|
Report Date : |
15.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
PHOENIX
INTERNATIONAL FREIGHT SERVICES PRIVATE LIMITED (w.e.f. 17.11.2006) |
|
|
|
|
Formerly Known
As : |
EASTERN LOGISTICS PRIVATE LIMITED (w.e.f. 22.01.2001) EASTERN LOGISTICS LIMITED |
|
|
|
|
Registered
Office : |
ESCOM House, 1st
Floor, South Wing, 7, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.10.1999 |
|
|
|
|
Com. Reg. No.: |
11-122054 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.554
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63090MH1999PTC122054 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUME03771F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE0443R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in the business of freight forwarding. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 247000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and reputed company having good track. Financially company
performed well. Trade relations are reported to be fair. Business is active.
Payments are reported to be regular and as per commitments. The company can
be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non co-operative
(91-22-30883636)
LOCATIONS
|
Registered Office / Branch Office : |
ESCOM House, 1st
Floor, South Wing, 7, |
|
Tel. No.: |
91-22-30645050/ 66916644 |
|
Fax No.: |
91-22-66916646 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located at · Ahmedabad · Bangalore · Chennai · Delhi · Jaipur · Kanpur · Kochi · Kolkata · Pune · Tuticorin |
DIRECTORS
As on 20.09.2011
|
Name : |
Mr. Emil Ray Sanchez |
|
Designation : |
Director |
|
Address : |
|
|
Date of Appointment : |
15.09.2007 |
|
DIN No.: |
00609833 |
|
|
|
|
Name : |
Mr. James William Mc Inerney |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
10.06.1944 |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
01015008 |
|
|
|
|
Name : |
Jen Wen Wang |
|
Designation : |
Director |
|
Address : |
4th
Floor, No.263, Sec 1, Tun-Hua S. Road, Tun-An Li, Ta-An Dist, Taipei City,
106, Taiwan, Province of China |
|
Date of Appointment : |
15.09.2007 |
|
DIN No.: |
01103352 |
|
|
|
|
Name : |
Mr. Stephane Daniel Rambaud |
|
Designation : |
Director |
|
Address : |
2512 N Bosworth,
|
|
Date of Appointment : |
15.09.2007 |
|
DIN No.: |
01149349 |
|
|
|
|
Name : |
Rajmor Gerad Dias |
|
Designation : |
Alternate Director |
|
Address : |
|
|
Date of Appointment : |
07.09.2012 |
|
DIN No.: |
01385258 |
KEY EXECUTIVES
|
Name : |
Mr. Abbas
Lakdawalla |
|
Designation : |
Practicing Company Secretary |
|
Address : |
606-B, Swiss
Corner, Shastri Nagar, Off. Lokhandwala Complex, Andheri (West), Mumbai – 400
053, |
|
Tel No.: |
91-22-65340037 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Phoenix International Freight Services Limited, |
|
455399 |
|
Phoenix Holding Limited, |
|
1 |
|
Total |
|
455400 |
As on 20.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of freight forwarding. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
v ICICI Bank
Limited, v Corporation
Bank, M.I.D.C., Andheri, Mumbai – 400 099, v HDFC Bank
Limited |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
* Term loans are secured by hypothecation of Vehicles
** Letter of credit has been issued by banker of the holding company |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
Engineering Centre, 6th Floor, 9, |
|
Tel. No.: |
91-22-66262600/ 23671623 |
|
Fax No.: |
91-22-23671624 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFW4298E |
|
|
|
|
Holding Company : |
Phoenix
International Freight Services Limited Address: 712, |
|
|
|
|
Fellow Subsidiaries : |
v
Phoenix International Freight Services Limited ( v
Phoenix International Freight Services Limited
(TPE) v
v
Phoenix International Freight Services Private
Limited ( v
PT. Phoenix International (JKT) v
Phoenix International Logistics Lanka Private
Limited v
v
Phoenix International Freight Services Limited ( v
v
Phoenix International Freight Services Limited ( v
Phoenix Freight Services Limited ( v
Phoenix International Freight Services Limited ( v
v
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
455400 |
Equity Shares |
Rs.10/- each |
Rs.4.554 millions
|
|
|
|
|
|
Of the above shares:
455400 equity shares are held by Phoenix
International Freight Services Limited -
213200 equity
shares of Rs.10 each are allotted
as fully paid up by way of bonus shares
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 |
4.554 |
4.554 |
4.554 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
57.303 |
42.073 |
37.485 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
61.857 |
46.627 |
42.039 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.806 |
0.000 |
0.409 |
|
|
2] Unsecured Loans |
19.978 |
0.000 |
10.822 |
|
|
TOTAL BORROWING |
20.784 |
0.000 |
11.231 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
82.641 |
46.627 |
53.270 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.482 |
7.270 |
13.994 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
1.885 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
2.952 |
2.545 |
0.894 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
123.236
|
90.959 |
69.332 |
|
|
Cash & Bank Balances |
1.077
|
5.414 |
2.020 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
15.323
|
22.297 |
17.195 |
|
Total
Current Assets |
139.636
|
118.670 |
88.547 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
59.515
|
76.083 |
46.413 |
|
|
Other Current Liabilities |
3.091
|
1.657 |
2.886 |
|
|
Provisions |
4.823
|
4.118 |
2.751 |
|
Total
Current Liabilities |
67.429
|
81.858 |
52.050 |
|
|
Net Current Assets |
72.207
|
36.812 |
36.497 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
82.641 |
46.627 |
53.270 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Sales and Services |
137.089 |
119.712 |
120.300 |
|
|
|
Other Income |
1.808 |
8.410 |
4.066 |
|
|
|
TOTAL (A) |
138.897 |
128.122 |
124.366 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenditure |
111.585 |
116.185 |
110.433 |
|
|
|
TOTAL (B) |
111.585 |
116.185 |
110.433 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27.312 |
11.937 |
13.933 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
0.737 |
0.593 |
0.697 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.575 |
11.344 |
13.236 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.673 |
4.564 |
5.654 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
23.902 |
6.780 |
7.582 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.672 |
2.192 |
4.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
15.230 |
4.588 |
3.102 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
38.995 |
34.407 |
31.305 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
54.225 |
38.995 |
34.407 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
33.44 |
10.07 |
6.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.96
|
3.58 |
2.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.44
|
5.66 |
6.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.25
|
5.38 |
7.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.15 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.43
|
1.76 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.45 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs. In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditors |
|
|
|
|
-
Micro, Small and medium enterprises |
0.000 |
0.000 |
0.000 |
|
-
Others |
52.485 |
66.159 |
40.510 |
|
-
For Expenses |
7.030 |
9.924 |
5.903 |
|
Total
|
59.515
|
76.083 |
46.413 |
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
BACKGROUND OF THE COMPANY:
The Company' is a
freight forwarding and supply chain management Company with offices across
various cities in India, its registered and head office located at 1st
Floor, Excom House, No.7, Saki Vihar Road, Saki Naka, Andheri (East),
Mumbai 400 072, India .
OPERATING RESULTS AND
BUSINESS:
The Company's
performance in 2010-11 was profitable and grown in key markets around the
world. The Company is emerging as a global full-services player in the logistic
sector with the ability to handle large customers and complex assignments.
For the year ended
March 31, 2011, the Company earned total income of Rs.137.000 millions
(previous year Rs.119.700 millions)
The net profit of
the Company for the year amounted to Rs.15.230
millions and for the previous year it amounted to Rs.4.588 millions.
The Company
continues its multi-pronged strategy to establish itself among the top global
logistic providers.
CONTINGENT
LIABILITY:
|
Particulars |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
|
Civil case against the Company |
0.579 |
0.579 |
|
Service Tax |
63.203 |
45.798 |
FIXED ASSETS:
Tangible Assets:
v Leasehold Improvements
v Plant and Machinery
v Computers
v Office Equipment
v Furniture and Fixtures
v Vehicles
Intangible Assets:
v Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.52.70 |
|
|
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.