MIRA
INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ONTIME SEVEN SEAS LOGISTICS PRIVATE LIMITED (w.e.f. 29.05.2007) |
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Formerly Known
As : |
ONTIME WORLDWIDE LOGISTICS PRIVATE LIMITED |
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Registered
Office : |
Shivas, 3rd Floor, 39/4, Outer Ring Road, Doddanekkundi, Marthahalli,
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.09.2005 |
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Com. Reg. No.: |
037293 |
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CIN No.: [Company Identification
No.] |
U63090KA2005PTC037293 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRO01825F |
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PAN No.: [Permanent Account No.] |
AAACO8182E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Clearing and Freight Forwarding Agent |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 129000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade terms. |
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Shivas, 3rd Floor, 39/4, Outer Ring Road, Doddanekkundi,
MArthahalli, |
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Tel. No.: |
91-80-42694000 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Biju Thomas |
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Designation : |
Director |
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Date of Birth/Age : |
13.05.1970 |
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Date of Appointment : |
31.08.2007 |
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Name : |
Ms. Sherly Biju |
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Designation : |
Director |
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Date of Birth/Age : |
16.05.1969 |
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Date of Appointment : |
31.08.2007 |
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Name : |
Mr. Tossy Joseph |
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Designation : |
Director |
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Date of Birth/Age : |
05.05.1973 |
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Date of Appointment : |
19.07.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON
|
Names of Shareholders |
No. of Shares |
|
Mr. Biju Thomas |
804492 |
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Ms. Sherly Biju |
63550 |
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Mr. Tossy Joseph |
10000 |
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Total |
878042 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Clearing and Freight Forwarding Agent |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda, Mount Road Branch, No. 1, Club House Road, Annasalai,
Chennai 600002, Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Venu Chartered Accountant |
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Address : |
2nd Floor, HVS Corner, |
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Holding Company : |
Ontime Express Limited |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10 each |
Rs. 10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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878042 |
Equity Shares |
Rs. 10 each |
Rs.8.780 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.780 |
8.780 |
7.730 |
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2] Share Application Money |
0.000 |
0.000 |
4.323 |
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3] Reserves & Surplus |
23.613 |
18.714 |
13.122 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(5.108) |
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NETWORTH |
32.393 |
27.494 |
20.067 |
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LOAN FUNDS |
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1] Secured Loans |
13.964 |
1.087 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
13.964 |
1.087 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.357 |
28.581 |
20.067 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.292 |
17.257 |
14.762 |
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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 |
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Sundry Debtors |
30.130
|
51.958 |
32.534 |
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Cash & Bank Balances |
1.827
|
11.456 |
0.180 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
12.531
|
12.411 |
6.958 |
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Total
Current Assets |
44.488
|
75.825 |
39.672 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
14.219
|
55.261 |
15.941 |
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Other Current Liabilities |
3.903
|
9.152 |
18.389 |
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Provisions |
0.000
|
0.183 |
0.163 |
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Total
Current Liabilities |
18.122
|
64.596 |
34.493 |
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Net Current Assets |
26.366
|
11.229 |
5.179 |
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MISCELLANEOUS EXPENSES |
1.699 |
0.095 |
0.126 |
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TOTAL |
46.357 |
28.581 |
20.067 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Sales |
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340.437 |
376.584 |
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Other Income |
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0.000 |
0.000 |
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TOTAL (A) |
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340.437 |
376.584 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
329.691 |
364.894 |
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Advertising Expenses |
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TOTAL (B) |
|
329.691 |
364.894 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
10.746 |
11.690 |
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Less |
FINANCIAL
EXPENSES (D) |
|
1.741 |
0.960 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
9.005 |
10.730 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.913 |
2.103 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
7.092 |
8.627 |
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Less |
TAX (H) |
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2.193 |
1.459 |
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PROFIT AFTER TAX
(G-H) (I) |
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4.899 |
7.168 |
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EARNINGS IN
FOREIGN CURRENCY |
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Commission Earnings |
|
64.195 |
72.299 |
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Earnings Per
Share (Rs.) |
|
5.58 |
8.16 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total
Income |
(%) |
1.43
|
1.90 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.08
|
2.29 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.29
|
9.26 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
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0.31 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.99
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2.38 |
1.71 |
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Current Ratio (Current Asset/Current Liability) |
|
2.45
|
1.17 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Registered office of the company has been shifted from 2nd
Floor, HVS Corner, 1-A,
FIXED ASSETS:
- Good Will
- Computer
Systems
- Office Equipment
- Motor Cars
- Motor Bikes
- Furniture and
Fixtures
FORM 8
|
Corporate
identity number of the company |
U63090KA2005PTC037293 |
|
Name of the
company |
ONTIME SEVEN SEAS LOGISTICS PRIVATE LIMITED (w.e.f. 29.05.2007) |
|
Address of the
registered office or of the principal place of business in |
Shivas, 3rd Floor, 39/4, Outer Ring Road, Doddanekkundi,
Marthahalli, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts |
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Particular of
charge holder |
Bank of Baroda, Mount Road Branch, No. 1, Club House Road, Annasalai,
Chennai 600002, Tamil Nadu, India Email: mountr@bankofbaroda.com
|
|
Nature of
instrument creating charge |
Hypothecation
Agreement |
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Date of
instrument Creating the charge |
15.02.2010 |
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Amount secured by
the charge |
Rs. 18.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 0.75% Below BPLR Terms of repayment Bank has the power
to recall the same at any time. Margin 40% of Book
Debts. Extent and operation of the charge The charge will
be in operation till the whole loan along with interest is repaid by the
Company |
|
Short particulars
of the property charged (Including location of the property) |
Book Debts of the
Company All moveable
tangible plant and machinery, vehicles, furniture, fixtures, office equipment
etc., of the Company, present or future lying in any location. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 |
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|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
47 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.