MIRA
INFORM REPORT
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Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
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Name : |
ATLAS LOGISTICS PRIVATE LIMITED (w.e.f.30.04.2002) |
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Formerly Known
As : |
DRH LOGISTICS ( |
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Registered
Office : |
No.138, 2nd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
24.06.1999 |
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Com. Reg. No.: |
08-25375 |
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CIN No.: [Company Identification
No.] |
U63090KA1999PTC025375 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA05014C |
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PAN No.: [Permanent Account No.] |
AAACD9963A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Subject is engaged in the business of Freight Forwarding |
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 710000 |
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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 a well established company having satisfactory track. Trade
relations are reported as 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 and conditions. |
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 : |
No.138, 2nd Floor, Maruthi Tower, Hal Airport Road,
Kodihalli, Bangalore-560 008, Karnataka, India |
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Tel. No.: |
91-80-41113350 |
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Fax No.: |
91-80-41153933 |
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E-Mail : |
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Website : |
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Branch Office : |
Sahara Classic Building, Ground Floor, Opposite East Aai Colony,
Sahara Road, Andheri (East), Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-32418050 |
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Fax No.: |
91-22-415535 |
DIRECTORS
As on 29.09.2009
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Name : |
Mr. H R Venkatesh Rao |
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Designation : |
Managing Director |
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Address : |
L-26-27, 2nd Main HSR Layout, 6th Sector,
Bangalore-560 034, |
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Date of Birth/Age : |
26.04.1951 |
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Date of Appointment : |
24.06.1999 |
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Name : |
Mr. Nikhil Sachdev |
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Designation : |
Whole time Director |
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Address : |
101, Daffodils, 56 Pali Hills, Bandra, Mumbai-400 050, |
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Date of Birth/Age : |
07.09.1980 |
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Date of Appointment : |
24.06.1999 |
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Name : |
Mr. Yoginder M. Sachdev |
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Designation : |
Director |
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Address : |
101, Daffodils, 56 Pali Hills, Bandra, Mumbai-400 050, |
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Date of Birth/Age : |
23.02.1940 |
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Date of Appointment : |
16.01.2002 |
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Name : |
Ms. Priti Sachdev |
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Designation : |
Director |
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Address : |
101, Daffodils, 56 Pali Hills, Bandra, Mumbai-400 050, |
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Date of Birth/Age : |
03.07.1949 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Ms. Pooja Sachdev |
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Designation : |
Director |
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Address : |
ST. Crispins Close, |
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Date of Birth/Age : |
18.10.1977 |
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Date of Appointment : |
01.04.2008 |
KEY EXECUTIVES
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Name : |
Mr. Eddie Tan |
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Designation : |
Managing
Director – |
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Name : |
Mr. Jordan Tan |
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Designation : |
Marketing
Manager - Veitnam |
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Name : |
Mr. Chriswantoro |
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Designation : |
Managing
Director – |
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Name : |
Mr. T. Suzuki |
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Designation : |
Managing
Director – |
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Name : |
Mr. Sujeiva
Samaraweera |
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Designation : |
Joint Managing
Director – Srilanka |
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Name : |
Mr. Oswald
D’souza |
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Designation : |
President |
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Name : |
Ms. Geetha
Lakshmi |
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Designation : |
Vice
President - West Bound |
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Name : |
Mr. Jude |
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Designation : |
Regional Manager
– |
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Name : |
Mr. Shiva |
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Designation : |
Regional Manager
– Nortern |
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Name : |
Mr. Prabhanjan |
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Designation : |
Business
Development Manager |
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Name : |
Mr. Prashant |
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Designation : |
Manager – |
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Name : |
Mr. Nathan |
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Designation : |
Area Manager |
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Name : |
Mr. Anand |
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Designation : |
Chief financial
officer |
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Name : |
Mr. Abbas |
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Designation : |
Manager – IT |
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Name : |
Mr. Badari |
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Designation : |
Manager – HR |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
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Names of Shareholders |
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No. of Shares |
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Nikhil Sachdev |
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1890000 |
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Airlift Services Private Limited, |
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270000 |
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Pelican Shipping And Clearing Agency Private Limited, |
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270000 |
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Pooja Sachdev |
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2430000 |
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Venkatesh Rao H R |
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1215000 |
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Total |
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6075000 |
As on 29.09.2009
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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 |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Freight Forwarding |
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GENERAL INFORMATION
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Bankers : |
·
State Bank of ·
Syndicate Bank, Basaveshwar Road, Bangalore-560
052, |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Ishwar and Gopal Chartered Accountants |
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Address : |
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Associates : |
·
Pelican Air Private Limited ·
Pelican Shipping and Clearing Agency Private
Limited ·
Transpeed Logistics private Limited (UP to
1.04.2008) |
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Subsidiaries : |
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Joint Venture : |
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CAPITAL STRUCTURE
As on 29.09.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6075000 |
Equity Shares |
Rs.10/- Each |
Rs.60.750
Millions |
Out of the above 4950000 bonus Equity Shares have
been allotted by capitalization of reserves and Surplus in profit and Loss
account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
60.750 |
60.750 |
18.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
115.673 |
176.331 |
79.350 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
176.423 |
237.081 |
97.350 |
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LOAN FUNDS |
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1] Secured Loans |
193.003 |
176.331 |
105.171 |
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2] Unsecured Loans |
0.000 |
3.991 |
3.952 |
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TOTAL BORROWING |
193.003 |
180.322 |
109.123 |
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DEFERRED TAX LIABILITIES |
0.547 |
0.000 |
0.340 |
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TOTAL |
369.973 |
417.403 |
206.813 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
72.982 |
58.826 |
58.010 |
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Capital work-in-progress |
0.000 |
0.000 |
1.275 |
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INVESTMENT |
8.146 |
8.889 |
7.777 |
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DEFERREX TAX ASSETS |
0.000 |
2.023 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
271.735
|
384.621 |
228.103 |
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Cash & Bank Balances |
151.749
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133.872 |
98.578 |
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Other Current Assets |
0.000 |
1.740 |
0.000 |
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Loans & Advances |
81.407
|
41.275 |
19.391 |
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Total
Current Assets |
504.891
|
561.508 |
346.072 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
186.644
|
244.940 |
171.134 |
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Other Current Liabilities |
27.211
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35.622 |
18.297 |
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Provisions |
2.191
|
18.324 |
16.890 |
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Total
Current Liabilities |
216.046
|
298.886 |
206.321 |
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Net Current Assets |
288.845
|
262.622 |
139.751 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
369.973 |
332.360 |
206.813 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Freight and Service Charges |
2323.234 |
2065.145 |
1567.796 |
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Warehouse Income |
14.069 |
11.189 |
0.000 |
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Other Income |
3.799 |
7.923 |
1.819 |
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TOTAL (A) |
2341.102 |
2084.257 |
1569.615 |
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Less |
EXPENSES |
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TOTAL (B) |
2254.698 |
1958.682 |
1470.746 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
86.404 |
211.979 |
98.869 |
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Less |
FINANCIAL
EXPENSES (D) |
29.749 |
16.330 |
10.633 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
56.655 |
195.649 |
88.236 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.967 |
7.467 |
6.850 |
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PROFIT BEFORE
TAX (E-F) (G) |
43.688 |
101.778 |
81.386 |
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Less |
TAX (H) |
19.446 |
34.852 |
50.298 |
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PROFIT AFTER TAX
(G-H) (I) |
24.242 |
66.926 |
31.088 |
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Earnings Per
Share (Rs.) |
4.06 |
- |
- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.04
|
3.24 |
1.98 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.88
|
4.93 |
5.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.56
|
16.41 |
2.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.43 |
0.84 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.32
|
2.02 |
3.25 |
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Current Ratio (Current Asset/Current Liability) |
|
2.34
|
1.88 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office of the company has been shifted from 777B, 100 Ft. Road, Indiranagar, HAL 2nd Stage, Bangalore- 560 038, Karnataka, India to the present address w.e.f.01.02.2011
Operations Review
The year under
ending 31st March,
2009 has sailed the Company. The Company has earned a Profit after Tax for the
year is Rs.24.242 millions as compared to Rs.66.926 millions for the year ended
31" March, 2008.
Awards
During the
Financial Year Company had been awarded as
·
Silver Award Winner from Gulf Air,
·
British Airways,
·
Bharti Airtel Limited [Beetel],
Joint Ventures / Subsidiary Companies:
1. L V Global
Holdings Pte. Limited is a Subsidiary Company incorporated in
2. Atlas Logistics
(
3. Atlas Logistics
Japan Co. Limited, is a Joint Venture incorporated in
4. Atlas Logistics
Lanka Pvt. Limited, is a Joint Venture incorporated in Colombo engaged in
Freight Forwarding business has made a turnover of LKR 98,411,7761-(Previous
Year LKR 130,576,264i-) achieving a Net Profit of LKR 3,153,6141-(Previous year
LKR 2,929,773).
5. Atlas Logistics (H.K] Limited is a new Joint Venture incorporated in Hongkong
during the current, financial year.
6. The Company has opened its Representative Office in
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U63090KA1999PTC025375 |
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Name of the
company |
ATLAS LOGISTICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.138, 2nd Floor, |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10036841 |
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Type of charge |
Book Debts Movable Property Immovable
Property Others Vehicles |
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Particular of
charge holder |
State Bank of |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental agreement
of hypothecation of goods and assets for increase in the overall limit
(c.2-a) Letter regarding
the grant of indivdual limits within the overall limit (c-5) Memorandum of
deposit for creation of further charge for term loan (c-10) (all the documents
relate to the same modification) |
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Date of
instrument Creating the charge |
29.01.2010 |
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Amount secured by
the charge |
Rs.341.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC : Interest @
SBAR, Present effective rate 11.75% TL : Interest @ 1.00% above SBAR Terms of
Repayment WC : Repayable on
demand CL : Repayable in 11 quarterly instalments TL : Repayable in 36 months Margin 25% Extent and
Operation of the charge Charge extends by
way of first charge on all the assets throughout the period of sanctioned
limits. Others EM on house
property situated at No. 1621, 3rd Cross, 2nd Phase, J. P. Nagar, Bangalore measuring
about 1200Sft belonging to Mrs. priti Sachdev, Director |
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Short particulars
of the property charged |
Hypothecation of
the whole of the present and future receivables, book debts, other current
assets belonging to the company
Hypothecation of vehicles purchased out of bank's finance EM on co's
immovable properties situated at Sy. No. 21, Hissa No. 1, CTS 23 and Sy. No.
93-A, Hissa No. 4 CTS No. 21, situated at " Sahar Classic", Ground
Floor, |
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Date of latest
modification prior to the present modification |
08.04.2008 |
|
Particulars of
the present modification |
Total limits
enhanced from Rs. 28.17 Crores to Rs. 34.17 Crores. EM on co's immovable properties
situated at Sy. No. 21, Hissa No. 1, CTS 23 and Sy. No. 93-A, Hissa No. 4 CTS
No. 21, situated at " Sahar Classic", Ground Floor, Sahar Road,
Andheri Taluk, Mumbai Suburban District. building measuring 5260.91 Sqft. All
other terms, conditions and existing securities to continue. |
Fixed Assets:
·
Land
·
Building
·
Computer
·
Machinery and Office
Equipments
·
Electrical Installation
·
Furniture and Fixture
·
Motor Trucks
·
Motor Vehicles
Website Details:
Profile:
Subject is one of the most innovative List of
logistics companies in
Subject is a truly growing Indian Company with multinational
presence having vast network in
Milestone:
2009
· Atlas Logistics Opened office in US and china
2008
· Started Own trucking division
·
Atlas Logistics Opened office in
· Atlas Logistics received ISO 9001:2008 accreditation
2007
·
Awarded “Outstanding Performance” by
·
Atlas Logistics Opens office in
· Atlas Logistics becomes a member of FIATA
· Winner of Gulf Air Award 2007
2006
· Atlas Logistics gets ISO 9001 : 2000 accreditation
·
Awarded “Excellent Performance” by Air
·
Awarded “Outstanding Performance” by
· Enters in partnership agreement In Italy
·
Opening subsidiary office of Atlas Far east in
· Winner of Gulf Air Award 2006
2005
· Enter Malaysian market by opening subsidiary office of Atlas Far east
·
Further expanding its global presence and opened
office in
· Atlas Logistics moves forward for its own global presence by opening office in Srilanka
· Awarded “Sales achievement” by Gulf Air
2004
· Awarded “Sales achievement” by Gulf Air
2003
· Awarded “Sales achievement” by MAS Cargo
2002
· Renames the company to Atlas Logistics and retains all the Licence
2001
· Atlas Logistics owns customs brokers license and thus can handle customs clearance for both air and sea
·
Atlas Logistics Opened office in
2000
- Atlas Logistics India becomes IATA approved company.
- Atlas Logistics India owns Break Bulk licence can handle all types of cargoes including break bulk and flat racks for both Imports and Exports. All offices are well equipped to handle air and sea freight
- Atlas Logistics India transitioned in to MTO (Multimodal transport operator) hence expanding further business by offering logistics services such as consolidation of LCL (less-than-container load) and FCL (full container load) cargoes for exporters and importers
- Atlas Logistics can handle domestic cargo by road and air
- Atlas Logistics provides door to door services for almost all types of cargoes and in almost all countries through a strong network of overseas partners who are thorough professionals. In Door to Door, we provide - Door to airport, Door to port, Airport to Door, Port to Door and Door to Door including DDU and DDP for air and sea
- Atlas Logistics establishes partnership with agents for handling business in different countries to provide door to door service for its customers.
1999
·
Started its operation in October 1999 with 16
offices in
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.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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.