MIRA INFORM REPORT

 

 

Report Date :

18.04.2012

 

IDENTIFICATION DETAILS

 

Name :

FLEET CONTAINER LINES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

201, Elecon Arcade, Opposite S M Centre, Andheri-Kurla Road, Marol, Andheri East, Mumbai – 400059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

08.12.1999

 

 

Com. Reg. No.:

122963

 

 

Capital Investment / Paid-up Capital :

Rs.2.500 Millions

 

 

CIN No.:

[Company Identification No.]

U35110MH1999PTC122963

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMF03434E

 

 

PAN No.:

[Permanent Account No.]

AAACE4218J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Service Provider of Cargo Shipping and Clearing forwarding.

 

 

No. of Employees :

Not divulged by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 77000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments terms 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 DECLINED BY

 

Name :

Mr. Jayesh

Designation :

Accounts Executive

Contact No.:

91-22-28506836

Date :

17.04.2012

 

 

LOCATIONS

 

Registered/Corporate Office :

201, Elecon Arcade, Opposite S M Centre, Andheri-Kurla Road, Marol, Andheri East, Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-28506836 (5 Lines)

Fax No.:

91-22-28510044

E-Mail :

info@fleetcontainer.com

fclipl@vsnl.com

Website :

http://www.fleetcontainer.com

 

 

Delhi Office :

142, Ansal Chambers II, Bhikaji Cama Place, New Delhi – 110066, India

E-Mail :

info_jaipur@fleetcontainer.com

 

 

Jodhpur Office :

 W/4-5, Basni Phase II, Near Inland Container Depot, Jodhpur - 342 005, India

Tel. No.:

91-291-2748131/141/158/ 2746532

Fax No.:

91-291-2748295

E-Mail :

info_jaipur@fleetcontainer.com

 

 

Jaipur Office :

Shankar Villa, D-45, New Colony, Near Panch Batti, Jaipur – 302001, Rajasthan, India

Tel. No.:

91-141-- 2371295 / 2374513

Fax No.:

91-141-2371295

E-Mail :

info_jaipur@fleetcontainer.com

 

 

Bangalore Office :

112, 1st floor, Cannection point, Airport Exit Road, Bangalore – 560017, Karnataka, India

Tel. No.:

91-80-25220929, 25223224, 25221688

Fax No.:

91-80-25221804

E-Mail :

 info_chennai@fleetcontainer.com

 

 

Hyderabad Office :

176 Motilal Nehru Nagar, Begum-pet, Hyderabad – 500016, Andhra Pradesh, India

Tel. No.:

91-40-2764678

Fax No.:

91-40-27761033, 55501381

E-Mail :

info_chennai@fleetcontainer.com

 

 

Cochin :

Voltas Compound, XXIV 1289, Venkataraman Road, Wellingdon Island, Kochi - 682 003, Kerala, India

Tel. No.:

91-484-2667171/ 2667159/ 2669151

Fax No.:

91-484-2668197

E-Mail :

info_chennai@fleetcontainer.com

 

 

Tuticorin :

23, Manal street , Tuticorin – 628001, Tamilnadu, India

Tel. No.:

91-461-2327089

Fax No.:

91-461-2322715

E-Mail :

info_chennai@fleetcontainer.com

 

 

Chennai :

229/5, 1st Floor, Mercantile Plaza, NSC Bose Road, Chennai – 600001, Tamilnadu, India

Tel. No.:

9144-43012503

Fax No.:

91-44-43012503

E-Mail :

info_chennai@fleetcontainer.com

 

 

Kolkata :

Hasting Chambers, 7C, Kiran Shankar Roy Road, Basement, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-22481550/ 0325

Fax No.:

91-33-22480325

E-Mail :

info_kolkatta@fleetcontainer.com

 

 

Overseas Offices :

 

Canada:

5511 Tomken Road, Suite 208, Mississauga, Ontario L4W 4B8 - Canada. 

Tel. No.:

001 - 905 614 0438

Fax No.:

011- 905 614 0008

 

 

Singapore :

10, Anson Road, # 22-03, International Plaza, Singapore 079903. 

Tel. No.:

00656423 - 1311 / 1125

Fax No.:

006562411822

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Mr. Vishwapriya Shrivastava

Designation :

Director

Address :

17/18-A, 17th Floor, Loorvice Roy Park, Tower Thakur Village, Kandivali East, Mumbai – 400101, Maharashtra, India

Date of Appointment :

01.04.2002

DIN No.:

00352138

 

 

Name :

Mr. Sumi Shrivastava

Designation :

Director

Address :

17/18-A, 17th Floor, Loorvice Roy Park, Tower Thakur Village, Kandivali East, Mumbai – 400101, Maharashtra, India

Date of Appointment :

08.12.1999

DIN No.:

01670375

 

 

KEY EXECUTIVES

 

Name :

Mr. Jayesh

Designation :

Accounts Executive

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2010

 

Names of Shareholders

 

 

No. of Shares

 

 

 

Vishwapriya Shrivastava

 

225325

Sumi Shrivastava

 

225925

Renu Shrivastava

 

48750

 

 

 

Total

 

 

500000

 

 

AS ON 30.09.2010

Equity Shares Break – up

 

Category

 

Percentage

 

 

 

Directors or relatives of Directors

 

100.00

 

 

 

Total

 

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Service Provider of Cargo Shipping and Clearing forwarding.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not divulged by the management

 

 

Bankers :

·         State Bank of India,

Marol Branch Silver Arcade, Marol Maroshi Road, Marol, Mumbai - 400059, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

 

 

 

Overdraft from SBI – Marol Branch

(Secured against hypothecation of Book Debts)

35.851

41.491

Term Loan from Banks

(Secured against hypothecation of Vehicle)

3.394

1.646

 

 

 

Total

 

39.245

43.137

 

 

Unsecured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

 

 

 

From Directors and Their Relatives

5.344

8.440

From Others

1.861

0.080

 

 

 

Total

 

7.205

8.520

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Appan and Lokhandwala Associates

Chartered Accountant

Address :

402, Shiv Ashish, Plot No.10, 19th Road, Chembur, Mumbai – 400071, Maharashtra, India

Tel No.:

91-22-61177600/61177611

Email:

subbu@appanlokhandwala.com

 

 

CAPITAL STRUCTURE

 

(AS ON 30.09.2010)

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Millions

 

 

 

 

 

 

(AS ON 31.03.2010)

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

250000

Equity Shares

Rs.10/- each

Rs.2.500 Millions

 

 

 

 

 

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

2.500

2.500

2.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

16.748

14.337

13.648

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

19.248

16.837

16.148

LOAN FUNDS

 

 

 

1] Secured Loans

39.245

43.137

67.417

2] Unsecured Loans

7.205

8.520

12.427

TOTAL BORROWING

46.450

51.657

79.844

DEFERRED TAX LIABILITIES

0.000

0.000

0.00

 

 

 

 

TOTAL

65.698

68.494

95.992

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

6.356

15.264

17.468

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.547

0.547

0.547

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
18.931

11.210

0.041

 

Sundry Debtors
37.203

62.549

64.000

 

Cash & Bank Balances
2.253

5.454

50.960

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
27.005

30.823

27.831

Total Current Assets
85.392

110.036

142.832

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditor
21.908

54.497

48.740

 

Other Current Liabilities
4.665

2.747

3.821

 

Provisions
0.748

0.637

12.722

Total Current Liabilities
27.321

57.881

65.283

Net Current Assets
58.071

52.155

77.549

 

 

 

 

MISCELLANEOUS EXPENSES

0.725

0.528

0.428

 

 

 

 

TOTAL

65.698

68.494

95.992

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

5.384

4.130

13.083

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

1.804

2.313

2.485

 

 

 

 

 

 

PROFIT BEFORE TAX

3.580

1.817

10.598

 

 

 

 

 

Less

TAX                                                                 

1.169

1.129

4.215

 

 

 

 

 

 

PROFIT AFTER TAX

2.411

0.688

6.383

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

13.034

12.346

6.693

 

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

15.445

13.034

12.346

 

 

 

 

 

 

Earnings Per Share (Rs.)

9.64

--

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
3.90

1.45

6.61

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.19

0.11

0.66

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.83

6.61

8.99

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.13

1.90

2.19

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS DETAILS:

 

Particulars

31.03.2010

 

31.03.2009

31.03.2008

 

(Rs. In Millions)

 

 

 

 

Sundry Creditors
21.908

54.497

48.740

 

 

 

 

 

 

Check list by info Agents

Available in Report

(Yes/ No)

 

 

Year of Establishment

Yes

Locality of the Firm

Yes

Constitution of the Firm

Yes

Premises details

No

Type of Business

Yes

Line of Business 

Yes

Promoter’s Background 

Yes

No. of Employees

Yes

Name of Person Contacted

Yes

Designation of Contact person

Yes

Turnover of Firm for last three years

Yes

Profitability for last three years

Yes

Reasons for variation <> 20%

-----

Estimation for coming financial year

No

Capital in the business

Yes

Details of sister concerns

No

Major Suppliers

No

Major Customers

No

Payments Terms

No

Export/ Imports Details (If applicable)

No

Market Information

-----

Litigations that the firm/ Promoters Involved in

-----

Banking details

Yes

Banking Facility Details

Yes

Conduct of the Banking Account

-----

Buyer visit details

-----

Financials, if provided

Yes

Incorporation details is applicable

Yes

Last Accounts filed at ROC

No

Major Shareholders, if available

Yes

 

 

BUSINESS:

 

The company could handle the high value business with customers like Videocon International Limited, Ballarpur Industries, Lucid Colliads Limited, Aarti Industries Limited, Bilt Graphic Paper Products Limited, etc. which to the company’s performance substantially.

 

 

FORM 8;

 

This form is for

Modification of charge

Charge identification number of the modified 

10127370

Corporate identity number of the company

U35110MH1999PTC122963

Name of the company

FLEET CONTAINER LINES (INDIA) PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

201, Elecon Arcade, Opp. S.M.Centre

Andheri-Kurla Road, Marol,Andheri East, Mumbai – 400059, Maharashtra, India

 

Type of charge

Immovable Property

Particular of charge holder

State Bank of India

Nature of description of the instrument creating or modifying the charge

Memorandum Of Deposit Of Title Deeds

Date of instrument Creating the charge

04.02.2009

Amount secured by the charge

Rs.40.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Interest At 1.5% Above/Below State Bank Advance Rate (SBAR)(SBAR = 13.75% ) With A Minimum Of 15.25% Per Annum

 

Margin

Margin :  50%

 

Extent and Operation of the charge

The Bank had sanctioned DCC Limit of Rs.40.000 Millions to the borrower. To secure the repayment of said limit along with interest the borrower  has created additional   charge in favour of the bank by way of equitable mortgage by deposit of title deeds of Flat No Premises No. 201, 2nd Floor Admeasuring 612 Sq. Ft. Bearing Cts No 1611, Elecon Arcade Situated At Marol Village , Andheri (East), Mumbai - 400 059

Short particulars of the property charged

The Bank had sanctioned DCC Limit of Rs.40.000 Millions to the borrower. To secure the repayment of said Limit along with interest the borrower  has created additional   charge in favour of the bank by way of equitable mortgage by deposit of title deeds of Flat No Premises No. 201, 2nd Floor Admeasuring 612 Sq. Ft. Bearing Cts No 1611, Elecon Arcade Situated At Marol Village , Andheri (East), Mumbai - 400 059

 

 

 

 

 

 

FIXED ASSETS:

 

·         Air Conditioner

·         Computers

·         Office Premises

·         Electrical Equipments

·         TV

·         Fax Machine

·         Furniture and Fixtures

·         Mobile Phone

·         Office Equipment

·         Type Writer

·         Cordless Phone

·         Tea and Coffee Vending

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.51.63

UK Pound

1

Rs.81.94

Euro

1

Rs.67.65

 

 

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

 

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.