MIRA INFORM REPORT
|
Report
Date : |
13.06.2008 |
IDENTIFICATION DETAILS
|
Name : |
EXPRESS TRANSPORT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
17, Western India House, 2nd Floor, Sir P M Road,
Fort, Mumbai 400 001, Maharashtra |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2007 |
|
|
|
|
Date
of Incorporation : |
12.01.1946 |
|
|
|
|
Com.
Reg. No.: |
11-4733 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U63090MH1946PTC004733 |
|
|
|
|
TAN
No.: (Tax
Deduction & Collection Account No.) |
MUME05343C / MUME04807F |
|
|
|
|
PAN
No.: (Permanent
Account No.) |
AAACE2632F |
|
|
|
|
Legal
Form : |
Private Limited Liability Company |
|
|
|
|
Line
of Business : |
Carry on the business of Clearing, Forwarding, Shipping,
Booking by Railways, Steamers and Air
Passengers and Merchandise Goods. |
RATING & COMMENTS
|
MIRAs
Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
430000 |
|
|
|
|
Status
: |
Good |
|
|
|
|
Payment
Behaviour : |
Regular |
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|
|
|
Litigation
: |
Clear |
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|
|
Comments
: |
Subject is a well established company having satisfactory
track. Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. Payments are usually correct and
as per commitments. The company can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
17, Western India House, Sir P M Road, Fort, Mumbai 400
001, Maharashtra, India |
|
Tel.
No.: |
91-22-56339898 |
|
Fax
No.: |
91-22-56339833 |
|
E-Mail
: |
|
|
Website
: |
|
|
|
|
|
Factory
1 : |
Kulkarni
Patil Bhavan, 2nd Floor, 14, Murzban Road, Opp. New Empire Cinema,
Fort, Mumbai 400 001, Maharashtra, India
|
|
Tel.
No.: |
91-22-66339898 |
|
Fax
No.: |
91-22-66339833 |
|
Location : |
Owned |
|
|
|
|
Branches
: |
Located at: Baroda, Dabhol, Kandla, Pune |
|
|
|
|
Warehouse
: |
Located at: Cotton Green |
DIRECTORS
|
Name : |
Mr. Vinodchandra R Gandhi |
|
Designation
: |
Director |
|
Address
: |
27/28, Shankar Sagar, Sophia College Lane, Mumbai 400
026, Maharashtra, India |
|
Date
of Birth/Age : |
09.08.1939 |
|
Date
of Appointment : |
12.01.1961 |
|
|
|
|
Name : |
Mr. Kirit kumar R Gandhi |
|
Designation
: |
Director |
|
Address
: |
27/28, Shankar Sagar, Sophia College Lane, Mumbai 400
026, Maharashtra, India |
|
Date
of Birth/Age : |
15.09.1941 |
|
Date
of Appointment : |
20.06.1972 |
|
|
|
|
Name : |
Mr. Ashwin R Gandhi |
|
Designation
: |
Director |
|
Address
: |
27/28, Shankar Sagar, Sophia College Lane, Mumbai 400
026, Maharashtra, India |
|
Date
of Birth/Age : |
11.05.1945 |
|
Date of
Appointment : |
20.06.1972 |
|
|
|
|
Name : |
Mr. Nailesh V Gandhi |
|
Designation
: |
Director |
|
Address
: |
27/28, Shankar Sagar, Sophia College Lane, Mumbai 400
026, Maharashtra, India |
|
Date
of Birth/Age : |
29.09.1965 |
|
Date
of Appointment : |
29.09.1988 |
|
|
|
|
Name : |
Mr. Keyur V Gandhi |
|
Designation
: |
Director |
|
Address
: |
27/28, Shankar Sagar, Sophia College Lane, Mumbai 400
026, Maharashtra, India |
|
Date
of Birth/Age : |
30.05.1976 |
|
Date
of Appointment : |
01.06.2001 |
KEY EXECUTIVES
|
Name : |
Mr. Keyur
V Gandhi |
|
Designation
: |
Director |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr.
Vinodchandra R Gandhi |
|
90 |
|
Mr.
Kiritkumar R Gandhi |
|
320 |
|
Mr.
Ashwin R Gandhi |
|
320 |
|
Mr. Keyur
V Gandhi |
|
170 |
|
Mr. Nirav
V Gandhi |
|
130 |
|
Mr. Hetal
K Gandhi |
|
115 |
|
Mr. Hiren
A Gandhi |
|
165 |
|
Mr.
Nailesh V Gandhi Mrs.
Manjari V Gandhi |
|
140 |
|
Mr.
Rakesh K Gandhi Mrs. Manjari
V Gandhi |
|
85 |
|
Nailesh V
Gandhi (HUF) |
|
40 |
|
Nirav V
Gandhi (HUF) |
|
40 |
|
Rakesh K
Gandhi (HUF) |
|
40 |
|
Hetal K
Gandhi (HUF) |
|
39 |
|
Binita K
Gandhi |
|
30 |
|
Ashwin R
Gandhi |
|
120 |
Equity share
breakup (percentage of total equity)
|
(As on 30.09.2007) |
|
|
|
Directors
or relatives of directors |
|
99.90 |
|
Other top
50 shareholders |
|
0.10 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Carry on the business of Clearing, Forwarding, Shipping,
Booking by Railways, Steamers and Air
Passengers and Merchandise Goods. |
|
|
|
|
Products
: |
·
Custom
House Agents ·
Freight
Forwarding Agents |
|
|
|
|
Exports
: |
|
|
Products : |
Machinery |
|
Countries : |
All Over World |
|
|
|
|
Imports
: |
|
|
Countries : |
Anywhere from World |
GENERAL INFORMATION
|
No. of
Employees : |
100 |
|
|
|
|
Bankers
: |
Standard Chartered
Bank SME Credit, 23-25 M G Road, Fort, Mumbai 400 001, Maharashtra,
India ICICI Bank Limited Free Press House, Nariman Point, Mumbai 400 021,
Maharashtra, India ABN Amro Bank NV 14, Veer Nariman Road, Mumbai 400 023, Maharashtra,
India The Hongkong and
Shanghai Banking Corporation Limited Network Services Centre, Sudan Kalu Ahire Marg, Worli,
Mumbai-400025 |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
Rashmi Zaveri and Company Chartered Accountants Arham, Ground Floor, Suite No. 2 and 3, Plot No. 266, Near
Gandhi Market, Sion (E), Mumbai 400 022, Maharashtra, India Kapudiya Chartered Accountants |
|
|
|
|
Sister
Concerns : |
Express Engineering Construction Private Limited |
|
|
|
|
Memberships
: |
·
FIATA ·
MTO ·
IATA ·
AMTOI |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2000 |
Equity Shares |
Rs. 100/- |
Rs. 0.200 million |
|
500 |
Preference Shares |
Rs. 100/- |
Rs. 0.050 million |
|
|
Total |
|
Rs. 0.250 million |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1900 |
Equity Shares |
Rs. 100/- |
Rs. 0.190 million |
|
|
|
|
|
|
|
Total |
|
Rs. 0.190 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
0.190 |
0.190 |
0.190 |
|
|
2]
Reserves & Surplus |
85.690 |
52.926 |
22.706 |
|
NETWORTH
|
85.880 |
53.116 |
22.896 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
1.947 |
1.089 |
1.227 |
|
|
2]
Unsecured Loans |
39.420 |
52.549 |
55.865 |
|
TOTAL
BORROWING
|
41.367 |
53.638 |
57.092 |
|
|
|
|
|
|
|
TOTAL
|
127.247 |
106.754 |
79.988 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
26.929 |
27.376 |
29.619 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
34.287 |
24.357 |
15.594 |
|
DEFERREX TAX ASSETS
|
0.766 |
0.218 |
0.089 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Sundry Debtors
|
98.998
|
111.480
|
76.841 |
|
|
Cash & Bank Balances
|
5.574
|
6.070
|
5.599 |
|
|
Loans & Advances
|
53.482
|
34.814
|
27.266 |
Total Current Assets
|
158.054
|
152.364
|
109.706 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
Current Liabilities
|
48.739
|
67.291
|
54.500 |
|
Provision
|
44.050
|
30.270
|
20.520 |
|
Total Current Liabilities
|
92.789
|
97.561
|
75.020 |
|
Net
Current Assets
|
65.265
|
54.803
|
34.686 |
|
|
|
|
|
|
|
TOTAL
|
127.247 |
106.754 |
79.988 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales
Turnover |
153.260 |
109.214 |
70.336 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total
Income |
153.260 |
109.214 |
70.336 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
57.658 |
41.070 |
15.519 |
|
|
Provision for Taxation |
0.000 |
-- |
5.347 |
|
|
Profit/(Loss) After Tax |
57.658 |
41.070 |
10.172 |
|
|
|
|
|
|
|
|
Export Turnover |
79.813 |
44.293 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
8.186 |
6.360 |
6.542 |
|
|
Depreciation & Amortization |
4.366 |
3.767 |
3.666 |
|
|
Other Expenditure |
83.050 |
58.017 |
44.609 |
|
Total
Expenditure |
95.602 |
68.144 |
54.817 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
37.62
|
37.61
|
14.46 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
37.62
|
37.61
|
22.06 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
31.17
|
22.85
|
11.14 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.67
|
0.77
|
0.68 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.56
|
2.85
|
5.77 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.70
|
1.56
|
1.46 |
LOCAL AGENCY FURTHER
INFORMATION
Trade References :
·
Bajaj
Auto Mumbai
·
Gujarat
Ambuja Mumbai
·
UB
Group - Mumbai
Form No. 8
|
Name
of the company |
EXPRESS TRANSPORT PRIVATE LIMITED |
|
Presented By |
The Hongkong And Shanghari
Banking Corporation Limited |
|
1) Date
and description of instrument creating the change |
Dated : 02.05.2000 Instrument of hypothecation of vehicle. |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.0.396 millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of brand new vehicle, namely Tata Sumo DLX |
|
4) Gist of
the terms and conditions and extent and operation of the charge. |
The borrower shall repay the said loan f Rs. 0396 millions
by 36 equal monthly installments of Rs.0.013 millions being payable on the
01.06.2000 and subsequent instruments being payable on the day of each
succeeding month/ quarter until entire loan is repaid in full. The borrower shall pay all rents, taxes, rates and
outgoings in respect of the premises in which the hypothecated article is or
may be garaged and also all taxes, licence, duties, fees, registration and
other charges payable in respect of the hypothecation article. The borrower shall at his own expenses keep the
hypothecated articles insured against all such risks as may be requested by
law and also against all such further and other risks as the bank shall from
time to time require for the full amount required by the bank. The Borrower shall pay interest on the loan amount @
15.50% p.a. every month or by quarterly payment on the 31st March,
31st June, 30th September and 31st December
in each year or at any other rate of interest as communicated by the bank
from time to time. |
|
5) Name
and Address and description of the person entitled to the charge. |
The Hongkong and Shanghai Banking Corporation Limited Network Services Centre, Sudan Kalu Ahire Marg, Worli,
Mumbai-400025 |
|
6)
Date and brief description of
instrument modifying the charge |
N.A. |
|
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. |
N.A. |
|
Corporate
identity number (CIN) Foreign company registration number |
U63090MH1946PTC004733 |
|
Name of
the Company |
EXPRESS TRANSPORT PRIVATE LIMITED |
|
Address |
17,
Western India House, 2nd Floor, Sir P M Road, Fort, Mumbai 400
001, Maharashtra |
|
This form
is for |
Modification
of charge |
|
Type of
Charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particulars
of the charge holder |
Standard Chartered Bank SME
Credit, 23-25 M G Road, Fort, Mumbai 400 001, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Hypothecation
Agreement (Supplemental) |
|
Date of
the instrument creating or modifying the charge |
21.04.2008 |
|
Amount
secured by the charge |
Rs.
45.000 Millions |
|
Brief
particulars of the principal terms and conditions and extent and operation of
the charge |
·
Rate
of Interest Overdraft Facility Interest / Commission As agreed by and with tha Bank. ·
Terms
of repayment As agreed by and with the Bank from time to time. ·
Margin As applicable, if any. ·
Extent
and operation of the charge The Bank is having first charge on the security offered by
the Borrower. |
|
Short
particulars of the property charged (including location of the property) |
Hypothecation
on a) all the stock in trade both present and future consisting of raw
materials, finished goods, goods in process of manufacturing and other
merchandise b) all the present and future book debts, outstanding money
receivables, claims and bills c) all the movable fixed assets now or at any
time hereafter belonging to the borrower at the borrowers factory or at any
other premises or place. |
|
Particular
of the present modification |
By
present modification, the charge amount enhanced from Rs. 35.000 millions to
Rs. 45.000 millions. |
The companys fixed asset of important value includes:
KPB
Land and Building
Computers
KPB
New Office
Dronagiri
Office
Gandhidharm
Office
Furniture
and Fixtures
Office
Equipments
Vehicles
Forklifts
Tata
Crawler Crane
Coles
Cranes
Aqua
Systems
Portable
power generator
Air
conditioner
Air
coolers
Office
equipments
Mobile
phones
Pagers
Vaccum
cleaner
Sony
video camera
Computers
Contingent Liability
On account of Bank Guarantee : Rs.0.500 million
As Per Web Details
Profile
Subject is a Freight Forwarding / Custom House Agent
established since 1946, having experience & technically qualified staff of
over 150 persons. Their speciality is Customs Clearance of Export / Import
projects on turnkey basis.
Express has handled large size Power, Fertilizer, Petro
Chemicals, etc. Projects each ranging from One Hundred Thousand Freight
Tons to Two Hundred Fifty Thousand Freight Tons.
Major Activities
Customs
Clearance
Shipping
Warehousing
Transport
Air
Freight
Site
Handling
Project Handled
Fertilizers
Project (1966)
Infrastructure
Project
Power
Grid Project (1986)
Gas
Pipeline project
Petro
Chemical Project (1965)
Various
other Project
Few of the prestigious projects handled in the past.
|
Project |
Organisation |
|
Fertiliser Project |
Gujarat State Fertiliser Company |
|
Fertiliser Project |
Zuari Agro Chemicals Limited |
|
Fertiliser Project |
National Fertiliser |
|
Fertiliser Project |
GNFL |
|
Fertiliser Project |
Krishak Bharti Co-op. Limited |
|
HBJ Pipeline Project |
Gas Authority of India Limited |
|
Infrastructure Project (Dam), |
Gujarat Government |
|
Automobile Manufacturing Project |
Daewoo Motors |
|
Petro Chemical Complex |
IPCL |
Services
|
Import Services |
Export Services |
|
Pre-Shipment advice |
Pre-Shipment Advice |
|
Co-Ordination with Supplier |
Documentation |
|
Handling of cargo from suplier's warehouse |
Transportation |
|
Freight Booking |
Warehousing |
|
Receiving Cargo at the Indian Port |
Freight booking |
|
Port Handling |
Port Handling |
|
Customs Clearance |
Consolidation |
|
Warehousing |
Customs Clearance |
|
Loading & Transportation |
Delivering the Cargo at receivers Warehouse |
|
Unloading at Site |
|
|
Site Handling & Store Management |
|
They also provide services for new projects. To prepare estimate for transportation cost.
Selection of Port-Site-Road-Survey, Mode of Transport-Method
etc. Supply of Crawler / Mobile / Hydraulic Cranes and Trailors and other
allied Services.
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 Intl 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 companys 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.42.81 |
|
UK Pound |
1 |
Rs.83.75 |
|
Euro |
1 |
Rs.66.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
This
score serves as a reference to assess SCs 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 |
|