MIRA INFORM REPORT

 

 

Report Date :

17.02.2012

 

IDENTIFICATION DETAILS

 

Name :

FLYJAC LOGISTICS PRIVATE LIMITED

 

 

Registered Office :

Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (East), Mumbai 400099, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

27.03.2008

 

 

Com. Reg. No.:

11-180548

 

 

Capital Investment / Paid-up Capital :

Rs.262.000 Millions 

 

 

CIN No.:

[Company Identification No.]

U63000MH2008PTC180548

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged into Freight Forwarding Agents and Offer Logistics Services.

 

 

No. of Employees :

2500 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 2600000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a successor of Flyjac logistics, a partnership concern started in the year 1990. It 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.

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Ritwik

Designation :

Accounts Manager

Contact No.:

91-33-22469584

Date :

15.02.2012

 

 

LOCATIONS

 

Registered Office :

Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (East), Mumbai 400099, Maharashtra, India 

Tel. No.:

91-22-28329758 / 30909900/ 30964800

Fax No.:

91-22-28366609 / 28362563

E-Mail :

bcmehta@flyjac.com

info@flyjac.com

sales@flyjac.com

sagarsakrorkar@flyjac.com

ritwik.ccu@flyjac.com

Website :

www.flyjaclogistics.com

www.flyjac.com

Area :

3500 sq. ft

Location :

Owned

 

 

Corporate Office :

B1-205, 2nd Floor, Boomrang, Chandivali Farm Road, Near Powai, Andheri (East), Mumbai – 400072, Maharashtra, India

Tel. No.:

91-22-33595900

 

 

Air / Ocean Import Office:

Vaibhav Apartments, Sahar Pipe line Road, Sahar, Andheri (East), Mumbai-400099, Maharashtra, India

Tel. No.:

91-22-28322103 / 28329758 / 28371267

Fax No.:

91-22-28366609 / 28362563

E-Mail :

flyjac@bom3.vsnl.net.in

fjlbom@flyjac.com

Website :

http://www.flyjac.com

 

 

Air / Ocean Export & Clearance Office:

102, Awas Apartments, Sahar Pipe line Road, Sahar, Andheri (East), Mumbai-400099, Maharashtra, India

Tel. No.:

91-22-28315494/97/28306244/45/47

Fax No.:

91-22-28315512

E-Mail :

flyjac@bom3.vsnl.net.in

fjlbom@flyjac.com

 

 

BRANCHES:

 

 

 

Address:

No. 3, Davidson Street, 1st Floor, Off Broadway, Chennai-600001, Tamilnadu, India

Tel. No.:

91-44-25234009 (5 lines)

Fax No.:

91-44-252222401/25261536

E-Mail:

flymaa@vsnl.com

Contact Person:

Mr. Ravikumar, Mr. Ramdass, Mr. Unni, Mr. Sethu

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

Jay Towers, Office No. 22/23, Kalbhor Nagar, Chinchwad, Pune-411019, Maharashtra, India

Tel. No.:

91-9520-27489715

Fax No.:

91-9520-27485969

E-Mail:

flyjac@pn.vsnl.net.in

fjlpnq@flyjac.com

Contact Person:

Mr. Jayesh Vora

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

20/11E, Roche Colony, Second Street, Tuticorin-628001, Tamilnadu, India

Tel. No.:

91-461-2329874/75/2326460

Fax No.:

91-461-2323499

E-Mail:

Ttn_flytuti@sancharnet.in

fjltut@flyjac.com

Contact Person:

Mr. Renjith Thomas, Mr. Harikumar

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

2A, Shivam Society, Near Chani Jakat Naka, Vadodara-390002, Gujarat, India

Tel. No.:

91-265-2761774

Fax No.:

91-265-2774244

E-Mail:

flyjac@sify.com

Contact Person:

Mr. J D Shah

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

3A, Mezzanine Floor, Rippon Street, Kolkatta-700016, West Bengal, India

Tel. No.:

91-33-22160403/22295874/22295890

Fax No.:

91-33-22469584

E-Mail:

fjfccuu@cal.vsnl.net.in

Contact Person:

Mr. A Rajesh, Mr. Mahesh

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

210, Sakar V, Behind Natraj Cinema, Ashram Road, Ahmedabad-380009, Gujarat, India

Tel. No.:

91-79-26584101/6586554

Fax No.:

91-79-26586961

E-Mail:

fjfamd@icenet.net

fjlamd@flyjac.com

Contact Person:

Mr. Minesh Oza

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

414, Connection Point, Next to MSIL Cargo Complex, Airport Road, Bangalora-560017, Karnataka, India

Tel. No.:

91-80-5228047/49/50/5225048

Fax No.:

91-80-5229643

E-Mail:

flyjac@mantraonline.com

fjlblr@flyjac.com

Contact Person:

Wg. Cdr. Shankar

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

Door Nn. 8, Kerithika Apartment, Near AEPC, Indira Nagar, Tirupur-5660003, India

Tel. No.:

91-421-2244716/2208641/2208207

Fax No.:

91-421-2245982

E-Mail:

flupr@md3.vsnl.net.in

Contact Person:

Mr. Suresh

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

516/517, Vishal Towers, 10, District Centre, Janakpuri, New Delhi-110058, India

Tel. No.:

91-11-25502731/25502750/25528992

Fax No.:

91-11-25526004

E-Mail:

fjfdel@ndf.vsnl.net.in

fjfdel@del6.vsnl.net.in

fjldel@flyjac.com

Contact Person:

Mr. Manoj Kumar, Venkat, Mr. Rajesth A, Mr. Srijit, Mr. Sanjeev (Branch Manager)

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

306, 3rd Floor, Jabbar Building, Beside Shoppers Stop, Begumpet, Hyderabad-500016, Andhra Pradesh, India

Tel. No.:

91-40-27765687

Fax No.:

91-40-27761671

E-Mail:

nsvkrishnarao@eudoramail.com

Contact Person:

Mr. Krishna Rao

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

Peirce Leslie Building, B. Ristow Road, Willingdon Island, Cochin-682003, Kerela, India

Tel. No.:

91-484-2669896/2669905

Fax No.:

91-484-2668787

E-Mail:

flycok@md4.vsnl.net.in

Contact Person:

Mr. Ajit Kumar

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

Laksh Jyot Complex Housing Society, II Floor, Flat No. 3, Near Rebello Hotel, Vasco-403802, Goa, India

Tel. No.:

91-832-2516006/2517266

Fax No.:

91-832/2501528

E-Mail:

flyjac@goatelecom.com

fjlgoi@flyjac.com

Contact Person:

Mr. D Manojkumar

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

B-8, Pelican Park, Plot No. 87A, N-3, Cidco, Aurangabad-431003, Maharashtra, India

Tel. No.:

91-240-2476591

Mobile No.:

91-9823054070

E-Mail:

sundaresan@flyjac.com

Contact Person:

Mr. Sundaresan. E

Area :

7000 Sq.ft

Location :

Owned

 

 

Address:

203, Manan Complex, Opposite Dhara Hospital, Gotri Road, Baroda 390 021, Gujarat, India

Tel. No.:

91-265 2356948

Mobile No.:

91-9879114622

E-Mail:

Fjlbdq@Flyjac.com 

 

 

Address:

23-A, Royd Street, Room: 103, 1st Floor,Calcutta-700 016, West Bengal, India 

Tel. No.:

91-33-2229 5874/5890,2227 0881/82

Fax No.:

91-33-2246 9584

E-Mail:

Fjlccu@Flyjac.com  

Contact Person:

Mr. K.J. Mahesh, Branch Manager

 

 

Address:

11, Easwaran Nagar, First Floor, State Bank Colony, Gandhi Nagar P.O., Tirupur-641 603 , India

Tel. No.:

91-421 248 2659/60/61

Fax No.:

91-421 247 6562

E-Mail:

Fjltpr@Flyjac.com 

Contact Person:

Mr. Sethumadhavan, Branch In Charge

 

 

Address:

24/508 TMMC Building, G.V. Iyer Road, Willingdon Islands, Cochin - 3 , India

Tel. No.:

91-484 3018711 To 16

Fax No.:

91-484 3018717

E-Mail:

Fjlcok@Flyjac.com  

Contact Person:

Mr. Harikumar, Branch Manager

 

 

Address:

Plot No. 175, House No. 10-3-56/4, East Marredpally, Secundarabad - 500046 , India

E-Mail:

Fjlhyd@Flyjac.com

Contact Person:

Mr. Mathew Jacob, Branch Manager

 

 

Address:

Tenement No.67, Hig, Shraddha Colony, Opp. Nandlal Dhoot Hospital, N-2, Cidco, New Aurangabad-431 210 , India

Tel. No.:

91-240-2476111

E-Mail:

Fjlixu@Flyjac.com 

Contact Person:

Mr. Ramanlal G. Jaiswal, Branch In Charge

 

 

Address:

Visava Bungalow, 680/2b/2 Subash Chandra Nagar , 3rd Cross, R.C. Nagar Extension, Belgaum 590 006 , India

Mobile No.:

91-9986918015

E-Mail:

Fjlgoi@Flyjac.com

Vin9625@Rediffmail.com 

Contact Person:

Mr. Vinod C. Naik, Branch In Charge

 

 

Address:

210, Sakar V. , Behind Natraj Cinema, Ashram Road, Ahmedabad 380 009 , India

Tel. No.:

91-79-2658 4101/2658 6554

Fax No.:

91-79-2658 6961

E-Mail:

Fjlamd@Flyjac.com

Contact Person:

Mr.Minesh Oza, Branch Manager

 

 

Address:

401, 4th Floor, Sapphire Square , Tower Chaurahha, Above Canara, Bank, Indore (Mp) 452 001, India

Tel. No.:

91-731-2460600

Mobile No.:

91-9827080801

E-Mail:

Fjlind@Flyjac.com

Contact Person:

Mr. Manish Jaiswal, Branch In Charge

 

 

Address:

4, West View Apartments, Near Donde Bridge, Untawadi, Nasik , India

Tel. No.:

91-253-2370903

Mobile No.:

91-9326180355

E-Mail:

Csthuse@Rediffmail.com 

Contact Person:

Mr. Chaitanya S. Thuse

 

 

Address:

No-1, 11 Cross , Motilal Nagar, Moolakumam, Ponducherry-605010 , India

Mobile No.:

91-98419 08802

E-Mail:

Sivaraj.Pny@Flyjac.com

Contact Person:

Mr. Shivaraj Kumar

 

 

Address:

1st Floor, Door No. 1140 , Opp. Indo Shell Tvs Showroom , Chungam, Trichy Road, Coimbatore -641 045, India

Tel. No.:

91-422-2319217

Fax No.:

91-422-2319347

E-Mail:

Vadivel.Cbe@Flyjac.com 

Contact Person:

Mr. Vadivel, Branch In Charge

 

 

Address:

Plot 1 32, Ward 12/B, Near Jain Temple, Gandhidham (Kutch) 370 201, Kandla , India

Mobile No.:

91-94269 65510

Contact Person:

Mr. Sunil Nahata, Branch In Charge

 

 

Address:

 No.483, Ennar Plaza, Industrial Suburb,  Near Sterling Theatre, Mysore 5700 008 , India

Tel. No.:

91-821-4242412

Mobile No.:

91-9886794768

E-Mail:

Hidayathulla.Blr@Flyjac.com

Contact Person:

Mr. Hidayathulla, Branch In Charge

 

 

Address:

Plot No.87-A, Sarthak Apt. Opp. Salphekar Hospital,  Shivaji Nagar, Nagpur 440 010 , India

Mobile No.:

91-9850607175

E-Mail:

Sandeepchandak77@Rediffmail.com

Contact Person :

Mr. Sandeep Chandak  

 

 

Address:

92-93, Deep Complex, 1st Floor, Court Road, Amritsar- 143 001 , India

Tel No.;

91-183-500 5643/ 500 5082

Mobile No.:

91-98784 45900  / 91-98783 45900

E-Mail:

Fjlatq@Hotmail.com

Contact Person:

Mr. Manish Suyal - Mr. N. K. Sharma

 

 

DIRECTORS

 

As on 16.09.2011

 

Name :

Mr. Sethu Madhavan Athrasseri

Designation :

Managing director

Address :

503/504, Powai Vihar, B wing Building No. 4, 5th Floor, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

01.07.1950

Date of Appointment :

27.03.2008

DIN No.:

01085858

Other Directorship :

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

U63090MH2004PTC146624

JWC Logistics Park Private Limited

Director

31/05/2004

31/05/2004

-

Active

NO

U63000MH2008PTC180548

Flyjac Logistics Private Limited

Managing director

1/03/2009

27/03/2008

-

Active

NO

U72200KA2009PTC050938

Webyana Technologies Private Limited

Director

20/09/2010

26/05/2010

-

Active

NO

U74120MH2010PTC207371

JWR Logistics Private Limited

Director

1/09/2010

1/09/2010

-

Active

NO

 

 

Name :

Mr. Ravikumar Athrassery Varriath

Designation :

Director

Address :

No. 556, 14th Street, 4th Sector, K K Nagar, Chennai – 600 078, Tamil Nadu, India

Date of Birth/Age :

31.05.1960

Date of Appointment :

27.03.2008

DIN No.:

01119274

Other Directorship :

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

U63090MH2004PTC146624

JWC Logistics Park Private Limited

Director

31/05/2004

31/05/2004

-

Active

NO

U63000MH2008PTC180548

Flyjac Logistics Private Limited

Director

27/03/2008

27/03/2008

-

Active

NO

U74120MH2010PTC207371

JWR Logistics Private Limited

Director

1/09/2010

1/09/2010

-

Active

NO

 

 

Name :

Mr. Tetsuro Katsuhiro Shiomi

Designation :

Nominee director

Address :

2-32-17, Nishinippori, Arakshan-Ku Tokyo, Japan

Date of Birth/Age :

06.03.1962

Date of Appointment :

06.06.2010

DIN No.:

03033971

 

 

Name :

Mr. Kazuo Teizo Tsuda

Designation :

Nominee director

Address :

#C, 1-35-3, Nowawa, Setaganya – Ku, Tokoyo, NA, Japan

Date of Birth/Age :

06.11.1946

Date of Appointment :

06.06.2010

DIN No.:

03069726

 

 

KEY EXECUTIVES

 

Name :

Mr. Sagar Bhanudas Sakorkar

Designation :

Secretary

Address :

Flat No. 3, 1st Floor, Nav Swapna Ranjan Society, Dixit Cross Road No. 1, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

28.01.1982

Date of Appointment :

01.02.2010

PAN No.:

CJEPS1599D

 

 

Name :

Mr. Ritwik

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 16.09.2011

 

Names of Shareholders

No. of Shares

Hitachi Transport System Limited, Japan

25950000

Hitachi Transport System (Asia) Pte. Limited, Singapore

250000

Total

26200000

 

 

Equity Share Break up (Percentage of Total Equity)

As on 16.09.2011

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged into Freight Forwarding Agents and Offer Logistics Services.

 

 

Terms :

 

Selling :

Cash/ Credit

 

 

Purchasing :

Cash/ Credit

 

 

GENERAL INFORMATION

 

No. of Employees :

2500 (Approximately)

 

 

Bankers :

·         Indusind Bank, CTS No. 32, Acme Plaza, Andheri Kurla Road, Mumbai 400059, Maharashtra, India 

·         HDFC Bank

·         Indian Overseas Bank

·         State Bank of India

·         Bank of India

·         Vijaya Bank

·         Axis Bank

·         ICICI Bank

 

 

Facilities :

Secured Loan

As on 31.03.2011

(Rs. in Millions)

As on 31.03.2010

(Rs. in Millions)

Working Capital Loans

150.000

0.000

Loans taken for vehicles

0.825

1.828

Total

150.825

1.828

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Bharat C Mehta and Company

Chartered Accountants

Address :

Raj Ratan Palace, 60 Shankar Lane, Kandivali (West), Mumbai - 400067, Maharashtra, India

PAN.:

ABNPM9654L

 

 

Associates :

·         JWC Logistics Park Private Limited

CIN No.: U63090MH2004PTC146624

·         HITACHI Transport System India Private Limited

CIN No.: U60231DL2007FTC170306

 

 

Holding Company :

·         Hitachi Transport System Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

26200000

Equity Shares

Rs.10/- each

Rs.262.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

26200000

Equity Shares

Rs.10/- each

Rs.262.000 Millions

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

262.000

250.000

250.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

400.119

209.327

96.953

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

662.119

459.327

346.953

LOAN FUNDS

 

 

 

1] Secured Loans

150.825

1.828

49.757

2] Unsecured Loans

0.000

0.000

76.083

TOTAL BORROWING

150.825

1.828

125.840

DEFERRED TAX LIABILITIES

10.105

7.918

5.295

 

 

 

 

TOTAL

823.049

469.073

478.088

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

157.133

135.699

129.615

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
894.247
584.097

662.552

 

Cash & Bank Balances
107.933
124.611

49.095

 

Other Current Assets
0.876

0.000

0.000

 

Loans & Advances
334.487
228.264

150.689

Total Current Assets
1337.543

936.972

862.336

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.000

0.000

0.000

 

Other Current Liabilities
494.095
466.980

394.372

 

Provisions
178.300
137.771

121.026

Total Current Liabilities
672.395

604.751

515.398

Net Current Assets
665.148

332.221

346.938

 

 

 

 

MISCELLANEOUS EXPENSES

0.768

1.153

1.535

 

 

 

 

TOTAL

823.049

469.073

478.088

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

 

 

Gross Total Income from Operation including Reimbursement, Duties etc.

3911.358

3096.124

3680.214

 

Other Income

13.838

34.920

5.741

 

Net Income (net of Reimbursement Expenses)

1031.245

768.205

964.803

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

143.991

188.679

239.901

 

 

 

 

 

 

FINANCIAL EXPENSES            

7.155

6.237

8.704

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

136.836

182.442

231.197

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION                    

11.232

7.444

5.510

 

 

 

 

 

 

PROFIT BEFORE TAX

125.604

174.998

225.687

 

 

 

 

 

 

TAX                                                                 

42.814

62.623

84.861

 

 

 

 

 

 

PROFIT AFTER TAX

82.790

112.375

140.826

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

NA

NA

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

11.238

14.083

 

 

Dividend

0.000

0.000

37.500

 

 

Tax on Dividend

0.000

0.000

6.373

 

BALANCE CARRIED TO THE B/S

82.790

101.137

82.870

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

355.289

329.815

348.550

 

TOTAL EARNINGS

355.289

329.815

348.550

 

 

 

 

 

 

Earnings Per Share (Rs.)

3.16

4.49

5.63

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
NA

NA

3.82

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

NA

6.12

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
8.40

16.31

22.75

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.19

0.38

0.65

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.24

1.34

1.86

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.99

1.54

1.67

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS DETAILS:

 

Sundry Creditors details are not available

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

Yes

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

--

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last three years

No

12) Profitability for last three years

No

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

No

15) Capital in the business

No

16) Details of sister concerns

Yes

17) Major suppliers

No

18) Major customers

No

19) Payments terms

Yes

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter

--

23) Banking Details

Yes

24) Banking facility details

No

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

No

28) Incorporation details, if applicable

--

29) Last accounts filed at ROC

--

30) Major Shareholders, if available

--

 

Results of Operation

 

Following are the figures comparing the same items in respect of the previous year ended March 2010:- The Gross Total Income for the year ended 31st March 2011 increased to Rs.3925.200 Millions comparing to Rs.3131.000 Millions for previous Year. It shows an increase of business by 25.37%.

 

The Profits before Interest, Depreciation, Tax and social responsibility cost stood at 144.000 Millions as compared to previous Financial Year amount Rs.188.700 Millions. A reduction by 23.69% in profit as compared to last year is due to distribution of Rs.55.300 Millions as an ex-gratia bonus amongst the employees. The company has contributed Rs.4.414 Millions toward the donations to mitigate its social responsibilities as compared to previous financial year amount Rs.10.910 Millions.

 

Depreciation is charged to P/L as per rates specified under the Companies Act thereby Depreciation charges incurred to Rs.11.200 Millions as compared to 7.440 Millions in previous year.

 

The company has provided Rs.2.186 Millions for the deferred tax provision.

 

The Provision for income tax is at Rs.40.000 Millions. (Previous year Rs.60.000 Millions)

 

The Net Profit available for Appropriation is Rs.82.790 Millions (Previous year Rs.112.374 Millions) and no amount has been transferred to General Reserve (Previous year Rs.110237 Millions).

 

 Increased in Authorized Capital

 

To face the new upcoming challenges and to grab the new opportunities available in Logistics sector the Organization has successfully increased its authorized capital from 250.000 Millions to Rs 262.000 Millions in an EGM held on 8th April 2010.

 

Management Discussion and Analysis:

 

 Industry Structure and Development

 

The Global slow down has impacted the Import and the Export volume from the beginning of the previous year. In line with the reduction in volumes of Import and Export, there has been reduction in the Import and Export Freight Revenues and the contributions till the first quarter of the current year. Improvement are observed in the business effective second quarter of the current financial year. The company is focusing on increasing the Customer base, focus on Corporate Customers, Sea Freight and Projects – both Import and Exports and the efforts are yielding encouraging results.

 

Opportunities and Threats

 

Revival in the growth of Export- Import and Domestic Trade, growth in manufacturing sectors, focus on infrastructure, private sector participation in development of air and sea port, coupled with liberalization of Government Policies and focus on growth.

 

CONTINGENT LIABILITIES:

 

At Chennai, Bangalore, Cochin and Kolkata, Service Tax Appeals of the Company is pending before CESTAT and the details of the same are already reported in the Annexure to Audit Report.

 

At the year end company has contingent liabilities in form of bill discounting of Rs.10.385 Millions (Previous year Rs.13.059 Millions) which is secured against book debt and office premises of Mumbai.

 

The company is contingent to the bank to the tune of Rs.7.673 Millions against third party bank guarantees against which company has deposited 25% of the bank guarantee value.

 

Estimated amount of unexpired lease and not provided in books is of Rs.240.408 Millions

 

FORM 8

 

Corporate identity number of the company

U63000MH2008PTC180548

Name of the company

FLYJAC LOGISTICS PRIVATE LIMITED

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

Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (East), Mumbai 400099, Maharashtra, India

Email Id : bcmehta@flyjac.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10111586

Type of charge

Book debts

Movable property (not being pledge)

Floating charge

Particular of charge holder

Indusind Bank, CTS No. 32, Acme Plaza, Andheri Kurla Road, Mumbai 400059, Maharashtra, India 

Email: vlaxman@vsnl.com

Nature of instrument creating charge

Supplementary Agreement for Hypothecation of Stocks, Book Debts, Receivables, etc.(For Enhancement in Limits)

Date of instrument Creating the charge

21.04.2010

Amount secured by the charge

Rs.110.000 Millions

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

Rate of Interest

Interest at Prime Lending Rate, which is presently 16.75% p.a. subject to minimum of 10% p.a. with applicable interest tax at monthly rests

 

Terms of repayment

On Demand

 

Margin

As may be stipulated by Bank from time to time

 

Extent and operation of the charge

Hypothecation by way of first charge on Company's entire current assets as security for repayment of revised Credit facility/ies of upto Rs.110.000 Millions (comprising of CC : Rs.110.000 Millions with sub-limit  towards Bills Discounting and Guarantee of Rs.20.000 Millions and 30.000 Millions respectively), together with all interest, costs, charges, expenses and other monies due and payable under the said facilities granted by the Bank to the Company

Short particulars of the property or asset(s) charged (including complete address and location of the property)

The whole of the movable properties of the borrower including its moveable plant and machinery, machinery spares, tools and accessories, furniture and fixtures

Particulars of the present modification

The charge now stands revised upto Rs.110.000 Millions (comprising of CC :Rs. 110.000 Millions with sub-limit  towards Bills Discounting and Guarantee of Rs.20.000 Millions and 30.000 Millions respectively), together with all interest, costs, charges, expenses and other monies due and payable under the said facilities granted by the Bank to the Company

 

FIXED ASSETS

 

  • Computer and Accessories and System Development
  • Furniture and Fittings
  • Software Development
  • Racking System
  • Wooden Pallet
  • Industrial Locker
  • Indital Reach Stackers Cranes
  • Generator Set
  • Electrical Fitting
  • Weighting Machine
  • Fax Machine
  • Building
  • Air Conditioner
  • Typewriter
  • Photocopier Machine
  • EPABX
  • UPS
  • Cold Storage CTP Logi Fixed Asset Technova
  • Telex Machine
  • Pager Equipments
  • Mobile Instrument
  • Water Cooler
  • Referigeator
  • Hand Pallet Truck
  • Office Equipments
  • Motor Car
  • Land

 

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.49.25

UK Pound

1

Rs.77.45

Euro

1

Rs.64.89

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

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.