MIRA
INFORM REPORT
|
Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
LOGIWIZ LOGISTICS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
T-7, 3rd Floor, Laksmi Complex No. 40, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.01.2006 |
|
|
|
|
Com. Reg. No.: |
08-38136 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 24.008 Millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
U63023KA2006PTC038136 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRL01945G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is in the business of Supply Chain management, logistics,
warehousing and distribution and own or hire multi-user distribution centers
and warehouses. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 133000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
T-7, 3rd Floor, Laksmi Complex No. 40, |
|
Tel. No.: |
91-80-26701670 |
|
Fax No.: |
91-80-28705606 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
No. 2041, |
|
Tel. No.: |
91-80-28450756/ 7 |
|
Fax No.: |
91-80-28450755 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Abhaykumar Mohan Pandithage |
|
Designation : |
Director |
|
Address : |
11/3, |
|
Date of Birth/Age : |
08.05.1951 |
|
Date of Appointment : |
17.01.2006 |
|
Din No.: |
01663753 |
|
|
|
|
Name : |
Mr. S R Sadanandan |
|
Designation : |
Director |
|
Address : |
7/19, |
|
Date of Birth/Age : |
12.04.1955 |
|
Date of Appointment : |
17.01.2006 |
|
Din No.: |
01804958 |
|
|
|
|
Name : |
Mr. Chandima Allis Miroshan |
|
Designation : |
Director |
|
Address : |
11, Annie Avenuem, Delhiwala-111111, |
|
Date of Birth/Age : |
25.08.1971 |
|
Date of Appointment : |
17.01.2006 |
|
Din No.: |
01912718 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Civaro International Limited, |
|
2400808 |
|
Haylsys Adyahtis Limited, Sri Lanka |
|
1 |
|
|
|
|
|
Total |
|
2400809 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
|
Percentage of
Holding |
|
|
|
|
|
Foreign Holdings (Foreign institutional investor(s), Foreign
comapnie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or others) |
|
100.00 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
The company is in the business of Supply Chain management, logistics,
warehousing and distribution and own or hire multi-user distribution centers
and warehouses |
GENERAL INFORMATION
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bahubali Gouraj and Company Chartered Accountant |
|
Address : |
29, 1st Floor, Raja Ram Mohan Roy Road, Opposite Kanteerava
Indoor Stadium, Bangalore – 560027, Karnataka, India |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2400809 |
Equity Shares |
Rs. 10/-
each |
Rs. 24.008
Millions |
|
|
|
|
|
As on : 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs.40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2400809 |
Equity Shares |
Rs. 10/-
each |
Rs.24.008 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24.008 |
20.304 |
0.100 |
|
|
2] Share Application Money |
27.511 |
0.000 |
4.558 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[18.188] |
[13.014] |
[7.243] |
|
|
NETWORTH |
33.331 |
7.290 |
[2.585] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
33.331 |
7.290 |
[2.585] |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.104 |
11.970 |
22.926 |
|
|
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 |
17.754
|
14.950
|
16.334 |
|
|
Cash & Bank Balances |
2.123
|
0.226
|
0.393 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
26.112
|
35.965
|
15.168 |
|
Total
Current Assets |
45.989
|
51.141
|
31.895 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
21.522
|
55.465
|
57.093 |
|
|
Provisions |
0.240
|
0.356
|
0.313 |
|
Total
Current Liabilities |
21.762
|
55.821
|
57.406 |
|
|
Net Current Assets |
24.227
|
[4.680]
|
[25.511] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
33.331 |
7.290 |
[2.585] |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INCOME |
77.037 |
82.279 |
47.774 |
|
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
82.212 |
88.050 |
47.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
[5.175] |
[5.516] |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.255 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
[5.175] |
[5.771] |
0.118 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[6.71] |
[6.70]
|
0.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[16.76] |
[9.14]
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.15] |
[0.75]
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.65 |
7.66
|
[22.21] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11 |
0.92
|
0.56 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
The company is private limited company incorporated under the provision
for the Companies Act, 1956 on 4 January 2006. The company is in the business of
Supply Chain management, logistics, warehousing and distribution and own or
hire multi-user distribution centers and warehouses.
An agreement for logistics Services (‘the agreement’) has been entered
into between Logiwiz Limited,
For the purpose of execution of the arrangement envisaged by the
agreement, Logowiz SL is required to set-up a legal entity in
Further, the profits/ losses of this venture are to be shared between
the Company and Panalpina equally on a monthly basis over the first eighteen
months for each warehousing facility. Accordingly, under the arrangement, the
company has recovered Rs. 0.297 Million during the year which has been credited
to operating expenses (Previous year loss Rs. 0.483 Million)
Pending finalization of a formal agreement with Panalpina World
Transport (
BUSINESS OPERATIONS AND PROSPECTS :
The company has earned a total income of Rs.
77.037 Millions for the year ended 31.03.2010 and total expenditure is Rs.
82.212 Millions for the said year and thereby registering a loss of Rs. 5.175
Millions which has been carry forward to Balance Sheet. However, the Board is
confident of doing goods business in the years to come. The business outlook
for the year 2010-11 in encouraging.
FIXED ASSETS:
·
Leasehold Improvements
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Electrical Installations
·
Plant and Machinery
·
Warehousing Equipments
·
Vehicles
AS PER WEBSITE
PROFILE:
Logiwiz has been setup under Hayleys Advantis Limited, the
transportation and logistics arm of Hayleys Group, the blue chip conglomerate,
to offer discerning clients end-to-end logistics and supply chain management
solutions.
By focusing on People, Processes and Technology they have defined the
concept of “intelligent logistics” which targets quantum improvements in the
supply chain execution. The logistics solutions would synchronize the supply
chain for effective demand supply co-ordination, integration and effective
execution.
The service portfolio will enable you to cut inventory holding, free up
much needed capital from the supply chain, squeeze out cost from the logistics
operation, improve lead times to the customers, deliver perfect orders every
time and replace inventory with information.
Logiwiz not only provides the traditional logistics services of
inventory, order, warehousing and distribution management but they also provide
a range of value added services. They have a dedicated team of logistics
professionals who work together with the clients in reviewing and appraising
the present logistics operations and initiatives, both strategic and
operational level to set up a world-class logistics and supply chain operation which
will be benchmarked to best practices.
By partnering with the Hayleys Advantis network of shipping and freight
forwarding business units, Logiwiz is not limited to logistics solutions within
the boundaries of
The state-of the art Distribution Centre (DC) strategically located at
Kelaniya has enabled them to manage the customers inventory in the most
effective and efficient manner. Though the central DC is situated at Kelaniya
they have warehousing facilities in Paliyagoda and Kurunegala giving optional
strategic storage locations to the clients as well.
The best of the breed Logiwiz Warehouse Management System - RedPrairie
WMS M will enable the clients to manage their inventory online, utilizing either
password controlled web access or direct connectivity to client ERP systems
through Electronic Data Interchange (EDI).
The ability to completely outsource the entire logistics and supply
chain execution services to us; would free up valuable management time to focus
on the core competencies and enhance the supply chain execution by improving
the supply chain delivery reliability, responsiveness and flexibility.
LOGISTICS AND SUPPLY CHAIN MANAGEMENT:
Logistics is the link between the business and the market place that
focuses on the management, coordination and integration of the various business
flows such as materials, money and information. This focus is across the
business, the suppliers , the direct customers and end consumers.
The supply chain; the network involved in creating and delivering value
to the end customers, through sourcing of raw materials, producing of the final
products, packaging and storing, distribution and after sales service, could be
leveraged to ensure maximum efficiency and high returns. This entails managing
the flow of information, materials, money and knowledge in a systematic and
speedy manner, not only within the company but also across all suppliers and
partners involved in delivering value to the end consumers.
In today ’s highly competitive and dynamic market place of high product
variety, shortened product life cycles, volatile demand, globalization and
networked organizations, the order winning criteria is more likely to be
service based rather than product based. This is where you could leverage on
logistics and supply chain management for a better competitive advantage for
the business.
The mission of logistics management is to achieve the desired levels of
customer service and quality at the lowest possible cost…in other words, to
reduce the unit product cost whilst maintaining or improving the level of
service to the customers and end users.
SERVICES:
CORE SERVICE OFFERING:
·
Warehouse management
·
Inventory management
·
Transport and Distribution management
·
Production Line Logistics
·
Contract warehouse management
·
Reverse logistics(Returns Management)
·
Logistics and Supply Chain Management consultancy
·
Project cargo management
·
Bonded Facilities
·
Freight Management
·
Regional Presence
VALUE ADDED AND PRE-RETAIL SERVICES:
·
Packaging, stretch wrapping and palletizing
·
Kitting
·
Labeling, shrink wrapping ,snickering and price
marking
·
Bar coding and tagging
·
Payment collection
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. 45.24 |
|
|
1 |
Rs. 73.88 |
|
Euro |
1 |
Rs. 65.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.