|
Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRANSAFE SERVICES LIMITED |
|
|
|
|
Registered
Office : |
Balmer Lawrie House, 6th Floor, 21, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.10.1990 |
|
|
|
|
Com. Reg. No.: |
21-050028 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 499.937 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28992WB1990PLC050028 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in several segments of the logistics industry
including manufacturing and marketing of a wide range of value added and
speciality freight containers and other container-based solutions. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 630000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. There appears huge accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Balmer Lawrie House, 6th Floor, 21, |
|
Tel. No.: |
91-33-22424505 / 4583 / 4336 |
|
Fax No.: |
91-33-22424999 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Flat No 107, Rohit House, 3, Tolstoy Marg, Connaught Place, New
Delhi-110001, India |
|
Tel. No.: |
91-11-23738783/84/85 |
|
Fax No.: |
91-11-23738794 |
DIRECTORS
AS ON 14.09.2011
|
Name : |
Mr. Krishnamurti Subramanyan |
|
Designation : |
Director |
|
Address : |
Flat No. 4A, 4th Floor, 41C, |
|
Date of Birth/Age : |
17.11.1952 |
|
Date of Appointment : |
12.06.2006 |
|
DIN No.: |
00010815 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
L15492WB1924GOI004835 |
BALMER
LAWRIE AND COMPANY LIMITED |
Whole-time
director |
30-12-05 |
30-12-05 |
Active |
NO |
|
2 |
U28992WB1990PLC050028 |
TRANSAFE
SERVICES LIMITED |
Director |
12-06-06 |
12-06-06 |
Active |
NO |
|
3 |
L65999WB2001GOI093759 |
BALMER
LAWRIE INVESTMENTS LIMITED |
Director |
24-09-10 |
07-06-10 |
Active |
NO |
|
4 |
U99999MH1962PLC012424 |
BALMAR
LAWRIE-VAN LEER LIMITED |
Nominee
director |
25-06-11 |
25-06-11 |
Active |
NO |
|
5 |
U63000TN2011PTC083412 |
BALMER
LAWRIE HIND TERMINALS PRIVATE LIMITED |
Director |
05-12-11 |
05-12-11 |
Active |
NO |
|
Name : |
Mr. Vasudev Narayan Sharma |
|
Designation : |
Director |
|
Address : |
Flat No. 1, 9B, Queen’s Park, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
04.07.1952 |
|
Date of Appointment : |
08.04.2004 |
|
DIN No.: |
00011099 |
Other Directorship:
|
S.No. |
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 |
|
1 |
U28992WB1990PLC050028 |
TRANSAFE
SERVICES LIMITED |
Director |
08-04-04 |
08-04-04 |
- |
Active |
NO |
|
2 |
U99999MH1962PLC012424 |
BALMAR
LAWRIE-VAN LEER LIMITED |
Director |
28-04-04 |
28-04-04 |
01-01-12 |
Active |
NO |
|
3 |
L15492WB1924GOI004835 |
BALMER
LAWRIE AND COMPANY LIMITED |
Whole-time
director |
20-01-05 |
20-01-05 |
- |
Active |
NO |
|
4 |
U23201DL1993PTC190652 |
AVI-OIL
INDIA PRIVATE LIMITED |
Director |
19-06-06 |
19-06-06 |
- |
Active |
NO |
|
Name : |
Mr. Brahmanand Rao Peri |
|
Designation : |
Director |
|
Address : |
Flat No. 703, Mangal Prabha, Plot 12/1/B, Sector 9, Nerul, Navi Mumbai
– 400706, |
|
Date of Birth/Age : |
22.09.1946 |
|
Date of Appointment : |
12.10.2009 |
|
DIN No.: |
01063993 |
Other Directorship:
|
S.No. |
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 |
|
1 |
U99999MH1962PLC012424 |
BALMAR
LAWRIE-VAN LEER LIMITED |
Managing
director |
01-10-09 |
01-04-02 |
30-09-10 |
Active |
NO |
|
2 |
U27100KA1989PLC010148 |
PRO-SEAL
CLOSURES LIMITED. |
Nominee
director |
01-04-02 |
01-04-02 |
30-09-10 |
Active |
NO |
|
3 |
U28992WB1990PLC050028 |
TRANSAFE
SERVICES LIMITED |
Managing
director |
30-07-10 |
12-10-09 |
- |
Active |
NO |
|
Name : |
Mr. Mohan Narayan Menon |
|
Designation : |
Director |
|
Address : |
6, Beach Croft, 17, |
|
Date of Birth/Age : |
10.08.1948 |
|
Date of Appointment : |
12.10.2009 |
|
DIN No.: |
02838483 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U74999MH1995PTC084330 |
APC
NUTRIENTS PRIVATE LIMITED |
Director |
11-10-97 |
11-10-97 |
Active |
NO |
|
2 |
U28992WB1990PLC050028 |
TRANSAFE
SERVICES LIMITED |
Director |
27-09-10 |
12-10-09 |
Active |
NO |
|
3 |
U99999MH1962PLC012424 |
BALMAR
LAWRIE-VAN LEER LIMITED |
Managing
director |
01-10-10 |
01-10-10 |
Active |
NO |
|
4 |
U27100KA1989PLC010148 |
PRO-SEAL
CLOSURES LIMITED |
Director |
24-08-11 |
23-11-10 |
Active |
NO |
|
Name : |
Mr. Rajesh Juthani |
|
Designation : |
Director |
|
Address : |
B-6/9, |
|
Date of Birth/Age : |
07.06.1960 |
|
Date of Appointment : |
24.07.2010 |
|
DIN No.: |
02845567 |
|
|
|
|
Name : |
Mr. Virendra Sinha |
|
Designation : |
Director |
|
Address : |
Flat No. 59B, Queen’s Park, Ballygunge, Kolkata – 700019, West Bengal,
India |
|
Date of Birth/Age : |
13.07.1955 |
|
Date of Appointment : |
03.08.2010 |
|
DIN No. : |
03113274 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
L15492WB1924GOI004835 |
BALMER
LAWRIE AND COMPANY LIMITED |
Managing
director |
01-01-12 |
14-06-10 |
Active |
NO |
|
2 |
U28992WB1990PLC050028 |
TRANSAFE
SERVICES LIMITED |
Director |
27-09-10 |
03-08-10 |
Active |
NO |
|
3 |
U67120WB1893NPL000761 |
THE BENGAL
CHAMBER OF COMMERCE AND INDUSTRY |
Director |
20-10-11 |
20-10-11 |
Active |
NO |
|
4 |
U63000TN2011PTC083412 |
BALMER
LAWRIE HIND TERMINALS PRIVATE LIMITED |
Director |
05-12-11 |
05-12-11 |
Active |
NO |
|
5 |
U99999MH1962PLC012424 |
BALMAR
LAWRIE-VAN LEER LIMITED |
Nominee
director |
01-01-12 |
01-01-12 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Lahoti |
|
Designation : |
Secretary |
|
Address : |
56/1, |
|
Date of Birth/Age : |
01.05.1983 |
|
Date of Appointment : |
08.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.09.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Balmer Lawrie and Company Limited ( |
11361992 |
|
Prabal Basu |
1 |
|
Virendra Sinha |
1 |
|
Swapan Kumar Mukherjee |
1 |
|
Niraj Gupta |
1 |
|
P.P. Sahoo |
1 |
|
Vasudev Narayan Sharma |
1 |
|
Krishnamurti Subramanyan |
1 |
|
Balmer Lawrie Vanleer Limited ( |
11361999 |
|
Total |
22723998 |
|
Names of Preference Shareholders (Allottee) |
No. of Shares |
|
Axis Bank Limited, India |
4100000 |
|
HDFC Bank Limited, India |
2200000 |
|
Syndicate Bank |
4117700 |
|
Karur Vysya Bank Limited, India |
3552000 |
|
Balmer Lawrie and Company Limited, India |
13300000 |
|
Total |
27269700 |
AS ON 14.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Government Companies |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in several segments of the logistics industry
including manufacturing and marketing of a wide range of value added and
speciality freight containers and other container-based solutions. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited, Corporate Banking Branch (CBB)
(Credit Management Centre (CMC)), 1, Shakespear Sarani, Ac Market, 3rd
Floor, Kolkata-700071, West Bengal, India ·
Centurion Bank of Punjab Limited, 88, Chowringhee
Road, Kolkata-700020, West Bengal, India ·
Karur Vysya Bank Limited ·
HDFC Bank Limited ·
Bank Of India ·
Syndicate Bank |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
L.B. Jha and Company Chartered Accountant |
|
Address : |
GF-1, Gillander House, 8, Netaji Subhas Road, Kolkata – 700001, West |
|
Tel. No.: |
91-33-22425858 / 5407 / 4277 |
|
Fax No.: |
91-33-22420650 / 22302846 |
|
E-Mail : |
|
|
Website : |
|
|
PAN No.: |
AABFL0464G |
|
|
|
|
Associates : |
·
Balmer Lawrie and Company Limited ·
ICICI Trusteeship Services Limited ·
IDBI Trusteeship Services Limited ·
Balmer Lawrie Van Leer Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22723998 |
Equity Shares |
Rs. 10/- each |
Rs. 227.240 Millions |
|
27276002 |
0.001% Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 272.760 Millions |
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22723998 |
Equity Shares |
Rs.10/- each |
Rs. 227.240
Millions |
|
27269700 |
0.001% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 272.697
Millions |
|
|
Total |
|
Rs. 499.937 Millions |
Note:
Of the above
shares 9900000 shares were allotted on 19.03.08 as fully paid up bonus shares
by way of capitalization of Share Premium, General Reserve and Profit.
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 |
499.937 |
227.240 |
227.240 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.944 |
10.944 |
184.866 |
|
|
4] (Accumulated Losses) |
(352.206) |
(215.537) |
0.000 |
|
|
NETWORTH |
158.675 |
22.647 |
412.106 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1719.189 |
1624.769 |
1810.128 |
|
|
2] Unsecured Loans |
18.000 |
323.000 |
71.136 |
|
|
TOTAL BORROWING |
1737.189 |
1947.769 |
1881.264 |
|
|
DEFERRED TAX LIABILITIES |
18.952 |
44.112 |
128.880 |
|
|
|
|
|
|
|
|
TOTAL |
1914.816 |
2014.528 |
2422.250 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1471.196 |
1617.682 |
1899.905 |
|
|
Capital work-in-progress |
12.081 |
22.918 |
6.985 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
111.810
|
171.532
|
164.266 |
|
|
Sundry Debtors |
218.267
|
201.101
|
418.681 |
|
|
Cash & Bank Balances |
17.565
|
3.490
|
1.809 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
319.077
|
357.492
|
128.425 |
|
Total
Current Assets |
666.719
|
733.615 |
713.181 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
118.057
|
232.664
|
112.105 |
|
|
Other Current Liabilities |
117.123
|
127.023
|
50.326 |
|
|
Provisions |
0.000
|
0.000
|
36.730 |
|
Total
Current Liabilities |
235.180
|
359.687 |
199.161 |
|
|
Net Current Assets |
431.539
|
373.928
|
514.020 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.340 |
|
|
|
|
|
|
|
|
TOTAL |
1914.816 |
2014.528 |
2422.250 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income |
703.217 |
0.000 |
0.000 |
|
|
|
Leasing |
0.000 |
311.732 |
298.881 |
|
|
|
Logistics |
0.000 |
196.536 |
155.391 |
|
|
|
Sales |
0.000 |
267.586 |
321.757 |
|
|
|
Trading Goods |
0.000 |
4.368 |
96.620 |
|
|
|
Warehouse Management Charges |
0.000 |
13.909 |
12.316 |
|
|
|
Freight Container Repairing and Refurbishing Centre |
0.000 |
8.847 |
2.876 |
|
|
|
Other Income |
60.575 |
21.699 |
16.490 |
|
|
|
TOTAL (A) |
763.792 |
824.677 |
904.331 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
142.362 |
166.784 |
184.768 |
|
|
|
Manufacturing Service Cost |
228.321 |
0.000 |
0.000 |
|
|
|
Employee Related Expenses |
55.036 |
0.000 |
0.000 |
|
|
|
General Overheads |
0.000 |
232.494 |
184.549 |
|
|
|
Borrowing Costs |
0.000 |
231.895 |
166.324 |
|
|
|
Running and Maintenance Expenses on account of Transfer Indo Trailers |
0.000 |
191.267 |
109.389 |
|
|
|
Administrative and Other Expenses |
178.137 |
0.000 |
0.000 |
|
|
|
Cost of Trading Goods |
0.000 |
3.703 |
63.097 |
|
|
|
Expenses of Freight Container Repairing and Refurbishing Centre |
0.000 |
13.260 |
2.891 |
|
|
|
Prior Period Adjustments (Net) |
12.407 |
333.053 |
0.000 |
|
|
|
Increase / (Decrease) in Stock |
0.000 |
(7.266) |
(39.503) |
|
|
|
TOTAL (B) |
616.263 |
1165.190 |
671.515 |
|
|
|
591.449 |
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
147.529 |
(340.513) |
232.816 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
181.119 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(33.590) |
(340.513) |
232.816 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
128.239 |
133.713 |
112.792 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(161.829) |
(474.226) |
120.024 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(25.160) |
(84.767) |
37.934 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(136.669) |
(389.459) |
82.090 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(293.247) |
96.212 |
54.957 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Special Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
4.104 |
|
|
|
Dividend |
0.000 |
0.000 |
31.395 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
5.336 |
|
|
BALANCE CARRIED
TO THE B/S |
(429.916) |
(293.247) |
96.212 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Bills in Foreign Currency for International Lease |
16.371 |
18.645 |
35.139 |
|
|
TOTAL EARNINGS |
16.371 |
18.645 |
35.139 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7.479 |
5.167 |
487.586 |
|
|
|
Capital Goods |
5.167 |
3.645 |
56.981 |
|
|
TOTAL IMPORTS |
12.646 |
8.812 |
544.567 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.01 |
(17.14) |
3.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(17.89)
|
(47.22)
|
9.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(23.01)
|
(177.22)
|
37.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.57)
|
(20.17)
|
4.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.02)
|
(20.94)
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
12.55
|
101.89
|
5.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.83
|
2.04
|
3.58 |
LOCAL AGENCY FURTHER INFORMATION
OVERVIEW
During the year 2010-11,
the Company achieved a Turnover of Rs. 763.800 Millions (a decrease of 7.38 %
in comparison to the previous year) and recorded a loss (after tax) of Rs.
136.700 Millions (a reduction in loss by approximately 65%).
REASONS FOR COMPANYS ADVERSE PERFORMANCE AND
FINANCIAL POSITION
The Company had,
in financial year 2009-10, incurred a loss of Rs. 474.200 Millions (before tax)
and had to seek restructuring of its loan repayment and interest payment
obligations under the Corporate Debt Re-structuring (CDR) Scheme. Consequently
the Company was strained for cash to run its operations for much of the year
and the situation gradually began easing from the end of third quarter of
2010-11, when the CDR scheme was approved. The Company also had to deal with several
other crises during the period including the need to rebuild/strengthen the
organization with number of recruitments. The Company after discussion with its
Lenders sought restructuring of its loan repayment and interest payment
obligations under the CDR Scheme in August 2010. Approval of the CDR-Empowered
Group was received vide letter ref. BY. CDR (SB) / No./2010-11 dated 22/11/10
thereby revising inter-alia the repayment schedule for the various loans of
existing loans, reduction in rate of interest on existing term loans, reduction
in rates of interest on working capital, along with certain obligations placed
on the promoters of the Company. The Company greatly appreciates the
understanding and cooperation rendered by the various Lending Banks in enabling
the Company to gradually resume normal operations and rebuild the business. As
per the terms of the approved re-structuring proposal, 10% of the outstanding
term loan and working capital short term loan as on cut-off date amounting to
Rs. 139.697 Millions was converted into 0.001% Cumulative Redeemable Preference
Shares (CRPS).The promoters, Balmer Lawrie and Company Limited were
consequently issued CRPS of Rs. Rs 133.000 Millions against conversion of the
unsecured loan (Rs. 73.000 Millions) and fresh infusion of funds (Rs. 60.000
Millions) as per the approved CDR Scheme and the approval granted by the
shareholders at the Extraordinary General Meeting of the Members held on
Tuesday the 1st of March, 2011.
BUSINESS
The Company is
engaged in several segments of the logistics industry including manufacturing
and marketing of a wide range of value added and speciality freight containers
and other container-based solutions. The Company businesses have been
categorized into four Strategic Business Units (SBUs) as under:
Indian Container
Leasing: Leasing operations Logistics Indo Trailer
Logistics Glacio
Cold Chain: Cold logistics other
Warehouse
Management Services Creative Containers: Custom-built container manufacturing
and container-based solutions
Apart from these
SBUs, the company operates a facility for Freight Container repair and
refurbishment at Kolkata.
Indian Container Leasing:
The Company owns a
large fleet of freight containers of wide variety. This SBU undertakes leasing of
containers in domestic as well as for international operations. Domestic
leasing, which accounts for the bulk of the fleet and revenue, caters to
sectors like Rail, Road, Coastal Shipping and Storage needs. CONCOR, Private
Rail Operators and Coastal Shipping Companies are the main customers.
Logistics:
Through this SBU,
the Company provides containerized transportation / supply chain solutions
including warehousing and warehouse management/ distribution services to its
customers. The operations of the SBU may be classified as under:
a)
Transafe Indo
Trailer Logistics: Indo Trailer carries containerized products like televisions,
refrigerators, tyres, yarn etc. It offers logistics services on hub-to-hub mode
and also on door-to-door basis. The SBU also operates a fleet of speciality
tankers which carry high value performance chemicals. It has clients like
Godrej, Good Year, HLL, Sony, LG Electronics, Samsung, Galaxy Surfactants
Limited, Exide, ITC, BPCL, MSTCL etc.
b)
Glacio Cold Chain
Logistics: The Company with the largest fleet of refrigerated containers in the
country also offers truck/ trailer- mounted refrigerated container service. It
caters to customers like HLL, Amul, Metro Dairy and Nestle for carrying frozen
foods/ perishable food products and other temperature sensitive materials like
ice-cream, butter, chocolates, dairy products, fruits, vegetables, meat and
poultry products etc.
c)
Warehouse
Management Services: The Company provides warehouse management services
to its clients having large distribution chains. Clients include BPCL, MSTC and
MMTC. Creative Container Division: The Company has four manufacturing
facilities strategically located in three regions and a centralized design and
development centre at Kolkata for design, development, manufacture and supply
of custom-built containers and container-based solutions. The company has
developed a large range of insulated/ refrigerated containers suited for
transportation modes and climatic conditions in India. The Company has also
developed and commissioned a large variety of special purpose containers and
container-based-solutions for strategic applications like housing, transporting
technological and scientific equipment, for quick shelter solutions etc. The
Company has supplied different types of containers/ container based solutions
to CONCOR and also to ONGC, and other oil exploration companies, Army, Defence
establishments like DRDL and DRDO, scientific and space research organizations
like ISRO as also to wide spectrum of industrial establishments operating in
the core / infrastructure sectors - both in public sector and private sector.
FUTURE PROSPECTS
The logistic space
in India is poised to grow by 15% annually in the coming years, which is
expected to offer good opportunity for growth for leasing business in the
organized corporate sector. Among the major logistic segments, the market size
of containerized rail transportation is estimated to be over Rs.30000.000
Millions. This sector shows good potential for the coming years and is poised for
high growth. Coastal shipping also has good potential. This situation offers
bright prospects for leasing of containers where the Company is the pioneer and
leader in the Country as well as for manufacture and sale of containers. Though
India is the leading producer of fruits and vegetables, large quantity of these
goods are wasted due to lack of appropriate storage and transportation
facilities/ practices. Hence, cold chain segment of the logistics industry
including refrigerated transportation and warehousing is emerging as a critical
high growth component of supply chain networks in India. This activity is
projected to grow very significantly with the growth of organized retailing in
the country. The Company has strong credentials in all aspects of cold chain
logistics including manufacturing, leasing and operating refrigerated
containers. Creative Container segment has been catering to the specific
requirement of clients like Army, Navy, Defence establishments, space research
and scientific organizations, oil exploration companies, companies operating in
industrial/ infrastructure sectors for bunk houses, laboratory and workshop
containers. Considering the emphasis on the development of the country
infrastructure including the strengthening of railway network and operations
(growth of private rail operations, rail connectivity to private ports,
creation of
dedicated freight corridors etc), growth of the core sector industries,
increased level of activities by ISRO and scientific research organization, there
is good market prospect for custom-built containers and container-based
solutions. The company has certain high value speciality product prototypes
under advanced stage of approvals. The company also holds approval from Lloyd
Register, UK and DG of Shipping for manufacturing ISO Tank containers which
have a huge potential. The healthy growth of the manufacturing sector in the
country coupled with the investment in infrastructure has opened up
unprecedented opportunities for growth of the logistics industry. The Company
has established itself as a preferred high-end logistics service provider for
many leading corporates in the country operating in segments like FMCG, white
goods and other consumer durables where the Company products like Indo Trailers
are the preferred mode of transportation.
FORM 8
|
Corporate
identity number of the company |
U28992WB1990PLC050028 |
||||||||||||||
|
Name of the
company |
TRANSAFE SERVICES LIMITED |
||||||||||||||
|
Address of the
registered office or of the principal place of business in |
Balmer Lawrie House, 6th Floor, 21, |
||||||||||||||
|
This form is for |
Modification of
charge |
||||||||||||||
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
||||||||||||||
|
Particular of
charge holder |
Axis Bank, CMC, 1, Shakespeare Sarani, AC Market, 3rd
Floor, Kolkata – 700071, West Bengal, India |
||||||||||||||
|
Nature of
instrument creating charge |
Composite
Hypothecation Deed (Current Assets, Movables, Plant and Machinery) |
||||||||||||||
|
Date of instrument
Creating the charge |
14.11.2011 |
||||||||||||||
|
Amount secured by
the charge |
Rs. 650.908
Millions |
||||||||||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest For CC and TERM LOAN
fixed rate of installments of 8.50% p.a. up to FY15, thereafter 9.50% p.a.
payable at monthly rests. For WCTL fixed rate of intt.@9% p.a. up to FY15,
thereafter 10%p.a. payable at monthly rest Terms of repayment CC repayable on
demand. Restructured TL,
FITL and WCTL repayable in Moratorium from the One year Cutoff date, i.e.
2.50% Outstanding Financial year 2011-12, 6.50% Outstanding Financial year
2012-13, 10% Outstanding Financial year 2013-14, 10% Outstanding Financial
year 2014-15, 12% Outstanding Financial year 2015-16, 14% Outstanding
Financial year 2016-17, 15% Outstanding Financial year 2017-18, 15%
Outstanding Financial year 2018-19, 15% Outstanding Financial year 2019-20. Margin Cash Credit: 10%, LC: Nil, BG: Nil and 100%
in case of disputed liabilities. Extent and operation of the charge Working Capital -
: Primary Security: 1st pari passu charge on current assets (hypothecation of
inventories and receivables) of the Company. Collateral
Security: 2nd pari passu charge on the entire fixed assets of the Company. As per CDR LOA
dated 22.11.2010 and Master Restructuring Agreement dated 24.12.2010. Other Amount Secured by
the Charge:-
|
||||||||||||||
|
Short particulars
of the property charged (Including location of the property) |
1st pari passu
charge on all the stock in trade both present and future consisting stock including
RMs, SIP, FGs, Cash, Other current assets and Outstanding monies,
receivables, claims and bills etc. 2nd pari passu
charge on the entire fixed assets of the company, consisting of all the
movable fixed assets, both present and future, consisting of containers,
plant, machinery spares, tools and accessories, fixtures, implements, fittings and other installations,
furniture, vehicles, computers and all other articles, equipments and things
both present and future. |
||||||||||||||
|
Charge
identification number of the charge to be modified |
80012913 |
||||||||||||||
|
Date of
instrument modifying the charge |
30.12.2010 |
||||||||||||||
|
Particulars of
the present modification |
The Company has
extended 1st pari passu charge as hypo over C. Assets, B/Debts of the Company
and 2nd pari passu charge on the entire F. Assets of the Company financed by
the Bank to cover the revised/realigned Working Capital facilities of
Rs.160.500 Millions (Ranking pari passu with all other working capital
bankers). RTL/ FITL/ WCTL
limit aggregating to Rs.490.408 Millions remain unchanged with no change in
terms and conditions. Overall limit has been increased/realigned to
Rs.650.908 Millions (Ranking pari passu ) |
FIXED ASSETS :
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. 49.25 |
|
|
1 |
Rs. 77.45 |
|
Euro |
1 |
Rs. 64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.