MIRA
INFORM REPORT
IDENTIFICATION DETAILS
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Name : |
SARJAK CONTAINER LINES PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, Hitkari Home, 284, Shahid Bhagat Singh Road,
Fort, Mumbai-400001, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.10.2003 |
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Com. Reg. No.: |
11-142938 |
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CIN No.: [Company Identification
No.] |
U35100MH2003PTC142938 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS34856D/ MUMS43213C/ MUIMS41558G |
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PAN No.: [Permanent Account No.] |
AAHCS6034J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider- Specializing in shipping and logistics, cargo
agents, special equipments of open tops, super raks etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 190000 |
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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.
ECGC Country Risk Classification List – April 1, 2010
|
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 : |
3rd Floor, Hitkari Home, 284, Shahid Bhagat Singh Road,
Fort, Mumbai-400001, Maharashtra, India |
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Tel. No.: |
91-22-40550550/ 405550567/ 40550559/ 40550558/ 44050566/ 44050563/
40550571 |
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Fax No.: |
91-22-40550551 |
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E-Mail : |
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Website : |
DIRECTORS
As On : 25.09.2010
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Name : |
Mr. Ashish Kanubhai Sheth |
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Designation : |
Chairman cum Managing Director |
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Address : |
Flat No. 47/48, 4th Floor, Tower No. 1, Ramjharukha,
Andheri (West), Mumbai-400058, |
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Date of Birth/Age : |
06.12.1965 |
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Date of Appointment : |
30.10.2003 |
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DIN No : |
00308227 |
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Name : |
Mrs. Amita Ashish Sheth |
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Designation : |
Director |
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Address : |
Flat No. 47/48, 4th Floor, Tower No. 1, Ramjharukha, Andheri
(West), Mumbai-400058, |
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Date of Birth/Age : |
22.08.1970 |
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Date of Appointment : |
30.10.2003 |
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DIN No : |
00293763 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
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Names of Shareholders |
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No. of Shares |
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Amita Ashish Sheth |
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1600000 |
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Ashish Kanubhai Sheth |
|
400000 |
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Total |
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2000000 |
AS ON 25.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service Provider- Specializing in shipping and logistics, cargo
agents, special equipments of open tops, super raks etc. |
GENERAL INFORMATION
|
Customers : |
·
AG Cargo Global Logistics Limited ·
Apt International Shipping Private Limited ·
Aquate Fright Private Limited ·
Abas Shipping Services Private Limited ·
Babahi Shivram Clearing and Forwarding Private
Limited ·
Damji Shipping ·
Jeena and Company ·
GOC Shipping ( ·
Electrotherm ( |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bipin B Shah and Company Chartered Accountant |
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Address : |
36, Western India House, |
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Related Party : |
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CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs.20.000
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.544 |
30.120 |
13.867 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.544 |
35.120 |
18.867 |
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LOAN FUNDS |
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1] Secured Loans |
103.008 |
43.009 |
21.537 |
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2] Unsecured Loans |
9.387 |
0.221 |
1.618 |
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TOTAL BORROWING |
112.395 |
43.230 |
23.155 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
159.939 |
78.350 |
42.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
69.183 |
77.478 |
49.292 |
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Capital work-in-progress |
95.034 |
0.000 |
0.000 |
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INVESTMENT |
11.527 |
11.527 |
10.500 |
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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 |
32.577
|
26.349
|
7.270 |
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Cash & Bank Balances |
13.304
|
13.789
|
6.139 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
18.963
|
18.172
|
8.542 |
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Total
Current Assets |
64.844
|
58.310 |
21.951 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
62.768
|
51.112
|
25.067 |
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Other Current Liabilities |
2.300
|
2.000
|
1.550 |
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Provisions |
15.581
|
15.853
|
13.104 |
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Total
Current Liabilities |
80.649
|
68.965 |
39.721 |
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Net Current Assets |
[15.805]
|
[10.655]
|
[17.770] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
159.939 |
78.350 |
42.022 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income from operations |
473.746 |
435.684 |
253.784 |
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Other Income |
0.591 |
0.528 |
0.093 |
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TOTAL (A) |
474.337 |
436.212 |
253.877 |
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Less |
EXPENSES |
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Operational Expenses |
389.482 |
363.087 |
207.557 |
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Payment to Employees |
25.600 |
13.880 |
8.081 |
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Administrative and other cost |
26.031 |
18.510 |
11.660 |
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|
Increase/(Decrease) in Finished Goods |
(0.689) |
0.000 |
0.000 |
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TOTAL (B) |
440.424 |
395.477 |
227.298 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33.913 |
40.735 |
26.579 |
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Less |
FINANCIAL
EXPENSES (D) |
4.500 |
5.071 |
2.350 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.413 |
35.664 |
24.229 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.232 |
9.965 |
5.930 |
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PROFIT BEFORE
TAX (E-F) (G) |
18.181 |
25.699 |
18.299 |
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Less |
TAX (H) |
6.057 |
9.408 |
6.745 |
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PROFIT AFTER TAX
(G-H) (I) |
12.124 |
16.291 |
11.554 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.120 |
13.867 |
2.373 |
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Less |
APPROPRIATIONS |
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Excess/ Short provision for income tax |
(0.108) |
0.038 |
0.006 |
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|
Short provision of deferred tax liability |
15.000 |
0.000 |
0.054 |
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BALANCE CARRIED TO
THE B/S |
27.543 |
30.120 |
13.867 |
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EXPORT VALUE |
121.985 |
104.471 |
NA
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Earnings Per
Share (Rs.) |
6.06 |
8.14 |
5.77 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.55
|
3.73 |
4.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.83
|
5.89 |
7.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.56
|
18.92 |
25.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.73 |
0.96 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.06
|
3.19 |
3.33 |
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Current Ratio (Current Asset/Current Liability) |
|
0.80
|
0.84 |
0.55 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 21-A, 2nd Floor, Sucheta Niwas,
185 Shaheed Bhagatsing Road, Fort, Mumbai – 400 001, Maharashtra, India to the
present address w.e.f. 04.01.2008
FINANCIAL
PERFORMANCE :
During the year, the Company has achieved net profit of Rs. 12.124 millions
on a total turnover of Rs. 475.026 millions as compared to Rs. 17.204 millions
on a total turnover of Rs. 436.212 millions for the last year.
FORM 8
|
Corporate
identity number of the company |
U35100MH2003PTC142938 |
|
Name of the
company |
SARJAK CONTAINER LINES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
3rd Floor, Hitkari Home, 284, Shahid Bhagat Singh Road,
Fort, Mumbai-400001, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Movable property (not being pledge) |
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Particular of
charge holder |
Bank of India, Kalbadevi Road, Round Building, Shamldas Gandhi Marg,
Kalbadevi, Mumbai-400002, Maharashtra, India |
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Nature of
instrument creating charge |
Oral
assent for Equitable mortgage (EM). |
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Date of
instrument Creating the charge |
20.09.2010 |
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Amount secured by
the charge |
Rs. 30.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Commission/charges
as per H.O. prevailing guidelines. Terms of
repayment On demand Margin As
specified by the Bank from time to time. Extent and
operation of the charge Security
and charge hereby created shall be by way of first charge on all the said
hypothecated assets / mortgaged Property for due payment as provided in the
deed of all monies including the principal sums, interest/commission costs
charges and expenses and all other monies whatsoever due owing and payable by
the Borrower to the Bank under or in respect of or in connection with or in
any wise concerning or relating to the said facilities Other agreed
to be granted and /or granted by the Bank to the borrower and also for due
repayment of all present and future indebtedness and liabilities of the
borrower to the Bank of any kind in any manner whether solely or jointly
primary or collateral accrued or accruing with all relative
interest/commission, charges , costs and expenses. Facility
and limit: Non fund based :Bank Guarantee (Foreign) Rs.30.000 millions |
|
Short particulars
of the property charged (Including location of the property) |
(1) All
tangible and movable assets of the Borrower including in particular all
stocks of containers etc. lying at the premises of the Borrower and/or
elsewhere and/or in transit or where so ever or any where it may situate. (2)Equitable
mortgage of immovable properties of company comprising flats, furniture and
fixtures and fittings of i)
Flat bearing No.3 on ground floor in building known as "Riverdale
Springdale", situated at Plot No.67, S. No.72/2, at village Varale, Tah.
Maval, District Pune, ii)
Flat bearing No.4 on ground floor in building known as "Riverdale
Springdale", situated at Plot No.67, S.No.72/2, at village Varale, Tah.
Maval, District Pune, iii)Flat
No.32, situated on 3rd floor, in building known as "Glandale",
situated at Plot No.243 to 350(both inclusive),S. No.70/1, and 71/1/1, at
Village Varale, Tah. Maval, District Pune iv)Flat
No.33, situated on 3rd floor, in building known as "Glandale",
situated at Plot No.243 to 350(both inclusive),S. No.70/1, and 71/1/1, at
Village Varale, Tah. Maval, District Pune v)
Flat No.36, situated on 3rd floor, in building known as "Glandale",
situated at Plot No.243 to 350(both inclusive),S. No.70/1 and 71/1/1, at
Village Varale, Tah. Maval, District Pune. |
|
Charge
identification number of the charge to be modified |
10166236 |
|
Particulars of
the present modification |
1st
Modification. Additional security of EM of immovable properties of company
comprising flats, furniture and fixtures and fittings of Flat Nos.3 and
4,Ground Floor, In building "Riverdale Springdale", Plot no.67,
S.No.72/2, Village Varale, Tah. Maval District Pune and Flat Nos.32,33,36,3rd
Floor in building "Glandale", Plot No.243 to 350(both
inclusive),S.No.70/1 and 71/1/1, at Village Varale, Tah. Maval, District
Pune. is created to secure the existing Guarantee limit of Rs.30.000 millions |
Fixed Assets:
·
Computer Software
·
Computer
·
Containers
·
Tea Coffee Machine
·
Mobile Instruments
·
Panasonic Fax Machine
·
Furniture and Fixture
·
Office Equipments
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. 44.30 |
|
|
1 |
Rs. 73.89 |
|
Euro |
1 |
Rs. 65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--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 |
|
45 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.