MIRA
INFORM REPORT
|
Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
IAL INDIA LIMITED (w.e.f. 06.06.2008) |
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Formerly Known
As : |
IAL CONTAINER LINE PRIVATE LIMITED |
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Registered
Office : |
6th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.01.1997 |
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Com. Reg. No.: |
09-011110 |
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Capital
Investment / Paid-up Capital : |
Rs.50.010
millions |
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CIN No.: [Company Identification
No.] |
U63012KL1997PLC011110 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHNI00256E |
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PAN No.: [Permanent Account No.] |
AAACI5751P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Logistics and Shipping Services. |
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No. of Employees
: |
300 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 857000 |
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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. The
company has incurred some losses in the current year. However, 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INFORMATION PARTED BY (General Details)
|
Name : |
Ms. Kavitha |
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Designation : |
Marketing Manager |
|
Date : |
26.05.2011 |
LOCATIONS
|
Registered Office : |
6th Floor, |
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Tel. No.: |
91-484-2396830 - 31/ 2395119 |
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Fax No.: |
91-484-2397164 |
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E-Mail : |
DIRECTORS
AS ON 21.09.2010
|
Name : |
Mr. Thazhathu Valiaveettil Narayanan Kutty |
|
Designation : |
Director |
|
Address : |
C1, GCDA Apartments, Gandhi Nagar, |
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Date of Birth/Age : |
08/08/1950 |
|
Date of Appointment : |
13/01/1997 |
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|
Name : |
Ms. Vimala Narayan |
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Designation : |
Director |
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Address : |
C1, GCDA Apartments, Gandhi Nagar, |
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Date of Birth/Age : |
15/11/1951 |
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Date of Appointment : |
13/01/1997 |
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Name : |
Mr. Arjun Narayan Menon |
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Designation : |
Director |
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Address : |
C1, GCDA Apartments, Gandhi Nagar, |
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Date of Birth/Age : |
27/11/1979 |
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Date of Appointment : |
23/06/1999 |
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Name : |
Ms. Prema Jayakumar |
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Designation : |
Director |
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Address : |
39, 2984, Krishna Mandhir, |
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Date of Birth/Age : |
28/08/1952 |
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Date of Appointment : |
14/07/2000 |
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Name : |
Mr. Mypalli Ravindran Nair |
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Designation : |
Director |
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Address : |
Govardhanam Tirchambalam, Taliparamba, Kannur – 670 141, |
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Date of Birth/Age : |
18/02/1942 |
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Date of Appointment : |
02/08/2001 |
KEY EXECUTIVES
|
Name : |
Mr. Balaji |
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Designation : |
Assistant Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.09.2010
|
Names of Shareholders |
No. of Shares |
|
Thazhathu Valiaveettil Narayanan Kutty |
1953406 |
|
Vimala Narayan |
1544760 |
|
Arjun Narayan Menon |
1502416 |
|
IAL Shipping Agencies (Mumbai) Limited, Mumbai, Maharashtra,
India |
14 |
|
IAL Shipping Agencies (Calcutta) Limited, Kolkata, West Bengal, India |
11 |
|
IAL Shipping Agencies (New Delhi) Limited, New Delhi, India |
13 |
|
Nayati Enterprises Private Limited, Chennai, Tamilnadu, India |
125 |
|
Nayati Properties Private Limited, Chennai, Tamilnadu, India |
125 |
|
Makayiram Plantations Private Limited, Kerala, India |
125 |
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Total
|
5000995 |
AS ON 21.09.2010
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
0.01 |
|
Directors
or relatives of directors |
99.99 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Logistics and Shipping Services. |
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Services : |
The complete range
of services includes:
-
Global Freight Forwarding (Air/Sea/Land) -
Warehousing and Distribution -
Value Addition services
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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No. of Employees : |
300 Approximately |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Venkit and Hari Chartered Accountants |
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Address : |
4th Floor, Metroplaza, |
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Memberships : |
- IATA (International Air Transport Association) - IACC (Member of Indo American Chamber of Commerce) - FIATA (Member of International Federation of Freight Forwarders Association) -
FFFAI (Member of Federation of Freight
Forwarders Association of |
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Group Companies: |
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Associates/Subsidiaries : |
IAL Shipping Agencies (Mumbai) Limited CIN No.: U63090MH1986PLC040370 Penguin Shipping Agencies Limited CIN No.: U63090MH1990PLC055607 IAL Shipping Agencies ( CIN No.: U99999MH1999PTC119075 IAL Shipping Agencies ( CIN No.: U60231WB2003PLC095977 IAL Shipping Agencies (Kandla) Limited (Tr. Company) CIN No.: U63090GJ1999PLC042497 IAL Shipping Agencies ( CIN No.: U85110KA1999PLC025583 IAL Shipping Agencies (Chennai) Limited CIN No.: U63090TN1992PLC022902 |
CAPITAL STRUCTURE
AS ON 21.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000995 |
Equity Shares |
Rs.10/- each |
Rs.50.010
millions |
|
|
|
|
|
(Of the above 976198 shares of Rs.10/- each fully paid up issued as
bonus shares by capitalization of profits.)
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 |
|
|
|
|
|
1] Share Capital |
50.010 |
50.010 |
50.010 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
164.308 |
177.209 |
165.384 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
214.318 |
227.219 |
215.394 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
122.828 |
69.446 |
72.473 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
122.828 |
69.446 |
72.473 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
337.146 |
296.665 |
287.867 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
271.292 |
279.624 |
259.978 |
|
|
Capital work-in-progress |
0.885 |
1.527 |
7.228 |
|
|
|
|
|
|
|
|
INVESTMENT |
16.539 |
11.537 |
11.537 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
59.211
|
46.795
|
118.754 |
|
|
Cash & Bank Balances |
25.710
|
21.280
|
41.111 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
124.984
|
125.486
|
141.651 |
|
Total
Current Assets |
209.905
|
193.561
|
301.516 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
59.563
|
51.744
|
93.204 |
|
|
Other Current Liabilities |
59.006
|
86.386
|
168.891 |
|
|
Provisions |
42.906
|
51.454
|
30.301 |
|
Total
Current Liabilities |
161.475
|
189.584
|
292.396 |
|
|
Net Current Assets |
48.430
|
3.977
|
9.120 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
337.146 |
296.665 |
287.867 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
GFF and Logistics Business |
361.754 |
580.845 |
505.608 |
|
|
|
Agency Commission |
10.446 |
34.367 |
31.067 |
|
|
|
Other Income |
86.270 |
84.883 |
69.255 |
|
|
|
TOTAL (A) |
458.470 |
700.095 |
605.930 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
GFF and Logistics Expenses |
310.292 |
489.301 |
435.125 |
|
|
|
Salaries & Allowances |
80.341 |
94.774 |
69.249 |
|
|
|
Establishment Expenses |
47.202 |
61.626 |
49.125 |
|
|
|
TOTAL (B) |
437.835 |
645.701 |
553.499 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.635 |
54.394 |
52.431 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.116 |
8.934 |
9.917 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.519 |
45.460 |
42.514 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
14.949 |
11.898 |
10.241 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(5.430) |
33.562 |
32.273 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.126) |
16.100 |
13.112 |
|
|
|
|
|
|
|
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|
|
PROFIT AFTER TAX
(G-H) (I) |
(5.304) |
17.462 |
19.161 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
3.49 |
4.30 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.15)
|
2.49
|
3.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.50)
|
5.78
|
6.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.12)
|
7.09
|
14.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
0.15
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
1.14
|
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.02
|
1.03 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL RESULTS:
Turnover of the company decreased mainly due
to recession where volume as well as freight rates were dropped substantially.
Consequently company’s net results also become negative during the year.
The company’s gross income during the year is
RS. 458 millions against Rs. 700 millions during the previous year.
FORM 8
|
Corporate
identity number of the company |
U63012KL1997PLC011110 |
|
Name of the
company |
IAL INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
6th Floor, E-Mail: ial@ial.com |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90022853 |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of E-Mail: sbi.00967@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1) Letter dated
15.02.2010 evidencing deposit of title deeds on 13.02.2010 2) 11 letters dated
15.02.2010 evidencing extension of equitable mortgage by deposit of title
deeds on 13.02.2010 3) Supplemental
Agreement of Loan for increase in the overall limit 4) Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit 5) Letter
regarding the grant of individual limits within the overall limit |
|
Date of
instrument Creating the charge |
13/02/2010 |
|
Amount secured by
the charge |
Rs.141.400
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As stipulated by the bank from time to time Terms of
Repayment: As stipulated by the bank from time to time Margin: As
stipulated by the bank from time to time Extent and
Operation of the charge: This is a charge on specific immovable properties of
the Company and on all present and future goods, book debts and other movable
assets of the Company |
|
Short particulars
of the property charged |
0.6273 hectares
of plain land facing NH47 at Walayar Palakkad (Re Sy Nos.78/5,78/9 in Block
No.32 of Pudussery Village, Palakkad Taluk Office space
No.305 of super built up area1490 Sq.Ft,3rd Floor, with permanent and
exclusive right to use 2 parking space 1 and 2 on 2nd floor of parking block
in Office unit
515/516 of 116.023 Sq. Mt, 5th Floor, Car parking space 7,8,9,10,
Monarch Plaza, Plot 56, Sector 11, CBD Belapur Office premise
213, 2nd Floor, Prijay Corporate House, 75C Park Street,
Apartment 1B,1st Floor, 1075 Sq. Ft with car parking space and 2.07%
undivided space of land at 75C at Park Street, Calcutta 2.125 acres of
land -Manjabakkam Village, Ambattur Taluk, Thiruvallur District, North
Chennai in different S.Nos; Residential Apt
412,IV Floor, Block 11, Athena, Plot C-2, Swai Jai Singh Highway,
Jaipur Residential Space
918,VII Floor, Anchor Mall, Ajmer Road, Jaipur admeasuring 830.40 Sq.Feet;
Residential /Space 411,IV Floor, Block 11, Athena, PlotC-2, Swai Jai Singh
Highway 150.18 Sq.Ft Jaipur Sy.No.317/9, SRO
3538/99, Sy.No.317/9, SRO No.3583/99, Sy.No.317/9, SRO No.3584/99, Kanayannur
Taluk, Site No.9,TS
No.8/692 (Old No.7/3862),1717 Sq. Ft in Red Rose Towers, New ward No.8,New
Block No.19 admeasuring undivided share 531.50 Sq. Ft in 8950 Sq. Ft, R S
Puram, Coimbatore Office no.306
having area 2608 sq ft on 3rd Floor, along with exclusive right to
use car parking space 03,04,05 on second floor of parking block on Eros
Corporate Tower, Nehru Place, New Delhi |
|
Date of latest
modification prior to the present modification |
25/01/2010 |
|
Particulars of
the present modification |
1) The limits
have been enhanced to Rs.141.400 millions 2) The existing
charge on all present and future goods, book debts and other movable assets of
the borrower have been extended to the enhanced limits 3) The existing
charge on specific immovable properties as specified in the EM Letters 2 to
12, extended to the enhanced limits 4) 0.6273
hectares of plain land facing NH47 at Walayar Palakkad (Re Sy Nos.78/5,78/9
in Block No.32 of Pudussery Village, Palakkad Taluk given as additional
security |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Computer
- Vehicles
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
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 |
YES |
|
--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 |
Be |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Be |
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 |
Be |
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.