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MIRA
INFORM REPORT
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Report Date : |
23.10.2007 |
IDENTIFICATION DETAILS
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Name : |
WORLDWIDE LOGISTICS ( |
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Registered Office : |
6, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.12.2000 |
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Com. Reg. No.: |
046281 |
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CIN No.: [Company
Identification No.] |
U63011TN2000PTC046281 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEW02113G |
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PAN No.: [Permanent
Account No.] |
AAACW3529P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
International Air and Ocean Forwarding Services. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
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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 concern having fine track. Financial
position is good. Payments are usually correct and as per commitment. The
company is doing well. It can be considered good for any normal business dealings as usual
trade term and conditions. The concern can be reported as a premising business Partner ina
mediocre to long run. |
LOCATIONS
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Registered Office : |
6, |
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Tel. No.: |
91-44-24747312 |
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Fax No.: |
91-44-22314228 |
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E-Mail : |
all@go2wwl.com |
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Corporate Office : |
Worldwide House, No.12, |
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Tel. No.: |
91-44-22328888 (8 Lines) Direct : 91-44-22318299 |
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Fax No.: |
91-44-22314228 |
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91-9841043914 |
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E-Mail : |
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Website : |
http:// www.go2wwl.com |
DIRECTORS
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Name : |
Mr. R R Bala Subramanian |
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Designation : |
Managing Director |
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Address : |
9 – F-1, III, Cross Street, Shastri Nagar Adyar, Chennai – 6000020,
Tamilnadu |
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Date of Birth/Age : |
23.11.1954 |
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Date of Appointment : |
13.12.2000 |
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Name : |
Mr. P T Rajkumar |
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Designation : |
Director |
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Address : |
Old No. 18, New No. 06, Narasihman Street, West Mambalam, Chennai-
600033, Tamilnadu |
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Date of Birth/Age : |
12.08.1966 |
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Date of Appointment : |
13.12.2000 |
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Name : |
Mr. V Veerabadran |
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Designation : |
Director |
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Address : |
24, Azeez Nagar, |
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Date of Birth/Age : |
19.03.1959 |
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Date of Appointment : |
13.12.2000 |
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KEY EXECUTIVES
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Name : |
G Porselvam |
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Designation : |
Company Secretary |
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Address : |
No. 25, |
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Tel No.: |
91-44-28142955 / 42122148 |
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91-9841016465 |
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Email : |
gpselvam@eth.net |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. R R Bala Subramanian |
32000 |
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Mr. P T Rajkumar |
32000 |
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Mr. V Veerabadran |
32000 |
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Mr. N. Bharathwaj |
4000 |
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Equity Share Breakup
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of Directors |
100.00 |
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100 % |
BUSINESS DETAILS
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Line of Business : |
International Air and Ocean Forwarding Services. |
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GENERAL INFORMATION
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No. of Employees : |
20 |
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Bankers : |
Karur Vysya Bank Chennai – 600 014, Tamilnadu |
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Facilities : |
The company enjoys some banking facilities from it’s
banker |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mr. Kasi Meiyappan Chartered Accountant |
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Address : |
Flat No. 5 – Subkisha, 6, Sankarapuram, Choolaimedu, Chennai – 600 094, Tamilnadu |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs.10/- |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs.100/- |
Rs.1.000 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.723 |
23.268 |
12.766 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.723 |
24.268 |
13.766 |
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LOAN FUNDS |
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1] Secured Loans |
1.714 |
0.140 |
0.036 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.714 |
0.140 |
0.036 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.437 |
24.408 |
13.802 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.703 |
6.108 |
3.120 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
52.161
|
43.646 |
28.648 |
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Cash & Bank Balances |
10.373
|
8.735 |
8.171 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
22.051
|
16.120 |
5.212 |
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Total
Current Assets |
84.585
|
68.501 |
42.031 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
53.576
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46.956 |
31.349 |
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Provisions |
6.275
|
3.245 |
0.000 |
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Total
Current Liabilities |
59.851
|
50.201 |
31.349 |
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Net Current Assets |
24.734
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18.300 |
10.682 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.437 |
24.408 |
13.802 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
531.028 |
331.536 |
289.053 |
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Other Income |
0.000 |
0.272 |
0.104 |
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Total Income |
531.028 |
331.808 |
289.157 |
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Profit/(Loss) Before Tax |
25.698 |
16.688 |
14.812 |
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Provision for Taxation |
8.243 |
6.187 |
5.448 |
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Profit/(Loss) After Tax |
17.455 |
10.501 |
9.364 |
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Expenditures : |
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Cost of Goods Sold |
N.A. |
0.000 |
0.000 |
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Manufacturing Expenses |
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0.000 |
0.000 |
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Administrative Expenses |
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7.942 |
6.224 |
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Raw Material Consumed |
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0.000 |
0.000 |
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Purchases made for re-sale |
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0.000 |
0.000 |
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Consumption of stores and spares parts |
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0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
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0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
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15.852 |
12.020 |
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Managerial Remuneration |
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0.000 |
0.000 |
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Payment to Auditors |
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0.000 |
0.000 |
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Interest |
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0.000 |
0.000 |
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Insurance Expenses |
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0.000 |
0.000 |
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Power & Fuel |
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0.000 |
0.000 |
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Depreciation & Amortization |
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1.335 |
1.226 |
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Other Expenditure |
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289.713 |
256.097 |
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Total Expenditure |
503..340 |
314.842 |
275.567 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
3.28
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3.16 |
3.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.83
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5.03 |
5.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.48
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22.36 |
32.80 |
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Return on Investment (ROI) (PBT/Networth) |
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0.61
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0.68 |
1.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.47
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2.07 |
2.27 |
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Current Ratio (Current Asset/Current Liability) |
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1.41
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1.36 |
1.34 |
LOCAL AGENCY FURTHER INFORMATION
Form – 8
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Name of the company |
WORLDWIDE LOGISTICS ( |
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Presented By |
WORLDWIDE LOGISTICS ( And The Karur Vysya Bank Ltd., |
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1) Date and description of instrument creating the change |
19.04.04 Term loan
agreement (building) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term loan –
Rs.1.600 millions Together with
interest, charges and other expenses debited to the account from time to
time. |
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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 |
Equitable mortage
of the landed property at plot No. 12, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin – 50% Rate of Interest
– 10 % p.a. (subject to change by the bank from time to time ) |
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5) Name and Address and description of the person entitled to the charge. |
The Karur Vysya
Bank Ltd., Whites Road Branch, Chennai - 600004 |
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6) Date and brief description of instrument modifying the charge |
17.06.04 Confirmation of
deposit of title deeds. |
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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. |
No change in the
existing credit limits. The existing Term Loan of Rs.1.600 millions is
further secured by equitable mortage by deposit of title deeds and document
of all the piece and parcel of the company’s land and building bearing plot
No. 12, measuring 3600 Sq. Ft. together with all structures and plant and
machinery erected thereon and to be put up in the future situate at V.G.P.
Murphy Square, G. S. T. road, St. Thomas Mount, village , Contonement Area,
Tambaram Taluka, Kanchipuram Dt., Comprised in Survey No. 1461 part GLRS 360
with in the sub registration District of south Chennai, bounded on the north
by- plot No. 11, South by Vacant Land in S. No. 1465, Est by 30 Feet Road,
West by S. No. 1463 and Channel and morefully described in the schedule ‘B’
to the confirmation of deposit of title deeds. The other Terms
and conditions of the original charge remain unchanged. |
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.39.57 |
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|
1 |
Rs.81.01 |
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Euro |
1 |
Rs.56.35 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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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 |
NO |
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TOTAL |
|
63 |
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 |
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