%20FREIGHT%20EXPRESS%20PRIVATE%20LIMITED%20-%20149332%2026-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
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Name : |
LOTUS (INTERNATIONAL) FREIGHT EXPRESS PRIVATE LIMITED (w.e.f.
05.11.2007) |
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Formerly Known
as: |
LOTUS FREIGHT EXPRESS PRIVATE LIMITED |
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Registered
Office : |
84B, 1st Floor, Vasant Kund Road, Mahipal Pur, New Delhi –
110037, Delhi |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.05.2007 |
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Com. Reg. No.: |
164094 |
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Capital
Investment / Paid-up Capital : |
Rs.2.100 Millions |
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CIN No.: [Company Identification
No.] |
U60231DL2007PTC164094 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELL03925F |
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PAN No.: [Permanent Account No.] |
AABCL3161D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of Logistics, Custom Clearance, Freight Forwarding,
International Freight Forwarding. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (41) |
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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 21704 |
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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 reported as fair. Business is active. Payments are reported to be usually
correct. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjeev Sharma |
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Designation : |
Director |
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Contact No.: |
91-9958197511 |
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Date : |
25.07.2011 |
LOCATIONS
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Registered Office : |
84B, 1st Floor, Vasant Kund Road, Mahipal Pur, New Delhi –
110037, Delhi, India |
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Tel. No.: |
91-11-46062759/60/61 |
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Fax No.: |
91-11-26781931 |
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E-Mail : |
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Branches : |
Unit No. 409, Sector 15, Chawla Complex, CBD Belapur, Navi Mumbai HQ,
Mumbai – 4000614, India |
DIRECTORS
AS ON 26.09.2008
|
Name : |
Mr. DV Sreenivasa Murthy |
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Designation : |
Director |
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Address : |
3048, Sector -23, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
26.02.1959 |
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Date of Appointment : |
31.08.2007 |
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Name : |
Mr. Madhusudan B S Setthy |
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Designation : |
Chairman |
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Address : |
47, Coconut Garden Nagari, Bhaji 1st Stage West Range,
Bangalore , Karnataka, India |
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Date of Birth/Age : |
01.08.1958 |
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Date of Appointment : |
30.05.2007 |
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Name : |
Mr. Jaraganahalli Nagarajarao Revathe |
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Designation : |
Director |
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Address : |
3048, Sector -23, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
03.10.1963 |
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Date of Appointment : |
31.08.2007 |
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Name : |
Mr. Sanjeev Sharma |
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Designation : |
Director |
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Address : |
4F-9, Shiva Enclave, A-4, Paschim Vihar, New Delhi – 110063, Delhi,
India |
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Date of Birth/Age : |
20.05.1970 |
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Date of Appointment : |
30.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Madhusudan B S Setthy |
|
60000 |
|
Sanjeev Sharma |
|
5000 |
|
DV Sreenivasa Murthy |
|
60000 |
|
J N Revathe |
|
25000 |
|
Mahabala Devadiga |
|
60000 |
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Total |
|
210000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Logistics, Custom Clearance, Freight Forwarding, International
Freight Forwarding. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
Corporation
Bank, M-3-4 M Block Market, Greater Kailash-II, New Delhi - 110048, Delhi,
India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C P Garg and Associates Chartered Accountant |
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Address : |
211-A, 2nd Floor, Aakpa Bazar, Gurgaon – 122001, Haryana,
India |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210000 |
Equity Shares |
Rs.10/- each |
Rs.2.100
Millions |
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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 |
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|
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1] Share Capital |
2.100 |
1.500 |
1.500 |
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2] Share Application Money |
0.350 |
0.650 |
0.350 |
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3] Reserves & Surplus |
2.976 |
1.173 |
0.496 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.426 |
3.323 |
2.346 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
4.737 |
2.072 |
0.000 |
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|
2] Unsecured Loans |
0.235 |
0.465 |
1.090 |
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TOTAL BORROWING |
4.972 |
2.537 |
1.090 |
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DEFERRED TAX LIABILITIES |
0.235 |
0.095 |
0.048 |
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TOTAL |
10.633 |
5.955 |
3.484 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.954 |
1.895 |
1.262 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
21.469
|
6.353 |
3.538 |
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Cash & Bank Balances |
1.093
|
1.581 |
0.285 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.363
|
1.875 |
0.888 |
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Total
Current Assets |
26.925
|
9.809 |
4.711 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000
|
0.000 |
0.000 |
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Other Current Liabilities |
18.734
|
5.319 |
2.164 |
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Provisions |
1.519
|
0.439 |
0.338 |
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Total
Current Liabilities |
20.253
|
5.758 |
2.502 |
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Net Current Assets |
6.672
|
4.051 |
2.209 |
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MISCELLANEOUS EXPENSES |
0.007 |
0.009 |
0.013 |
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TOTAL |
10.633 |
5.955 |
3.484 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.65
|
2.50 |
1.53 |
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Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.70 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Sundry Creditors details are not available.
ORM 8:
|
Corporate identity number of the company |
U60231DL2007PTC164094 |
|
Name of the company |
LOTUS (INTERNATIONAL) FREIGHT EXPRESS
PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
84 B, 1st Floor, Vasant Kund
Road, Mahipal Pur New Delhi – 110037, Delhi, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable Property Book Debts Movable Property Floating Charge Others |
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Particular of charge holder |
CORPORATION BANK |
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Nature of instrument creating charge |
common deed of Hypothecation of
movables/assets/debts dt.18-8-2010 |
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Date of instrument Creating the charge |
18/08/2010 |
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Amount secured by the charge |
Rs.12.500 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest interest as per sanction terms and Bank norms Terms of Repayment repayment as per sanction terms and Bank
norms Margin margin as per bank norms Extent and Operation of the charge First charge on stocks, Book debts and
other current assets and EM of residential buildings at L/14/A/GF, Satek, New
Delhi in the name of Mrs. Davadiga and Commercial land and buildings owned by
the company situated at Flat 220 Chawla Complex, 2nd
Floor,Sector-15,CBD Belapur, New Mumbai is to secure the Cash credit of
Rs.11.000 Millions and Bank guarantee of Rs.1.500 Millions aggregating to
Rs.12.500 Millions sanctioned to the company |
|
Short particulars of the property charged |
First charge on stocks, Book debts and
other current assets and EM of residential buildings at L/14/A/GF, Satek, New
Delhi in the name of Mrs. Davadiga and Commercial land and buildings owned by the company situated at Flat
220Chawla Complex,2nd Floor,Sector-15,CBD Belapur, New Mumbai |
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.44.41 |
|
|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.63.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
41 |
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.