]
Secured Loans |
1.089 |
1.227 |
0.493 |
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2]
Unsecured Loans |
52.549 |
55.865 |
59.809 |
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TOTAL
BORROWING
|
53.638 |
57.092 |
60.302 |
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|
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|
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TOTAL
|
106.754 |
79.988 |
77.323 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
27.376 |
29.619 |
31.001 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
24.357 |
15.594 |
10.758 |
|
DEFERREX TAX ASSETS
|
0.218 |
0.089 |
0.087 |
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
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|
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Sundry Debtors
|
111.480
|
76.841 |
50.569 |
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|
Cash & Bank Balances
|
6.070
|
5.599 |
7.960 |
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Loans & Advances
|
34.814
|
27.266 |
21.911 |
Total Current Assets
|
152.364
|
109.706 |
80.440 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
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Current Liabilities
|
67.291
|
54.500 |
29.793 |
|
Provision
|
30.270
|
20.520 |
15.170 |
|
Total Current Liabilities
|
97.561
|
75.020 |
44.963 |
|
Net
Current Assets
|
54.803
|
34.686 |
35.477 |
|
|
|
|
|
|
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TOTAL
|
106.754 |
79.988 |
77.323 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS
|
31.03.2006 (Estimated) |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
100.000 |
70.336 |
63.827 |
|
|
Other Income |
|
|
4.370 |
|
|
Total
Income |
100.000 |
70.336 |
68.197 |
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|
|
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|
|
|
|
Profit/(Loss) Before Tax |
NA |
15.519 |
19.328 |
|
|
Provision for Taxation |
NA |
5.347 |
5.806 |
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|
Profit/(Loss) After Tax |
NA |
10.172 |
13.522 |
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Expenditures : |
|
|
|
|
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Interest |
NA |
NA |
7.149 |
|
|
Depreciation & Amortization |
NA |
NA |
3.937 |
|
|
Other Expenditure |
NA |
54.817 |
37.784 |
|
Total
Expenditure |
NA |
54.817 |
48.870 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
14.46 |
19.83 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
22.06 |
28.34 |
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|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA
|
11.14 |
17.34 |
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|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA
|
0.68 |
1.13 |
|
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|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.85
|
5.77 |
6.18 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.56
|
1.46 |
1.79 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8 Particular for creation or
modification of charges
|
Name
of the company |
EXPRESS TRANSPORT PRIVATE LIMITED |
|
Presented
By |
THE HONGKONG AND SHANGHARI BANKING CORPORATION LIMITED |
|
1) Date
and description of instrument creating the change |
Dated : 02.05.2000 Instrument of hypothecation of vehicle. |
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2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.0.360 millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of brand new vehicle, namely Tata Sumo DLX |
|
4) Gist of
the terms and conditions and extent and operation of the charge. |
The borrower shall repay the said loan f Rs.0376 millions
by 36 equal monthly installments of Rs.0.014 millions being payable on the
01.06.2000 and subsequent instruments being payable on the day of each
succeeding month/ quarter until entire loan is repaid in full. The borrower shall pay all rents, taxes, rates and
outgoings in respect of the premises in which the hypothecated article is or
may be garaged and also all taxes, licence, duties, fees, registration and
other charges payable in respect of the hypothecation article. The borrower shall at his own expenses keep the
hypothecated articles insured against all such risks as may be requested by
law and also against all such further and other risks as the bank shall from
time to time require for the full amount required by the bank. The company shall pay interest on the loan amount @ 15.50%
p.a. every month or by quarterly payment on the 31st March, 31st
June, 30th September and 31st December in each year or
at any other rate of interest as communicated by the bank from time to time. |
|
5) Name
and Address and description of the person entitled to the charge. |
The Hongkong and Shanghai Banking Corporation Limited Network Services |
|
6)
Date and brief description of
instrument modifying the charge |
N.A. |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
N.A. |
The company’s fixed asset of important value includes:
–
–
Computers
–
KPB
New Office
–
Dronagiri
Office
–
Gandhidharm
Office
–
Furniture
and Fixtures
–
Office
Equipments
–
Vehicles
–
Forklifts
–
Tata
Crawler Crane
–
Coles
Cranes
–
Aqua
Systems
–
Portable
power generator
–
Air
conditioner
–
Air
coolers
–
Office
equipments
–
Mobile
phones
–
Pagers
–
Vaccum
cleaner
–
Sony
video camera
–
Computers
Contingent Liability
On account of Bank Guarantee : Rs.0.500 million
As Per Web Details
Profile
Subject is a Freight Forwarding / Custom House Agent
established since 1946, having experience & technically qualified staff of
over 150 persons. Their speciality is Customs Clearance of Export / Import
projects on turnkey basis.
Express has handled large size Power, Fertilizer, Petro
Chemicals, etc. Projects each ranging from One Hundred Thousand Freight Tons to Two Hundred Fifty Thousand Freight Tons.
Major Activities
–
Customs
Clearance
–
Shipping
–
Warehousing
–
Transport
–
Air
Freight
–
Site
Handling
Project Handled
–
Fertilizers
Project (1966)
–
Infrastructure
Project
–
Power
Grid Project (1986)
–
Gas
Pipeline project
–
Petro
Chemical Project (1965)
–
Various
other Project
Few of the prestigious projects handled in the past.
|
Project |
Organisation |
|
Fertiliser Project |
Gujarat State Fertiliser Co. |
|
Fertiliser Project |
Zuari Agro Chemicals Ltd. |
|
Fertiliser Project |
National Fertiliser |
|
Fertiliser Project |
GNFL |
|
Fertiliser Project |
Krishak Bharti Co-op. Ltd. |
|
HBJ Pipeline Project |
Gas Authority of India Ltd. |
|
Infrastructure Project (Dam), |
|
|
Automobile Manufacturing Project |
Daewoo Motors |
|
Petro Chemical Complex |
IPCL |
Services
|
Import Services |
Export Services |
|
Pre-Shipment advice |
Pre-Shipment Advice |
|
Co-Ordination with Supplier |
Documentation |
|
Handling of cargo from suplier's warehouse |
Transportation |
|
Freight Booking |
Warehousing |
|
Receiving Cargo at the |
Freight booking |
|
Port Handling |
Port Handling |
|
Customs Clearance |
Consolidation |
|
Warehousing |
Customs Clearance |
|
Loading & Transportation |
Delivering the Cargo at receivers Warehouse |
|
Unloading at Site |
|
|
Site Handling & Store Management |
|
They also provide services for new projects. To prepare estimate for transportation cost.
Selection of Port-Site-Road-Survey, Mode of
Transport-Method etc. Supply of Crawler /
DOC Projects
- Mumbai
Harbour Anchorage Point
Schedule of Docks wharfage rates on goods imported from or
exported of ports outside and within the union of
|
Rate No. |
Description Of Goods |
Basic Of Charge |
Import (Rs.) |
Export (Rs.) |
|
1 - I |
Animals, birds, reptiles, etc. |
Each |
25.00 |
20.00 |
|
1 - II |
Animal products - bone bonemeal, hides & skins |
Tonne |
24.00 |
14.00 |
|
2 |
Arms, ammunitions, Explosives and Defense stores |
Tonne |
93.00 |
86.00 |
|
3 - I |
Asbestos |
Tonne |
|
|
|
3 - II |
construction Materials, sand |
Tonne |
|
|
|
3 - III |
Fruits, nuts including Raw Cashew, Tapioca, Coconut,
Copra, Tamarind Seeds |
Tonne |
24.00 |
14.00 |
|
3 - IV |
Molasses |
Tonne |
|
|
|
3 - V |
Waste paper, Newsprint |
Tonne |
|
|
|
3 - VI |
Wood, Timber, Bamboo |
Tonne |
|
|
|
4 - I |
Cement, Clinker |
Tonne |
24.00 |
14.00 |
|
4 - II |
Coal and Fire wood |
Tonne |
|
|
|
4 - III |
Fertilizers and Fertilizer raw materials |
Tonne |
30.00 |
6.00 |
|
4 - IV |
Food grains, oilseeds, Cereals and Pulses |
Tonne |
|
|
|
4 - V |
Oil - cakes and Fodder |
Tonne |
24.00 |
6.00 |
|
4 - VI |
Sugar |
Tonne |
|
|
|
5 - I |
Cotton including cotton waste (also includes cotton twist
and yarn ) |
Tonne |
24.00 |
14.00 |
|
5 - II |
Jute and jute products , coir and coir product |
Tonne |
|
|
|
6 - I |
Granites and Marbles |
Tonne |
24.00 |
14.00 |
|
6 - II |
Ores, ore pellets and Minerals |
Tonne |
24.00 |
14.00 |
|
7 |
Metals (Ferrous, Nonferrous) in the form of ingots,
billets and manufactured and metal scrap |
Tonne |
24.00 |
14.00 |
|
8 |
Other liquid bulk including acids and fatty acids |
Tonne |
24.00 |
14.00 |
|
9 - I |
POL and POL Products : |
|
|
|
|
9 - II |
Crude Oil |
Tonne |
30.00 |
30.00 |
|
9 - III |
Kerosene and |
Tonne |
25.00 |
25.00 |
|
9 - IV |
All other POL Products |
Tonne |
35.00 |
35.00 |
|
10 |
Salt |
Tonne |
3.00 |
3.00 |
|
11 |
Synthetic Resin (including molding powder) and Wood pulp |
Tonne |
56.00 |
51.00 |
|
12 |
Wines, Spirits (Potable) and alcoholic beverages |
Five Liters |
24.00 |
14.00 |
|
13 |
Iron and Steel Materials (excluding scrap, dross and ores) |
Advalorem |
.50% of CIF value |
011% of FOB value |
|
14 |
All items other than those specified above |
Advalorem |
0.20% of CIF value |
0.11% of FOB value |
|
Class of goods |
How charged |
RATE |
||
|
For first 30 days |
For 31st to 60th days |
From 61st day onwards |
||
|
In respect of all goods classified in the schedule of
docks Wharfage Rates in Section - Imports |
Per Tonne per day or part thereof |
Rs.25.00 |
Rs.37.50 |
Rs.50.00 |
Distance
Chart from Mumbai (
|
Distance from Mumbai ( |
Kms. |
Distance from Mumbai ( |
Kms. |
|
Ahmedabad |
551 |
|
736 |
|
|
746 |
|
602 |
|
|
432 |
|
864 |
|
|
2081 |
Kandla |
931 |
|
|
1657 |
Mangalore |
939 |
|
Chennai( |
1367 |
Pune |
184 |
|
|
1351 |
Sri-Nagar |
2299 |
|
|
1408 |
|
308 |
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.40.33 |
|
|
1 |
Rs.82.63 |
|
Euro |
1 |
Rs.55.65 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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
|
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 |