MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
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Name : |
PENTA FREIGHT PRIVATE LIMITED |
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Registered Office : |
12, Sahar Cargo Estate, V M Shah Marg, J B Nagar, Andheri (East), Mumbai
– 400099, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.01.1993 |
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Com. Reg. No.: |
11-70564 |
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CIN No.: [Company
Identification No.] |
U63040MH1993PTC070564 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP07317C MUMP10030G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Services Provider and Agent of Custom Clearance, Freight Forwarding
Clearing. |
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 140000 |
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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 : |
Mr. Santosh Amre, (Accounts Manager), although agreed to part details
but never did, so far. Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position of the company is good. Payments are
usually correct and as per commitments. The company is doing well. It can be considered good for normal business dealings at usual trade
terms are conditions. |
INFORMATION DECLINED BY
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Name : |
Mr. Santosh Amre |
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Designation : |
Accounts Manager |
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Date : |
19.12.2008 |
LOCATIONS
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Registered Office : |
12, Sahar Cargo Estate, V M Shah Marg, J B Nagar, Andheri (East),
Mumbai – 400099, Maharashtra, India |
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Tel. No.: |
91-22-28356691/ 28324861/ 28302266/ 40971410 |
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Fax No.: |
91-22-28218768 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Prasanan Watson Kurup |
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Designation : |
Director |
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Address : |
Glen Height CHS, 303, |
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Date of Birth/Age : |
06.05.1964 |
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Qualifications : |
B. Com |
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Experience : |
21 years |
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Date of Appointment : |
01.07.1995 |
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Name : |
Mr. Shashi Narayan Kanchan |
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Designation : |
Director |
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Address : |
402, Neptune Lokhandwala Complex, Andheri West, Mumbai – 400053, |
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Date of Birth/Age : |
03.05.1956 |
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Qualifications : |
B. Com |
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Experience : |
22 years |
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Date of Appointment : |
01.07.1995 |
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Name : |
Mr. Ramesh Iyer |
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Designation : |
Director |
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Address : |
72-B, Kalighat CHS Vridavan Complex, Thane West, Mumbai – 400601, |
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Date of Birth/Age : |
12.09.1961 |
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Qualifications : |
B. Com. DGR Course From Air |
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Experience : |
23 years |
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Date of Appointment : |
01.03.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Ramesh Ramesh Iyer |
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21522 |
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Shashi Narayan |
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21989 |
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Prasanan Watson Kurup |
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21989 |
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Total |
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65500 |
(As on 30.09.2007)
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Category |
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Percentage
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Bodies Corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Services Provider and Agent of Custom Clearance, Freight Forwarding
Clearing. |
GENERAL INFORMATION
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No. of Employees : |
300 |
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Bankers : |
140, Vivek Darshan, Opposite Bhakti Bhavan, Sindhi Society, Chembur, Mumbai
– 400071,
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Karnik and Associates Chartered Accountant |
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Address : |
207, Auto Commerce House, Nana Chowk, Mumbai – 400007, |
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Tel No.: |
91-22-23884316 |
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Fax No.: |
91-22-23858732 |
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Email : |
CAPITAL STRUCTURE
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
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Issued, Subscribed & Paid-up Capital:7
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No. of Shares |
Type |
Value |
Amount |
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65500 |
Equity Shares |
Rs.100/- each |
Rs.6.550
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.550 |
5.050 |
3.550 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.230 |
17.273 |
14.151 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.780 |
22.323 |
17.701 |
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LOAN FUNDS |
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1] Secured Loans |
93.555 |
48.620 |
34.186 |
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2] Unsecured Loans |
0.000 |
0.000 |
3.000 |
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TOTAL BORROWING |
93.555 |
48.620 |
37.186 |
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DEFERRED TAX LIABILITIES |
0.349 |
0.478 |
0.330 |
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TOTAL |
122.684 |
71.421 |
55.217 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.156 |
34.748 |
28.834 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.813 |
0.893 |
0.893 |
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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 |
209.015
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141.931 |
110.748 |
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Cash & Bank Balances |
29.617
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5.930 |
8.406 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
16.859
|
14.020 |
13.568 |
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Total
Current Assets |
255.491
|
161.881 |
132.722 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
160.928
|
119.249 |
101.543 |
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Provisions |
7.907
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6.920 |
5.720 |
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Total
Current Liabilities |
168.835
|
126.169 |
107.263 |
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Net Current Assets |
86.656
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35.712 |
25.459 |
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MISCELLANEOUS EXPENSES |
0.059 |
0.068 |
0.031 |
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TOTAL |
122.684 |
71.421 |
55.217 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
117.862 |
83.186 |
65.844 |
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Other Income |
0.187 |
0.415 |
1.988 |
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Total Income |
118.049 |
83.601 |
67.832 |
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Profit/(Loss) Before Tax |
11.790 |
9.870 |
7.993 |
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Provision for Taxation |
4.033 |
3.298 |
2.418 |
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Profit/(Loss) After Tax |
7.757 |
6.572 |
5.575 |
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Expenditures : |
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Personnel Cost |
78.092 |
49.520 |
39.103 |
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Administrative Expenses |
18.901 |
16.177 |
13.917 |
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Financial Cost |
4.316 |
3.832 |
3.083 |
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Preliminary Expenses W/Off |
0.009 |
0.009 |
0.004 |
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Other Expenditure |
4.941 |
4.193 |
3.732 |
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Total Expenditure |
106.259 |
73.731 |
59.839 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.57
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7.86 |
8.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.00
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11.86 |
12.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.07
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5.02 |
4.95 |
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Return on Investment (ROI) (PBT/Networth) |
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0.41
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0.44 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.13
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5.86 |
8.16 |
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Current Ratio (Current Asset/Current Liability) |
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1.51
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1.28 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U63040MH1993PTC070564 |
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Name of the
company |
PENTA FREIGHT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
12, Sahar Cargo Estate, V M Shah Marg, J B Nagar, Andheri (East),
Mumbai – 400099, Maharashtra, India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts |
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Particular of
charge holder |
Janakalyan Sahakari Bank Limited 140, Vivek Darshan, Opposite Bhakti Bhavan, Sindhi Society, Chembur,
Mumbai – 400071, |
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Nature of
instrument creating charge |
Agreement of
hypothecation of stock and book debts |
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Date of
instrument Creating the charge |
16.07.2008 |
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Amount secured by
the charge |
Rs.32.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 12% per annum
with monthly rests Terms of
Repayment: On Demand Margin: As per sanction
Letter Extent and
Operations of the charge: To secure cash
credit (Book-Debts) facility to the extent of Rs.32.500 Millions granted by
the bank of the company. |
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Particulars of
the property charged |
All the present
and future book debts, outstanding money, claims, receivable and bills become
due in the course of business by any person, firm, company or by government
or any local or public body or authority whatsoever (All of which are
hereafter collectively referred to as “the said debts) |
Fixed Assets:
- Air
Conditioner
- Fax Machine
- Furniture and
Fixture
- Electrical
Installations
- Office
Premises
- Office
Equipment
- Motor Car
- Carco Carrier
Tempo
- Computers
- Mobile Phone
Website Details:
Profile:
Subject was incorporated in 1993 by a group of young professionals from the
cargo industry with a view to provide their expertise and experience of freight
forwarding industry to the export/import fraternity.
From a modest
beginning, subject attained a ranking of one of
the leading freight forwarders figuring in the top 10 of various airlines.
Subject corporate office is located in Mumbai, the commercial / financial city
of
Subject is IATA and FIATA registered.
Subject is conveniently located near the International Cargo Complex - the hub of International export & import activity. They have their own warehousing facilities located in close proximity to the Cargo Complex which can provide storage of all type of Cargo. The company owned trucks provide convenient pick-ups and delivery of cargo within the country.
Subject has in it's work force, highly experienced and professional personnel, having the highest level of commitment and who believe in personalized service to their customers. They have the expertise to handle the most intricate of jobs in all areas of freight forwarding including documentation of all kinds. The personnel are also certified to handle dangerous/hazardous goods.
Subject has a network of associate forwarders across
the globe, by which they are able to provide a total package of services from
'Door to Door' / 'Port to Port', whether it be export or import freight.
Subject’s facilities
are conveniently located near the International Air Cargo Complex and
Subject through its network of associate's across the globe
are in a position to provide a complete transport solution to its esteemed clients
by providing them either a Door to Door or Port to Port or Port to Door or a
Door to Port Service whether it be Export or Import Freight.
Scope of Services
Subject offer
a range of services relevant to the Export/Import community.
- Custom
Documentation / Clearance
- Trade
Documentation
- Import
Consolidation
- Door to Door
Shipments
- Trucking
- Dangerous
Cargo Handling
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.47.08 |
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|
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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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 |
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--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 |
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