MIRA
INFORM REPORT
|
Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
MHTC LOGISTICS LIMITED |
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Registered Office : |
B-5, Ionic, 1st Floor, Justice D Vyas Marg, Lala Nigam
Road, Colaba, Mumbai – 400005, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.04.1986 |
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Com. Reg. No.: |
11-39498 |
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CIN No.: [Company
Identification No.] |
U63010MH1986PTC039498 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM18049D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Logistics, Freight Clearing and 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 300000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Nilesh, Accountant, of the company confirmed the details. Subject is a well established and reputed clearing and forwarding
company. 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. It can be considered as a long-term business partner. |
INFORMATION PARTED
BY
|
Name : |
Mr. Nilesh |
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Designation : |
Accountant |
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Date : |
02.10.2008 |
LOCATIONS
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Registered Office/ Factory : |
B-5, Ionic, 1st Floor, Justice D Vyas Marg, Lala Nigam
Road, Colaba, Mumbai – 400005, Maharashtra, India |
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Tel. No.: |
91-22-22854527/ 28/ 22043306 |
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Fax No.: |
91-22-22855440/ 22043306 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. (They have 2 Office in Same Building) |
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Location : |
Rented |
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Regional Office : |
NORTH INDIA : ( REGIONAL
OFFICE ) E/140, 2nd Floor, Amar
Colony, Lajpat Nagar II, New Delhi 110024, India. Tel No.:
91-11-26444612 / 26442343 Fax No.:
91-11-26444613 E-Mail: Combiline_Delhi@Mhtc.Com SOUTH INDIA : ( REGIONAL
OFFICE ) 43/1, Rajaji
Salai, Chennai – 600001,
India Tel No.:
91-44-25244586 Fax No.:
91-44-25244585 E-Mail: Logistics _Chennai@Mhtc.Com |
DIRECTORS
|
Name : |
Mr. Armin D. Kalyaniwalla |
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Designation : |
Director |
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Address : |
72/B, Sheridan House, Gowalia Tank Road, Mumbai – 400036, Maharashtra,
India |
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Date of Birth/Age : |
14.11.1959 |
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Qualification : |
BSC |
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Date of Appointment : |
08.04.1986 |
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Name : |
Mr. Kaiwan D. Kalyaniwalla |
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Designation : |
Director |
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Address : |
Phirojsha Building, 70/C, Gowalia Tank Road, Mumbai – 400036,
Maharashtra, India |
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Date of Birth/Age : |
13.08.1964 |
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Date of Appointment : |
09.05.1996 |
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Name : |
Mr. Goolu A. Kalyaniwalla |
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Designation : |
Director |
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Address : |
72/B, Sheridan House, Gowalia Tank Road, Mumbai – 400036, Maharashtra,
India |
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Date of Birth/Age : |
04.01.1965 |
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Date of Appointment : |
09.05.1996 |
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Name : |
Mr. Dossabhoy P. Kalyaniwala |
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Designation : |
Director |
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Address : |
Soonamai House, 3rd Floor, Gowalia Tank Road, Mumbai –
400036, Maharashtra, India |
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Date of Birth/Age : |
09.11.1925 |
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Date of Appointment : |
16.10.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
|
No. of Shares |
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Armin D. Kalyaniwalla |
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51789 |
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Dossabhoy P Kalyaniwalla |
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54737 |
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Kaiwan D Kalyaniwalla |
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4421 |
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Goolu A Kalyaniwalla |
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66316 |
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Gool Mario Kropf |
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15789 |
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Silloo D Kalyaniwalla |
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5895 |
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Shahnaz Chinoy |
|
1053 |
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Total |
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200000 |
(As on 31.03.2007)
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Category |
|
Percentage |
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Directors or relatives of directors |
|
92.00 |
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Other top fifty Shareholders (Other than listed above) |
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8.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Logistics, Freight Clearing and Forwarding |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
250 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Financial
Institution : |
Aifacs Building, 1 RAFI Marg, New Delhi – 110001, India |
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Auditors : |
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Name : |
Suresh C Maniar and Company Chartered Accountant |
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Address : |
87, Arcadia, 195 Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel No.: |
91-22-22841668/ 22841930 |
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Associates/Subsidiaries : |
Combi Line India Agencies Private Limited U63090MH1993PTC075844 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500 Millions |
|
5000 |
Preference Shares |
Rs.100/- each |
Rs.0.500 Millions |
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Total |
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Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2.000 |
2.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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56.921 |
46.959 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
58.921 |
48.959 |
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LOAN FUNDS |
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1] Secured Loans |
|
52.403 |
22.321 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
52.403 |
22.321 |
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DEFERRED TAX LIABILITIES |
|
0.261 |
0.676 |
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TOTAL |
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111.585 |
71.956 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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42.767 |
25.447 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
1.458 |
1.224 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
|
0.000 |
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Sundry Debtors |
|
20.133
|
22.580 |
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Cash & Bank Balances |
|
56.695
|
35.468 |
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Other Current Assets |
|
0.737
|
3.820 |
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Loans & Advances |
|
34.193
|
17.453 |
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Total
Current Assets |
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111.758
|
79.321 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
27.764
|
23.311 |
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Provisions |
|
16.634
|
10.728 |
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Total
Current Liabilities |
|
44.398
|
34.039 |
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Net Current Assets |
|
67.360
|
45.282 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.003 |
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TOTAL |
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111.585 |
71.956 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
406.000 |
283.089 |
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Other Income |
|
3.283 |
1.707 |
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Total Income |
|
409.283 |
284.796 |
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Profit/(Loss) Before Tax |
|
15.681 |
13.276 |
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Provision for Taxation |
|
5.485 |
5.036 |
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Profit/(Loss) After Tax |
|
10.196 |
8.240 |
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Expenditures : |
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Freight, Forwarding and Services Expenses |
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346.978 |
234.928 |
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Personnel Expenses |
|
10.439 |
8.106 |
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Establishment Expenses |
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21.147 |
19.088 |
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Financial Charges |
|
2.925 |
1.146 |
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Depreciation & Amortization |
|
12.113 |
8.252 |
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Total Expenditure |
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393.602 |
271.520 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
2.49
|
2.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.86
|
4.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
10.15 |
12.67 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.27 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.64 |
1.15 |
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Current Ratio (Current Asset/Current Liability) |
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2.52 |
2.33 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Go Physica
Town, Poland
- Alstom
- Reliance
Projects
Form 8:
|
Corporate
identity number of the company |
U63010MH1986PTC039498 |
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Name of the
company |
MHTC LOGISTICS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B-5, Ionic, 1st Floor, Justice D Vyas Marg, Lala Nigam Road,
Colaba, Mumbai – 400005, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable Property |
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Particular of
charge holder |
GE Capital Transportation Financial Services Limited Aifacs Building, 1 RAFI Marg, New Delhi – 110001, India CIN No.: L63040DL1985PLC021324 Email : devinder.jain@ge.com |
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Nature of
instrument creating charge |
As per Master
Security and Loan Agreement Dated 11th Jun, 2008 |
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Date of
instrument Creating the charge |
11.06.2008 |
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Amount secured by
the charge |
Rs.6.235 Million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Flat Rate 5.89%
for 4 years Terms of
Repayment: Recoverable in 47
installment of Rs.0.164 Millions each Margin: Rs.0.695 Millions
(As per Master Security and Loan Agreement Dated 11th Jun, 2008) Extent and
Operation of the charge: 100% on the
assets |
|
Particulars of
the property charged |
Funding on 01 No
Volvo FH 520 |
Website Details:
Corporate Profile:
Until 1982 handling and transportation of project
related heavy lifts in India required the mobilisation of equipment and manpower
from abroad. Indian forwarders and specialised hauliers did not possess the
necessary transport equipment and knowhow. This complete lack of experienced
personnel opened an opportunity to launch company as a provider of knowhow,
expertise and access to specialised crew and equipment. In subsequent years a
number of Indian transporters and government departments followed the system
initially set up by company.
Since its formal inception, in 1986, Company has to its credit an
uninterrupted chain of successfully managed and executed forwarding projects.
The Company has modern facilities at all its operating locations.
Services:
The primary objective is the supply of specialized know
how and experienced manpower for the execution of large
and / or difficult forwarding projects in India
Technical services:
Company provides to their clients, heavy lift transport
feasibility studies, route surveys, applications for Government permissions and
follow-up of these permissions.
It designs and procures special transport equipment, portable bridges, pontoon
ferries, motorized and hydraulic jacking equipment, etc. Where equipment is not
available, company can provide design certification and supervision of
fabrication.
Company also undertakes route improvement, i.e. support of weak bridges,
construction of riverbed by passes, jetty construction and other civil works.
Custom clearance and port handling:
Company has built up considerable experience, particularly
in port and customs related activities for large turnkey projects especially in
the power-generationg sector. They are conversant with the current legislation
concerning the import of such turnkey projects.
Information and communication:
In the course of the execution of project import forwarding
contracts, company support their clients with:
- Pre-clearance document verification.
- Current status of cargo list debits.
- Daily and weekly cargo movement reports.
- Shipment-wise budgeting for port charges and import duties prior to
cargo arrival.
Immediate response to client's enquiries on administrative position (customs /
port clearance) and on physical location of cargo until it reaches destination.
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--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 |
|