MIRA INFORM REPORT

 

 

Report Date :

30.10.2007

 

IDENTIFICATION DETAILS

 

Name :

ATLAS LOGISTICS PRIVATE LIMITED

 

 

Formerly Known As :

DRH LOGISTICS [INDIA] PRIVATE

 

 

Registered Office :

# 41/42, "Prabha Kiran", 2nd Cross, Air View Colony, Konena Agrahara, Behind Airport, Bangalore -560017, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

24.06.1999

 

 

Com. Reg. No.:

08-25375

 

 

CIN No.:

[Company Identification No.]

U63090KA1999PTC025375

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRA05014C

 

 

PAN No.:

[Permanent Account No.]

AAACD9963A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of providing logistics and cargo services. 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory track records. Trade relations are fair. Financial position is good. 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

 

Registered Office :

# 41/42, "Prabha Kiran", 2nd Cross, Air View Colony, Konena Agrahara, Behind Airport, Bangalore -560017, Karnataka, India

Tel. No.:

91-80-41258272 / 51153355

Fax No.:

91-80-41258241 / 51153933

E-Mail :

murali@blr.atlaslogistics.co.in

support@blr.atlaslogistics.co.in

badari@blr.atlaslogistics.co.in

Website :

http://www.atlaslogistics.co.in

 

 

Corporate Office :

# 777-B, 100ft Road, H.A.L IInd Stage, Indrinagar, Bangalore – 560038, Karnataka, India

Tel. No.:

91-80-41985000

Fax No.:

91-80-41153933

Area :

10000sq.fts

 

 

Branches :

Located at :

 

  • Bombay
  • Delhi
  • Chennai
  • Cochin
  • Coimbatore
  • Jaipur
  • Tuticorin
  • Tirupur
  • Pune
  • Nagpur
  • Vishakapatnam
  • Moradabad
  • Baroda
  • Kolkatta
  • Hyderabad
  • Ahmedabad
  • Thiruvananthapuram
  • Goa
  • Ludhiana
  • Jodhpur
  • Raipur
  • Kandla
  • Mangalore
  • Indore
  • Jalandhar

 

 

Overseas Offices :

Located at :

 

  • Italy
  • Singapore
  • South Korea
  • Sri Lanka
  • Indonesia
  • Thailand
  • Malayasia
  • Vietnam
  • Japan
  • Bangladesh

 

 

DIRECTORS

 

Name :

Mr. Venkatesh Rao H R

Designation :

Managing Director

Address :

L-26-27, 2nd A Main, HSR Layout 6th Sector, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

26.04.1951

Qualification :

Graduate

Date of Appointment :

24.06.1999

 

 

Name :

Mr. Nikhil Sachdev

Designation :

Director

Address :

101, Daffodils, 56, Pali Hills, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

07.09.1980

Date of Appointment :

24.06.1999

 

 

Name :

Mr. Yoginder M Sachadev

Designation :

Director

Address :

101, Daffodils, 56, Pali Hills, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

23.02.1940

Qualification :

Graduate

Date of Appointment :

01.04.2004

 

 

Name :

Ms. Priti Sachdev

Designation :

Director

Address :

101, Daffodils, 56, Pali Hills, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

03.07.1949

Date of Appointment :

01.04.2004

 

 

Name :

Ms. Pooja Sachdev

Designation :

Director

Address :

Plot No. 2, 8th Madeley Road, Ealing, London, UK

Date of Birth/Age :

18.10.1977

Date of Appointment :

01.04.2004

Date of Ceasing :

01.02.2005

 

KEY EXECUTIVES

 

Name :

Mr. Gopalkrishnaraj H H

Designation :

Company Secretary

Address :

T – 190, First Floor, 16th Main, 36th Cross, Jayanagar4th, T – Block, Bangalore – 560041, Karnataka, India

Tel No. :

91-80-26633267

Mobile No.:

91-9845297653

Email :

gopalakrishnaraj_hh@dataone.in

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Nikhil Sachadev

 

63000

Airlift Services Private Limited

 

9000

Pelican Shipping and Clearing Agency Private Limited

 

9000

Pooja Sachadev

 

81000

Venkatesh Rao H R

 

18000

Total

 

180000

 

 

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

10.00

Directors or relatives of directors

 

90.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of providing logistics and cargo services. 

 

 

Exports:

 

Countries :

UK, Australia, Europe, Latin, America, South and North America and Worldwide

 

 

imports :

 

Countries :

Latin America, Europe, UK, Australia and World wide

 

 

Terms :

 

Selling :

Credit and Down payments

 

 

Purchasing :

Credit and Down payment

 

 

GENERAL INFORMATION

 

Customers :

Exporters, Traders  and Importers

 

 

No. of Employees :

250

 

 

Bankers :
  • Syndicate Bank, No. 71/1 Millers Road, Bangalore – 560052
  • State Bank of India, Bangalore Branch, State Bank Road, Bangalore – 560001, Karnataka, India

 

 

 

 

Facilities :

Working Capital - Rs.100.000 millions

C/C and  L/C – Rs.40.000 millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Ishwar and Gopal

Chartered Accountants

Address :

Sri Vinayaka Motor Service Building, 21/3, TSP Road, Kalasipalyam, Bangalore – 560002, Karnataka, India

 

 

Subsidiaries :
  • Atlas Logistics Lanka Private Limited
  • Atlas Far East Pte Limited

 

 

Associates :

  • Pelican Air Private Limited
  • Pelican Shipping and Clearing Agency Private Limited
  • Transpeed Logistics Private Limited

41 / 42, Prabhakiran, Airvied Colony, Konena Agkahara, Bangalore – 560017

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs. 100/- each

Rs.100.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

180000

Equity Shares

Rs. 100/- each

Rs. 18.000 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

18.000

18.000

18.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

65.750

33.264

10.176

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

83.750

51.264

28.176

LOAN FUNDS

 

 

 

1] Secured Loans

105.171

75.105

46.026

2] Unsecured Loans

3.953

0.000

0.031

TOTAL BORROWING

109.124

75.105

46.057

DEFERRED TAX LIABILITIES

0.340

0.000

0.000

 

 

 

 

TOTAL

193.214

126.369

74.233

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

58.010

61.453

16.244

Capital work-in-progress

1.276

0.000

6.101

 

 

 

 

INVESTMENT

7.777

10.676

1.482

DEFERREX TAX ASSETS

0.000

0.183

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Sundry Debtors
228.103

217.189

140.433

 

Cash & Bank Balances
98.578

63.039

44.846

 

Loans & Advances
19.391

12.943

16.803

Total Current Assets
346.072

293.171

202.082

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
209.931

229.101

146.621

 

Provisions
9.990

10.013

5.055

Total Current Liabilities
219.921

239.114

151.676

Net Current Assets
126.151

54.057

50.406

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

193.214

126.369

74.233

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2007

31.03.2006

31.03.2005

Sales Turnover

1567.796

1157.633

944.047

Other Income

1.819

7.663

3.773

Total Income

1569.615

1165.296

947.820

 

 

 

 

Profit/(Loss) Before Tax

60.886

45.074

21.841

Provision for Taxation

24.188

17.881

8.154

Profit/(Loss) After Tax

36.698

27.193

13.687

 

 

 

 

Earnings in Foreign Currency :

 

 

 

Total Earnings

NA

165.744

124.471

 

 

 

 

Expenditures :

 

 

 

 

Interest

10.633

7.064

5.367

 

Depreciation & Amortization

6.850

6.130

4.790

 

Other Expenditure

1491.246

1107.028

915.822

Total Expenditure

1508.729

1120.222

925.979

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
2.33

2.33

2.30

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
3.88

3.89

2.31

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
15.06

12.71

10.00

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.72

0.88

0.78

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.62

6.13

7.02

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.57

1.23

1.33

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The subject was originally incorporated on June 24, 1999 as “DRH Logistics [India] Private” and changed to its present name i.e. “Atlas Logistics Private Limited” as per registry records vide letter No. JTA/PS/25375/CN/21/2002 dated April 30, 2002

 

           


 

Bankers Charges Report as per Registry

 

Name of the company

ATLAS LOGISTICS PRIVATE LIMITED

Presented By

ATLAS LOGISTICS PRIVATE LIMITED AND SYNDICATE BANK, MILLERS ROAD, BANGALORE

1) Date and description of instrument creating the change

01.12.2003 / Regd. On 05.01.2004

 

  • Composite Hypothecation agreement
  • Omnibus counter guarantee
  • General agreement

 

All the documents pertain to single charge

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 29.500 Millions

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

a)       Hypothecation of aid conditioners, UPS, office furniture, fittings, illuminating systems, computers, monitors, routers, modems, fax machines, scanners, primers, etc in their Head Office and other places / Branches.

b)       Hypothecation of Machinery, computers, furniture and fittings

c)       Statement of book debts [b] & [c] stored at 41/42, Prabha Kiran, Ii Cross, Airview Colony, Konena. Agrahara, Behind Air Port, Bangalore  560017

d)       Various deposit and certificates valued Rs. 16.748 Millions, New CD

4) Gist of the terms and conditions and extent and operation of the charge.

·         Interest @ 2.5 % over and above Syndicate Bank’s PLR with a minimum of 14 % p.a. for ODBD

·         Interest not  applicable for BG, Liability will devolve only on invocation of guarantee.

5) Name and Address and description of the person entitled to the charge.

Syndicate Bank,

No. 71/1, Sneha Complex,

Basaveshwara Road,

Millers Road,

Bangalore – 560052

6) Date  and brief description of instrument modifying the charge

13.05.2005

No Instrument – Letter re: Confirmation of deposit of Title Deeds  

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.

By the above, the credit limits aggregating Rs. 66 Millions are additionally secured by immovable property viz. entire Ground Floor constructed on Sy. No. 21 Hissa No. 1, CTS No. 23 and village Sahar Taluk and Andheri, Mumbai Suburban and  Sy. No. 93 A Hissa No. 4, CTS No. 21 and village Sahar Taluk and Andheri, Mumbai Suburban Dist. Together with 3 Nos. car Parking Spare in the Basement and 6 Nos. Car Parking Spare in front open space as marked in the plan.

 

All other terms and conditions remain unchanged.

 

 

This form is for

Creation of charge

Corporate identity number of the company

U63090KA1999PTC025375

Name of the company

ATLAS LOGISTICS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

# 41/42, "Prabha Kiran", 2nd Cross, Air View Colony, Konena Agrahara, Behind Airport, Bangalore -560017, Karnataka

Type of charge
  • Immovable property
  • Book debts

Particular of charge holder

State Bank of India

Bangalore Branch

State Bank Road

Bangalore – 560001, Karnataka, India

jsurya@vsnl.com

Nature of description of the instrument creating or modifying the charge

  • Agreement of Hypothecation of goods and assets
  • Letter regarding the grant of individual limits within the overall limit
  • Letter evidencing deposit of title deeds

 

All documents relate to same charge

Date of instrument Creating the charge

27.12.2006

Amount secured by the charge

Rs. 131.700 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

 

CC : Interest @ 0.50 % below SBAr, effective rate 10.50 % p.a. with monthly rests

TL : Interest @ 0.50 % below SBAr, effective rate 10.50 % p.a. with monthly rests with a option to reset the interest rate after every 2 years.

 

Terms of repayment

CC : Repayable on demand

TL: Repayable on per schedule 

 

Margin

Receivables : 30 %

Bank Guarantee : 25 %

Term Loan : 25 %

 

Extent operation of the charge

Charge extends on all the aforesaid assets throughout the period of sanctioned limits by way of first charge.

Short particulars of the property charged

Hypothecation of the whole of the present and future Receivables, book debts and other current assets belonging to the company situated at No. 777-B, 100 feet Road, Indiranagar, Bangalore – 560017 and at other places. EM created on immovable properties situated at property bearing Sy No. 21, Hissa No.1, CTS 23 and Sy No. 93-A, Hissa No. 4 CTS No. 21, situated at “Sahar Classic” Ground Floor, Sahar Road, Andheri Taluk, Mumbai Suburban District.

 

 

AS PER WEBSITE

 

Subject is a logistics company that reaches out to provide comprehensive logistic solutions. It is an IATA (International Air Transport Association) approved company.

 

NETWORK

 

Subject’s network across India is expansive and constantly growing. Its offices based in all the metropolitan cities lend strength to its operations. The total number of offices amount to 20, with about 250+ representative personal

 

Subject recorded a turnover of over $ 40 million in the last financial year.

 

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.39.38

UK Pound

1

Rs.80.96

Euro

1

Rs.56.81

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions