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MIRA INFORM REPORT

 

 

 

 

Report Date :

09.04.2011

 

IDENTIFICATION DETAILS

 

Name :

GAD LOGISTICS (INDIA) PRIVATE LIMITED (w.e.f. 14.05.2007)

 

 

Formerly Known As :

GAD SHIPPING AND TRANSPORT PRIVATE LIMITED

 

 

Registered Office :

301, Guru Prerna Apartments, Bala Sawant Lane, Taluka and Post Vasai, Thane – 401201, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

21.04.1995

 

 

Com. Reg. No.:

11-87586

 

 

CIN No.:

[Company Identification No.]

U63090MH1995PTC087586

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEG08611B

 

 

PAN No.:

[Permanent Account No.]

AABCG2816N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Provides Cargo and Container Handling Services.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

Maximum Credit Limit :

USD 98000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The management has filed the financials of the company with the Government Department after 2007. However, trade relations are reported as fair. Payment terms are not known.

 

The company can be considered for business dealings with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DENIED BY

 

Name :

Mr. Shakil Kazi

Designation :

Accountant

Date :

06.04.2011

 

 

LOCATIONS

 

Registered Office :

301, Guru Prerna Apartments, Bala Sawant Lane, Taluka and Post Vasai, Thane – 401201, Maharashtra, India

Tel. No.:

91-250-2311458 / 460

Fax No.:

91-250-2311463

E-Mail :

sdgunjal@gmail.com

gad@vsnl.net

Website :

www.gadlogistics.com

 

 

Administrative Office :

Block 5, 1st Floor, Admn Bldg., Punjab Conware CFS, Dronagiri Node, Nhava Sheva, Navi Mumbai – 400707, Maharashtra, India

Tel. No.:

91-22-27246159

E-Mail :

91-22-27246160

 

 

Corporate Office :

A-203/204, Shree Nand-Dham, Sector 11, CBD Belapur (East), Navi Mumbai – 400614, Maharashtra, India

Tel. No.:

91-22-41029999

E-Mail :

91-22-27562789

 

 

DIRECTORS

As on 25.09.2007

 

Name :

Mr. Jamil Ahmed Shaikh

Designation :

Chairman and Managing Director

Address :

101, Guru Prerna Apartments, Bala Sawant Lane, Vasai, Thane – 401201, Maharashtra, India

Date of Birth/Age :

13.03.1962

Date of Appointment :

24.04.1995

 

 

Name :

Mr. Zarrin Jamil Shaikh

Designation :

Director

Address :

101, Guru Prerna Apartments, Bala Sawant Lane, Vasai, Thane – 401201, Maharashtra, India

Date of Birth/Age :

03.01.1968

Date of Appointment :

24.04.1995

 

 

Name :

Mr. Azim Jamil Shaikh

Designation :

Director

Address :

101, Guru Prerna Apartments, Bala Sawant Lane, Vasai, Thane – 401201, Maharashtra, India

Date of Birth/Age :

19.08.1987

Date of Appointment :

01.01.2006

 

 

KEY EXECUTIVES

 

Name :

Mr. Shaahid Y. Shaikh

Designation :

Chief Executive Officert

 

 

Name :

Mr. Vilas Vartak

Designation :

General Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

25.09.2007

 

Names of Shareholders

 

No. of Shares

Mr. Jamil Ahmed Shaikh

 

25000

Mr. Zarrin Jamil Shaikh

 

12500

Mr. Azim Jamil Shaikh

 

12500

Total

 

50000

 

As on 25.09.2007

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Provides Cargo and Container Handling Services.

 

 

GENERAL INFORMATION

 

No. of Employees :

Information not divulged by the management.

 

 

Bankers :
  • Bassein Catholic Co-operative Bank Limited, Zenda Bazar Branch, Par Naka, Vasai (West), Thane – 401207, Maharashtra, India
  • Bank of India
  • HDFC Bank
  • The Lakshmivilas Bank Limited, Shop No. 12, 13 and 14, Shirin Apartments, Plot No. 15, Sector No. 29, Vashi, Navi Mumbai – 400703, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2007

(Rs. in Millions)

31.03.2006

(Rs. in Millions)

Bank OD NC Karnala Nagari CC 91

12.733

6.187

BCC BANK : HPLN 1495

0.000

0.284

BCC BANK : HLN 1964

0.283

0.380

BCC BANK : HLN 20 12

1.094

1.530

BCC BANK ZB.F/L AICHLN 329 1

2.275

2.783

BCC BANK : HLN 324 1

3.559

7.085

BCC BANK : HLN 107 1

11.340

12.665

Ashok Leyland Finance Private Limited (TROLLYS)

1.735

1.723

Ashok Leyland Finance Private Limited  (CHASSIS)

2.682

4.969

FLAT LOAN ( BANK OF IN1 BCC SSLN 249

1.233

1.381

ICICI BANK LOAN (ACCENT GVS)

0.000

0.089

BCC BANK HLN 3351

26.457

28.303

BCC BANK HLN 3355

36.065

38.092

BCC BANK HLN 3514

1.199

0.000

BCC BANK HLN 3544

2.462

0.000

BCC BANK HLN 3401

7.365

0.000

BCC BANK HLN 3513

0.849

0.000

ICICI BANK LOAN (MUMAV 1563263)

0.591

1.006

ICICI BANK LOAN (MUMAV 2 175299)

0.000

0.482

MSWC Loan

0.500

0.000

Total

112.422

106.959

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. D. Gunjal

Chartered Accountant

Address :

124, Vyapar Bhavan, P. D’mello Road, Masjid (East), Mumbai – 400009, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

As on 25.09.2007

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.100/- each

Rs.5.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.100/- each

Rs. 5.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

5.000

2.500

0.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

19.606

17.214

14.387

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

24.606

19.714

14.887

LOAN FUNDS

 

 

 

1] Secured Loans

112.422

106.959

47.810

2] Unsecured Loans

0.000

7.500

0.000

TOTAL BORROWING

112.422

114.459

47.810

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

137.028

134.173

62.697

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

125.576

129.200

69.766

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
13.927

14.160

11.726

 

Cash & Bank Balances
1.608

1.205

0.721

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
9.199

8.726

13.514

Total Current Assets
24.734

24.091

25.961

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
2.518

3.585

2.796

 

Other Current Liabilities
10.764

15.533

30.234

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
13.282

19.118

33.030

Net Current Assets
11.452

4.973

(7.069)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

137.028

134.173

62.697

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2007

31.03.2006

31.03.2005

 

SALES

 

 

Income

 

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                     (A)

179.570

192.073

130.190

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

174.678

187.227

127.570

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

4.892

4.846

2.620

 

 

 

 

 

Less

TAX                                                                  (I)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                 (J)

4.892

4.846

2.620

 

 

 

 

 

 

Earnings Per Share (Rs.)

97.85

19.39

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
2.72

2.52

2.01

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.25

3.16

2.74

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.20

0.24

0.17

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
5.11

6.78

5.43

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.86

1.26

0.78

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS DETAILS :

(Rs. in Millions)

Particulars

31.03.2007

31.03.2006

31.03.2005

 

 

 

 

Creditors for Expenses

0.479

3.585

2.796

Creditors for Spare Parts

2.039

0.000

0.000

Total

2.518

3.585

2.796

 

OPERATIONS :

 

During the year, the turnover of the company decreased from 192.308 Millions to 179.570 Millions.

 

FORM 8 :

 

This form is for

Creation of charge

Corporate identity number of the company

U63090MH1995PTC087586

Name of the company

GAD LOGISTICS (I) PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

301, Guru Prerna Apartments, Bala Sawant Lane, Taluka and Post Vasai, Thane – 401201, Maharashtra, India

Type of charge

Immovable Property

Particular of charge holder

Bassein Catholic Co-operative Bank Limited, Zenda Bazar Branch, Par Naka, Vasai (West), Thane – 401207, Maharashtra, India

Nature of description of the instrument creating or modifying the charge

Creation of equitable mortgage.

Date of instrument Creating the charge

23.02.2010

Amount secured by the charge

Rs.12.500 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest :

As per the sanction terms and condition of Bassein Catholic Co-operative Bank Limited.

 

Terms of Repayment :

As per the sanction terms and condition of Bassein Catholic Co-operative Bank Limited.

 

Margin :

As per the sanction terms and condition of Bassein Catholic Co-operative Bank Limited.

 

Extent and Operation of the charge :

As per the sanction terms and condition of Bassein Catholic Co-operative Bank Limited.

Short particulars of the property charged

Hypothecation of office Unit no 3 and 4 on second floor admeasuring 1267 sq ft. Carpet area sbua1837 sq ft. In Shree Nand Dham situated on Plot no 59 in Sector 11 of central  business, dist - Belapur, Navi Mumbai, Belapur, tal and dist Thane, in the regn. Sub dist Thane. 6

 

 

FIXED ASSETS :

 

  • Land and Building
  • Comm Vehicle
  • Motor Cars
  • Miscellaneous Assets
  • Furniture and Fixture

 

 

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.44.04

UK Pound

1

Rs.72.19

Euro

1

Rs.63.40

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

28

 

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

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

-

NB

                                       New Business

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.