MIRA
INFORM REPORT
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Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
JETEX OCEAN AIR PRIVATE LIMITED |
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Registered Office : |
10/N New Alipore, 53 Block-A, New Alipore Kolkata – 700053,
West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.02.1996 |
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Com. Reg. No.: |
21-77529 |
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CIN No.: [Company
Identification No.] |
U63090WB1996PTC077529 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALJ01577C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Freight Forwarding |
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 11000 |
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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. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Shomin Bhanerjee |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9903803466 |
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Date : |
12.06.2008 |
LOCATIONS
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Registered Office : |
10/N New Alipore, 53 Block-A, New Alipore Kolkata – 700053,
West Bengal, India |
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Tel. No.: |
91-33-2573-4794/4795 |
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Mobile No. : |
91-98300 69542 [Mr. Jaideep Raha] |
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Fax No.: |
91-33-2573 4358 |
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E-Mail : |
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Website : |
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Area : |
1600 sq. ft. [Rented] |
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Corporate Office : |
5/4, Ghosh Para, Kaikhali, Kolkata -700052, West Bengal,
India |
DIRECTORS
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Name : |
Mr. Jaideep Raha |
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Designation : |
Whole Time Director |
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Address : |
26 A, Jodhpur Park, Kolkata – 700068, West Bengal, India |
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Date of Birth/Age : |
01.05.1967 |
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Qualification : |
Graduate |
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Date of Appointment : |
22.06.1996 |
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Election Commission Identify Card No.: |
ADEPR6370B |
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Name : |
Mrs. Soumitro Bose |
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Designation : |
Whole Time Director |
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Address : |
Arvnprova 330 Garia Main Road, Kolkata – 700084, West Bengal, India |
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Date of Birth/Age : |
46 Years |
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Qualification : |
Graduate |
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Election Commission Identify Card No.: |
AEQPB1709R |
KEY EXECUTIVE
OFFICER
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Name : |
Mr. Alok Ghosh |
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Designation : |
Chief Coordinator |
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Name : |
Mr. Soumen Banerjee |
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Designation : |
Sr. Accounts Executive |
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Name : |
Mr. Zakir Hussain |
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Designation : |
Operation Documentation |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Jaideep Raha |
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5000 |
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Mrs. Soumitro Bose |
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5000 |
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Total |
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10000 |
AS ON 29.09.2007
Equity Share Breakup
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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 : |
Freight Forwarding |
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Provide Service to : |
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Terms : |
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Selling : |
Cash and Credit |
GENERAL
INFORMATION
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No. of Employees : |
25 |
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Bankers : |
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Facilities : |
Rs. 9.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Mukherjee Sanyal
Samanta and Company Chartered
Accountants |
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Address : |
6 B Bentinck
Street, Kolkata – 700029, West Bengal, India |
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Name : |
Asok Kumar Chattopadhyay Chartered Accountants |
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Address : |
6B Bentinck Street, Kolkata – 700001, West Bengal, India |
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Parent Company :
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Jetex Parcel Systems Private Limited |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.258 |
0.699 |
0.114 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.258 |
1.699 |
1.114 |
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LOAN FUNDS |
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1] Secured Loans |
13.312 |
11.412 |
7.597 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
13.312 |
11.412 |
7.597 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.570 |
13.111 |
8.711 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.603 |
0.666 |
0.724 |
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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 |
0.176 |
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 |
13.538
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13.752 |
8.611 |
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Cash & Bank Balances |
4.583
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3.660 |
3.125 |
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Other Current Assets |
0.000
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0.010 |
0.010 |
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Loans & Advances |
3.089
|
1.898 |
1.998 |
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Total
Current Assets |
21.210
|
19.320 |
13.744 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.635
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6.876 |
5.758 |
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Provisions |
1.784
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0.000 |
0.000 |
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Total
Current Liabilities |
6.419
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6.876 |
5.758 |
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Net Current Assets |
14.791
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12.444 |
7.986 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.001 |
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TOTAL |
15.570 |
13.111 |
8.711 |
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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 |
100.000 |
64.284 |
58.476 |
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Other Income |
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7.356 |
4.394 |
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Total Income |
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71.640 |
62.870 |
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Profit/(Loss) Before Tax |
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0.953 |
0.882 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.953 |
0.882 |
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Expenditures : |
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Operating Cost |
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64.374 |
56.971 |
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Cost of Employees |
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1.873 |
1.821 |
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Administrative Expenses |
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3.135 |
2.253 |
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Publicity and Sales Promotion |
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0.122 |
0.072 |
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Depreciation |
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0.127 |
0.119 |
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Bank Interest |
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1.056 |
0.752 |
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Total Expenditure |
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70.687 |
61.988 |
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Expected Sales (2008-09) : Rs. 250.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.33
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1.40 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.48
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1.51 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.37
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4.41 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.42
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0.52 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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8.74
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10.76 |
11.99 |
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Current Ratio (Current Asset/Current Liability) |
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3.30
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2.81 |
2.39 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference
- Andrew Yule
- Good Ricke T CO
- Times of India
- Chamang Tee Exports
Bankers Charges
Report as per Registry
|
Name of the company |
JETEX OCEAN AIR
PRIVATE LIMITED |
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Presented By |
Jaideep Raha |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Assets dated 13.09.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Limit
of Rs. 7.500 Million Bank Guarantee of
Rs. 0.700 Million |
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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 |
That the borrower
hereby charges and hypothecates by way of First Charge in favour of the Bank
the goods described in follows : All the present
and future book debts and all other current assets of the company Lien of FDR of
Rs. 2.931 Millions and R. D. of Rs. 0.010 per month Deposit of Title
Deed of land measuring of Kottahs,2, Chittracks and 30 sq. ft. situated at CR
Dag No. 355, Khaitan No. 440, 123 and 233 Mouza-Bhagwanpur under DRO Sonapur,
District 24 Parganas [South] |
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4) Gist of the terms and conditions and extent and operation of the charge. |
BPLR + 2 % i.e.
13 % p.a. payable monthly, subject to change from time to time as per Credit
Policy of bank, present 13 % p.a. with monthly rests. |
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5) Name and Address and description of the person entitled to the charge. |
UCO Bank, Howrah
Branch, Howrah |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
As per website
Subject is a freight forwarding company specializing in both Domestic
and International Air and Ocean Freight. Their parent company Jetex Parcel Systems
Private Limited was established in 1988. Jetex Parcel Systems Private Limited
is the exclusive service participant of Blue Dart Express in Calcutta. Jetex
was founded in the year 1995, Fast Forward Transportation Services supplied
customized air and ocean freight programs.
Subject provides coordinated logistics services designed to meet the
very specific needs of the customers they support. They continually strive to
improve the programs they develop through constant assessment of their
performance
The Introduction
Jetex was started by four young talents ten years ago in field of express
courier business as they all at one point of time were working with reputed
express operators in a senior position. Jetex Oceanair started their operation
in 1996 with a domestic cargo traffic of on an average 0.5 ton per day. The
performance started to take a considerable growth rate when it achieved 2.5 ton
per day in the next year. The entire volume reached a considerable high in the
year 1999-2000 when per day movement reached more than 10 ton in terms of Cargo
traffic by air.
Services include
:-
- Ocean and air
forwarding
- Integrated
information systems
- Customs
Clearance
- Related
logistics
- They provide
Air freight services of different categories :-
- Same Day (To
/ from any where in India)
- Overnight
- Second Day
Import Services
- Worldwide
Freight Forwarding via Air and Sea (FCL / LCL / Breakbulk)
- Consignment
Consolidation
- Customs
Clearance.
Export Services
- Worldwide
Freight Forwarding via Air and Sea (FCL/LCL/Breakbulk)
- Cargo
Insurance
- Export
Crating
- Container
Loading (at designated loading ports)
- Container
Positioning for loading (at Exporters or designated locations)
- Local Carting
at origin.
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NAME OF AWARD |
REASONS FOR AWARD |
YEAR |
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Appreciation Certificate By |
Splendid Support For 415 Tons Cargo |
11.3.1998 |
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Certificate Of Excellence By |
1st Position In Domestic Cargo Sales |
1999-2000 |
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Certificate Of Merit By |
Third Highest In Domestic Cargo Sales |
2000-2001 |
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Certificate Of Merit By |
Highest Domestic Cargo Sales |
2000-2001 |
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Certificate Of Merit By |
Third Highest In Domestic Cargo Sales |
2001-2002 |
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Certificate Of Merit By |
Top Domestic Cargo Sales |
2002-2003 |
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International Star Award For Quality In
The Gold Category By B.I.D |
To Increase Public Awarness Of The Company's Commitment To Quality
Leaders From Different Business Fields, Quality Experts, Personalities In The
Relm Of Culture And Members |
2003 |
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Certificate Of Merit By |
Highest Domestic Cargo Sales |
2003-2004 |
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Certificate Of Excellence By |
1st Position Of Domestic Cargo |
2003-2004 |
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Appreciation Certificate For Rendering Good Services |
2004 |
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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|