MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROLEX LOGISTICS PRIVATE LIMITED |
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Registered Office : |
No. 237/82/2, , Hosur Main Road, Singasandra Village, Begur Hobli,
Bangalore 560068, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.10.2001 |
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Com. Reg. No.: |
08-29613 |
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CIN No.: [Company
Identification No.] |
U72900KA2001PTC029613 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRR02854F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Logistic 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 67000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Ramesh B. Upadhyay, Managing Director updated and confirmed the
details. Subject is a well established and reputed company having satisfactory
track. Directors are reported as
experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are reported as usually correct and as per commitments. The Company can be considered normal for business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 237/82/2, , Hosur Main Road, Singasandra Village, Begur Hobli,
Bangalore 560068, Karnataka, India |
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Tel. No.: |
91-80-25737497 / 51115613/4 |
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Tele Fax No.: |
91-80-25737503 / 51115615 |
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E-Mail : |
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Website : |
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Area : |
20000 sq. ft. [Rented] |
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Corporate Office
: |
85, 1st floor, 1st Cross, 5th Main, Domlur
II Stage, Bangalore 560071, Karnataka, India |
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Tel. No.: |
91-80-41483210 |
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Fax No.: |
91-80-41483211 |
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Area : |
3000 sq. ft. [Rented] |
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Branches : |
Ø
New Delhi Ø
Kolkata Ø
Mumbai Ø
Chennai Ø
Hyderabad Ø
Cochin Ø
Pune Ø
Lucknow Ø
Ahmedabad
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DIRECTORS
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Name : |
Mr. Ramesh B Upadhya |
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Designation : |
Director |
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Address : |
64, 265, Sannidi Krish Layout, Kempadura, Dasarahalli Main Road,
Bangalore 560024, Karnataka, India |
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Mobile No.: |
91-9845011670 |
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Date of Birth/Age : |
01.06.1966 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
14.10.2001 |
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Name : |
Mrs. Bhagyalakshmi Upadhya |
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Designation : |
Director |
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Address : |
64, 265, Sannidi Krish Layout, Kempadura, Dasarahalli Main Road,
Bangalore 560024, Karnataka, India |
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Date of Birth/Age : |
12.06.1964 |
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Qualification : |
M. Sc. |
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Date of Appointment : |
14.10.2001 |
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Name : |
Ms. Deeksha Upadhya |
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Designation : |
Director |
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Address : |
64, 265, Sannidi Krish Layout, Kempadura, Dasarahalli Main Road,
Bangalore 560024, Karnataka, India |
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Date of Birth/Age : |
13.04.1991 |
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Qualification : |
12th Standard |
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Date of Appointment : |
14.10.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ramesh Upadhya |
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50000 |
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Bhagyalakshmi |
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25000 |
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Deeksha Upadhya |
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25000 |
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Total |
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100000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Logistic Services |
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Exports : |
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Countries : |
Singapore and Netherland |
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Imports : |
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Countries : |
US, Netherland and Singapore |
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Terms : |
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Selling : |
Warranty Services |
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Purchasing : |
Free of Cost |
GENERAL
INFORMATION
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Customers : |
MNC Companies Ø
APC Ø
Sun
Microsystems Ø
Hp
Invent Ø
Hitachi
Inspire the Next |
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No. of Employees : |
280 |
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Bankers : |
Axis Bank Limited E Squire Centre
No. 9, M. G. Road, Bangalore 560001, Karnataka, India |
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Facilities : |
Cash Credit Rs. 20.000
Millions Bill Discounting /BG Rs. 2.500 Millions Availing these facilities from Axis Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P Prakash Kamath and Company Chartered Accountants |
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Address : |
96, 6th ‘A’ Main Road, Tata Silk Farm, Basavanagudi,
Bangalore 560004, Karnataka, India |
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Associates/Subsidiaries
: |
Rolex Logistics
International, Bangalore Address : 85, 1st Floor, 1st Cross, 5th
Main, Domlur II Stage, Bangalore 560071, Karnataka, India Activities : Computer Repairs Delivery |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/-
each |
Rs. 10.000
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 |
10.000 |
10.000 |
0.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.076 |
6.772 |
4.117 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.076 |
16.772 |
4.317 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
16.896 |
2.153 |
5.363 |
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TOTAL BORROWING |
16.896 |
2.153 |
5.363 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.972 |
18.925 |
9.680 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.893 |
9.186 |
9.158 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.867
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0.000 |
0.000 |
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Sundry Debtors |
81.943
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96.595 |
48.276 |
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Cash & Bank Balances |
2.397
|
12.630 |
11.664 |
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Other Current Assets |
25.851
|
11.554 |
8.745 |
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Loans & Advances |
1.688
|
2.551 |
1.235 |
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Total
Current Assets |
115.746
|
123.330 |
69.920 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
88.474
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108.323 |
66.343 |
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Provisions |
0.199
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5.276 |
3.066 |
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Total
Current Liabilities |
88.673
|
113.599 |
69.409 |
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Net Current Assets |
27.073
|
9.731 |
0.511 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.008 |
0.011 |
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TOTAL |
42.972 |
18.925 |
9.680 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 [Estimated] |
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Sales Turnover |
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450.000 |
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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4.05
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6.90 |
17.32 |
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Current Ratio (Current Asset/Current Liability) |
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1.31
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1.08 |
1.01 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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This Form is for |
Modification of charge |
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Charge identification
number of the charge to be modified |
90195836 |
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Corporate
identity number of the company |
U72900KA2001PTC029613 |
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Name of the
company |
ROLEX LOGISTICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
237/82/2, Hosur Main Road, Singasandra Village, Begur Hobli, Bangalore
560068, Karnataka, India |
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Type of charge |
Ø
Immovable
Property Ø
Book
Debts Ø
Movable
Property |
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Particular of
charge holder |
Axis Bank Limited E Squire Centre
No. 9, M. G. Road, Bangalore 560001, Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Deed Equitable
Mortgage of property by deposit of title Deeds [both the above
pertain to the same charge] |
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Date of
instrument Creating the charge |
30.06.2007 |
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Amount secured by
the charge |
Rs. 20.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest CC/Bills
discounting/BG Sub limit of CC – BPLR – 1.00% i.e. 14.00% p.a. payable at
monthly rests [b] Terms of
repayment CC – Running
Account Repaybale on demand Bills
Discounting/BG – usance not exceeding 90 days [c] Margin CC – Book debts
[cover period 90 days] 25% BG – Cash margin
25% 100% in case of disputed
liabilities [d] Extent and
operation of the charge The charge shall
operate to the extent of Rs. 20.000 Millions plus Commission, Interest,
costs, Expenses and other charges thereon. [e] Others The above said
amount of Rs. 20.000 Millions comprises of CC of Rs. 20.000 Millions [Bill
Discounting/BG sub limit of CC of Rs. 2.500 Millions |
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Short particulars
of the property charged |
Hypothecation by
way of charge on all present and future current assets comprising stocks and book debts and entire fixed
assets of the company stored/installed at No. 237/82/2, Hosur Main Road,
Bangalore or at any other place and Equitable mortgage of Flat bearing No. G-2
on the Ground floor building Skanda Residency of 407.68 sq. fts. UDS of
schedule A property at BMP No. 40-41, 60 ft road, Geddalahalli, Sanjaynagar,
Bangalore totally measuring 3800 sq. fts. |
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Date of latest
modification prior to the present modification |
14.09.2006 |
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Particulars of
the present modification |
By the above the
amount secured by the charge stands increased from Rs. 10.000 Millions to Rs.
20.000 Millions [all the other
terms and conditions remain unchanged] |
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Name of the company |
ROLEX LOGISTICS
PRIVATE LIMITED |
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Presented By |
Axis Bank Limited M.G. Road Branch,
Bangalore 560001, Karnataka, India |
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1) Date and description of instrument creating the change |
22.01.2005 Agreement for hypothecation of current assets |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 21.500
Millions [C.C Rs. 20.000
Millions and Bill Discount Rs. 1.500 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 |
Hypothecation to
the Bank on all the Stocks in Trade Both present and future consisting stock
including Raw materials, Stock in process and other current assets
whatsoever, being movable properties nor or at any time hereafter belonging
to the Borrower’s or at my/our disposal and now or at any time and from time
to time hereafter stored or to be stored or brought into or upon or in course
of transit to my/our factory or premises or at any other place whatsoever and
wheresoever in my/our possession or occupation or at any other premises or
place [all of which hereinafter collectively referred to as ‘Current Assets’]
and outstanding monies receivable claims and bills which are now due and
owing or which may at any time hereafter during the continuance of this
security become due and owing to the borrower in the course of its business
by any person, firm, company or body corporate or by the Government
Department or office or any Municipal or local or public or Semi Government
body or authority or any body corporate or undertaking or project whatever in
the public sector [all of which hereinafter collectively referred to as ‘the
said debts’] as continuing security. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest:
12% per annum with periodical rests and/or at such rate/s and rests as may be
specified by the Bank from time to time. Penal Interest :
2% per annum Repayment : on
Demand |
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5) Name and Address and description of the person entitled to the
charge. |
Axis Bank Limited M.G. Road Branch,
Bangalore 560001, Karnataka, India |
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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
DETAILS :
PROFILE
With the Indian business environment opening to the advantages of the
information technology, the company envisaged the business scope and expanded
its operations to establish a network of offices throughout the country.
Through transparency of operations, ethical business practices,
innovation and technology implementation, the company has shown a steady growth
rate with an annual turnover exceeding INR 25 million.
The strength of the company has risen to over 150 professionals spread to
more than 16 locations across the country, providing 24x7 supports to the
esteemed clientele.
ALLIANCES:
In the current business climate, they understand the key to success of
any enterprise is alliances and business partnerships, which not only provides
the edge to competition but also enriches the clients with added value of
services.
With this understanding they use services of have an alliance with DHL,
Blue dart, Pafes etc. Blue Dart and DHL
to provide Land and Air Courier services to facilitate timely delivery at
optimal cost thereby benefiting their clients.
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. 46.88 |
|
UK Pound |
1 |
Rs. 82.97 |
|
Euro |
1 |
Rs. 64.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--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 |
|