MIRA
INFORM REPORT
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Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
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Name : |
CLARION SOLUTIONS LIMITED |
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Formerly Known As : |
CLARION SHIPPING AGENCY PRIVATE LIMITED |
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Registered Office : |
4th Floor, Geetmala Building, Next to Shah
Industrial Estate, Deonar Village Road, Govandi (East) , Mumbai - 400 088,
Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.02.1991 |
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Com. Reg. No.: |
11-60411 |
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CIN No.: [Company
Identification No.] |
U61100MH1991PLC060411 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC05037E |
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PAN No.: [Permanent
Account No.] |
AAACC2232P |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Subject act as a Total Logistics Solution Provider. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 270000 |
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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 : |
4th Floor, Geetmala Building, Next to Shah Industrial
Estate, Deonar Village Road, Govandi (East) , Mumbai - 400 088, Maharashtra,
India |
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Tel. No.: |
91-22-67555032 / 6755 5021 |
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Fax No.: |
91-22-67555050 |
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E-Mail : |
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Website : |
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913, |
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Tel. No.: |
91-11-2600 2130 / 31/32/33 |
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Fax No.: |
91-11-2600 2180 / 2621 6936 |
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E-Mail : |
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Plot No. 9/10, Ganesh Palace,
G.T. Road, Dhandari Kalan, Ludhiana - 141 010, |
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Tel. No.: |
91-161-5014 353/ 54 |
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Fax No.: |
91-161-5014 355 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ramakrishnan Sivaswamy Iyer |
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Designation : |
Director |
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Address : |
P. O. Box No. 8458, |
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Date of Birth/Age : |
01.01.1961 |
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Date of Appointment : |
21.02.1991 |
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Name : |
Mr. Ramnarayan Varadharajan Varadharajan |
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Designation : |
Director |
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Address : |
3, Shivkripa, Police Officers Progressive CHS, Off |
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Date of Birth/Age : |
22.05.1949 |
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Date of Appointment : |
21.02.1991 |
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Name : |
Mr. Mahesh Sivaswamy Iyer |
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Designation : |
Director |
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Address : |
Block 253 # 04-04 |
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Date of Birth/Age : |
25.07.1967 |
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Date of Appointment : |
21.02.1991 |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Pillai |
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Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sivaswamy Valli |
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1000 |
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Ramakrishnan Sivaswamy Iyer |
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5000 |
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Ramnarayan Varadharajan Varadharajan |
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5000 |
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Mahesh Sivaswamy Iyer |
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5000 |
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Geeta Ramakrishnan |
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5000 |
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Mala Mahesh |
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5000 |
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Ritesh Ramakrishnan |
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5000 |
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Murli Mahesh |
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5000 |
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Sivaswamy Holdings Private Limited |
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14000 |
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Total |
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50000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Subject act as a Total Logistics Solution Provider. |
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 : |
K. Uma Murty Chartered Accountants |
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Address : |
3/7/14-A, Navjivan Commercial Society, Dr. Dadasaheb Bhadkamkar Marg,
Mumbai – 400008, |
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Associates/Subsidiaries : |
Ship Owning Orient Express Line http://www.oel.co.ae Orient Express Line (S) Pte. Limited Shreyas Shipping Limited http://www.shreyas.com Shreyas World Navigation Pte. Limited http://www.shreyas.com Freight Forwarding Haytrans ( Logistics Transworld Logistics Private Limited http://www.twlogix.com Ship Management Orient Express Ship Management http://www.oesm.co.in Ship Agency Relay Shipping Agency Limited NLS Agency ( Meridian Shipping Agency ( Crescent Shipping Agency ( Clarion Shipping Agency Private Limited Albatross Shipping Private Limited Transworld Shipping Services Private Limited http://www.transworldindia.com Marine & Container Repairs ADMEC Logistics Limited N.V.O.C.C. Balaji Shipping (U.K.) Limited http://www.balajiship.com |
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 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Millions |
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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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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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67.041 |
65.881 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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67.541 |
66.381 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.306 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.306 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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67.541 |
66.687 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.200 |
2.100 |
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Capital work-in-progress |
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INVESTMENT |
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41.777 |
23.567 |
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DEFERREX TAX ASSETS |
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0.857 |
1.791 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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5.291 |
1.086 |
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Cash & Bank Balances |
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3.966 |
50.266 |
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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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40.671 |
54.358 |
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Total
Current Assets |
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49.928 |
105.710 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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23.746 |
22.672 |
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Provisions |
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3.475 |
43.809 |
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Total
Current Liabilities |
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27.221 |
66.481 |
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Net Current Assets |
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22.707 |
39.229 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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67.541 |
66.687 |
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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 |
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-- |
5.552 |
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Other Income |
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8.512 |
10.348 |
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Total Income |
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8.512 |
15.900 |
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Profit/(Loss) Before Tax |
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2.339 |
8.883 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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2.339 |
8.883 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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3.673 |
1.475 |
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Payment to Auditors |
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0.199 |
0.110 |
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Interest |
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0.074 |
0.097 |
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Insurance Expenses |
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0.021 |
0.012 |
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Depreciation & Amortization |
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2.206 |
5.323 |
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Total Expenditure |
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6.173 |
7.017 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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27.48 |
55.87 |
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Net Profit Margin (PBT/Sales) |
(%) |
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-- |
160.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.49 |
8.24 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.40 |
1.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.83 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from 101,
Embassy Centre, Nariman Point, Mumbai – 400021,
Clarion Solutions Limited was established in 2004 as a Total
Logistics Solution provider focusing on the African Continent. The traffic
growths were soon leading to expansion and their activities are now global and
multimodal.
Their expansion from the small scale start to the present
level of about team and 5 locations throughout
They focus on attracting key competence when forming teams of experts within
each field operations.
Their experience staff and sophisticated IT-tools combined with their extensive
network of global agents and carriers secures cost efficient logistic solutions
beyond expectation!
Their Freight forwarding division is supplemented by a variety of Global
logistic services.
A fascinating story of two trails blazers, one the Founder
and the other the Builder.
The Spirit of Adventure
The Transworld Group was born out of a lifelong love affair
with the sea. As a young man in a small town in Kerala, R.Sivaswamy developed a
fascination with the sea and vowed that one day he would have a ship of his
own. The sea both lured and challenged him.
In 1977, he founded the Transworld Group and navigated it through its formative
years, establishing it as a reputed shipping company in
Today, the Transworld Group is expanding its businesses
through innovations stemming form a global perspective. The Group's
determination to have a global presence is supported by a fundamental
philosophy: to explore and discover new business horizons. This is the driving
force that propels it towards a new tomorrow.
A diverse range of companies.... a single goal
Transworld's scale of operations is expanding limitlessly on
land and sea.
To be a premier organization, which offers total shipping
solutions by providing high quality innovation to its Customers, stakeholders
and be the market leader and the trendsetter in the Indian Sub Continent,
Arabian Gulf & South East Asia region.
To provide
quality and reliable services to their customers
To remain forever
committed to excellence
To explore and
discover new business horizons
To unabatedly
provide for their people adequate opportunities for professional growth
To achieve each
"end" tempered by "quality means"
To make constructive
contributions to the society at large
Values
Trust and Openness They believe in trust & openness in all their dealings.
Mutual Respect They
believe in respecting the dignity of individuals
Quality They
are dedicated to customer driven quality constantly striving to improve their
process & services guided by the changing needs of the customers
Excellence They
believe in continuously improving upon their own benchmarks
Customer Orientation The
concerns & needs of the customers are the guiding force behind all their
endeavors
Sales
Kalpesh : 91-98201-31939
Rajesh : 91-98201-83716
Sandeep : 91-98676- 31246
Sweety : 91-99670-37537
Customer Service
Operations
Manhar : 91-22-67555046
Documetation
G. V. Kumar : 91-22-67555042
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
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Indian Rupees |
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US Dollar |
1 |
Rs.41.34 |
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|
1 |
Rs.81.81 |
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Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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46 |
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 |
|
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 |
|
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 |
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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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