MIRA
INFORM REPORT
|
Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
ATLAS LOGISTICS PRIVATE LIMITED |
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Formerly Known As : |
DRH LOGISTICS [INDIA] PRIVATE |
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Registered Office : |
# 41/42, "Prabha Kiran", 2nd Cross, Air View
Colony, Konena Agrahara, Behind Airport, Bangalore -560017, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.06.1999 |
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Com. Reg. No.: |
08-25375 |
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CIN No.: [Company
Identification No.] |
U63090KA1999PTC025375 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA05014C |
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PAN No.: [Permanent
Account No.] |
AAACD9963A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of providing logistics and cargo
services. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD |
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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 concern having satisfactory track. Trade
relations are fair. Financial position is good. Payments are usually correct
and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
# 41/42, "Prabha Kiran", 2nd
Cross, Air View Colony, Konena Agrahara, Behind Airport, Bangalore -560017, Karnataka, India |
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Tel. No.: |
91-80-41258272 / 51153355 |
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Fax No.: |
91-80-41258241 / 51153933 |
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E-Mail : |
murali@blr.atlaslogistics.co.in
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Website : |
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Corporate Office : |
# 777-B, 100ft Road, H.A.L IInd
Stage, Indrinagar, Bangalore – 560038, Karnataka, India |
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Tel. No.: |
91-80-41985000 |
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Fax No.: |
91-80-41153933 |
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Area : |
10000sq.fts |
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Branches : |
Located at :
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Overseas Offices : |
Located at :
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DIRECTORS
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Name : |
Mr. Venkatesh Rao H R |
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Designation : |
Managing Director |
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Address : |
L-26-27, 2nd A Main, HSR Layout 6th Sector,
Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
26.04.1951 |
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Qualification : |
Graduate |
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Date of Appointment : |
24.06.1999 |
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Name : |
Mr. Nikhil Sachdev |
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Designation : |
Director |
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Address : |
101, Daffodils, 56, Pali Hills, Bandra, Mumbai – 400050, Maharashtra, India
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Date of Birth/Age : |
07.09.1980 |
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Date of Appointment : |
24.06.1999 |
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Name : |
Mr. Yoginder M Sachadev |
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Designation : |
Director |
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Address : |
101, Daffodils, 56, Pali Hills, Bandra, Mumbai – 400050, Maharashtra,
India |
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Date of Birth/Age : |
23.02.1940 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.04.2004 |
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Name : |
Ms. Priti Sachdev |
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Designation : |
Director |
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Address : |
101, Daffodils, 56, Pali Hills, Bandra, Mumbai – 400050, Maharashtra, India
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Date of Birth/Age : |
03.07.1949 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Ms. Pooja Sachdev |
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Designation : |
Director |
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Address : |
Plot No. 2, 8th Madeley Road, Ealing, London, UK |
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Date of Birth/Age : |
18.10.1977 |
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Date of Appointment : |
01.04.2004 |
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Date of Ceasing : |
01.02.2005 |
KEY EXECUTIVES
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Name : |
Mr. Gopalkrishnaraj H H |
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Designation : |
Company Secretary |
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Address : |
T – 190, First Floor, 16th Main, 36th Cross, Jayanagar4th,
T – Block, Bangalore – 560041, Karnataka, India |
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Tel No. : |
91-80-26633267 |
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Mobile No.: |
91-9845297653 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Nikhil Sachadev |
|
63000 |
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Airlift Services Private Limited |
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9000 |
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Pelican Shipping and Clearing Agency Private Limited |
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9000 |
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Pooja Sachadev |
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81000 |
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Venkatesh Rao H R |
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18000 |
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Total |
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180000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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10.00 |
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Directors or relatives of directors |
|
90.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of providing logistics and cargo
services. |
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Exports: |
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Countries : |
UK, Australia, Europe, Latin, America, South and North America and
Worldwide |
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imports : |
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Countries : |
Latin America, Europe, UK, Australia and World wide |
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Terms : |
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Selling : |
Credit and Down payments |
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Purchasing : |
Credit and Down payment |
GENERAL
INFORMATION
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Customers : |
Exporters, Traders and Importers |
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No. of Employees : |
250 |
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Bankers : |
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Facilities : |
Working Capital - Rs.100.000 millions C/C and L/C – Rs.40.000
millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ishwar and Gopal Chartered Accountants |
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Address : |
Sri Vinayaka Motor Service Building, 21/3, TSP Road, Kalasipalyam,
Bangalore – 560002, Karnataka, India |
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Subsidiaries : |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 100/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
180000 |
Equity Shares |
Rs. 100/- each |
Rs. 18.000 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 |
18.000 |
18.000 |
18.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
65.750 |
33.264 |
10.176 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
83.750 |
51.264 |
28.176 |
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LOAN FUNDS |
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1] Secured Loans |
105.171 |
75.105 |
46.026 |
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2] Unsecured Loans |
3.953 |
0.000 |
0.031 |
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TOTAL BORROWING |
109.124 |
75.105 |
46.057 |
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DEFERRED TAX LIABILITIES |
0.340 |
0.000 |
0.000 |
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TOTAL |
193.214 |
126.369 |
74.233 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.010 |
61.453 |
16.244 |
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Capital work-in-progress |
1.276 |
0.000 |
6.101 |
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INVESTMENT |
7.777 |
10.676 |
1.482 |
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DEFERREX TAX ASSETS |
0.000 |
0.183 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Sundry Debtors |
228.103
|
217.189 |
140.433 |
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Cash & Bank Balances |
98.578
|
63.039 |
44.846 |
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Loans & Advances |
19.391
|
12.943 |
16.803 |
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Total
Current Assets |
346.072
|
293.171 |
202.082 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
209.931
|
229.101 |
146.621 |
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Provisions |
9.990
|
10.013 |
5.055 |
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Total
Current Liabilities |
219.921
|
239.114 |
151.676 |
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Net Current Assets |
126.151
|
54.057 |
50.406 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
193.214 |
126.369 |
74.233 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1567.796 |
1157.633 |
944.047 |
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Other Income |
1.819 |
7.663 |
3.773 |
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Total Income |
1569.615 |
1165.296 |
947.820 |
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Profit/(Loss) Before Tax |
60.886 |
45.074 |
21.841 |
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Provision for Taxation |
24.188 |
17.881 |
8.154 |
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Profit/(Loss) After Tax |
36.698 |
27.193 |
13.687 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
165.744 |
124.471 |
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Expenditures : |
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Interest |
10.633 |
7.064 |
5.367 |
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Depreciation & Amortization |
6.850 |
6.130 |
4.790 |
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Other Expenditure |
1491.246 |
1107.028 |
915.822 |
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Total Expenditure |
1508.729 |
1120.222 |
925.979 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.33
|
2.33 |
2.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.88
|
3.89 |
2.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.06
|
12.71 |
10.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.72
|
0.88 |
0.78 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.62
|
6.13 |
7.02 |
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Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.23 |
1.33 |
LOCAL AGENCY
FURTHER INFORMATION
The subject was originally incorporated on June 24, 1999 as “DRH
Logistics [India] Private” and changed to its present name i.e. “Atlas Logistics
Private Limited” as per registry records vide letter No.
JTA/PS/25375/CN/21/2002 dated April 30, 2002
Bankers Charges
Report as per Registry
|
Name of the company |
ATLAS LOGISTICS
PRIVATE LIMITED |
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Presented By |
ATLAS LOGISTICS PRIVATE
LIMITED AND SYNDICATE BANK, MILLERS ROAD, BANGALORE |
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1) Date and description of instrument creating the change |
01.12.2003 /
Regd. On 05.01.2004
All the documents
pertain to single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 29.500
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
a)
Hypothecation
of aid conditioners, UPS, office furniture, fittings, illuminating systems,
computers, monitors, routers, modems, fax machines, scanners, primers, etc in
their Head Office and other places / Branches. b)
Hypothecation
of Machinery, computers, furniture and fittings c)
Statement of
book debts [b] & [c] stored at 41/42, Prabha Kiran, Ii Cross, Airview
Colony, Konena. Agrahara, Behind Air Port, Bangalore 560017 d)
Various
deposit and certificates valued Rs. 16.748 Millions, New CD |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
·
Interest @
2.5 % over and above Syndicate Bank’s PLR with a minimum of 14 % p.a. for
ODBD ·
Interest not applicable for BG, Liability will devolve
only on invocation of guarantee. |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank, No. 71/1, Sneha Complex, Basaveshwara Road, Millers Road, Bangalore – 560052 |
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6) Date and brief description of instrument modifying the charge |
13.05.2005 No Instrument –
Letter re: Confirmation of deposit of Title Deeds |
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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. |
By the above, the
credit limits aggregating Rs. 66 Millions are additionally secured by
immovable property viz. entire Ground Floor constructed on Sy. No. 21 Hissa
No. 1, CTS No. 23 and village Sahar Taluk and Andheri, Mumbai Suburban
and Sy. No. 93 A Hissa No. 4, CTS No.
21 and village Sahar Taluk and Andheri, Mumbai Suburban Dist. Together with 3
Nos. car Parking Spare in the Basement and 6 Nos. Car Parking Spare in front
open space as marked in the plan. All other terms
and conditions remain unchanged. |
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U63090KA1999PTC025375 |
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Name of the
company |
ATLAS LOGISTICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
# 41/42, "Prabha Kiran", 2nd Cross, Air View
Colony, Konena Agrahara, Behind Airport, Bangalore -560017, Karnataka |
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Type of charge |
|
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Particular of
charge holder |
State Bank of India Bangalore Branch State Bank Road Bangalore – 560001, Karnataka, India |
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Nature of description
of the instrument creating or modifying the charge |
All documents relate to same charge |
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Date of
instrument Creating the charge |
27.12.2006 |
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Amount secured by
the charge |
Rs. 131.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC : Interest @ 0.50
% below SBAr, effective rate 10.50 % p.a. with monthly rests TL : Interest @
0.50 % below SBAr, effective rate 10.50 % p.a. with monthly rests with a
option to reset the interest rate after every 2 years. Terms of
repayment CC : Repayable on
demand TL: Repayable on
per schedule Margin Receivables : 30
% Bank Guarantee :
25 % Term Loan : 25 % Extent operation
of the charge Charge extends on
all the aforesaid assets throughout the period of sanctioned limits by way of
first charge. |
|
Short particulars
of the property charged |
Hypothecation of
the whole of the present and future Receivables, book debts and other current
assets belonging to the company situated at No. 777-B, 100 feet Road,
Indiranagar, Bangalore – 560017 and at other places. EM created on immovable
properties situated at property bearing Sy No. 21, Hissa No.1, CTS 23 and Sy
No. 93-A, Hissa No. 4 CTS No. 21, situated at “Sahar Classic” Ground Floor,
Sahar Road, Andheri Taluk, Mumbai Suburban District. |
AS PER WEBSITE
Subject
is a logistics company that reaches out to provide comprehensive logistic
solutions. It is an IATA (International Air Transport Association) approved
company.
NETWORK
Subject’s
network across India is expansive and constantly growing. Its offices based in
all the metropolitan cities lend strength to its operations. The total number
of offices amount to 20, with about 250+ representative personal
Subject recorded a turnover of over $ 40 million in
the last financial year.
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.41.68 |
|
UK Pound |
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.64.13 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|