MIRA
INFORM REPORT
|
Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
FAIRMACS SHIPPING AND TRANSPORT SERVICES PRIVATE LIMITED |
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Registered
Office : |
14, Moore St, Chennai – 600001, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.06.1989 |
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Com. Reg. No.: |
18-017515 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.000 Millions |
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CIN No.: [Company Identification
No.] |
U74999TN1989PTC017515 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of Logistic. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 377000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The management failed to file its financial with government department
for the year 2013. Further financial for the year 2012 is not made available
with us. As per previous financial of 2011, profitability of the company seems
to fair. However, trade relations are fair. Business is active. Payment terms
are unknown. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
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 PARTED BY (GENERAL DETAILS)
Accounts Department (Tel. No.: 91-20-64103700)
LOCATIONS
|
Registered Office : |
14, Moore St, Chennai - 600001, Tamilnadu, India |
|
Tel. No. : |
91-20-64103700 |
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Fax No. : |
Not Available |
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E-Mail : |
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Location : |
Owned |
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Branch Office 1 : |
Row House No.8, Gate 10, Ampire Estate, City Survey No.4510/1, Mumbai Pune
Road, Chinchwad, Pune – 411019, Maharashtra, India |
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Location : |
Rented |
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Branch Office : |
Located at · Mumbai Bangalore Calcutta Delhi Port Blair Cochin Coimbatore Australia |
DIRECTORS
As on 21.09.2012
|
Name : |
Mr. Dattatrey Shete Ramakrishna |
|
Designation : |
Director |
|
Address : |
I-63, Anna Nagar (East), Chennai – 600102, Tamilnadu, India |
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Date of Birth/Age : |
22.11.1956 |
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Date of Appointment : |
08.06.1989 |
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DIN No. : |
00381841 |
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Name : |
Mr. Sunil Shete Ramakrishna |
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Designation : |
Director |
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Address : |
3-C, Block II, Bajaj Apartments, 5th Cross Street, Nandanam
Extension, Chennai – 600035,
Tamilnadu, India |
|
Date of Birth/Age : |
31.10.1963 |
|
Date of Appointment : |
08.06.1989 |
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DIN No. : |
00382036 |
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Name : |
Mr. Anil Prabhakar Bakle |
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Designation : |
Director |
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Address : |
1201, Raheja Sherwood, C Wing, Western Expresss, Highway Goregaon
(East), Mumbai – 400063, Maharashtra, India |
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Date of Birth/Age : |
20.06.1957 |
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Date of Appointment : |
28.09.1996 |
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DIN No. : |
00496784 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
D R Shete |
|
675000 |
|
Sunil R. Shete |
|
225000 |
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Total |
|
900000 |
As on 21.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service Provider of Logistic. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
Information declined by management |
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Bankers : |
· Standard Chartered Bank, 2nd Floor, No.19, Rajaji Salai, Chennai - 600001, Tamilnadu, India Bank of Baroda, Chennai Main Branch, 72, Rajaji Salai,
Chennai - 600001, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.K.Dandekar and Company Chartered Accountants |
|
Address : |
244 Old #138, Angappa Naicken Street. 2nd Floor, Chennai – 600001, Tamilnadu, India |
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Tel. No. : |
91-44-2522100/ 25220721 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFM0865H |
CAPITAL STRUCTURE
As on 21.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900,000 |
Equity Shares |
Rs.10/- each |
Rs. 9.000 Millions |
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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 |
9.000 |
9.000 |
9.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
85.251 |
68.982 |
52.379 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
94.251 |
77.982 |
61.379 |
|
|
LOAN FUNDS |
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|
1] Secured Loans |
94.016 |
82.229 |
83.465 |
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2] Unsecured Loans |
3.356 |
3.282 |
3.869 |
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TOTAL BORROWING |
97.372 |
85.511 |
87.334 |
|
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DEFERRED TAX LIABILITIES |
1.300 |
1.300 |
1.300 |
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TOTAL |
192.923 |
164.793 |
150.013 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.766 |
23.302 |
11.788 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.038 |
8.038 |
38.227 |
|
|
DEFERRED TAX ASSETS |
0.894 |
0.331 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.658
|
1.658 |
1.858 |
|
|
Sundry Debtors |
178.725
|
147.581 |
162.871 |
|
|
Cash & Bank Balances |
2.845
|
5.792 |
14.417 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
28.935
|
33.870 |
23.746 |
|
Total
Current Assets |
212.163
|
188.901 |
202.892 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
53.780
|
51.615 |
93.630 |
|
|
Other Current Liabilities |
6.158
|
4.164 |
8.897 |
|
|
Provisions |
0.000
|
0.000 |
0.367 |
|
Total
Current Liabilities |
59.938
|
55.779 |
102.894 |
|
|
Net Current Assets |
152.225
|
133.122 |
99.998 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
192.923 |
164.793 |
150.013 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
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Other Income |
|
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TOTAL |
716.555 |
713.893 |
841.447 |
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|
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|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
689.330 |
687.635 |
816.092 |
|
|
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|
|
|
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|
PROFIT/
(LOSS) BEFORE TAX |
27.225 |
26.258 |
25.355 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.020 |
1.386 |
1.341 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
24.205 |
24.872 |
24.014 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
73.190 |
12.638 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
26.89 |
18.08 |
26.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.38
|
3.48 |
2.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.16
|
12.37 |
11.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.34 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.03
|
1.10 |
1.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.54
|
3.39 |
1.97 |
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 |
Yes |
|
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 |
No |
|
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 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 |
No |
|
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 |
CURRENT MATURITIES OF
LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10449452 |
11/09/2013 |
50,000,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
B85173979 |
|
2 |
10423222 |
26/04/2013 |
2,262,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B74229154 |
|
3 |
10421485 |
08/04/2013 |
16,200,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B73666331 |
|
4 |
10336262 |
13/02/2012 |
4,300,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B32405813 |
|
5 |
10344528 |
01/02/2012 |
900,000.00 |
CANARA BANK |
KRISHNA HOUSE, ABERDEEN BAZAAR, PORT BLAIR - 744101, ANDAMAN AND NICOBAR ISLANDS, INDIA |
B35882570 |
|
6 |
10333832 |
11/01/2012 |
15,000,000.00 |
STANDARD CHARTERED BANK |
2ND FLOOR, NO.19, RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA |
B31382161 |
|
7 |
10257001 |
11/01/2012 * |
19,000,000.00 |
STANDARD CHARTERED BANK |
2ND FLOOR, NO.19, RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA |
B30034870 |
|
8 |
10254897 |
11/01/2012 * |
40,000,000.00 |
STANDARD CHARTERED BANK |
2ND FLOOR, NO.19, RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA |
B30311724 |
|
9 |
10257011 |
08/07/2011 * |
50,000,000.00 |
STANDARD CHARTERED BANK |
2ND FLOOR, NO.19, RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA |
B19155712 |
|
10 |
10257013 |
03/12/2010 |
2,500,000.00 |
STANDARD CHARTERED BANK |
SME BANKING, NO. 19, 2ND FLOOR, RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA |
B02382851 |
|
11 |
10262716 |
03/12/2010 |
33,000,000.00 |
STANDARD CHARTERED BANK |
SME BANKING, NO.
19, 2ND FLOOR, RAJAJI SALAI, CHE |
B02382422 |
|
12 |
10245418 |
10/10/2013 * |
154,000,000.00 |
STANDARD CHARTERED BANK |
2ND FLOOR, NO.19, RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA |
B91061564 |
|
13 |
10182690 |
21/10/2009 |
51,500,000.00 |
STANDARD CHARTERED BANK |
NO 58 II FLOOR, ARMENIAN STREET, CHENNAI - 600001, TAMILNADU, INDIA |
A72157928 |
|
14 |
90282698 |
24/03/1994 |
161,820.00 |
SUNDARAM FINANCE LIMITED |
21; PATULLOS ROAD, MADRAS - 600002, TAMILNADU, INDIA |
- |
|
15 |
90282658 |
05/06/1993 |
338,450.00 |
SUNDARAM FINANCE LIMITED |
21; PATULLOS ROAD, MADRAS - 600002, TAMILNADU, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2011 (Rs.
in Millions) |
31.03.20110 (Rs.
in Millions) |
|
Loans from Directors |
3.356 |
3.282 |
|
Total |
3.356 |
3.282 |
FIXED ASSETS
· Land – Freehold
Building
Furniture
and Fixtures
Office
Equipments
Generator
Computer
Vehicle
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.61.99 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.