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MIRA
INFORM REPORT
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Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
CITY LIMOUZINES (INDIA) LIMITED |
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Registered Office : |
102, B Wing, 10th Floor, Mittal Tower, Nariman Point,
Mumbai |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
02.04.2002 |
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Com. Reg. No.: |
11-13538 |
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CIN No.: [Company
Identification No.] |
L63040MH2002PLC135381 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC08652A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
To engage or Charter or Provide Motor Cars, Limouzines Motors Lorries,
Ordinary Buses, Omni Buses other vehicles for Fixed Periods for Particular
Travels |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 67000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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
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Registered Office : |
102, B Wing, 10th Floor, Mittal Tower, Nariman Point,
Mumbai |
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Tel. No.: |
91-22-40690000/22028090/22028093 |
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Fax No.: |
91-22-22028094/22028098 |
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E-Mail : |
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Website : |
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Sales
& Marketing: |
96, B-Wing (9th
Floor), |
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Branches : |
Chennai |
DIRECTORS
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Name : |
Mr. Umar Iqbal Razzaki |
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Designation : |
Director |
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Address : |
Neel Kamla, B – 106, 7 Bunglows, Andheri (West), Mumbai – 400058 |
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Date of Appointment : |
02.04.2002 |
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Name : |
Ms. Geeta Umar Razzaki |
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Designation : |
Director |
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Address : |
Neel Kamla, B – 106, 7 Bunglows, Andheri (West), Mumbai – 400058 |
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Date of Appointment : |
02.04.2002 |
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Name : |
Ms. Seema Umar Razzaki |
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Designation : |
Director |
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Address : |
Neel Kamla, B – 106, 7 Bunglows, Andheri (West), Mumbai – 400058 |
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Date of Appointment : |
02.04.2002 |
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Name : |
Mr. Syed Mohammed Masood |
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Designation : |
Director |
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Address : |
K – 43, Marker Towers, Cuffe Parade, Mumbai – 400005 |
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Date of Appointment : |
02.04.2002 |
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Name : |
Mr. Ranjit K Shetty |
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Designation : |
Director |
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Address : |
D – H, Patil Colony, Chinch Pada, Ambernath, Thane |
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Date of Appointment : |
02.04.2002 |
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Name : |
Mr. Rajesh B Choudhary |
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Designation : |
Director |
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Address : |
9th Floor, Mittal Tower, B Wing, Nariman Point, Mumbai –
400021 |
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Name : |
Mr. Pravir Bapu Parkar |
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Designation : |
Director |
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Address : |
4/542, Krishna Nagar, Dr. B A Road, Parel, Mumbai |
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Date of Appointment : |
02.04.2002 |
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Name : |
Mr. Manoj B Vighe |
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Designation : |
Director |
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Address : |
Barkat Ali Nagar Chawl, D/5, Antop Hill, Wadala (East), Mumbai –
400037 |
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Date of Appointment : |
02.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Syed Mohamed Masood |
29000 |
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Mr. Ranjeet K Sheety |
2000 |
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Mr. Pravir Bapu Parkar |
2000 |
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Mr. Manoj B Vighe |
2000 |
BUSINESS DETAILS
|
Line of Business : |
To engage or Charter or Provide Motor Cars, Limouzines Motors Lorries,
Ordinary Buses, Omni Buses other vehicles for Fixed Periods for Particular
Travels |
GENERAL
INFORMATION
|
Bankers : |
v ABN Amro Bank v IDBI Bank v Syndicate Bank |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P S Sakhalkar & Company Chartered Accountant |
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Address : |
4/C, Jape Chawl, R R Thakur Road, Jogeshwari (East), Mumbai – 400060 |
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Associates/Subsidiaries : |
City
Limouzines (India) Limited City Airlines
Private Limited City Miles City Resorts City
Communications Inc. City Trading
LLC. City Co
Operative Credit Society Limited City Money
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.600
Millions |
|
1,44,000 |
Preference Shares |
Rs. 100/- Each |
Rs. 14.400 Millions
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Total |
|
Rs.
15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.500
Millions |
|
1,44,000 |
Preference Shares |
Rs. 100/- Each |
Rs. 14.400
Millions |
|
|
Total |
|
Rs.
14.900 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
14.900 |
2.500 |
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2] Share Application Money |
|
1.777 |
11.302 |
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3] Reserves & Surplus |
|
0.259 |
0.023 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
16.936 |
13.825 |
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LOAN FUNDS |
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|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.226 |
0.811 |
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TOTAL BORROWING |
|
0.226 |
0.811 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
17.162 |
14.636 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
5.343 |
8.282 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
6.927 |
0.008 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.145 |
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Cash & Bank Balances |
|
5.007 |
5.647 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.326 |
0.911 |
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Total
Current Assets |
|
5.333 |
6.703 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
|
0.441 |
0.357 |
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Total
Current Liabilities |
|
0.441 |
0.357 |
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Net Current Assets |
|
4.892 |
6.346 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
17.162 |
14.636 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
|
0.000 |
0.000 |
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Other Income |
|
97.626 |
78.447 |
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Total Income |
|
97.626 |
78.447 |
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Profit/(Loss) Before Tax |
|
0.259 |
0.023 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
0.259 |
0.023 |
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Expenditures : |
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Consumption of stores and spares parts |
|
1.696 |
1.719 |
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Salaries, Wages, Bonus, etc. |
|
1.660 |
1.858 |
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Depreciation & Amortization |
|
3.093 |
5.011 |
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Other Expenditure |
|
91.136 |
69.537 |
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Total Expenditure |
|
97.585 |
78.125 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
|
PAT / Total
Income |
(%) |
|
0.26 |
0.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.26 |
0.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.42 |
0.15 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.01 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.03 |
0.08 |
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Current Ratio (Current Asset/Current Liability) |
|
|
12.09 |
18.77 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
v
Furniture
v
Computer
v
Office Equipment
v
Motor Car
v
Telephone Instrument
v
Xerox Machine
As per website details
City Limouzines (India) Limited. is
client-oriented full-fledged company with a unique approach to the practice of
vehicle leasing and fleet management. At City, they are committed to success
through principal involvement and collaborative project teamwork. City's
attitude and dedication to maintain quality through hands-on principal
involvement, open lines of communication, attention to budgets and schedules,
state-of-the-art technology and the highest standard of customer service has
rewarded its clients and staff with outstanding and cost-effective solutions.
Vision
To provide
world-class solutions and services to their clients with innovative and
creative ideas, comprehending the emerging technology and trends
Mission
To share business issues with their clients
by providing proactive, quality professional services in vehicle leasing and
fleet management so that their precious time is spent on profit-generating
activities and not in looking for solutions.
Associates
City Limouzines
(India) Limited
Through tremendous growth, organizational
changes and fleet management industry innovations, City Limouzine (India)
Limited., the flagship company of City Group is one of the leading names in the
Indian business scenario of vehicle leasing and fleet management.
City Airlines
Private Limited
City Group will soon be launching a low-fare
domestice Airline service. The airline will endeavour to offer airline seats at
affordable price for a common man without compromising quality. This will also
deal into air cargo.
City Miles
City Miles, a subsidiary of City group
operates India's large-scale general-use car rental business, providing
business and leisure customers with a wide range of services at more than 200
locations in India.
City Resorts
City Resort at Lonavala, situated on
natures' lap, leaves you fascinated with all the tensions melting away as you
get draped and pampered in the arms of nature. It’s a magical realm for the
spending holidays and the most sought-after business conference centre cradled
in the lush green countryside of Lonavla.
City
Communications Inc.
This arm of City group aims to be one of
India’s leading advertising and public relations agencies. As a full service
agency, it provides design and print, advertising, media planning and buying,
market research, public relations, web development and a range of specialized
services to its clients.
City Trading LLC
City trading LLC is an India-based sourcing
and exporting company that provides compelling results in the areas of Jewelry,
diamonds, and garments.
City Co Operative
Credit Society Limited
Co-operation works not only in the
agriculture sector in Maharashtra but also in the non-agriculture. Considering
the fact that Maharashtra is the most urbanized State of India, City group has
decided to venture into co-operative sector by launching City Co-op Credit
Society in the near future.
City Money Limited
The latest venture by City group, City Money, is thriving to become one of the
leading providers of financial services to consumers and retailers, offering an
array of pioneering financial products to suit its customers' needs. The
products include car/two wheeler finance, commercial vehicle loans, Farm
Equipment loans, personal loans and mortgages. City money continues to add
value to its customers with competitive interest rates, simplified processes,
reduced approval time, and flexible documentation policies
Products
City
Miles
Instant car
rental
City Miles, a subsidiary of City group operates India's
large-scale general-use car rental business, providing business and leisure
customers with a wide range of services at more than 200 locations in India
City Express
Luxury Bus Service in India
As they know, India is on the progress path and as part of
its infrastructure development plan their national highways and roads are
undergoing immense modernization and expansion. Considering this factor City
Limouzines, already established in fleet management has launched its new product
City Express. City Express will be operating super luxury buses like ‘Volvo'
between major Indian cities like Mumbai, Delhi, Bangalore, Ahmedabad, Ponjim.
The City Express coaches will have world-class interiors and will be driven by
well-trained and cultured drivers. Also, there will be a provision for
newspapers, magazines and blankets.
City
Cab
Cab service in Metro Cities
City Cab, an innovative product from
City Limouzines, is being cultivated and would be operational in Indian metro
cities. City Cab is Singapore-styled wireless cab network that would help its
customers get a cab of choice at his/her doorstep at a phone call.
The idea is to create a GPRS-run
fleet management the gives real-time vehicle state and has an emergency
response system. The new system will enable communication among City Cab
drivers, allow them to record routes as well as go in for data retrieval for
management analysis. City Group is sure that this transportation model is
expected to increase the demand for call taxis and therefore, the commuters'
comfort.
Press Release
Finally Indian Women Hocky team has a reason
to rejoice; thanks to City Limouzines (India)
Limited On Wednesday, 28th June 2006, City announced
its decision to sponsor the team a whopping sum of Rs 10.000 Millions per annum
till 2010.
Indian Women's
Hockey Federation (IWHF) is quite thrilled by this sponsorship and feels that
such a sponsorship will motivate the players to perform better as the problems
of inadequate facilities are met. The women hockey players as well as the
coaches and physiotherapist can now be sure of a steady monthly income ranging
from Rs 0.004 Millions to Rs 0.015 Millions.
City Limouzines
has also paid IWHF another Rs 5.000 Millions for the development and promotion
of women's hockey in the country.
All this, said
Amrit Bose, secretary of the IWHF, will help take women's hockey to a new
level. The Indian women hockey team is bracing itself for the forthcoming 11th
Women World Cup to be held in Madrid from September 27 to October 8 and the
15th Asian Games in Doha, Qatar from December 2 to 14.
City's Managing
Director S M Masood plans to spend around Rs 10000.000 Millions in the next few
years for developing sports cities and sponsoring sports that are close to his
heart. A sports-lover, Masood is enthusiastic about having City Group's own
team in football, cricket and hockey on the lines of Mohammedan Sporting, Dempo
Goa etc.
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
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 |
YES |
|
--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 |
|