MIRA
INFORM REPORT
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Report Date : |
23.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CARGO PLACEMENT AND SHIPPING AGENCIES PRIVATE LIMITED |
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Registered Office : |
227, Sahar Cargo Estate, Near Bombay Cambridge School, J B Nagar,
Andheri [East], Mumbai – 400099, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
30.06.2005 |
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Com. Reg. No.: |
11-154384 |
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CIN No.: [Company
Identification No.] |
U63000MH2005PTC154384 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC13655F |
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PAN No.: [Permanent
Account No.] |
AACCC6300N |
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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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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 having satisfactory
track. Directors are reported as experienced, respectable and having
satisfactory means of their own. Trade relations are fair. Business is
active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Shijo Chummar |
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Designation : |
General Manager – India Operations |
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Contact No.: |
91-9820201283 |
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Date : |
22.07.2008 |
LOCATIONS
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Registered Office : |
227, Sahar Cargo Estate, Near Bombay Cambridge School, J B Nagar,
Andheri [East], Mumbai – 400099, Maharashtra, India |
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Tel. No.: |
91-22-28250581 / 82 / 83 / 84 |
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Mobile No.: |
91-9821217377 |
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Fax No.: |
91-9323010404 / 28250585 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Corporate Office : |
A102, EDEN II, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. C. P. Sajeevan |
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Designation : |
Director |
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Address : |
101/102, EDEN II, Hiranandani Gardens, Powai, Mumbai |
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Date of Birth/Age : |
15.05.1966 |
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Qualification : |
B.A. |
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Experience : |
23 Years |
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Name : |
Mrs. Anitha Sajeevan |
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Designation : |
Director |
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Address : |
101/102, EDEN II, Hiranandani Gardens, Powai, Mumbai |
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Date of Birth/Age : |
28.05.1972 |
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Qualification : |
B. Com |
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Experience : |
15 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. C. P. Sajeevan |
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15000 |
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Mrs. Anitha Sajeevan |
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15000 |
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Total |
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30000 |
BUSINESS DETAILS
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Line of Business : |
Providing logistics services |
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Terms : |
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Selling : |
Credit [30 days] |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
140 [In Office : 98; In Branch : 42] |
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Bankers : |
Corporation Bank SME, Marol, Andheri [East], Mumbai |
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Facilities : |
[From Corporation Bank]
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parikh and Amin Associates Chartered Accountants |
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Address : |
205, 2nd Floor, B-Wing, Abhinav Apartments, 302,
Shradhanand Road, Vile Parle [East], Mumbai – 400057 |
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Tel. No.: |
91-22-26161717 / 18 |
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Fax No.: |
91-22-26174646 |
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E-Mail : |
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Associates/Subsidiaries : |
Cargo Placement
and Agencies Address : 227, Sahar Cargo Estate, Near Bombay Cambridge School, J B
Nagar, Andheri [East], Mumbai – 400099, Maharashtra, India Activities : Clearing House Agent Cargo Placement
and Shipping Agencies Activities : CHA Bankers : Corporation Bank Arun Woollen
Mills Activities : Traders Bankers : HDFC Bank Satya
Enterprises Address : 227, Sahar Cargo Estate, Near Bombay Cambridge School, J B
Nagar, Andheri [East], Mumbai – 400099, Maharashtra, India Activities : Importer |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs. 100/- Each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs. 100/- Each |
Rs. 3.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
1.600 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.965 |
0.016 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.233] |
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NETWORTH |
4.965 |
1.616 |
[0.133] |
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LOAN FUNDS |
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1] Secured Loans |
10.764 |
4.363 |
0.000 |
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2] Unsecured Loans |
2.196 |
1.450 |
0.200 |
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TOTAL BORROWING |
12.960 |
5.813 |
0.200 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.925 |
7.429 |
0.067 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.420 |
5.431 |
0.012 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
17.683
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5.511 |
0.000 |
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Cash & Bank Balances |
0.117
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0.339 |
0.054 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.779
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2.391 |
0.000 |
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Total
Current Assets |
20.579
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8.241 |
0.054 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.490
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6.013 |
0.011 |
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Provisions |
1.601
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0.250 |
0.010 |
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Total
Current Liabilities |
8.091
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6.263 |
0.021 |
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Net Current Assets |
12.488
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1.978 |
0.033 |
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MISCELLANEOUS EXPENSES |
0.017 |
0.020 |
0.022 |
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TOTAL |
17.925 |
7.429 |
0.067 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
115.062 |
25.688 |
0.290 |
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Other Income |
0.011 |
0.000 |
0.000 |
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Total Income |
115.073 |
25.688 |
0.290 |
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Profit/(Loss) Before Tax |
3.300 |
0.488 |
[0.223] |
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Provision for Taxation |
1.351 |
0.240 |
0.000 |
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Profit/(Loss) After Tax |
1.949 |
0.248 |
[0.223] |
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Expenditures : |
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Freight, Duty, Insurance, Octroi and Charges |
87.907 |
19.965 |
0.133 |
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Transport and Godown Charges |
10.374 |
1.454 |
0.098 |
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Staff Expenses |
5.232 |
1.347 |
0.076 |
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Direct Remuneration |
0.760 |
0.120 |
0.000 |
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Auditors Remuneration |
0.075 |
0.048 |
0.006 |
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Administration, Office and General, Other
Expenses |
5.475 |
1.638 |
0.197 |
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Financial Expenses |
1.156 |
0.148 |
0.000 |
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Preliminary Expenses Written off |
0.002 |
0.002 |
0.002 |
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Depreciation |
0.792 |
0.476 |
0.001 |
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Total Expenditure |
111.773 |
25.198 |
0.513 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.69
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0.97 |
[76.90] |
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Net Profit Margin (PBT/Sales) |
(%) |
2.87
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1.90 |
[76.90] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.69
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3.57 |
[337.88] |
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Return on Investment (ROI) (PBT/Networth) |
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0.66
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0.30 |
[1.68] |
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Debt Equity Ratio (Total Liability/Networth) |
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4.24
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7.47 |
[1.66] |
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Current Ratio (Current Asset/Current Liability) |
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2.54
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1.32 |
2.57 |
LOCAL AGENCY
FURTHER INFORMATION
Cargo Placement and Shipping Agencies Private Limited is an
international freight forwarding company with own MTO License issued by
Director General of Shipping and CHA license issued by Indian Customers. They
are having own 8 branches in India and having associates all over the world. CMD
of the Company, Mr. C. P. Sajeevan is having more than 2 decades of experience
in Shipping and he is assisted with Professionals from the Industry. Top
customers of the company are Multinational and Government companies.
Trade Reference
Aban Offshore Limited
No. 8 & 9, Vikas Centre, S. V. Road,
Santacruz [West], Mumbai – 400054
Tel No. : 91-22-26616016
Mr. Prakash More – Dy. Mahagar
Semikron Electronics Private Limited
EL-87, TTC Industrial Area, MIDC electronic
Zone, Mahape – 400701
Tel No. 91-22-27628600
Mr. C. Murugan
United Phosphorus Limited
Uniphos House, 11th Road, Near
Madhu Park, Khar [West], Mumbai – 400052
Tel No. : 91-22-26468000
Mr. Ravi – Sr. Executive Imports
Endeka Ceramics Private Limited
756/8-9, Jhagadia GIDC Estate, Jhagadia –
393110
Tel No. 91-2645-226250
Mr. Basavaraj H. – Manager
Personal Assets of the Directors
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Name |
Description of the Assets owned by them |
Amount [Rs in Millions] |
Whether offered as Security |
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Mr. C. P. Sajeevan |
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Offered Not Offered |
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Mrs. Anitha Sajeevan |
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Not Offered |
Insurance Details
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Unit’s Assets covered |
Policy No. / Cover Note |
Validity |
Sum Assured |
Risk covered |
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Office Premises |
020901/11/08/11/00000012 |
12.04.2009 |
10 Millions |
Fire and spherical Perils Policy |
Financial Analysis
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Last available financial statement |
31.03.2008 |
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Recent summary financials |
Turnover for April’08 and May’08 |
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Advance Taxes Paid |
Rs. 0.200 Million |
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Change in Borrowings |
Nil |
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Creditors Position |
No amount above 90 days are pending |
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Whether the critical ratios conforms to the bench mark stipulation |
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Turnover for the period April’08 to June’08
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Particulars |
Rs in Millions |
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Mumbai |
27.284 |
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Delhi |
2.444 |
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Cochin |
1.924 |
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Bangalore |
0.636 |
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Total |
32.288 |
TERMS AND
CONDITIONS
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Facility 1 |
Cash Credit |
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Extent of Credit |
Rs. 8.000 Millions |
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Extent of Credit In Words |
Rupees Eight Millions only – Renewal / Enhancement of existing limit
of Rs. 3.000 Millions |
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Purpose |
Working capital finance |
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Security |
Hypothecation of entire
Receivables of the company |
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Margin |
Book Debts 40 % |
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Age of Book Debts [in Days] |
90 days |
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Rate of Interest |
12.50 % p.a. as applicable to CB – 4 category of SE borrowers subject
to revision from time to time |
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Repayment |
CC – running account repayable on demand subject to Annual Renewal |
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Other Terms and Conditions |
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The applicant shall submit to the Bank monthly book – debts statement
in the prescribed form within 10th day of each succeeding month.
The drawing shall be restricted to Drawing power arrived at on the basis of
eligible outstanding book debts subject t retaining the stipulated margin. The receivables / book debts due from associate / group concerns shall
not be reckoned for the purpose of computation of drawing power. Book-debts statement setting age-wise classification of book debts
duly certified by Chartered Accountants shall be submitted once in six
months. Drawing Power shall be arrived on the book debts outstanding upto 90
days only after keeping stipulated margin. General Power of Attorney for Book Debts shall be obtained. . |
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Facility 1 |
Cash Credit |
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Extent of Credit |
Rs. 2.500 Millions |
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Extent of Credit in Words |
Rs. 2.500 Millions – Review at existing level |
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Purpose |
To part finance the capital expenditure of the company i.e.
Acquisition of Office Premises, Renovation and other movables assets |
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Security |
EMG of Office Premises at No. 227, Sahar cargo Estate, CTS No. 152,
Sahar Village, V. M. Shah Marg, Andheri [East], Mumbai – 79 alongwith movable
assets installed in ti, costing about Rs. 5.202 Millions |
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Margin |
Office Premises including Registration / Stamp Duty – 40 % Office Renovation / Movable assets – 25 % |
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Rate of Interest |
13.00 % p.a. at present as applicable to CB – 4 category of SE
borrowers subject t o revision from time to time |
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Repayment |
To be repayable in 60 Equated Monthly Installment at Rs. 0.067 Million
p.m. The first intalment shall commence immediately on the succeeding month
of availing the loan. No repayment holiday. |
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Other Terms and
Conditions |
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The terms loan is reviewed at the existing level of Rs. 2.530 Millions
on the existing terms and condition of sanction for a further period of One
Year. No further disbursals shall be permitted. |
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Guarantors
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Name of the
Guarantors |
Networth
[ Rs. in Millions] |
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C. P. Sanjeevan |
12.100 |
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Anitha Sajeevan |
6.900 |
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Total |
19.000 |
Collateral
Security
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Nature of
Security and type of charge [1st and 2nd Paripassu/
Owner |
Charge for
particular facility or |
Total Value Rs in Millions |
Basis |
Date of
Valuation |
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EMG of office Premises situated at Unit No. 227, Sahar Cargo Estate,
CTS No. 152, Sahar Village, V. M. Shah Marg, Andheri [East],, Mumbai – 400099
adm. 713 sq. ft. owned by company |
Common held as Primary security for Term Loan sanctioned |
6.600 |
Valuation report of Yardi Prabhu residual value Rs. 3.600 Millions |
31.01.2007 |
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EMG of Residential flat situated at A 101, Eden II Hiranandani
Gardens, Powai, Mumbai – 76, owned by Mr. Sajeevan |
Common held as Primary security for Term Loan sanctioned |
4.500 |
Valuation report of Yardi Prabhu |
31.01.2007 |
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Hypothecation of Fixed Assets, present and future, other than
vehicle |
Common held as Primary security for Term Loan sanctioned |
2.700 |
Balance Sheet |
31.01.2007 |
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Total |
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13.800 |
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Other Terms and
Conditions
Before release of any amount under the credit facilities sanctioned, the
branch shall ensure the following :
- Obtain
confidential opinion from all the existing bankers on the borrower company
and its associates companies, which shall be found satisfactory.
- Legal opinion
on t he immovable properties offered as primary / collateral shall be
approved by the Law Officer attached to the Legal Services Division H. O.
/ Z. O. Mortgage / documentation formalities shall be completed under due
legal advise.
- Valuation
report of the immovable / movable fixed assets to be mortgaged /
hypothecated shall be obtained from Bank’s approved valuer.
- Upon
completion of documentation the same shall be subject to legal audit. The
legal audit of the documents shall be conducted with 30 days from the date
of release of the facilities and irregularities if any, shall be
rectified.
- The charge /
modification of charge on the entire fixed assets, both present and
future, and current assets shall be registered with ROC within the
prescribed period.
- The Branch
shall obtain an undertaking from the borrower company as well as
guarantors that no consideration whether it be by way of commission,
brokerage, fee or in any other form will be paid by the former or received
by the latter directly or indirectly in connection with guarantees
furnished in favour of the bank.
- The company
shall not divert working capital funds for payment of installments under
term loans, meeting cost of acquisition of additional fixed assets, etc.
An undertaking letter to this effect shall be obtained from the company.
- All
securities charged to the Bank shall be comprehensively insured against
all risks for the full value at the Company’s cost and the policy shall
remain in the joint names of the Company and bank with bank clause duly
incorporated therein.
- The Company
shall obtain NOC from the Bank for availing of credit facilities from
other Banks / FIs, further expansion of business, taking up new business
activity or setting up / investing in a subsidiary whether in the same
business line or unrelated business.
- In case the
borrower commits default in the payment of any of the facilities or in the
repayment of interest thereon or any of the agreed installment of any loan
/ advance on the due date/s, the bank and or the RBI will have an
unqualified right to disclose or publish the name of the firm and its
directors as defaulters in such manner and through medium as the Bank or
RBI in their absolute discretion may deem fit.
- The borrower
shall not transfer / invest funds of the company in any other concern
without obtaining the prior consent of the Bank.
- The branch
shall ensure verification, search, inspection etc. with the respective
authorities / Registrars prior to accepting any document / title deed
pertaining to real estate / immovable properties stipulated either as
primary or collateral security for establishing authenticity of such
documents.
- During the
currency of the Bank’s credit facilities, the company will not, without
the Bank’s prior permission in writing.
- During the
currency of the Bank’s credit facilities, the company will not, without
the Bank’s prior permission in writing :
i)
Effect changes in the company’s capital structure
ii)
Formulate any scheme of amalgamation / reconstitution
iii)
Enter into borrowing arrangement either secured or unsecured with any
other Bank, financial institution, company firm or persons.
iv)
Undertake guarantee obligation or behalf of any other company, firm or
person
v)
Create any further charge, lien or encumbrance over the assets and
properties of the company, which are to be charged to the bank, in favour of
any other Bank, financial institutions, company, firm or person.
vi)
Sell, assign, mortgage or otherwise dispose off any of the fixed assets
charged to the Bank.
- The company
shall not invest any amount for acquisition of fixed assets without any
long term arrangement and without maintaining a current ratio of 1.25:1.
Necessary undertaking to this effect shall be obtained from the company.
- Rate of
interest / commission and other terms applicable to the credit facilities
are subject to review from time to time and are liable to be modified at
the sole discretion of the Bank. Interest as indicated will be / will
continue to be charged with monthly rests. The bank reserves the right to
give notice at any time and thereafter to charge such other rate of
interest as the Bank may decide.
- Legal / other
charge incurred by the Bank in connection with documentation shall be
charged to the borrower’s account.
- The unsecured
loan amounting to Rs. 2.040 Millions raised by the company as on
30.09.2007 shall be subordinated to the credit limits sanctioned by the
bank and the same shall not be repaid during he currency of the said
credit limits.
- The company
shall deal exclusively with the bank and route all the transactions
through the account maintained with them.
- The company
shall sublimit book debt, quarterly information system statement and other
financial statement / data within the time limit prescribed for the
purpose. The book debts statement submitted monthly shall contain agewise
break up of receivable and details on bills discounted / purchased.
- Inspection of
books shall be carried out by the bank as per bank’s laid down procedure.
The company shall made necessary arrangement to this effect.
- The Branch
shall obtain letter of consent form the company as per the format given in
346/2002 dated 29.10.2002 for disclosure of information to Credit
Information Bureau [India] Limited or any other agency authorized by RBI.
- The company
shall undertake to infuse sufficient funds in order to ensure a minimum
current rario of 1.25:1 at all time and maintain networth at minimum Rs.
8.300 Millions as on 31.03.2008.
- In the light
of low Current ratio and TOL/TNW being high as on 31.03.2007, company
shall ensure achievement of key financial covenants estimated for
31.03.2008. If there are not achieved penal interest at 1 % be charged
from 01.04.2008.
Fixed Assets
- Computer and
Printer
- Furniture and
Fixture
- Air-Conditioner
- Camara
- Telephone
Instruments
- Office
Equipments
AS PER WEBSITE
Cargo Placement holds seminar & in-house training
programme for senior staff
Part of company’s mission to keep abreast with rapidly-changing technologies
& trends
Cargo Placement & Shipping Agencies Private Limited (CPSA), a logistics
service provider having pan-India presence, late last month organised a two-day
seminar and in-house training programme here for its senior staff from all over
the country.
The aim of the event was to update the staff on the recent key developments and
advancements in the trade.
The programme, conducted by various trainers and industry leaders, was in tune
with the company’s mission of keeping abreast with rapidly-changing
technologies and latest trends in the business.
Cargo Placement has emerged as a distinctive solutions provider in
international freight forwarding. A DG Shipping-approved multimodal transport
operator (MTO) with own CHA licence and air consolidation, it offers the entire
gamut of options and packages through the different transportation modes, even
encompassing warehousing facilities and distribution services, thus facilitating
worldwide movement of goods door-to-door.
The company has a dedicated team of professionals committed to exploring the
best offer in terms of delivery schedules and rate packages. Their integrity
and efficiency has gone a long way in attracting a noteworthy list of
prestigious clients, making Cargo Placement a forerunner in the business.
And ably leading the company is Mr C. P. Sajeevan, Chairman and Managing
Director, who brings to the business an uncanny foresight based on over two
decades of professional experience.
Taking a dynamic turn in international freight forwarding
and logistics
With the advent of a globalised economy, increased
liberalisation and erasure of restricted trade, free movement of goods has
grown by leaps and bounds. It has also made international freight forwarding
increasingly complex, imposing heavy demands on clearing agencies in terms of
documentation, procedures, policies, monitoring, checks and day-to-day updates.
Taking a dynamic turn to meeting tomorrow's needs today is Cargo Placement, a company
established two decades ago, to render professional services to customers. The
commitment to respond to changing trends, speed of transportation and
technological advancement, has today helped the company establish a worldwide
base making Cargo Placement,
a distinctive solutions provider in international freight forwarding. The
company is an MTO (Multimodel Transport Operator) approved by the Director
General of Shipping. With wide options and packages in transportation modes,
warehousing facilities and distribution services, the company makes world-wide
movement of goods, a door-to-door experience! The company has a dedicated team
of professionals committed to exploring the best offer in terms of delivery
schedules and rate packages.
Services
Export
- Consultancy on Policy, Procedures,
- Tariff and Project Exports
- Documentation
- Transportation
- Customs clearance
- Port clearance
- Palletisation
- Freight bookings
- Warehousing
- Pre-shipment documentation
- Post-shipment documentation
- Drawback claims
- DEEC auditing
- DGFT matters
Import
- Consultancy on Policy, Procedures,
- Tariff and Project Imports
- Pre-shipment documentation
- Project Registration
- Customs clearance
- Port clearance
- Transportation including ODC's
- Manpower supply & site handling
- Post Shipment documentation
- Warehousing & distribution
- Reconciliation of projects
Special
Features
- Daily updates and follow-ups
- Representative offices all over the country
- International Logistic support
- Guaranteed clearance within free period
- Excellent rapport with related departments and offices
- Personalised services
Special
Services
- Facility for trading in Bond
- Re-export to third country.
- Clearance under licences.
- Clearance for EOUs, STPIs and SEZs.
ASSESSMENT OF SHORT TERM BANK CREDIT
Rs in Millions
|
Particulars |
Projected |
|||
|
|
2008-09 |
2009-10 |
2010-11 |
2011-12 |
|
Net Sales |
250.000 |
300.000 |
360.000 |
440.000 |
|
|
|
|
|
|
|
Total |
250.000 |
300.000 |
360.000 |
440.000 |
|
|
|
|
|
|
|
% age rise [+] or fall [-] in net sales during the year as compared to
the previous year |
117 % |
20 % |
20 % |
22 % |
|
|
|
|
|
|
|
Freight, Duty, Insurance and Octroi |
190.981 |
229.000 |
275.000 |
335.000 |
|
|
|
|
|
|
|
Transportation cost |
22.538 |
27.200 |
33.000 |
42.500 |
|
|
|
|
|
|
|
Staff cost |
11.000 |
13.500 |
16.500 |
21.000 |
|
|
|
|
|
|
|
Depreciation |
1.250 |
1.350 |
1.450 |
1.450 |
|
|
|
|
|
|
|
Selling, General, Administrative Expenses |
11.659 |
14.500 |
18.000 |
22.500 |
|
|
|
|
|
|
|
Sub Total |
237.428 |
285.550 |
343.950 |
422.450 |
|
|
|
|
|
|
|
Operating Profit before Interest |
12.572 |
14.450 |
16.050 |
17.550 |
|
|
|
|
|
|
|
Interest on working capital loan |
2.600 |
2.700 |
2.700 |
2.700 |
|
Interest on Term Capital Loan |
0.300 |
0.200 |
0.100 |
0.050 |
|
|
|
|
|
|
|
Operation Profit after Interest |
9.672 |
11.550 |
13.250 |
14.800 |
|
|
|
|
|
|
|
Add other non operating income |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Profit before tax |
9.672 |
11.550 |
13.250 |
14.800 |
|
|
|
|
|
|
|
Provision For Tax |
2.500 |
3.000 |
3.500 |
3.500 |
|
|
|
|
|
|
|
Net Profit |
7.172 |
8.550 |
9.750 |
11.300 |
|
|
|
|
|
|
|
Equity dividend |
0.00 |
0.00 |
0.00 |
0.00 |
|
[Already paid + B.S provision] |
|
|
|
|
|
Dividend Rate |
0 % |
0 % |
0 % |
0 % |
|
|
|
|
|
|
|
Retained Profit |
7.172 |
8.550 |
9.750 |
11.300 |
|
|
|
|
|
|
|
Retained profit / Net profit [% age] |
100 % |
100 % |
100 % |
100 % |
ANALYSIS OF BALANCE
SHEET
Rs in Millions
|
Particulars |
Projected |
|||
|
|
2008-09 |
2009-10 |
2010-11 |
2011-12 |
|
LIABILITIES |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Short term borrowings from banks [including
bills purchased, discounted and excess borrowing placed on repayment basis] |
|
|
|
|
|
From applicant banks |
20.000 |
20.000 |
20.000 |
20.000 |
|
|
|
|
|
|
|
From other banks |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Sub – Total |
20.000 |
20.000 |
20.000 |
20.000 |
|
|
|
|
|
|
|
Sundry Creditors [For Transport cost] |
12.455 |
13.152 |
14.000 |
17.000 |
|
|
|
|
|
|
|
Sundry Creditors for Expenses |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Advance payments from customers |
0.500 |
0.400 |
0.400 |
0.400 |
|
|
|
|
|
|
|
Provision for taxation |
2.500 |
3.000 |
3.500 |
3.500 |
|
|
|
|
|
|
|
Dividend payable |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Other current liabilities [due within one
year] |
1.133 |
2.333 |
2.875 |
3.610 |
|
|
|
|
|
|
|
Deposits / Installments of term loan [due
within one year] |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Sub – Total
|
16.588 |
18.885 |
20.775 |
24.510 |
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
36.588 |
38.885 |
40.775 |
44.510 |
|
|
|
|
|
|
|
TERM LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Term loans [excluding installments payable
within one year] |
1.500 |
0.900 |
0.400 |
0.000 |
|
Deferred Payment credits [excluding
installments payable within one year] |
|
|
|
|
|
Other Term Liability [Unsecured Loans] |
1.000 |
0.600 |
0.600 |
0.600 |
|
|
|
|
|
|
|
TOTAL TERM LIABILITIES |
2.500 |
1.500 |
1.000 |
0.600 |
|
|
|
|
|
|
|
TOTAL OUTSIDE LIABILITIES |
39.088 |
40.385 |
41.775 |
45.110 |
|
|
|
|
|
|
|
NET WORTH |
|
|
|
|
|
|
|
|
|
|
|
Share Capital |
3.000 |
3.000 |
3.000 |
3.000 |
|
Quasi Capital |
|
|
|
|
|
General Reserve |
0.000 |
0.000 |
0.000 |
0.000 |
|
Surplus [+] or deficit [-] in Profit and
loss account |
9.241 |
17.791 |
27.541 |
38.841 |
|
|
|
|
|
|
|
NET WORTH |
12.241 |
20.791 |
30.541 |
41.841 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
51.329 |
61.176 |
72.316 |
86.951 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and bank balance |
0.450 |
0.450 |
0.500 |
0.500 |
|
|
|
|
|
|
|
Investments [other than long term] |
|
|
|
|
|
Government and other Trustee security |
|
|
|
|
|
Fixed deposits with bank |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Receivable other than deferred and exports
[including bills purchased and discounted by banks] |
40.495 |
50.695 |
62.738 |
78.327 |
|
Transportation |
|
|
|
|
|
Installments of deferred receivables [due
with one year] |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Inventory |
-- |
-- |
-- |
-- |
|
Raw materials [Including stores and other
items used in the process of manufacturing] |
|
|
|
|
|
|
|
|
|
|
|
Imported |
|
|
|
|
|
|
|
|
|
|
|
Indigenous |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Stocks in process |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Finished goods |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Other consumable spares |
-- |
-- |
-- |
-- |
|
Imported |
|
|
|
|
|
|
|
|
|
|
|
Indigenous |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Advances to suppliers of raw materials and
stores / spares |
0.650 |
0.650 |
0.650 |
0.650 |
|
|
|
|
|
|
|
Advance payment of taxes |
4.500 |
5.000 |
5.000 |
5.000 |
|
|
|
|
|
|
|
Other current assets |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
46.095 |
56.795 |
68.888 |
84.476 |
|
|
|
|
|
|
|
FIXED ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Gross Block [Land and Building, Machinery,
Work in Process] |
7.389 |
7.889 |
8.389 |
8.889 |
|
|
|
|
|
|
|
Depreciation to date |
2.519 |
3.869 |
5.319 |
6.769 |
|
|
|
|
|
|
|
NET BLOCK |
4.870 |
4.020 |
3.070 |
2.120 |
|
|
|
|
|
|
|
OTHER NON – CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Investments / book debts / advances /
deposits which are not Current Assets
|
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Investments in subsidiary company |
0.00 |
0.00 |
0.00 |
0.00 |
|
Others |
|
|
|
|
|
|
|
|
|
|
|
Advances to suppliers of capital goods and
constrictors, deposits and adv. Tax |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Deferred receivable [Maturity exceeding one
year] |
|
|
|
|
|
|
|
|
|
|
|
Others F.D.R. and Margin Money |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Non consumable Stores and spares |
|
|
|
|
|
Deposits |
0.350 |
0.350 |
0.350 |
0.350 |
|
|
|
|
|
|
|
Total other non – current assets |
0.350 |
0.350 |
0.350 |
0.350 |
|
|
|
|
|
|
|
Intangible assets [patents, goodwill,
prelim, expenses, bad debts not provided] |
0.014 |
0.011 |
0.008 |
0.005 |
|
|
|
|
|
|
|
TOTAL ASSETS |
51.329 |
61.176 |
72.316 |
86.951 |
|
|
|
|
|
|
|
TANGIBLE NET WORTH |
12.227 |
20.780 |
30.533 |
41.836 |
|
|
|
|
|
|
|
NET WORKING CAPITAL |
9.507 |
17.910 |
28.113 |
39.966 |
|
|
|
|
|
|
|
Current Ratio |
0.126 |
0.146 |
0.169 |
0.190 |
|
|
|
|
|
|
|
Total Outside Liabilities / Tangible Net
Worth |
0.319 |
0.194 |
0.137 |
0.108 |
|
|
|
|
|
|
|
Total term Liabilities / Tangible Net
Worth |
0.020 |
0.007 |
0.003 |
0.001 |
FUND FLOW STATEMENT
Rs in Millions
|
Particulars |
Projected |
|||
|
|
2008-09 |
2009-10 |
2010-11 |
2011-12 |
|
SOURCES |
|
|
|
|
|
1 Net Profit [after tax] |
2.054 |
7.172 |
8.550 |
11.300 |
|
[a] Depreciation |
1.250 |
1.350 |
1.450 |
1.450 |
|
[b] Increase in [i] Partner’s Capital |
0.00 |
0.00 |
0.00 |
0.00 |
|
[c] [ii] Other Term Liabilities |
0.00 |
0.00 |
0.00 |
0.00 |
|
Increase in Unsecured Loans |
|
|
|
|
|
[d] Increase in Deferred Payment Credits Decrease in |
-- |
|
-- |
-- |
|
[e] Other non-current assets |
|
|
|
|
|
Fixed Assets |
0.00 |
0.00 |
0.00 |
0.00 |
|
[f] Others |
0.111 |
0.003 |
0.003 |
0.003 |
|
|
|
|
|
|
|
[g] TOTAL |
8.533 |
9.903 |
11.203 |
12.753 |
|
|
|
|
|
|
|
2 USES [a] Net Loss |
|
|
|
|
|
[b] Decrease in Term Liabilities [Including A Closely Held Public
Limited Liability Company Deposits] |
2.084 |
1.000 |
0.500 |
0.400 |
|
[c] Increase in |
|
|
|
|
|
Other Non Current Assets |
|
|
|
|
|
Fixed Assets [Net] |
0.700 |
0.500 |
0.500 |
0.500 |
|
[d] Dividend |
0.00 |
0.00 |
0.00 |
0.00 |
|
[e] Others |
|
|
|
|
|
|
|
|
|
|
|
[f] Total |
2.784 |
1.500 |
1.00 |
0.900 |
|
|
|
|
|
|
|
3 Long – Term Surplus [+] / Deficit [-] [Item 1 minus Item
2] |
5.749 |
8.403 |
10.203 |
11.853 |
|
|
|
|
|
|
|
4 Increase / Decrease in Current Assets [As per details
given below] |
25.975 |
10.700 |
12.093 |
15.589 |
|
|
|
|
|
|
|
5 Increase / Decrease in Current Liabilities other than
bank borrowings. |
8.602 |
2.297 |
1.890 |
3.735 |
|
|
|
|
|
|
|
6 Increase / Decrease in Working Capital Gap |
17.372 |
8.403 |
10.203 |
11.854 |
|
|
|
|
|
|
|
7 Net Surplus [+] / Deficit [-] [Difference of 3 & 6] |
11.623 |
0.00 |
0.00 |
0.001 |
|
|
|
|
|
|
|
8 Increase / Decrease in Bank Borrowings |
11.623 |
0.00 |
0.00 |
0.00 |
STATEMENT OF ASSETS AND LIABILITIES
Mr. C. P. Sajeevan
Annual Income : 0.480 Million [From Salary / Business]
Investment
In Business Capital
|
Name of the
Company/ Firm/ Concern in which investment is made |
Rs.
In Millions |
|
|
|
|
Investment in Business |
1.575 |
|
|
|
Life Insurance Policies
Rs in Millions
|
Date of Policy |
Policy No. |
Annual Premium |
Sum Assured |
Surrender value |
|
28.12.1998 |
211797109 |
0.010 |
0.200 |
0.074 |
|
27.02.2002 |
881091093 |
0.027 |
0.500 |
0.140 |
|
15.07.2004 |
881355905 |
0.019 |
0.360 |
0.069 |
Immovable
Properties
|
Name
of the Owner |
Description of Property |
Location/ Address of the Property |
Type of property |
Details of Documents Conferring Right |
Present market value as on |
|
Mr. C. P. Sajeevan |
Residential Flat |
A/101 EDEN II, Hiranandani Garden, Powai, Mumbai |
Residential Flat |
Sale Deed |
Rs. 7.500 Millions |
|
Mr. C. P. Sajeevan |
Land and
Building |
In Kerala |
Land and Bunglow
|
Sale Deed |
Rs. 7.500 Millions |
|
Mr. C. P. Sajeevan |
Residential Flat
|
B-108 Pearl APB,
Sunder Nagar, Virar [West] |
Residential Flat
|
Sale Deed |
Rs. 7.500 Millions |
Other Assets
|
Nature / Details of assets |
Market vale of assets as on |
|
Jewellery |
Rs. 0.150 millions |
Total Assets : Rs. 16.433 Millions
Borrowing From Others
|
Name of the Lender |
Amount borrowed |
Details of securities furnished |
|
Loan from Others |
Rs. 1.650 Millions |
Unsecured |
Total Liability : Rs. 1.650 Millions
Total Networth : Rs. 14.783 Millions
Mrs. Anitha Sajeevan
Annual Income : 0.500 Million [From Salary / Business]
Investment
In Business Capital
|
Name of the
Company/ Firm/ Concern in which investment is made |
Rs.
In Millions |
|
|
|
|
Investment in Business |
2.000 |
|
|
|
Life Insurance Policies
Rs in Millions
|
Date of Policy |
Policy No. |
Annual Premium |
Sum Assured |
Surrender value |
|
28.01.2002 |
881088984 |
0.025 |
0.500 |
0.132 |
|
20.02.2006 |
905397200 |
0.010 |
0.100 |
0.023 |
Immovable
Properties
|
Name
of the Owner |
Description of Property |
Location/ Address of the Property |
Type of property |
Details of Documents Conferring Right |
Present market value as on |
|
Mrs. Anitha Sajeevan |
Residential Flat |
A/101 EDEN II, Hiranandani Garden, Powai, Mumbai |
Residential Flat |
Sale Deed |
Rs. 7.500 Millions |
|
Mrs. Anitha Sajeevan Mr. C. P. Sajeevan |
Residential Flat
|
B-108 Pearl APB, Sunder Nagar, Virar [West] |
Residential Flat
|
Sale Deed |
Rs. 1.000 Million [50 %] |
|
|
|
|
|
|
|
Other Assets
|
Nature / Details of assets |
Market vale of assets as on |
|
Motor Car |
0.200 |
|
Tempo [TATA 407] |
0.400 |
Total Assets : Rs. 11.255 Millions
Liabilities
|
Name of Institution |
Details of nature of extent of credit limits / facilities enjoyed |
Details of securities furnished |
|
|
|
Nature of credit facility |
Extent |
|
|
Citi Bank |
Car Loan |
0.126 |
Hypothecation |
|
ICICI Bank |
Tempo Loan |
0.200 |
Hypothecation |
Borrowing From Others
|
Name of the Lender |
Amount borrowed |
Details of securities furnished |
|
Loan from Others |
Rs. 1.410 Millions |
Unsecured |
Total Liability : Rs. 1.736 Millions
Total Networth : Rs. 9.519 Millions
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. 42.71 |
|
UK Pound |
1 |
Rs. 85.51 |
|
Euro |
1 |
Rs. 68.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
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 |
|
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 |
|