MIRA
INFORM REPORT
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Report Date : |
05.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
OM LOGISTICS LIMITED |
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Registered Office : |
130 Transport Centering Road, New Delhi – 110 035 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.10.1999 |
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Com. Reg. No.: |
101942 |
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CIN No.: [Company
Identification No.] |
U63002DL1999PLC101942 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELO01316A |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Provider of Logistics Services, Material Management, Transportation, Warehousing
Distribution and Marketing of Goods. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1917304 |
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Status : |
Good |
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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 fine track.
Their trade relations are fair. Financial position is good. Payments are
usually correct and as per commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
130 Transport Centering Road, New Delhi – 110 035, India |
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E-Mail : |
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Website : |
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Corporate Office : |
130 Punjabi Bagh (TC), Ring Road, New Delhi – 110 035, India |
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Tel No.: |
91-11-25970301-4 |
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EPABX: |
011-25970200 / 28316500 |
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Fax No.: |
91-11-28316533 / 34 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pankaj Sharma |
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Designation : |
Director |
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Address : |
Barua J -82, Street No. 4, Mishra Market, Kartar Nagar, Delhi – 110
053, India |
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Name : |
Mr. Ajay Singhal |
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Designation : |
Director |
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Address : |
E -115, Ashok Vihar Phase –I, Delhi – 110 052, India |
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Date of Birth/Age : |
17.07.1960 |
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Date of Appointment : |
12.10.1999 |
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E-Mail: |
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Name : |
Mrs. Ranjana Singhal |
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Designation : |
Director |
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Address : |
E -115, Ashok Vihar Phase –I, Delhi – 110 052, India |
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Date of Birth/Age : |
04.10.1966 |
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Date of Appointment : |
12.10.1999 |
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Name : |
Mr. Brij Bala Singhal |
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Designation : |
Director |
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Address : |
E -1156, Ashok Vihar Phase –I, Delhi – 110 052, India |
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Date of Birth/Age : |
09.01.1940 |
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Date of Appointment : |
12.10.1999 |
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Name : |
Mr. Bhagwan Dass Singhal |
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Designation : |
Director |
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Address : |
E -1156, Ashok Vihar Phase –I, Delhi – 110 052, India |
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Date of Birth/Age : |
15.03.1936 |
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Date of Appointment : |
15.02.2001 |
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Name : |
Mr. Deepak Walia |
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Designation : |
Director |
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Address : |
Y -879-895, Phase- I, S P Road, Nangloi, New Delhi – 110 04, India |
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Date of Birth/Age : |
15.04.1977 |
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Date of Appointment : |
06.06.2005 |
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Name : |
Mr. Arun Sharma |
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Designation : |
Director |
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Address : |
H -63, Mohan Garden, Rama Park, Uttam Nagar, New Delhi – 110 059,
India |
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Date of Birth/Age : |
07.08.1960 |
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Date of Appointment : |
06.06.2005 |
MAJOR SHAREHOLDERS
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Name of Allottee(s ) |
Address |
No. of Shares |
Type of Shares |
Share Capital (Rs.) Preference Shares @ Rs. 100/- each |
Share premium Rs. Preference Shares @ Rs. 100/- each |
Total (Rs.) Preference Shares @ Rs. 200/- each |
|
Merrill Lynch International |
2, King Edward Street,
London, ECIA, HQ, UK |
1000000 (Ten Lacs) |
Preference |
100000000 |
100000000 |
200000000 |
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Total |
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100000000 |
100000000 |
200000000 |
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BUSINESS DETAILS
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Line of Business : |
Provider of Logistics Services, Material Management, Transportation,
Warehousing Distribution and Marketing of Goods. |
GENERAL
INFORMATION
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Customers : |
· Mahindra and Mahindra Limited · General Motors India Limited · Tata Motors Limited · TVS Group · Bajaj Auto Limited · Yamaha Motors · Hero Honda · Hindustan Motor Limited · Escorts Group · Subros Limited · Eicher Motor Limited · Cadila · Delphi Automotive Systems Limited · Samsung · Honda Scooter · LG electronics |
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No. of Employees : |
800 |
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Bankers : |
· Kotak Mahindra Bank Limited, 36-38 A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India · State Bank of India Industrial Finance Branch, Jawahar Vyapar
Bhawan, 1Tolstoy Marg, New Delhi – 110 001, India |
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Banking Relations
: |
Good |
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Auditors : |
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Name : |
Subhash C Gupta and Company Chartered Accountants |
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Address : |
13/10, Saraswati Marg, 105-106, Welcome, Chambers, W E A , Karol Bagh,
New Delhi – 110 005, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
4971400 |
Equity shares |
Rs. 10/-
each |
Rs.49.714
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
49.714 |
47.471 |
37.204 |
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2] Share Application Money |
0.000 |
31.400 |
0.000 |
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3] Reserves & Surplus |
429.612 |
255.890 |
148.347 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
479.326 |
334.761 |
185.551 |
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LOAN FUNDS |
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1] Secured Loans |
524.193 |
210.995 |
198.344 |
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2] Unsecured Loans |
17.381 |
10.370 |
0.302 |
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TOTAL BORROWING |
541.574 |
221.365 |
198.646 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1020.900 |
556.126 |
384.197 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
329.367 |
53.850 |
52.512 |
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Capital work-in-progress |
48.765 |
62.378 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
8.022 |
6.770 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
635.280
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435.468 |
406.436 |
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Cash & Bank Balances |
100.699
|
70.332 |
46.678 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
187.656
|
97.165 |
50.750 |
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Total
Current Assets |
923.635
|
602.965 |
503.864 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
233.746
|
131.008 |
142.103 |
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Provisions |
55.255
|
38.987 |
30.200 |
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Total
Current Liabilities |
289.001
|
169.995 |
172.303 |
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Net Current Assets |
634.634
|
432.970 |
331.561 |
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MISCELLANEOUS EXPENSES |
0.112 |
0.158 |
0.124 |
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TOTAL |
1020.900 |
556.126 |
384.197 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2007 |
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Sales Turnover (Estimated) |
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|
3500.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.73
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1.17 |
1.99 |
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Current Ratio (Current Asset/Current Liability) |
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3.19
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3.54 |
2.92 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U63002DL1999PLC101942 |
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Name of the company |
OM LOGISTICS
LIMITED |
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Address |
130,
Transport Centre Road, New Delhi – 110 035, India |
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This Form is for |
Modification of charges |
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Type of Charges |
· Immovable property · Movable property |
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Particular of the charge holder
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State Bank of India Industrial Finance Branch, Jawahar Vyapar Bhawan, 1Tolstoy Marg, New
Delhi – 110 001, India E-Mail: narendra.k@sbi.co.in
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Nature or description of the instrument creating charge |
Confirmatory Letters regarding deposit of title deeds |
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Date of the instrument creating charge |
10.01.2007 |
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Amount Secure by the charge |
Rs. 687.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest ; Cash credit : 0.5% below SBAR, presently, minimum 11% p.a , Corporate Loan
– I(: 1.25% below , SBAR presently , minimum 11% p.a , term Loan –I, 0.75%
below SBAR , minimum 10.75% , term Loan – II :0.75% below SBAR , minimum
1.075% p.a standby LC : 1% above the rate applicable to CC Limits with
monthly rests, subject to change as per bank directives from time to times. Terms of repayment : New : Term Loan II 24 quarterly (23 equal installments of Rs. 4.480
millions each , the last installments of Rs. 4.460 millions ) starting from,
1st November , 2007 and the installment of Rs. 4.460 millions will
fall due on 1st August 2013. Corporate loan - II, 11 quarterly
installments (10 equal installments of Rs. 4.500 millions each) , and the last installments of Rs. 5.000
millions ) starting from 1 June 20007 and the last installments of Rs. 5.000
millions will fall due on 1st December 2009. Margin: Margin- Receivables : 50% Bank guarantee : 25% cash margin (100% in
case of disputed liabilities) Extent and operation of the Charge: Extent and the operation of the Charge -100% Others Commission on Bank guarantee shall be charged as per Bank Directives
from time to time. |
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Short particulars of the Property charged |
First charge on entire current assets as well as fixed assets of the
company. Equitable mortgage of immovable properties of the company situated at
Village Mira, Taluka and District Thane, MIDC, Satpur, Nasik and Village
Naharpur, Kasan. |
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Particulars of the present modification |
The revised credit facilities of Rs. 687.500 millions together with
Interest and other charges payable buy the company to the State Bank of
India, are now collaterally secured by equitable mortgage of immovable
properties of the company both present and future. |
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Corporation identity number or foreign company registrations number of
the company |
U63002DL1999PLC101942 |
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Name of the company |
OM LOGISTICS LIMITED |
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Address |
130, Transport Centre, Ring Road, New Delhi -110 035,
India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Hypothecation · Equitable mortgage or mortgage of property by depositing the title deeds. |
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Particular of the charge holder
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State Bank of India Address: Industrial Finance Branch, Jawahar
Vyapar Bhawan, 1 Tolstoy Marg, New Delhi – 110 001, India |
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Nature or description of the instrument creating charge |
· Agreement of loan for overall limit · Agreement of hypothecation of goods and assets · Letter regarding the grant of individual limits within the overall limits. |
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Date of the instrument creating charge |
28.03.2003 Regd. On 23.04.2003, Modified on 10.07.2004 (Regd. On 09.08.2004), modified
on 131.2.2004 (Regd. On 12.01.2005) Modified on 18.0.32005 (Regd on
16.05.2005) and further modified on 25.08.2005 (Regd on 20.09.2005. Lastly Modified on
13.09.2005 (Regd on 10.10.2005) up to Rs. 370.000 millions. |
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Amount Secure by the charge |
Rs. 100.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Interest on cash credit @ 2.10% above SBAR
effective rate 12.85% p.a with monthly rests or at such other rate as may be
specified by the bank from time to time. Margin – Book Debts / Receivables
-50%. Commission on Bank guarantee shall be
charged as per RBI / Bank directives from time to time. Margin BG : 25% cash
margin |
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Description of the property charge whether it is a charge on |
· Immovable property · Stock in Trade · Book Debts · Plant and machinery · Furnitures and fixtures · Vehicles · Intangible Assets · Fixed Deposit · Book Debts · Shares and Debentures · Uncalled share capital |
|
Particulars of the Property charged
|
First charge on all current assets and
fixed assets of the company Collateral security of properties situated
at: Unit No. 4, Unit No. 6 and unit No. 12
situated in the Alfa Industrial Premises Co-operative Society Limited, Shiv Silk
Mills Compound, Near Golden Chemicals, western Express Highway at Village
Mirea of taluka and District Thane admeasuring 1555 Sq.fts Plot No. E MIDC Satpur , Nasik – 422 007 Industrial Land measuring 21 Kanal -19,
Marla or 13280 Sq.yds in rectangle No. 23 Kila No. 13/2 (6, 15) , 18/1 (7,
12), 23/2 (7-12) in village Naharpur , Kasan, Gurgaon, Haryana , India |
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Brief Description of the instrument modifying the charge |
· Supplemental agreement of loan for increase in the overall limit · Supplemental agreement of hypothecation of goods and assets for increase in the overall limit · Letter regarding the grant of individual limits within the overall limit · Memorandum of deposit for creation of charge for term loan / Overall limit. |
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Particulars of the present modification |
· Now, the working capital limits enhanced from Rs. 170.000 to Rs. 210.000 millions. The extent of operation of the charge stands increased in the overall limit from Rs. 370.000 millions to Rs. 410.000 millions (Working capital limits – Rs. 210.000 millions and Term Loan – Rs. 200.000 millions ) · The enhanced credit facilities of Rs. 410.000 millions together with Interest, penal Interest ml liquidated damages, commitments, Charges, premia on prepayment or on redemption, costs, charges, expenses and other money payable by the company to the bank, are /shall continue to be secured by. · First charge on the entire fixed asset comprising land, building, plant and machinery and other fixed assets of the company, both present and future. · Equitable mortgage of immovable property of the company comprising of and buildings and erections thereon (both present and future) admeasuring 217151.14 Sq.mtrs bearing S No. 6, Village Valsind , taluka Bhiwandi , District Thane, Maharashtra · Other terms and conditions remain unchanged |
WEBSITES DETAILS:
The company, the flagship company of Om Group
has been instrumental in providing innovative and value added solutions for Indian
Corporate and Multinationals. It’s the only leading multi-modal logistics
company with single window integrated logistics services for all the elements
of the supply chain management in India. Through its innovative and cost saving
methods, The company has consistently added value for its customers, which can
be complimented by their competence to take the driving seat for generating
maximum air cargo in India. It has been dealing with corporate, multinational
automobile industry and has been pioneer in transportation, warehousing and
logistics support to the sector.
Quality
Policy
The company is committed to
offer logistics solutions and services to the Indian Industry, designed to suit
costumer's satisfaction to help, support and grow together with a win-win
situation.
Customers
·
One to one
communication with customers
·
Jigsaw-fit
tailored services
·
Responsibility
cumulating through partnership
Market Watch
· Data collection and analysis
· Value-addition with commercial viability
· Control on cost and productivity
Research Development
· Market research and development
· IT team to keep in sync with changing communication system
· Pro-active to changes
Approaching
Convenience in Real Time
· IT based graphical user interface
· On-line and real time applications
· Consignment tracking and tracing
Cargo Handling
Systems
· Fleet information system
· Incident reporting, follow-up of complaints
· Common language environment
· Lost and found application
· Cargo automation system-warehousing
Productivity and
support system
· Planning of personnel and equipment
· Trained and qualified management
· Material and equipment management
Future plan
Communication systems
· Workstation system for communication technology
· Digital radio communication system
· Networked communication system
· Mobile communication
· Monitoring of logistics application
Data Processing
Systems
· DP systems for logistics
· Databases and information system
· Identification and coding system
· Transport control and DP systems
Comprehensive
Cohesive Logistics solutions
The promising global market demands the manufacturers to hasten their products to the buyers within time and in one piece so as to avoid competition. Just in time delivery and taking you where the opportunities await is the equation to this trend. Based on this business principle. The company has established its infrastructure to help, support and grow together with the manufacturers across the world. Quick delivery, perfect organization of flow of goods combined with state-of-the-art IT communication system, are the tools we operate with.
Warehousing
Warehousing being an indispensable part of supply-chain
Management, The company . Provides technically efficient warehouse located at
all strategic location across the country. These state-of-art warehouses are
equipped with modern material handling equipment and complete workforce for
efficient logistics coordination.
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.40.55 |
|
UK Pound |
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.62.74 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|