MIRA
INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ST. JOHN FREIGHT SYSTEMS LIMITED w.e.f 15.05.1996 |
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Formerly Known
As : |
ST. JOHN FREIGHT SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
C-98, SIPCOT Industrial Complex, Harbour Express Road, Tutcorin –
628008, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
21.06.1991 |
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Com. Reg. No.: |
18-020999 |
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CIN No.: [Company Identification
No.] |
U74200TN1991PLC020999 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRIS02413F |
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PAN No.: [Permanent Account No.] |
AAACS4697N |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Providing Logistics Service. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
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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
records. 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) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
C-98, SIPCOT Industrial Complex, Harbour Express Road, Tutcorin – 628008,
Tamilnadu, India |
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Tel. No.: |
91-461-2342500 |
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Fax No.: |
91-461-2340311 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at: · Bangalore Chennai Coimbatore Erode Guntur Goa Bhopal Haldia Hyderabad Indore Kandla Karur Kakinada Kolkata Kochi Madurai Mumbai Mangalore New Delhi Salem Tirupur Visakhapatnam |
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Overseas Branch Office : |
Located at: · United Kingdom United States of America Nigeria Dubai Malaysia Netherlands Bangkok China Hong Kong Colombo Canada |
DIRECTORS
(AS ON 19.09.2009)
|
Name : |
Mr. Johnson Thangiah |
|
Designation : |
Managing Director |
|
Address : |
106J/66, Millerpuram II Street, Tuticorin – 628008,
Tamilnadu, India |
|
Date of Birth/Age : |
28.03.1957 |
|
Date of Appointment : |
21.06.1991 |
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|
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Name : |
Mr. Thanam Thangiah |
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Designation : |
Director |
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Address : |
106J/66, Millerpuram II Street, Tuticorin – 628008,
Tamilnadu, India |
|
Date of Birth/Age : |
10.02.1934 |
|
Date of Appointment : |
12.11.1998 |
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|
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|
Name : |
Mr. Anny Johnson |
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Designation : |
Director |
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Address : |
106J/66, Millerpuram II Street, Tuticorin – 628008,
Tamilnadu, India |
|
Date of Birth/Age : |
15.12.1965 |
|
Date of Appointment : |
21.06.1991 |
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|
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Name : |
Mr. Gladson Selvaraj Moses |
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Designation : |
Director |
|
Address : |
14-A, Rajamannar Street, Tuticorin – 628002, Tamilnadu, India |
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Date of Birth/Age : |
08.05.1966 |
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Date of Appointment : |
28.02.2011 |
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|
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Name : |
Mr. Samuel Jeffson Johnson |
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Designation : |
Director |
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Address : |
106J/66, Millerpuram, Thoothukudi – 628008, Tamilnadu, India |
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Date of Birth/Age : |
03.05.1989 |
|
Date of Appointment : |
28.02.2011 |
KEY EXECUTIVES
|
Name : |
Mr. S. Vasudevan |
|
Designation : |
Company Secretary |
|
Address : |
15/8, R.K.Nagar, III Cross Street, Mandaveli, Chennai-28,
Tamilnadu, India |
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Date of Birth/Age : |
02.03.1960 |
|
Date of Appointment : |
01.07.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 19.09.2009)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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Johnson Thangiah |
|
198237 |
|
Anny Johnson |
|
43837 |
|
Thanam Thangiah |
|
1 |
|
J Samuel Jeffson |
|
11344 |
|
Hilton Shelters Private Limited,
India |
|
65865 |
|
J Sarah Jane |
|
8269 |
|
Blue Marine Shelters Private Limited, India |
|
29000 |
|
|
|
|
|
Total |
|
356553 |
(AS ON 30.09.2009)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
26.61 |
|
Directors or relatives of directors |
|
73.39 |
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|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Logistics Service. |
GENERAL INFORMATION
|
Bankers : |
· Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227-D, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K. Ponpandi Inbarasu Chartered Accountant |
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Address : |
82F/18A, Devarpuram Road, (First Floor), Near Police Station,
Tuticorin – 628003, Tamilnadu, India |
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Associates/Subsidiaries : |
· St John Freight Systems Pte Limited, Singapore St John Freight Systems Belgium Bvba Belgium St John Freight Systems UK Limited, United Kingdom ST John Freight Systems Inc United States St John Container Lines Pte Limited, Singapore St John Freight Systems FZE, Dubai St John Marketers Private Limited St John Freight Systems SDN BHD Malaysia St John Freight Systems Limited, Nigeria St John Freight Systems Netherlands BV · Jeffson Universal Logistics Private Limited U70102TN2001PTC046825 · St John Warehousing Systems Private Limited U63020TN2007PTC064363 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Share |
Rs.100/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
356553 |
Equity Share |
Rs.100/- each |
Rs.35.655
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
35.655 |
29.655 |
26.145 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
261.403 |
155.354 |
76.975 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
297.058 |
185.009 |
103.120 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
598.988 |
280.344 |
185.484 |
|
|
2] Unsecured Loans |
0.100 |
11.852 |
11.852 |
|
|
TOTAL BORROWING |
599.088 |
292.196 |
197.336 |
|
|
DEFERRED TAX LIABILITIES |
20.666 |
4.209 |
4.183 |
|
|
|
|
|
|
|
|
TOTAL |
916.812 |
481.414 |
304.639 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
356.746 |
237.495 |
185.241 |
|
|
Capital work-in-progress |
12.343 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
260.989 |
140.541 |
34.508 |
|
|
DEFERREX TAX ASSETS |
6.396 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.171
|
0.469 |
0.208 |
|
|
Sundry Debtors |
267.715
|
216.765 |
185.504 |
|
|
Cash & Bank Balances |
32.298
|
33.552 |
35.367 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
216.731
|
48.258 |
25.305 |
|
Total
Current Assets |
517.915
|
299.044 |
246.384 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
160.237
|
177.938 |
133.479 |
|
|
Other Current Liabilities |
77.340
|
13.295 |
9.837 |
|
|
Provisions |
2.200
|
4.433 |
18.178 |
|
Total
Current Liabilities |
237.577
|
195.666 |
161.494 |
|
|
Net Current Assets |
280.338
|
103.378 |
84.890 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
916.812 |
481.414 |
304.639 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2249.034 |
2049.017 |
1853.646 |
|
|
|
Other Income |
51.621 |
9.326 |
0.791 |
|
|
|
TOTAL (A) |
2300.655 |
2058.343 |
1854.437 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
1893.380 |
1767.635 |
1631.644 |
|
|
|
Personnel Cost |
126.805 |
85.297 |
58.045 |
|
|
|
Borrowing Cost |
62.298 |
27.276 |
13.579 |
|
|
|
Other Expenses |
109.157 |
85.659 |
72.354 |
|
|
|
TOTAL (B) |
2191.640 |
1965.867 |
1775.622 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
109.015 |
92.476 |
78.815 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
109.015 |
92.476 |
78.815 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.489 |
26.653 |
21.278 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
72.526 |
65.823 |
57.537 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.477 |
19.034 |
21.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
52.049 |
46.789 |
35.825 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8.498 |
6.709 |
5.057 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
55.000 |
45.000 |
25.000 |
|
|
|
Proposed Dividend |
-- |
-- |
7.844 |
|
|
|
Corporate Tax on Dividend |
-- |
-- |
1.329 |
|
|
BALANCE CARRIED
TO THE B/S |
5.547 |
8.498 |
6.709 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
145.98 |
157.78 |
137.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.26
|
2.27 |
1.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.22
|
3.21 |
3.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.29
|
12.27 |
13.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.36 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.82
|
2.64 |
3.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
1.53 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
RESERVES:
The Reserves of the Company at the beginning of the year,
including surplus in the Profit and Loss Account, were Rs.155.354 Millions. The
Reserves at the end of the year are Rs.261.403 Millions. Deferred Tax Liability
of Rs.20.666 Millions (at the beginning of the year Rs.4.209 Millions) and
Deferred Tax Asset on account of Income Tax Credit (MAT) of Rs.6.397 Millions
have been recognised in the books of accounts.
PERFORMANCE:
The Company’s performance has improved marginally compared to the
previous year. The profit before tax for the year was Rs.72.526 Millions as
against Rs.65.823 Millions in the previous year, recording an improvement of
Rs.6.703 Millions in spite of slowdown in global economic conditions. Due to
strategic investment made in wholly owned subsidiary companies the borrowing
cost during the year increased to Rs.62.298 Millions from Rs.27.276 Millions in
the previous year.
FORM 8:
|
Corporate identity number of the company |
U74200TN1991PLC020999 |
|
Name of the company |
St.John Freight Systems Limited |
|
Address of the registered office or of the
principal place of business in |
C 98, SIPCOT Industrial Complex, Harbour
Express Road, Tutcorin - 628008, Tamil
Nadu, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of charge holder |
Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227,D, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
Nature of instrument creating charge |
Deed of Hypothecation |
|
Date of instrument Creating the charge |
14.02.2011 |
|
Amount secured by the charge |
Rs.12.329 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interests: 9.73% p.a. (For Appac No.CE 187256) 9.50% p.a. (For Appac No.CE 205339) Terms of Repayment: Equated Monthly Installment of Rs.0.260
Million for 46 months. (For Appac No.CE 187256) Equated Monthly Installment of Rs.0.057 Million
for 47 months. (For Appac No.CE 205339) Margin: Nil Extent and Operating of the charge: First and exclusive charge by way of
Hypothecation in favour of Kotak Mahindra Bank on the assets financed. |
|
Particulars of the property charged |
1 No. of Volvo Wheel Loader. Engine No.10864983 Chassis No.25233 1 No. of MRS Greifer Grab. Engine No/ Chassis No. HSN 0843141000 |
FIXED ASSETS
· Land
Building
Building
– Office Premises
Vehicles
Wind
Mills
Office
Equipments
Other
Equipments
Computers
Electrical
Installations
Motor
Car
Cycles
Furniture
and Fixtures
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.73.90 |
|
Euro |
1 |
Rs.65.57 |
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 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
49 |
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.