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MIRA
INFORM REPORT
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Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
FREIGHT LINES (INDIA) PRIVATE LIMITED |
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Registered Office : |
Andheri Chambers, 2nd Floor, 61, New Link Road, Andheri (West),
Mumbai-400053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.01.1987 |
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Com. Reg. No.: |
11-42381 |
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CIN No.: [Company
Identification No.] |
U63030MH1987PTC042318 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF03418C |
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PAN No.: [Permanent
Account No.] |
AAACF0535E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Logistics Services |
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 88000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well- established and reputed company meeting its normal commitments
timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Ms. Aditi |
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Designation : |
H R Department |
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Date : |
19.07.2008 |
LOCATIONS
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Registered Office : |
Andheri Chambers, 2nd Floor, 61, New Link Road, Andheri
(West), Mumbai-400053, Maharashtra, India |
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Tel. No.: |
91-22-26964810/ 266964801 |
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Mobile No.: |
91-9322295104 |
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Fax No.: |
91-22-66964810 |
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E-Mail : |
hrd@freightlines.co.in , info@freightlines.co.in , kishan@lglobalholdings.com |
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Website : |
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Area : |
Owned |
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Godown : |
Godown Premises at
504, Atlanta Tower, Sahar Road, Andheri East, Mumbai -400099, Maharashtra,
India |
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Area : |
Owned |
DIRECTORS
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Name : |
Mrs. Ridhima Kishan Batra |
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Designation : |
Additional Director |
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Address : |
7, Ruia Park, Juhu, Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
03.12.1989 |
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Date of Appointment : |
14.03.2008 |
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Name : |
Mr. Kishan Lalchamandas Batra |
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Designation : |
Director |
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Address : |
118, Vyapar Bhavan, P. D Mello Road, Mumbai-400009, Maharashtra, India |
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Date of Birth/Age : |
02.10.1962 |
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Date of Appointment : |
09.02.1989 |
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Name : |
Mrs. Lalita Kishan Batra |
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Designation : |
Director |
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Address : |
118, Vyapar Bhavan, P. D Mello Road, Mumbai-400009, Maharashtra, India |
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Date of Birth/Age : |
15.06.1968 |
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Date of Appointment : |
01.09.2001 |
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Name : |
Ms. Pinky Lalchamndas Batra |
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Designation : |
Director |
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Address : |
504, Atlanta Towers, Sahar Road, Andheri (East), Mumbai-400009,
Maharashtra, India |
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Date of Birth/Age : |
16.07.1959 |
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Date of Appointment : |
09.02.1989 |
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Name : |
Mr. Amit Lalchamandas Batra |
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Designation : |
Director |
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Address : |
118, Vyapar Bhavan, P. D Mello Road, Mumbai-400009, Maharashtra, India |
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Date of Birth/Age : |
16.12.1957 |
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Date of Appointment : |
09.02.1989 |
KEY EXECUTIVES
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Name : |
Ms. Aditi |
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Designation : |
H R Department |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Yashpal Lalchamandas Batra |
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18 |
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Kishan Lachamandas Batra |
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25700 |
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Lalita Kishan Batra |
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24264 |
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Kishan Batra (HUF) |
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18 |
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Total |
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50000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Logistics Services |
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Terms : |
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Selling : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
70 |
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Bankers : |
Janakalyan Sahakari Bank Limited, 140, Vivek Darshan, Opposite Bhakti
Bhavan, Sindhi Society, Chembur, Mumbai-400071, Maharashtra, India |
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Facilities: |
Over Draft Limit Rs. 15.000 Millions Hypothecation Limit Rs. 20.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H M Mody And Company Chartered Accountant |
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Address : |
12, Indus Court, A Road, Churchgate, Mumbai-400020, Maharashtra, India |
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Associates/Subsidiaries : |
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Holding Company: |
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 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 |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.603 |
9.479 |
6.885 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.603 |
14.479 |
11.885 |
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LOAN FUNDS |
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1] Secured Loans |
32.249 |
24.096 |
12.730 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
32.249 |
24.096 |
12.730 |
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DEFERRED TAX LIABILITIES |
1.695 |
1.688 |
1.838 |
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TOTAL |
51.547 |
40.263 |
26.453 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.399 |
19.652 |
20.443 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.379 |
2.729 |
2.379 |
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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 |
48.089
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30.672 |
51.723 |
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Cash & Bank Balances |
0.368
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0.192 |
0.434 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
16.094
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11.119 |
10.799 |
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Total
Current Assets |
64.551
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41.983 |
62.956 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
32.912
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21.081 |
56.891 |
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Provisions |
3.870
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3.020 |
2.435 |
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Total
Current Liabilities |
36.782
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24.101 |
59.326 |
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Net Current Assets |
27.769
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17.882 |
3.631 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.547 |
40.263 |
26.453 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.92
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3.33 |
6.06 |
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Current Ratio (Current Asset/Current Liability) |
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1.75
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1.74 |
1.06 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- BAS
Construction
- Unit Camp
Pham
- Ceat Limited
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90244478 |
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Corporate
identity number of the company |
U63030MH1987PTC042318 |
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Name of the
company |
FREIGHT LINES (INDIA) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Andheri Chambers, 2nd Floor, 61, New Link Road, Andheri (West),
Mumbai-400053, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Janakalyan Sahakari Bank Limited, 140, Vivek Darshan, Opposite Bhakti
Bhavan, Sindhi Society, Chembur, Mumbai-400071, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Extension of
Equitable Mortgage |
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Date of
instrument Creating the charge |
07.06.2007 |
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Amount secured by
the charge |
Rs. 14.400
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Together with
interest thereon and all cost charges and expenses payable to the Bank. Terms of
Repayment As per sanction
terms Margin As per sanction
stipulations Extent and
Operation of the charge To secure various
credit facilities aggregating to Rs. 14.400 Millions granted by the Bank to
the Company as mentioned below:-
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Short particulars
of the property charged |
Extension of Equitable
Mortgage by Deposit of Title Deeds in respect of Company’s immovable property
viz. Industrial Unit situated at Unit No. 504, Atlanta Tower, Sahar Road,
Chakala, Andheri (East), Mumbai-400009, Maharashtra. India owned by M/s.
Freight Lines (India) Private Limited admeasuring 555 sq ft. |
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Date of latest
modification prior to the present modification |
20.12.2006 |
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Particulars of
the present modification |
Vide this
modification change amount has been enhanced from Rs. 4.000 Millions to Rs. 14.400
Millions by addition of Rs. 10.400 Millions against Extension Mortgage by
Deposit of Title Deeds in respect of Company’s immovable property viz.
industrial Unit Situated at Unit No. 504, Atlanda Tower, Sahar Road, Chakala,
Andheri, East, Mumbai-400099 owned by M/s. Freight Lines (India) Private
Limited admeasuring 555 sq. ft. |
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Name of the company |
FREIGHT LINES (INDIA) PRIVATE LIMITED |
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Presented By |
M/s. Freight
Lines ( India) Private Limited and Janakalyan Sahakari
Bank Limited |
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1) Date and description of instrument creating the change |
Original Charge
Created Vide Memorandum of Entry Dated 18.03.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.500
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Godown Premises
at 504, Atlanta Tower, Sahar Road, Andheri East, Mumbai -400099, Maharashtra,
India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Facility : 1.
Cash Credit Limit : Rs. 7.500
Millions Margin : 25% R.O. I. : 17% |
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5) Name and Address and description of the person entitled to the charge. |
Janakalyan Sahakari Bank Limited, 140, Vivek Darshan, Opposite Bhakti
Bhavan, Sindhi Society, Chembur, Mumbai-400071, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Extension of
Equitable Mortgage Dated 10.03.2003 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Original Charge
created vide Memorandum of Entry dated 18.03.2000 for Rs. 7.500 Millions
which was further extended by Rs. 0.500 Million dated 22.09.2000 the same is
further extended for Rs. 17.000 Millions dated 03.01.2002 Now it is further
modified by Extension of Equitable Mortgage dated 10.03.2003 for Rs. 1.000
Million under Add. Cash credit Rs. 1.000 Million Margin : 25% R. O. I. 16% |
AS PER WEBSITE
About Holding Company
L'global Group was founded in 1989 as a freight forwarding
enterprise.
Since then it has transformed into a total logistics services
provider handling Freight Forwarding (Ocean and Air), Custom Clearance,Project
Forwarding, Inland Transportation, Warehousing, Local Distribution, Express
Services and much more. They operate through their branch network in
India and extensive overseas network.
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 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.42.78 |
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UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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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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