MIRA
INFORM REPORT
|
Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHETTINAD LOGISTICS PRIVATE LIMITED |
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Registered
Office : |
Rani Seethai Hall, 3rd Floor, 603, Anna Salai, Chennai - 600006, Tamilnadu-600006 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
17.12.1999 |
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Com. Reg. No.: |
18-043775 |
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Capital Investment
/ Paid-up Capital : |
Rs.86.810
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U63012TN1999PTC043775 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC02714F |
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PAN No.: [Permanent Account No.] |
AABCC4551C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Clearing and forwarding agent for Coal, Cement etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8500000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. The
company has achieved a better growth in the turnover and profitability of the
company during current year. Financial of the company appears to be sound.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CAREM |
|
Rating |
A- (Long Term Bank Facilities) |
|
Rating Explanation |
Adequate degree of safety it carry low credit risk. |
|
Date |
March 2013 |
|
Rating Agency Name |
CAREM |
|
Rating |
A2+ (Short Term Bank Facilities) |
|
Rating Explanation |
Strong degree of safety it carry low credit risk. |
|
Date |
March 2013 |
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.
LOCATIONS
|
Registered Office : |
Rani Seethai Hall, 3rd Floor, 603, Anna Salai, Chennai - 600006, Tamilnadu-600006, India |
|
Tel. No.: |
91-44-28295124/ 28295111 |
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Fax No.: |
91-44-28290228 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. R. M. Palaniappan |
|
Designation : |
Director |
|
Address : |
"Lovedale", T2, Plot No.322, W Block, C Sector II Avenue, Anna Nagar West Extension, Chennai 600101, Tamilnadu, India |
|
Date of Birth/Age : |
16.06.1969 |
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Date of Appointment : |
27.06.2012 |
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DIN No.: |
00143198 |
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|
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|
Name : |
Mr. Alagappan Arunachalam |
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Designation : |
Director |
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Address : |
New No.78, First Floor, Coral Merchant Street Mannady, Chennai 600001, Tamilnadu, India |
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Date of Birth/Age : |
15.09.1954 |
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Date of Appointment : |
23.03.2001 |
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DIN No.: |
00859954 |
MAJOR SHAREHOLDERS
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mrs.Geetha Muthiah |
|
8680919 |
|
Chettinad Developers Private Limited, India |
|
130 |
|
Total |
|
8681049 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Other top fifty shareholders |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Clearing and forwarding agent for Coal, Cement etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Indian Bank, Thousand Lights Branch, Kannammai Buildings, 611, Anna Salai, Chennai - 600006, Tamil Nadu, India |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
J.karthik Bharathi and Company Chartered Accountants |
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Address : |
No.6 Seetha Reddy Street, Kumbakonam – 612001, Tamilnadu, India |
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PAN No.: |
AAEFJ3214B |
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Auditors 2 : |
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Name : |
C.Muthukumar and Company |
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Address : |
New No. 31 (Old No. 11) Second Floor Rajaji STREET, Saidapet, Chennai 600015, India |
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PAN No.: |
AKQPM4543G |
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Associates : |
· Chettinad Cement Corporation Limited CIN No.: L93090TN1962PLC004947 · South India Corpn Limited CIN No.: U51102TN1935PLC002652 · Chettinad Structural and Engineering Limited CIN No.: U27209TN1966PLC005452 · Chettinad Financial Management Services Private Limited CIN No.: U65921TN2004PTC053238 · Chettinad Builders Private Limited CIN No.: U45201TN2004PTC053430 · Chettinad Earth Movers Private Limited CIN No.: U13100TN2005PTC055556 · Chettinad International Coal Terminal Private Limited CIN No.: U63090TN2006PTC059150 · Hengyip Trading FZC |
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Subsidiary company: |
· Concept Logistics Private Limited CIN No.: U60200TN2011PTC083331 · Chettinad Container Terminal Private Limited CIN No.: U45203TN2009PTC072549 |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Milliins |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8681049 |
Equity Shares |
Rs.10/- each |
Rs.86.810
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
86.810 |
86.810 |
86.810 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2041.797 |
1596.313 |
1486.736 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2128.607 |
1683.123 |
1573.546 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
47.586 |
200.832 |
759.561 |
|
|
TOTAL BORROWING |
47.586 |
200.832 |
759.561 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2176.193 |
1883.955 |
2333.107 |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
10.611 |
13.162 |
15.829 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1701.333 |
1733.093 |
1732.006 |
|
|
DEFERREX TAX ASSETS |
1.316 |
1.644 |
0.452 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.583
|
0.359 |
117.151 |
|
|
Sundry Debtors |
827.873
|
150.999 |
27.254 |
|
|
Cash & Bank Balances |
24.621
|
23.832 |
0.365 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
419.874
|
85.492 |
886.988 |
|
Total
Current Assets |
1272.951
|
260.682 |
1031.758 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
628.064
|
95.677 |
78.350 |
|
|
Other Current Liabilities |
40.994
|
15.584 |
63.388 |
|
|
Provisions |
140.960
|
13.365 |
305.200 |
|
Total
Current Liabilities |
810.018
|
124.626 |
446.938 |
|
|
Net Current Assets |
462.933
|
136.056 |
584.820 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2176.193 |
1883.955 |
2333.107 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
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Turnover |
6530.396 |
513.311 |
822.410 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
NA |
NA |
NA |
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|
|
|
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|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
651.335 |
170.125 |
313.592 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.227 |
2.240 |
4.124 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
649.608 |
167.885 |
309.468 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
204.458 |
58.308 |
74.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
445.150 |
109.577 |
234.918 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1591.810 |
1482.233 |
1247.315 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2036.960 |
1591.810 |
1482.233 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
51.28 |
12.62 |
27.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
9.95
|
32.71 |
37.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
50.61
|
61.31 |
29.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.10 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02
|
0.12 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
2.09 |
2.31 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
OPERATIONS:
Lorry Division This Division operates vehicles all over Tamil Nadu, Andhra Pradesh and Karnataka carrying goods. This division operates vehicles for transport of raw materials, coal, gypsum, limestone and raw lignite.
Clearing and Forwarding Division This Division of the Company has successfully operated Inland Container Depot at Coimbatore. The response from the importers and exporters is encouraging and so far within a span of five and half years of its commencement, has grabbed almost 100% of total volume of Coimbatore city and is expected to do even better in the coming years. This division of the company has successfully handled about one million MT of coal at Chennai and Tuticorin. This division handles cargo for various companies in Tuticorin port. This division has successfully bagged the coal handling contract from APGENCO in Hyderabad. During the year this division has entered into a contract with Chettinad Cement Corporation Limited for the supply of raw materials and finished goods (cement) from various ports to its factory and from its factories to various places. Finally this division has successfully received the Customs House Agent License for operations in all ports of the country.
UNSECURED LOAN:
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and advances |
47.586 |
200.832 |
|
Total |
47.586 |
200.832 |
|
|
|
|
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate identity
number of the company |
U63012TN1999PTC043775 |
|
Name of the
company |
CHETTINAD
LOGISTICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Rani Seethai Hall3rd Floor, 603, Anna Sali,Chennai Chennai - 600006 Tamil Nadu India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90285753 |
|
Type of charge |
· Book debts · Movable property (not being pledge) · Floating charge |
|
Particular of
charge holder |
INDIAN BANK,
THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDINGS, 611, ANNA SALAI, CHENNAI -
600006, Tamil Nadu, India |
|
Nature of
instrument creating charge |
i) Agreement for
Hypothecation of goods received under advance payment guarantee/LCs; ii) Agreement for
Irrevocable Letter of Credit/ Authority for Payment; and iii) Counter
Guarantee All dated 15th
December, 2012. |
|
Date of
instrument Creating the charge |
15.12.2012 |
|
Amount secured by
the charge |
Rs.1500.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest All other terms
and conditions are as per the sanction letter and Subject to review by the
banker from time to time. Terms of Repayment Letter of Credit
of Rs.1500.000 Millions - Repayable together with all interest, cost,
charges, expenses which may accrue or debited to the respective accounts from
time to time. All other terms and conditions are as per the sanction letter
and as determined by the banker from time to time. Margin All other terms
and conditions are as per the sanction letter and as determined by the banker
from time to time. Extent and Operation of the charge The Company
created charge by way of Hypothecation of all the goods and receivables of
the Company both present and future to secure due repayment of Letter of
Credit facility of Rs.1500.000 Millions (with BG of Rs.750.000 Millions as a
Sub-limit under LC) together with interest, costs, charges and other dues
that may any time hereafter become due and owing to the bank in respect of
and under the credit facilities. Others Nature of Facility Existing Revised (Rs. in
Millions) (Rs. in Millions) LC
(Import/Inland- DP/DA 180
Days) 1500.000 1500.000 BG (Sub-Limit of
LC) (375.000) (750.000)
----------- ------------- Total 1500.000 1500.000 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
all the goods and receivables of the Company under LC both present and
future. |
|
Date of
instrument modifying the charge |
08.06.2011 |
|
Particulars of
the present modification |
By the present
modification, the credit facilities of Rs.1500.000 Millions granted to the Company
remains unchanged with BG facilities (sub-limit of LC) enhanced from the
existing Rs.375.000 Millions to Rs.750.000 Millions. All other terms and
conditions remains unchanged. |
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Computer equipments
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 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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.