MIRA
INFORM REPORT
|
Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
OMX CARGO LIMITED |
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Registered Office : |
130, Transport
Center, Ring Road, Near Punjabi Bagh, Flyover, New Delhi- 110035 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.06.2000 |
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Com. Reg. No.: |
55-106554 |
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CIN No.: [Company
Identification No.] |
L74899DL2000PLC106554 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELO01399G |
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Legal Form : |
A closely held
public limited liability company. |
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Line of Business : |
International
Freight Forwarding Company. |
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 108000 |
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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 a well
established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The company can
be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
130, Transport
Center, Ring Road, Near Punjabi Bagh, Flyover, New Delhi- 110035 |
|
Tel. No.: |
91-11-25433222 /
25116143 / 28316541, 42, 43 |
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Fax No.: |
91-11-25116013 /
28316548 / 28316533 |
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E-Mail : |
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Website : |
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Corporate Office : |
130,
Transport Center, Punjabi Bagh, New Delhi-110035, India |
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Tel. No.: |
91-11-28316541/42/43 |
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Fax No.: |
91- 11-28316548/33 |
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E-Mail : |
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Branches : |
Kolkatta
(East India) Shed
No 5, Hoscom Depot, Hide Road, (Near
Jain Kunj) Kolkata - 700088 , India Chennai (South
India) Alandur Chennai – 600016, India Bangalore
(South India) Mumbai (West
India) |
DIRECTORS
|
Name : |
Mr. Ajay Singhal |
|
Designation : |
Director |
|
Address : |
E – 115, Phase –
I, Ashok Nagar, Delhi – 110052, India |
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Date of Birth/Age : |
17.07.1960 |
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Date of Appointment : |
30.06.2000 |
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Name : |
Mrs. Ranjana Singhal
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|
Designation : |
Director |
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Address : |
E – 115, Phase –
I, Ashok Nagar, Delhi – 110052, India |
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Date of Birth/Age : |
04.10.1966 |
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Date of Appointment : |
30.06.2000 |
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Name : |
Mrs. Brij Bala
Singhal |
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Designation : |
Director |
|
Address : |
E – 115, Phase –
I, Ashok Nagar, Delhi – 110052, India |
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Date of Birth/Age : |
04.01.1940 |
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Date of Appointment : |
30.06.2000 |
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Name : |
Mr. Vikram Garg |
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Designation : |
Director |
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Address : |
B – 9, Baagwan Dass
Nagar, East Punjabi Bagh, Delhi (New)- 110035, India |
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Date of Birth/Age : |
14.09.1979 |
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Date of Appointment : |
22.01.2001 |
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|
Name : |
Mr. Vinay Rakesh
Mittal |
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Designation : |
Additional
Director |
|
Address : |
13/8, Punjabi Bagh
Extn., New Delhi – 110026, India Tel No.:
91-11-28316500-10 Fax No.:
91-11-28316533-34 |
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Date of Birth/Age : |
10.04.1979 |
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Date of Appointment : |
01.04.2006 |
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|
Name : |
Mr. Vikas Nand
Kishore Garg |
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Designation : |
Additional
Director |
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Address : |
10/04, East
Punjabi Bagh, Delhi (New)- 110026, India Tel No.:
91-11-28316500-10 Fax No.:
91-11-28316533-34 |
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Date of Birth/Age : |
15.06.1973 |
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Date of Appointment : |
01.04.2006 |
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Date of Ceasing: |
15.11.2007 |
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Name : |
Mr. Vipul Mohan
Kumar Garg |
|
Designation : |
Additional
Director |
|
Address : |
6/1, Jai Dev
Park, New Delhi- 110026, India Tel No.:
91-11-28316500-10 Fax No.:
91-11-28316533-34 Email : cs@omlogistics.co.in |
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Date of Birth/Age : |
26.11.1982 |
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Date of Appointment : |
01.04.2006 |
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Date of Ceasing: |
15.11.2007 |
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Name : |
Mr. Manish Kumar Gupta |
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Designation : |
Director |
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Address : |
F -21, Kamla Nagar , New Delhi-
110 007, India |
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Date of Birth/Age : |
02.08.1969 |
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Date of Appointment : |
23.11.2007 |
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Name : |
Mr. Kapil Dalmia |
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Designation : |
Director |
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Address : |
C -202, Falcon Castle Society Tej Apartments, Senapati Bapat Marg, Lower
Parel, Mumbai – 400 013, Maharashtra, India |
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Date of Birth/Age : |
06.01.1978 |
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Date of Appointment : |
15.04.2004 |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
99.94 |
|
2 |
Other top fifty (50) shareholders |
0.06 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
International
Freight Forwarding Company. |
GENERAL
INFORMATION
|
Customers : |
· Automnax · Suzuki · La Victoria · Sunbeam Auto Limited · Su-Kam · Orient Tiles · SDL · Bilt · Indo Dan · Frigoglass · Jamna Auto Industries Limited · Pooja Forge · ARB Bearings · Maruti Suzuki · Hindon Forge Private Limited · Suzuki Motorcycles Limited . · Maruti Suzuki Automobile India Limited . · Porrits and Spencer Asia Limited . · NTN Bearing · MSL · Jindal Polyesters · Automax · Frigo Glass |
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No. of Employees : |
150 |
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Bankers : |
· ICICI Bank Limited · Citi Bank NA Address: Jeevan Vihar, 3 Sansad Marg,. New Delhi – 110 001, India |
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Banking Relations : |
Satisfactory |
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Auditors : |
Subhash C. Gupta
and Company Chartered
Accountants 105-106, Welcome
Chamber, 13/10, Saraswathi Marg, W.E.A. Karol Bagh, New Delhi – 110005, India
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Tel. No.: |
91-11-25784120 |
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Fax No.: |
91-11-25785035 |
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E-Mail : |
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Associates/Subsidiaries : |
Ř Om Auto Carriers Ř
Om Air Freight Limited Ř Omx Info Management
Services Ř
Omx logistics Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
515700 |
Equity Shares |
Rs. 10/- each |
Rs. 5.157
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 |
5.157 |
5.157 |
5.157 |
|
|
2] Share Application Money |
6.000 |
1.000 |
0.000 |
|
|
3] Reserves & Surplus |
15.830 |
5.650 |
3.925 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.987 |
11.807 |
9.082 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
22.742 |
0.987 |
0.517 |
|
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2] Unsecured Loans |
11.584 |
10.438 |
4.134 |
|
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TOTAL BORROWING |
34.326 |
11.425 |
4.651 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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TOTAL |
61.313 |
23.232 |
13.733 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.276 |
3.876 |
1.444 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.682 |
3.012 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
62.316
|
48.560 |
41.956 |
|
|
Cash & Bank Balances |
7.031
|
3.421 |
0.811 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
15.690
|
5.270 |
2.360 |
|
Total
Current Assets |
85.037
|
57.251 |
45.127 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
40.088
|
36.038 |
31.371 |
|
|
Provisions |
3.610
|
4.900 |
1.514 |
|
Total
Current Liabilities |
43.698
|
40.938 |
32.885 |
|
|
Net Current Assets |
41.339
|
16.313 |
12.242 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.016 |
0.031 |
0.047 |
|
|
|
|
|
|
|
|
TOTAL |
61.313 |
23.232 |
13.733 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
607.199 |
345.880 |
247.605 |
|
|
Other Income |
0.772 |
0.481 |
0.104 |
|
|
Total Income |
607.971 |
346.361 |
247.709 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
16.549 |
3.968 |
4.047 |
|
|
Provision for Taxation |
5.990 |
1.934 |
1.514 |
|
|
Profit/(Loss) After Tax |
10.559 |
2.034 |
2.533 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
7.483 |
6.116 |
2.827 |
|
|
Managerial Remuneration |
1.320 |
0.600 |
0.600 |
|
|
Payment to Auditors |
0.025 |
0.028 |
0.027 |
|
|
Interest |
2.167 |
1.088 |
0.461 |
|
|
Insurance Expenses |
0.056 |
0.026 |
0.038 |
|
|
Power & Fuel |
0.240 |
0.240 |
0.202 |
|
|
Depreciation & Amortization |
1.825 |
0.943 |
0.564 |
|
|
Other Expenditure |
578.304 |
333.350 |
238.942 |
|
Total Expenditure |
591.420 |
342.391 |
243.661 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.74
|
0.58 |
1.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.73
|
1.15 |
1.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.76
|
6.18 |
8.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.34 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.89
|
4.43 |
4.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.39 |
1.37 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
L74899DL2000PLC106554 |
|
Name of the company |
OMX CARGO LIMITED |
|
Address |
130 Transport Centre Punjabi Bagh, New Delhi – 110 035,
India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Movable property |
|
Particular of the charge holder
|
Citi Bank NA Address: Cititower Dr, S S Rao Road,
Parel, Mumbai – 400 012, Maharashtra, India Email: harsha.sarin@citigroup.com |
|
Nature or description of the instrument creating charge |
Loan Agreement |
|
Date of the instrument creating charge |
27.02.2007 |
|
Amount Secure by the charge |
Rs. 3.200 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 11.00% p.a Terms of Repayment: Repayable in 24 EMIs @ Rs. 0.149 millions Starting from 1st
March, 2007 and ended on 1st February , 2009 Margin: As stipulated by Bank from time to time Extent and operations of the Charge: Loan shall be repayable together with Interest , fees, costs, charges
and expenses and all other amount payable to the bank shall be secured by a
first charge by way of mortgage in favour of the bank over the property and
such other properties , as also guarantee of the guarantor as the bank may
require. |
|
Short particulars of the Property charged |
Property being lying and situate at 236, 2nd
Floor, Kewal Industrial Estate, SB Marg, Lower Parel, Mumbai - 13 |
Company Profile
Subject the youngest International Freight Forwarding
Company established in 2000, has developed a complete range of services to respond
to Logistics and Transportation needs - comprising of air, ocean and land
transportation services; brokerage and customs consulting services, warehousing
and distribution.
The
company's experience-state of the technology and international network provides
cost effective, convenient and efficient solutions by Air Export, Air Import,
Cargo Consolidation, Ocean Services, Customs Services, Warehousing And
Distribution Facilities, Door To Door Pickup And Delivery All Over The World.
Subject has been approved by IATA (International Air
Transport Association).
Om Auto
Carriers
Om Auto Carriers is
an integrated Transportation and Logistics junction of Om Group. Om Auto is a
dedicated Car Carrier company, which later transformed into multi-modal
transportation. Om Auto is an approved Car Carrier for most of the automobile
companies, which has earned reputation by reducing the Cost and Transit Time
for its prestigious clients.
Om Air Freight Limited
Om Air Freight
Limited is an Om Group's domestic Air cargo company which keeps balance in the
flow of Raw Materials and Supply Chain Management for many top notch companies
in India. It has satisfied the requirements of various Automobiles and Garment
Export companies in the past. The company has its operational offices adjoining
major airports in India.
The company specialises in Express, Train and Air movements and management of
cargo. Its focus ranges from providing 'door-to-door' services, to value added
services, of COD-DOD, DACC, TO-Pay cargo management.
The company also specialises in ODA deliveries, Holiday deliveries and special
'on time' delivery services.
Omx Info Management Services
OMX Information Management Services - a division of OM
Logistics Limited brings a specialized field of information management
concerned with "Systematic Analysis" and "Control Of
Operating" records associated with business activities.
The Organisation's vision is to attain fulfilment in their business by
focusing on :
Ř
Quality of Service - which should be
second to none.
Ř
Business Relations - provide
exceptional value for their clients who drive their business
Ř
People Relations - to encourage
individual growth, personal commitment and team spirit.
Ř
Optimum Results - the measure of
how well they know their business.
Their state of the art records management facility with
advanced technology and stringent security check norms have further established
"OIMS" as the most preferred name amongst service providers.
They
are committed to render :
Ř Reliability
Ř
Integrity
Ř
Performance
Ř
Comprehensiveness and
Ř
Improvement of overall efficiency and
productivity of the clients
Fixed Assets
Ř Air Conditioner
Ř Computer
Ř Office Equipment
Ř Furniture
Ř
Car
WEBSITE DETAILS:
Om Logistics Limited ventured in International arena with "OMX
Cargo Limited." its international wing in 2000. The company is a NVOCC,
IATA approved company.
The company has developed a complete range of services to respond to the
logistics and transportation needs comprising of Air, Ocean and Land
transportation services, brokerage and customs consulting services, warehousing
and distribution.
The company shares its branches with OM Logistics Limited. comprising of
250 offices and 30,00,000 sq. ft. of warehousing facilities which includes,
open and closed space with partners, all over the world. The company has been
able to live upto the needs and demands of its local as well as global
customers.
To widely spread Indian Corporate and Multinational with globally spread
market OMX offers the following range of services:
·
Door-to-Door pickup
and delivery all over the world.
·
Warehousing
facilities all over the world.
·
Project Handling
·
Cargo consolidation
Air/Sea.
·
Custom broker for
Export and Import
·
Break Bulk Facilities
Services:
They provide an effective and efficient
service for all of their clients. Clients benefit from utilizing all or some of
the services offered by the company, which include:
·
Consolidated
Airfreight
·
Direct Freight
·
Air/Air Transshipment
·
Door-to-Door Services
·
Pickup and Deliveries
·
Documentation
·
Special Handling
Warehousing – both Bonded and Non – Bonded is available at all major
ports. Warehouses are provided with modern amenities for handling all types of
cargo. Full logistics solutions are offered for stock and distribution of
cargos from these warehouses.
·
Warehousing Operations
·
Bonded CFS
·
Non-bonded facilities
·
Hub and Spoke distribution
system
·
Inventory Management
·
Invoicing
·
Local and up-country distribution
·
Multi-Modal Transport Operations (Regd. With Govt of India)
·
Weekly Services to Europe, USA and West Africa
·
FCL (Full Container Load) and
LCL (Less than Container Load) Operations
·
Single point contact
·
Coordination of Large International Freight Volume
Efficient and strategic supply chain management can make a substantial
difference in an organization’s success and profitability.
·
Consolidation Services
·
Documentation Management
·
Pick and Pack Operations
·
Garment-on-hangers
·
Transportation
·
Barcoding/Labeling
·
Information Management
Local Services and Customs
Brokerage
·
Custom clearance at
all major Indian ports
·
Local Transportation
·
Distribution
·
Heavy lift transport
·
Project handling
consultancy services
Project cargo is any shipment of freight that cannot fit in a standard
container, or that is considered 'out-of-gauge'. This includes cargo which is
exceptionally heavy, long, wide or composed of complex components that must be
disassembled, shipped and reassembled. Project cargo can still be considered a
niche market, but more than ever it requires specialized expertise.
·
Suzuki Motorcycles Limited.
·
Maruti Suzuki Automobile India Limited.
·
Porrits and Spencer Asia Limited.
·
NTN Bearing
·
MSL
·
Jindal Polyesters
·
Automax
·
Frigo Glass
·
SAP and other connectivity-compatible and enabled
·
OLTP to track every single shipment
·
Inventory control through OLTP
·
Warehouse management system
·
Atomized storage and retrieval systems
·
Customized in-house inventory management software
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.39.94 |
|
UK Pound |
1 |
Rs.79.03 |
|
Euro |
1 |
Rs.63.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
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 |
|