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MIRA
INFORM REPORT
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Report Date : |
03.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
FAREDEAL SHIPPING AGENCIES (MUMBAI) PRIVATE LIMITED |
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Registered Office : |
Oberoi Garden Estates, C / 1114, 1st Floor, Off Saki Vihar Road, Chandivli,
Andheri East, Mumbai - 400 072, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.08.2000 |
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Com. Reg. No.: |
11-128187 |
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CIN No.: [Company
Identification No.] |
U63090MH2000PTC128187 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF02680G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in as a Custom House Agents. |
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 2000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track records. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Oberoi Garden Estates, C / 1114, 1st Floor, Off Saki Vihar Road,
Chandivli, Andheri East, Mumbai - 400 072, Maharashtra, India |
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Tel. No.: |
91-22-56754160 |
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Fax No.: |
91-22-56754165 |
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E-Mail : |
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Website : |
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Corporate Office : |
424, Nav Vyapar Bhavan, P. D’Mello Road, Carnac Bunder, Masjid (East),
Mumbai –400009, Maharashtra |
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Tel. No.: |
91-22-23752185 / 95 |
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Fax No.: |
91-22-23752182 |
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E-Mail : |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Vivek Lalchand Kotai |
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Designation : |
Director |
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Address : |
Happy Valley Homestower A 24, FT 1002 / 10th Floor, Chitalsar,
Manpada, Thane – 400607, Maharashtra, India |
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Email: |
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Date of Birth/Age : |
01.12.1971 |
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Date of Appointment : |
10.08.2000 |
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Name : |
Mr. Sanjay Nandkumar Kalro |
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Designation : |
Director |
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Address : |
17/A, Ashoka Palace, 15 S V Road, Santacruz, Mumbai – 400054,
Maharashtra, India |
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Email: |
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Date of Birth/Age : |
25.09.1969 |
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Date of Appointment : |
10.08.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vivek Kotai |
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5000 |
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Mr. Sanjay Kalro |
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5000 |
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Total |
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10000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 is engaged in as a Custom House Agents. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
Sakinaka, Andheri [East],
Mumbai – 400072, Maharashtra, India
264, Gurudwara Building, SBS
Marg, Fort, Mumbai – 400001, Maharashtra |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parik Singh and Associates Chartered Accountants |
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Address : |
Block 2, 3rd Floor, Abbas Manzil, Chakala, Sahar Road,
Andheri East, Mumbai – 400099, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised 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 |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
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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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.323 |
0.208 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.423 |
0.308 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.574 |
2.279 |
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TOTAL BORROWING |
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0.574 |
2.279 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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0.997 |
2.587 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.020 |
2.183 |
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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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0.003 |
0.025 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.758 |
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Sundry Debtors |
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1.485 |
3.260 |
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Cash & Bank Balances |
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3.130 |
2.366 |
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Other Current Assets |
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4.562 |
4.187 |
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Total
Current Assets |
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9.177 |
10.571 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.016 |
10.108 |
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Provisions |
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0.193 |
0.091 |
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Total
Current Liabilities |
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10.209 |
10.199 |
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Net Current Assets |
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[1.032] |
0.372 |
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MISCELLANEOUS EXPENSES |
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0.006 |
0.007 |
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TOTAL |
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0.997 |
2.587 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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42.167 |
17.223 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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42.167 |
17.223 |
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Profit/(Loss) Before Tax |
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0.308 |
0.250 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.308 |
0.250 |
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Total Expenditure |
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41.859 |
169.773 |
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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0.73 |
1.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.73 |
1.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.75 |
1.96 |
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Return on Investment (ROI) (PBT/Networth) |
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0.72 |
0.81 |
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Debt Equity Ratio (Total Liability/Networth) |
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25.49 |
40.51 |
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Current Ratio (Current Asset/Current Liability) |
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0.90 |
1.04 |
LOCAL AGENCY
FURTHER INFORMATION
Business
Subject was incorporated to carry on the business of custom house
agents, clearing and forwarding agents, consolidating agents, freight brokers, commission
agent, mukadims, cargo agent for shipping lines, air lines, railways and toad
transport corporation and or working as insurance agents and or supervisors,
less adjusters, stevedos, starters, hires, transporters, travel agents and
performance of obligations and contracts with shipping companies, banks,
government bodies, Indian custom and to own, purchase, charter, hire or
otherwise deal with, operate, trade in steam and other ships, boats and
vessels, pre used or worked or capable of being worked or propelled by stem,
electricity, petrol, oil, gas or any other motive power or power producing
substances with all equipments and furniture, build steam and other ships and
vessels and to employ the same in the carriage or conveyance by sea in or between
any places ports or any seas, rivers, canals or elsewhere of passengers, mails,
trolls, munitions of war, livestock.
Bankers Charges
Report as per Registry
|
Name of the company |
FAREDEAL
SHIPPING AGENCIES (MUMBAI) PRIVATE LIMITED |
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Presented
By |
The Shamrao Vithal Co-operative Bank Limited, Sakinaka, Andheri
[East], Mumbai – 400072, Maharashtra, India |
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1) Date and description of instrument creating the change |
No instrument was
executed. However the equitable mortgage has been created, by way of deposit
of title deeds, on 17.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
Millions |
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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 |
All that piece
and parcel of land being the Unit Nos. 1114 and 1115, admeasuring 770 sq. ft.
situated on the 1st Floor of the Building known as “Oberoi Garden Estates”
situate on the land bearing CTS Nos. 47, 47/1 to 47/20 Village Chandivali,
Taluka Kurla, Mumbai, belonging to the Borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the dye
repayment of Cash Credit facility together with interest, costs, charges and
expenses thereon, granted by the Bank to the Borrower. |
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5) Name and Address and description of the person entitled to the charge. |
The Shamrao Vithal Co-operative Bank Limited, Sakinaka, Andheri
[East], Mumbai – 400072, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Fixed Assets:-
- Office
Equipments
- Computers
- Motor
Vehicles
- Furniture and
Fixtures
As Per Website
Details Attached:-
Subject is a non-vessel owning common carrier (NVOCC) / Freight
Forwarding company. The company provides FCL and LCL services to worldwide
destinations backed with professional marketing and reliable operations.
Subject was formed
in April 1999 with a view to offer personalized logistic services for corporate
by leveraging the experience and expertise of its promoters in various areas of
shipping, freight forwarding and transportation. In a short time the company
has created a profitable niche for itself.
Their strength
lies in their professional personnel, dedicated teamwork and their skills of
understanding customer requirements.
Their experienced
and efficient staff ensures that the cargo is moved expeditiously satisfied
employees make satisfied customers and to that end they consider themselves a
people company. They aim to be more than just an intermediary they aim to be an
important and reliable link in the supply chain. Giving value and weight age to
their staff and management alike. An open door policy is in force giving
immense interaction and communication between management and staff.
Their endeavor is
to be more than freight forwarder. They aim to be reliable partners to their
clients.
They take complete
charge for the cargo as a Multimodal Transport Operator and cater to
destinations in Europe, Far East, U.S.A., Canada, and Middle East. They issue
their own MTO Bill of Lading and have an arrangement with overseas agents to
look the other interest in a most professional manner. Even a small parcel of
one CBM will be accepted and forwarded to the destination required by the
shipper. That's their speciality.
The company accepts cargoes for following destinations
v
Canada
v
U.S.A.
v
Mexico
v
Central America
v
Carribean
v
South America
v
Europe
v
Mediterranean
v
Africa
v
Middle East
v
Bangladesh
v
Sri Lanka
v
Far East Region
v
China
v
Japan Indonesia
v
Australia
v
New Zealand.
The company offer services in the following core sector –
v
NVOCC Operations (Kalko Container Lines)
v
Liner Agency
v
Trading of containers
v
Warehousing
v
Equipment and Container Repair Yard
v
Transportation
v
Total Logistics
v
MTO/Consolidators
v
ISO Tank Agency
v
Leasing
v
Depot/CFS
v
Container Storage Yard
v
Break Bulk Agency
BY SEA
Providing world - wide container
transportation and logistics through an integrated network combining high
quality intermodal services with state-of-the-art information technology.
With good network of agents is most major countries, they are able to carry
containerised cargo for most destinations on a FCL and LCL basis.
They ensure a very high frequency of departure and hence assure quicker transit
time. They guarantee all the attention and care needed for the client's
requirement of transport.
Containers specifically designed to suit the needs - be it twenty foot, forty
foot, refrigerated, open top or any other specialised equipment.
By Land
As an independent company without ties to
carriers they make arrangements based on existing market circumstances.
Whatever it may be, collection of LCL, haulage of FCL or delivery on airport,
they offer you very competitive terms and conditions irrespective of
quantities.
By Air
They make the right air connections
just for you
The full-transportation package as carried of course includes handling
airfreight. Their Air freight operation cover all major destinations in the
world. They have secured special rates from major leading Airlines to and from
the Far East, Middle East, Europe and U.S.A. In their Air Freight service, they
carry both dry and reefer cargo.
They can their airfreight customer services,
such as :-
- Direct Flights.
- Door-to-Door.
- Best Rates.
- Collect Shipments.
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.39.37 |
|
UK Pound |
1 |
Rs.81.82 |
|
Euro |
1 |
Rs.56.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--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. |
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 |
|