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MIRA
INFORM REPORT
|
Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
LOTUS (INTERNATIONAL) FREIGHT EXPRESS PRIVATE LIMITED (w.e.f.
05.11.2007) |
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Formerly Known
As : |
LOTUS FREIGHT EXPRESS PRIVATE LIMITED |
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Registered
Office : |
84-B, First Floor, Ganpati Complex-II, Vasant Kunj Main Road,
Mahipalpur, New Delhi – 110 037 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.05.2007 |
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Com. Reg. No.: |
55-164094 |
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Capital
Investment / Paid-up Capital : |
Rs.2.100
millions |
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CIN No.: [Company Identification
No.] |
U60231DL2007PTC164094 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELL03925F DELL03627B |
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PAN No.: [Permanent Account No.] |
AABCL1361D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Logistics Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 22000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can
be considered for small business dealings at usual trade terms and
conditions. Profit and loss
account of the company is not available. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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/ Head Office/ Corporate Office : |
84-B, First Floor, Ganpati Complex-II, Vasant Kunj Main Road,
Mahipalpur, New Delhi – 110 037, India |
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Tel. No.: |
91-11-46062759/ 60/ 61 |
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Fax No.: |
91-11-26781931 |
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E-Mail : |
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Website : |
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Regional Office : |
Located at: v
Mumbai v
Mumbai (Sea Division) v
Bangaluru v
Chennai v
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DIRECTORS
As on 30.09.2011
|
Name : |
Darinayakanapalya Venkataramaiah Sreenivasa Murthy |
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Designation : |
Chairman-cum-Managing Director |
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Address : |
House No.3048, Sector 23, Gurgaon – 122 001, |
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Date of Birth/Age : |
26.02.1959 |
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Date of Appointment : |
31.08.2007 |
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DIN No.: |
01769750 |
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Other Directorship :
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Name : |
Mr. Sanjeev Sharma |
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Designation : |
Director |
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Address : |
4F-9, Shiva Enclave, A-4, Paschim Vihar, |
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Date of Birth/Age : |
20.05.1970 |
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Date of Appointment : |
30.05.2007 |
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DIN No.: |
01449583 |
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Name : |
Mahabala Devadiga |
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Designation : |
Director |
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Address : |
L-14A, DDA Flats, Saket, |
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Date of Birth/Age : |
02.05.1966 |
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Date of Appointment : |
28.05.2009 |
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DIN No.: |
02250613 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Madhusudan B.S. Setty |
|
60000 |
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Sanjeev Sharma |
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5000 |
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Darinayakanapalya Venkataramaiah Sreenivasa Murthy |
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60000 |
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Jaraganahalli Nagarajarao Revathi |
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25000 |
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Mahabala Devadiga |
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60000 |
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Total |
|
210000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Logistics Services. |
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Products/ Services : |
v
Ocean Freight v
Air Freight v
Warehousing v
Custom Clearance v
Surface Transportation v
Multimodal Transportation v
Projects v
ODC/ Specialized Cargo Handling v
Break Bulk v
Heavy Lift v
Chartering v
Logistics Solutions v
Flexi Tanks v
Door to Door Delivery |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Corporation Bank, M-3 and 4, Greater Kailash-II, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C.P. Garg and Associates Chartered Accountants |
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Address : |
211-A, 2nd Floor, Aakpa Bazar, Gurgaon – 122 001, |
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Income-tax
PAN of auditor or auditor's firm : |
AKOPP1976E |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210000 |
Equity Shares |
Rs.10/- each |
Rs.2.100 millions
|
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|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.100 |
1.500 |
1.500 |
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2] Share Application Money Received |
0.350 |
0.650 |
0.350 |
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3] Reserves & Surplus |
2.976 |
1.173 |
0.497 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
5.426 |
3.323 |
2.347 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.737 |
2.072 |
0.000 |
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2] Unsecured Loans |
0.235 |
0.465 |
1.090 |
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TOTAL BORROWING |
4.972 |
2.537 |
1.090 |
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DEFERRED TAX LIABILITIES |
0.235 |
0.095 |
0.048 |
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TOTAL |
10.633 |
5.955 |
3.485 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.954 |
1.895 |
1.262 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
21.469
|
6.353 |
3.539 |
|
|
Cash & Bank Balances |
1.093
|
1.581 |
0.286 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.364
|
1.875 |
0.888 |
|
Total
Current Assets |
26.926
|
9.809 |
4.713 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities |
18.734
|
5.320 |
2.164 |
|
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Provisions |
1.519
|
0.439 |
0.338 |
|
Total
Current Liabilities |
20.253
|
5.759 |
2.502 |
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Net Current Assets |
6.673
|
4.050 |
2.211 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.010 |
0.012 |
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TOTAL |
10.633 |
5.955 |
3.485 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.65
|
2.50 |
1.53 |
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Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.70 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate identity
number of the company |
U60231DL2007PTC164094 |
|
Name of the
company |
LOTUS (INTERNATIONAL) FREIGHT EXPRESS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
84-B, First Floor, Ganpati Complex-II, Vasant Kunj Main Road,
Mahipalpur, New Delhi – 110 037, India E-Mail: cpgarg_associates@yahoo.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge Others (Inventory
cum Book Debts/Current Assets of the Company) |
|
Particular of
charge holder |
Corporation Bank, M-3 and 4, Greater Kailash-II, E-Mail: cb286@corpbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
I) Common Deed of
hypothecation of movables/assets/debts ii) Letter of
continuity for the property Nature of facility
given by the Bank to the borrower is as follows:- 1) Cash
Credit Rs. 20.000
millions 2) Bank
Guarantee Rs. 2.500
millions
--------------------------- Total Rs. 22.500
millions |
|
Date of
instrument Creating the charge |
04.07.2011 |
|
Amount secured by
the charge |
Rs.22.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per sanction
letter Terms of
Repayment: As per sanction
letter Margin: As per sanction
letter Extent and
Operation of the charge: As per sanction
letter |
|
Short particulars
of the property charged |
Hypothecation/
first charge on Inventory cum Book Debts/Current Assets of the Company. Bank Deposit
(recurring deposit) Bank Deposit (FDs
other than margin for BGs) Collateral
Security:- 1) EMG/ first
charge on residential buildings at L/14/A/GF, Saket, 2) First charge
equitable mortgages on commercial land and buildings being office owned by
the company situated at Flat No. 220, Chawla Complex, 2nd Floor,
Sector-15, CBD Belapur, New Mumbai. 3) EMG/ first
charge on residential buildings at Flat No. 402, 4th Floor, Cams
Enclave Co-Operative Society, Mumbai. |
WEBSITE DETAILS:
PROFILE:
Subject, established in the year 2007 and it is one of the logistics service provider. Subject already accredited with ISO 9001:2008, IATA and M.T.O. license granted by Government of India, Ministry of shipping, Road transport and highways, Directorate General of shipping.
Subject is a complete global supply chain management company encompassing all
logistic services under one roof. Offering seamless services for diversified
industry segments worldwide. Believing in success depends on building a
long-term relations by maintaining a professional, friendly and committed
relationship with customers, partners and associates upholding prime philosophy
of proactive approach towards all operations and services offered.
Their authentic and trusted services have helped them to achieve an unrivalled
name for theirselves.
Quality process of Subject and core objective is very stringent for better
customer service satisfaction and highest customer retention by focusing on
customer's total logistics requirements.
Comprehensive network of overseas partners at strategic trading points around
the world with excellent communication channel enables Subject to offer
reliable global logistics services.
Subject provides customers with hassle free services such as Air and Sea
freight forwarding services, Warehousing Storage Services, Customs Clearing,
Transportation, Project Cargo, ODC, Break Bulk, Heavy Lift, Chartering,
Equipment Rentals and Door to Door services.
Subject is committed to provide customers value-added services. Subject strives
to develop a long-term business relationship with customers, which is in their
ability to identify and recommend the best solution for each customer's
logistics requirement.
Subject strongly believes in continuous improvement in relationship with
customers. Their prime focus is to provide quality services and solutions to
their valued customer's logistics requirement by maintaining customers'
delivery schedule and optimization of shipping commitments.
Subject caters to the logistic requirements of large multinational
organisations and leading manufacturing/trading companies operating in
Today's global logistics challenge is to achieve a quantum leap in reliability,
speed and cost efficiency. Success requires a tightly managed process that
incorporate a seamless system for real time management, dependable intermodal
connections, global partners/ networks, suitable terminals and modes of
shipping facilities and warehousing. Subject is committed to provide integrated
and dependable logistics solutions to meet all types of business requirements.
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.49.08 |
|
|
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.