MIRA
INFORM REPORT
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Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
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Name : |
CREDENCE LOGISTICS LIMITED (w.e.f.18.08.2007) |
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Formerly Known
As : |
CREDENCE LOGISTICS PRIVATE LIMITED (w.e.f. 08.08.2007) GARUDA CARRIERS AND SHIPPING PRIVATE LIMITED |
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Registered
Office : |
11, Khairu Place, 3rd Floor, Kolkata – 700072, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.08.1991 |
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Com. Reg. No.: |
21-52729 |
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Capital
Investment / Paid-up Capital : |
U63090WB1991PLC052729 |
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CIN No.: [Company Identification
No.] |
Rs.27.213
Millions |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALG02886C |
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PAN No.: [Permanent Account No.] |
AAACG9801A |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Providing Logistics Solutions Services. |
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No. of Employees
: |
200 (Approximately) |
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 680000 |
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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 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.
INFORMATION PARTED BY
|
Name : |
Mr. Surendra |
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Designation : |
Accounts Department |
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Date : |
18.06.2011 |
LOCATIONS
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Registered Office : |
11, Khairu Place, 3rd Floor, Kolkata – 700072, West Bengal, India |
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Tel. No.: |
91-33-40037130 |
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Fax No.: |
91-33-22115221 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office
1: |
Skylark-111, Sector -11, Plot -63, C.B.D, Belapur, Navi
Mumbai- 400614 |
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Tel No.: |
91-22-40831300 |
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Fax No.: |
91-22-40831399 |
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Email : |
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Corporate Office 2: |
P-45, Khairu Place, 3rd Floor, Room No-4, Kolkata –
700072, West Bengal, India |
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Tel No.: |
91-33-22115221 |
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Fax No.: |
91-33-28631300 |
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Email : |
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Branch Office : |
Located at: North · Agra · Delhi · Faridabad · Ghaziabad · Haridwar · Kanpur · Ludhiana · Jagdishpur · Rudrapur South · Chennai · Hospet · Hyderabad · Palakkad · Salem · Vishakhapatnam · Ranipet East · Cuttack · Jamshedpur · Kolkata · Rourkela West · Ahmedabad · Baroda · Navi Mumbai · Pune · Surat · Vapi Central · Indore · Nagpur · Gwalior · Bhilai |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Arvind Kumar Dada |
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Designation : |
Director |
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Address : |
493/C/A, G T Road, Vivek Vihar, Phase – III, Shibpur, Howrah – 711102,
West Bengal, India |
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Date of Birth/Age : |
15.07.1959 |
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Date of Appointment : |
29.09.2007 |
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Email : |
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DIN No.: |
00007543 |
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Name : |
Mr. Pradeep Kumar Tewari |
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Designation : |
Director |
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Address : |
B-509, Raheja Vihar, Building No. 31, B Wing, West End, Powai
– 400 076, Maharashtra, India |
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Date of Birth/Age : |
03.03.1964 |
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Date of Appointment : |
22.08.2005 |
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DIN No.: |
00282489 |
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Name : |
Mr. Kailash Nath Bhandari |
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Designation : |
Director |
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Address : |
5 New Power House Road, Sector 7, Jodhpur – 342003, Rajasthan, India |
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Date of Birth/Age : |
01.04.1942 |
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Date of Appointment : |
29.09.2007 |
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Email : |
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DIN No.: |
00191219 |
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Name : |
Mr. Ravindra Kumar Tibrewala |
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Designation : |
Director |
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Address : |
A-1502, Highland Park, A – Wing, New Link, Road, Lokhandwala
Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Date of Birth/Age : |
23.02.1959 |
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Date of Appointment : |
31.07.2009 |
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DIN No.: |
00333484 |
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Name : |
Mr. Umesh Ranjit bahadur |
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Designation : |
Director |
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Address : |
Flat No.302, 3rd Floor, Faculty Building No.28, Bhavan S Campus,
D. N. Road, Andheri (West), Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
01.02.1944 |
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Date of Appointment : |
29.09.2010 |
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Email : |
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DIN No.: |
02782118 |
KEY EXECUTIVES
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Name : |
Mr. Vipul Kumar Singh |
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Designation : |
Company Secretary |
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Address : |
Flat No. F 1 – 3:2, 3rd Floor, Gomti Housing Co-Operative Society
Limited, Sector 8-B, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India |
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Date of Birth/Age : |
02.11.1975 |
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Date of Appointment : |
10.09.2010 |
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PAN No.: |
BDNPS9903F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Arvind Kumar Dada |
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5000 |
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Binod Kumar Mishra |
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10 |
|
Peekay Jay Vanijya Private Limited, India |
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540000 |
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Maple Insurance and Risk Management Services Private Limited, India |
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130000 |
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Krish Trexim Private Limited, India |
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865000 |
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Comnet Communication Private Limited, India |
|
521330 |
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Classic Telefilm Private Limited, India |
|
276399 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Bodies corporate |
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99.82 |
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Directors or relatives of directors |
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0.18 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Logistics Solutions Services. |
GENERAL INFORMATION
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Customers : |
OEM’s and Corporate · SAIL · Aditya Birla · BHEL · ABB · Sanghvi Foods Private Limited · Mother Dairy · Crompton Greaves Everyday Solution · Kirby Building Systems · BPL Telecom · Tata Enterprise · Coromandel Gromer · Godrej · Tata Ryerson Limited · ISPAT · Tata Steel · Reliance Infrastructure · Accurate Transformers Limited |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
· Canara Bank Kolkata Main Branch, West Bengal,India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute : |
· Global Trade Finance Limited 6th Floor, Metropolitan Building, Bandra-Kurla, Complex,
Bandra (East), Mumbai - 400051, Maharashtra, India · SREI Infrastructure Finance Limited Vishwakarma, 86C, Topsia Road (South), Kolkata - 700046,
West Bengal, India · IFCI Limited IFCI Tower, 61 Nehru Place, New Delhi – 110019, India |
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Auditors : |
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Name : |
Singhi and Company Chartered Accountant |
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Address : |
101, Turf Estate, Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011,
Maharashtra, India |
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Tel. No.: |
91-22-66625537/ 38 |
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Fax No.: |
91-22-66625539 |
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Email : |
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Website : |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2721330 |
Equity Share |
Rs.10/- each |
Rs.27.213
Millions |
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NOTE:
Out of which 71,330 Equity shares have been issued
to vendors as purchases consideration for other than cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
27.213 |
27.213 |
27.213 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
141.691 |
134.422 |
114.929 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
168.904 |
161.635 |
142.142 |
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LOAN FUNDS |
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1] Secured Loans |
217.494 |
244.463 |
49.683 |
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2] Unsecured Loans |
124.631 |
136.656 |
118.500 |
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TOTAL BORROWING |
342.125 |
381.119 |
168.183 |
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DEFERRED TAX LIABILITIES |
47.610 |
52.414 |
56.811 |
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TOTAL |
558.639 |
595.168 |
367.136 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
238.732 |
273.270 |
296.422 |
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Capital work-in-progress |
13.954 |
25.011 |
34.743 |
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INVESTMENT |
14.912 |
14.912 |
14.912 |
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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 |
1.166
|
0.297 |
0.988 |
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Sundry Debtors |
160.307
|
130.154 |
66.683 |
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Cash & Bank Balances |
34.630
|
22.441 |
14.781 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
323.483
|
379.894 |
179.484 |
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Total
Current Assets |
519.586
|
532.786 |
261.936 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
123.271 |
109.364 |
130.717 |
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Other Current Liabilities |
67.067
|
104.085 |
68.783 |
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Provisions |
38.207
|
37.362 |
41.377 |
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Total
Current Liabilities |
228.545
|
250.811 |
240.877 |
|
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Net Current Assets |
291.041
|
281.975 |
21.059 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
558.639 |
595.168 |
367.136 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2411.064 |
1602.089 |
1617.400 |
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Other Income |
14.696 |
21.547 |
34.823 |
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TOTAL (A) |
2425.760 |
1623.636 |
1652.223 |
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Less |
EXPENSES |
|
|
|
|
|
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Direct Operating Expenses |
2183.040 |
1403.996 |
1422.027 |
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Personnel expenses |
66.702 |
60.489 |
43.833 |
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Administrative Expenses |
65.950 |
52.017 |
45.880 |
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TOTAL (B) |
2315.692 |
1516.502 |
1511.740 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
110.068 |
107.134 |
140.483 |
|
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Less |
FINANCIAL
EXPENSES (D) |
35.756 |
36.643 |
51.600 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
74.312 |
70.491 |
88.883 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.880 |
45.193 |
43.674 |
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PROFIT BEFORE
TAX (E-F) (G) |
42.432 |
25.298 |
45.209 |
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Less |
TAX (H) |
35.163 |
5.805 |
22.081 |
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PROFIT AFTER TAX
(G-H) (I) |
7.269 |
19.493 |
23.128 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
95.922 |
76.429 |
53.381 |
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Less |
APPROPRIATIONS |
|
|
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|
|
|
|
Proposed Dividend |
-- |
-- |
(2.721) |
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|
Proposed Dividend Reversed |
-- |
-- |
2.721 |
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|
Tax on Proposed Dividend |
-- |
-- |
0.462 |
|
|
|
Tax on Proposed Dividend Reversed |
-- |
-- |
(0.382) |
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|
BALANCE CARRIED
TO THE B/S |
103.191 |
95.922 |
76.429 |
|
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|
Earnings Per
Share (Rs.) |
2.67 |
7.16 |
8.50 |
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|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
3500.000 |
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The above information has been parted by Mr. Surendra.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.30
|
1.20 |
1.40 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.76
|
1.58 |
2.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.60
|
3.14 |
8.10 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.16 |
0.32 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.38
|
3.91 |
2.88 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.27
|
2.12 |
1.09 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
(Rs. In Millions) |
||
|
Sundry Credtors |
|
|
|
|
- Due to Micro Small and Medium
Enterprises |
0.000 |
0.000 |
0.000 |
|
- Others |
123.271 |
109.364 |
130.717 |
|
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|
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|
|
Total |
123.271 |
109.364 |
130.717 |
CONTINGENT
LIABILITIES (as certified by the management) not provided for in respect of:
|
Particulars |
31.03.2010 |
31.03.2009 |
|
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(Rs. In Millions) |
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Claims against the company not acknowledged as debts: Claim for reinstallments of jobs and back wages with continuity of
service (whether ascertained) The case is pending before the Hon’ble High
Court |
62.500 |
57.500 |
|
|
|
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|
Outstanding Bank Guarantees (Out of Rs.12.457 Millions Bank Guarantees
Given on behalf of other Company of Rs.5.000 Millions (Previous Year Rs. Nil)
The Bank Guarantee of Rs.5.000 Millions has been cancelled and the
company has also received the refund for the same in the month of July
2010. |
12.457 |
4.875 |
|
|
|
|
|
Estimated amount of Contracts remaining to be executed on Capital
account and not provided for (Gross) (Net of Advance rs.56.096 Millions)
(previous year Rs.30.000 Millions) |
70.050 |
55.000 |
FORM 8:
|
Corporate
identity number of the company |
U63090WB1991PLC052729 |
|
Name of the
company |
Credence
Logistics Limited |
|
Address of the
registered office or of the principal place of business in |
P-45, Khairu
Place, 3rd Floor, Kolkata – 700072, West Bengal, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
SREI Equipment Finance
Private Limited Vishwakarma, 86C, Topsia Road (South), Kolkata - 700046,
West Bengal, India |
|
Nature of
instrument creating charge |
Deed of
hypothecation. (LAS589) |
|
Date of instrument
Creating the charge |
23.03.2010 |
|
Amount secured by
the charge |
Rs.38.682
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
interests: 12.00 percent per
annum. Terms of
Repayment: Amount repayable
in 46 no. installments of Rs.1063800.00 each per month. Margin: Rs.6.826 Millions |
|
Particulars of
the property charged |
20 Nos. TATA LPT
4018 Flat bed trailer. (Within India). |
FIXED ASSETS:
· Building – Office Premises
· Mini Bulk Carriers
· Dredger
· Catamaran
· Payloder
· Trucks and Trailer
· Air Conditioner
·
Computer
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
·
Workshop Equipment
·
Electrical Equipment
·
Television and
Requirement
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.44.93 |
|
|
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.62.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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.