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MIRA
INFORM REPORT
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Report Date : |
27.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CHANNEL FREIGHT SERVICES ( |
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Registered Office : |
A/4, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.05.2001 |
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Com. Reg. No.: |
11-131975 |
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CIN No.: [Company
Identification No.] |
U63090MH2001PTC131975 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC08437C |
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PAN No.: [Permanent
Account No.] |
AABCC6891K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Custom House Agents, Clearing
& Forwarding Agents, Shipping Agents, Carting Agents, Transhipment &
Warehouseman, Houlage Proprietors, Wharfingers, Barg Owner, Stewdors, Bonded
Carmen, Commen Carmen, Freight Forwarders, Container Freight Station
operators by air, sea, land or any other mode. |
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 23844000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established Company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
A/4, |
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Tel. No.: |
91-22-28306544 / 28306466 / 28329062 |
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Fax No.: |
91-22-28329815 |
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E-Mail : |
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Website : |
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DIRECTORS
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Name : |
Mr. Kishan Jaladhar Shetty |
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Designation : |
Managing Director |
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Address : |
A-4, Lok Bharati Centre, |
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Date of Birth/Age : |
02.05.1972 |
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Date of Appointment : |
14.05.2001 |
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Name : |
Mr. Sanjay Janardan Parab |
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Designation : |
Director |
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Address : |
Ignesh Gonsalves Chawal, Room No. 1, |
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Date of Birth/Age : |
05.09.1974 |
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Date of Appointment : |
26.02.2003 |
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Name : |
Ms. Vandana Jayaram Shetty |
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Designation : |
Director |
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Address : |
A-5/520, Lokbharti Centre, |
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Date of Birth/Age : |
05.02.1979 |
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Date of Appointment : |
26.02.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr. Kishan Jaladhar Shetty |
|
8900 |
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Mr. Sanjay Janardan Parab |
|
4010 |
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Ms. Vandana Jayaram Shetty |
|
4000 |
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Total |
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16910 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Directors or relatives of Directors |
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100.000 |
BUSINESS DETAILS
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Line of Business : |
Custom House Agents, Clearing
& Forwarding Agents, Shipping Agents, Carting Agents, Transhipment &
Warehouseman, Houlage Proprietors, Wharfingers, Barg Owner, Stewdors, Bonded
Carmen, Commen Carmen, Freight Forwarders, Container Freight Station
operators by air, sea, land or any other mode. |
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Products : |
Clearing & Forwarding Agents |
GENERAL INFORMATION
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Suppliers : |
·
Airlift ( ·
Indair Carriers
Private Limited ·
Natwar Parikh
Industries Limited ·
Galaxy Freight
Private Limited ·
Group Air B.V. ·
BVC Travels ·
Gordon Woodroffe
Logistics Private Limited |
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Customers : |
·
Batliboi Impex
Limited ·
Western India
Forgings Limited ·
Reliance Industries
Limited ·
Kran Rader
Investment Limited ·
Fracht Australia
Private Limited ·
Kritani Express
Private Limited ·
Mahajan Processors
Private Limited |
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No. of Employees : |
15 |
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Bankers : |
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Facilities : |
The company availed vehicle loan facility from it’s bankers |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M S Bhat and Company Chartered Accountant |
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Address : |
101, Nityanand Sadan, Bhardarwadi, Andheri (West), Mumbai 400058, |
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Tel. No.: |
91-22-26281774 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.700 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16910 |
Equity Shares |
Rs. 100/- each |
Rs. 1.691
Millions |
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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1.691 |
1.691 |
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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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4.270 |
2.154 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.961 |
3.845 |
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LOAN FUNDS |
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1] Secured Loans |
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1.852 |
2.236 |
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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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1.852 |
2.236 |
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DEFERRED TAX LIABILITIES |
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0.205 |
0.109 |
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TOTAL |
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8.018 |
6.190 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.089 |
1.914 |
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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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0.000 |
0.000 |
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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
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0.000 |
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Sundry Debtors |
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18.921
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10.635 |
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Cash & Bank Balances |
|
3.275
|
0.868 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
|
4.298
|
2.967 |
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Total
Current Assets |
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26.494
|
14.470 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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19.661
|
9.361 |
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Provisions |
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1.904
|
0.855 |
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Total
Current Liabilities |
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21.565
|
10.216 |
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Net Current Assets |
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4.929
|
4.254 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.022 |
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TOTAL |
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8.018 |
6.190 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover (including other income) |
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19.737 |
10.746 |
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Total Income |
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19.737 |
10.746 |
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Profit/(Loss) Before Tax |
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4.004 |
1.897 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
|
4.004 |
1.897 |
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Expenditures : |
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Depreciation & Amortization |
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0.331 |
0.146 |
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Other Expenditure |
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15.402 |
8.703 |
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Total Expenditure |
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15.733 |
8.849 |
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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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20.28 |
17.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
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20.28 |
17.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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13.53 |
11.57 |
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Return on Investment (ROI) (PBT/Networth) |
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0.67 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.92 |
3.23 |
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Current Ratio (Current Asset/Current Liability) |
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1.22 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
The company’s Fixed Assets of
important value include
§
Computers
§
Tele EPABX
§
Motor Car
§
Xerox Machines
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Air Conditioners
§
Fax Machines
AS PER WEBSITE
DETAILS :
Subject is a completely customer driven organisation. Their team,
comprising a young set of professionals ensure that the milestones are pegged
on every project they handle. They rise to every occasion with pure dedication
and impeccable speed.
An ability to create customized solutions to meet the changing demands
of a dynamic industry and to always be a step ahead of contemporaries makes
Channel Freight one of the rising “Stars” in the Freight Industry today. Each
customer will receive individual solutions. Cost Effectiveness & Speed are
the core competences which are predominant in the process of planning,
implementing and controlling the flow of goods and related information from the
point of origin to final destinations.
Channel's team is made up of highly experienced freight forwarding
professionals who share the same commitment in achieving the highest standards
of excellence.
At Channel Freight a committed attention is always assured.
Company Philosophy
Customer service is one of the cornerstones of their business. It
influences their decisions about almost every aspect of their operations. Their
customers have to know they care about their problems and needs; customer
service is in fact their responsibility. They nurture a deep faith in their
performance and in doing so append the value chain, which they give to their
customers
Company Profile
For centuries, trade traffic had always kept the Indian ports busy. It
would be months before goods would reach the buyers. In one instance, it had
taken nearly 11/2 years for a Textile mill in Ahmedabad to receive their
machinery from
Channel Freight Services India Pvt. Ltd has emerged from this very feature. The
dynamics of the market changes has been attributed to fuel the rapid growth of
this freight forwarding organisation.
Raised by a set of young professionals with years of rich experience, in the
Freight Forwarding Industry, it has made milestones of progress within a very
short period. Driven by a passion to “raise the bar” of service in the trade to
transcend International Standards.
Everything at Channel Freight is “Customer Centric”. A solution can be styled
according to the needs, regardless of how you wish to send the goods - by air,
sea or surface – their core competence is at the disposal. Their teams
encompass all aspects of freight operations thus meeting the highest of
standards. Their quality service delivers significant cost benefits to their customers.
It is pertinent to mention that freight handling is a specialized service,
which warrants careful scrutiny and handling at all levels of the stipulated
procedures. The Company therefore at all times over insures highly professional
and experienced staff with a view to providing optimum output with minimum of
delay. They strongly believe and practically exhibit personalized service to
their worthy customers. Their special areas of expertise in Exports / Imports
are in the AOG shipments Pharmaceuticals, Garments, Sports Goods, Leather
Goods, Electronics & Machinery, Computers, Medicine, Fertilizers, Glassware
and Plastic raw material.
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
CHANNEL FREIGHT SERVICES ( |
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Presented By |
MR. KISHAN J.
SHETTY |
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1) Date and description of instrument creating the change |
Form No. C- 1 Agreement of loan for overall limit Form No. C-2 Agreement of hypothecation of goods and assets. Form No. C-3 Letter regarding the grant of individual limits with in
the over limit executed on 14.03.2005 between the company and the State Bank
of India., Sahar Cargo Complex, Sahar, Andheri (East), Mumbai 400099. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 3.000
Millions |
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3) Gist of the terms and conditions and extent and operation of the
charge. |
As per form C – 1
executed on 14.03.2005 between the company and the State Bank of Hypothecation of
Book debts of the Company Mortgage of
properties described elsewhere in this Form owned by Mr. Kishan Shetty one of
the Directors of the Company by deposit of the Title Deeds of the properties. |
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4) Name and Address and description of the person entitled to the
charge. |
The State Bank of
Branch Sahar
Cargo Complex, Sahar, Andheri (East), Mumbai 400099. |
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5) Date and brief description
of instrument modifying the charge |
NA |
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6) 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 |
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. 39.51 |
|
|
1 |
Rs. 81.16 |
|
Euro |
1 |
Rs. 56.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
|