|
Report Date : |
27.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
FLYJAC LOGISTICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road,
Sahar, Andheri (East), Mumbai - 400099, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-180548 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.262.000 Millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
U63000MH2008PTC180548 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF2133M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged into Freight Forwarding Agents and Offer Logistics
Services. |
|
|
|
|
No. of Employees
: |
2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a successor of Flyjac logistics, a partnership concern
started in the year 1990. It is an established company having a good track record.
Trade relations are reported as decent. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Working Capital Limit = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
19.04.2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limit = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
19.04.2012 |
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
|
Name : |
Mr. Sarang |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-30904800 |
|
Date : |
23.02.2013 |
LOCATIONS
|
Registered Office /
Ocean Export Office: |
Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road,
Sahar, Andheri (East), Mumbai 400099, Maharashtra, India |
|
Tel. No.: |
91-22-28329758 / 30909900/ 30964800 |
|
Fax No.: |
91-22-28366609 / 28362563 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3500 sq. ft |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
B1-205, 2nd Floor, Boomrang, Chandivali Farm Road, Near
Powai, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-33595900 |
|
|
|
|
Air/Ocean Import,
Air Export and Clearance : |
102, Awas Apartments,
Sahar Pipe line Road, Sahar, Andheri (East), Mumbai-400099, |
|
Tel. No.: |
91-22-28315494/97/28306244/45/47 |
|
Fax No.: |
91-22-28315512 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located At : · Delhi · Chennai · Kolkata · Bangalore · Baroda · Tirupur · Ahmedabad · Tuticorin · Pune · Cochin · Hydrebad · Goa · Aurangabad · Coimbatore · Jaipur · Kandla/Mundra · Indore · Mangalore · Nagpur · Ludhiana · Kolhapur ·
Nashik |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Sethu Madhavan Athrasseri |
|
Designation : |
Managing director |
|
Address : |
503/504, Powai Vihar, B wing Building No. 4, 5th Floor, Powai, Mumbai – 400 076, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1950 |
|
Qualification : |
Diploma (Mechanical eng.) and MBA |
|
Date of Appointment : |
27.03.2008 |
|
Pan No.: |
AABPA5203E |
|
DIN No.: |
01085858 |
|
|
|
|
Name : |
Mr. Ravikumar Athrassery Varriath |
|
Designation : |
Chief Executive Officer and Jt. Managing Director |
|
Address : |
No. 556, 14th Street, 4th Sector, K K Nagar, Chennai – 600 078, Tamilnadu, India |
|
Date of Birth/Age : |
31.05.1960 |
|
Qualification : |
B.Sc. |
|
Date of Appointment : |
27.03.2008 |
|
Pan No.: |
ABHPR6412M |
|
DIN No.: |
01119274 |
|
|
|
|
Name : |
Mr. Tetsuro Katsuhiro Shiomi |
|
Designation : |
Director and Chief Financial Officer |
|
Address : |
2-32-17, Nishinippori, Arakshan-Ku Tokyo, Japan |
|
Date of Birth/Age : |
06.03.1962 |
|
Date of Appointment : |
06.06.2010 |
|
Pan No.: |
CTVPS6735G |
|
DIN No.: |
03033971 |
|
|
|
|
Name : |
Mr. Shunichi Oinuma |
|
Designation : |
Director |
|
Address : |
1, Oxley Rase, #07-09, (One Oxley Rise) Singapore 238714 |
|
Date of Birth/Age : |
16.04.1955 |
|
Date of Appointment : |
01.06.2012 |
|
DIN No.: |
05253095 |
|
|
|
|
Name : |
Mr. Yasuo Nakatani |
|
Designation : |
Director |
|
Address : |
1301, Cabrillo Ave Apt. 409, Torrance, C.A. 90501 |
|
Date of Birth/Age : |
12.11.1955 |
|
Date of Appointment : |
01.06.2012 |
|
DIN No.: |
05240065 |
|
|
|
|
Name : |
Mr. Yoshikazu Enosawa |
|
Designation : |
Director |
|
Address : |
42, Dakota Cresent, #10- 17, Daktota Residences, Singapore 399940 |
|
Date of Birth/Age : |
18.04.1974 |
|
Date of Appointment : |
03.09.2012 |
|
DIN No.: |
05349874 |
KEY EXECUTIVES
|
Name : |
Mr. Durga Thota |
|
Designation : |
Company Secretary |
|
Address : |
C4, Ganapathy Flats, 94/30,2nd Main Road, AGS Colony, Velachery, Chennai – 600042, Tamilnadu, India |
|
Date of Birth/Age : |
18.04.1966 |
|
Date of Appointment : |
16.04.2012 |
|
PAN No.: |
AGLPJ4398M |
|
|
|
|
Name : |
Mr. Sarang |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Hitachi Transport System Limited, Japan |
|
59400000 |
|
Hitachi Transport System (Asia) Pte. Limited, Singapore |
|
600000 |
|
Total |
|
60000000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Freight Forwarding Agents and Offer Logistics
Services. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
2500 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
Indusind Bank, CTS No. 32, Acme Plaza, Andheri
Kurla Road, Mumbai 400059, Maharashtra, India
·
HDFC Bank ·
Indian Overseas Bank ·
State Bank of India ·
Bank of India ·
Vijaya Bank ·
Axis Bank ·
ICICI Bank |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bharat C Mehta and Company Chartered Accountants |
|
Address : |
B/201, Aum Daarshan, Shankar Lane, Kandivali (West), Mumbai - 400067,
Maharashtra, India |
|
PAN.: |
ABNPM9654L |
|
|
|
|
Associates : |
· Hitachi Transport Systems Limited , Japan · Vantec Corporation · HITACHI Transport System India Private Limited CIN No.: U60231DL2007FTC170306 · JWC Logistics Park Private Limited CIN No.: U63090MH2004PTC146624 · Vantec Logistics India Private Limited CIN No.: U63010TN2008PTC068887 |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26200000 |
Equity Shares |
Rs.10/- each |
Rs.262.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26200000 |
Equity Shares |
Rs.10/- each |
Rs.262.000
Millions |
|
|
|
|
|
Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
Hitachi Transport System Limited |
2,59,50,000 |
99.046% |
|
|
|
|
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 |
262.000 |
262.000 |
250.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
480.901 |
400.119 |
209.327 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
742.901 |
662.119 |
459.327 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
162.820 |
150.825 |
1.828 |
|
|
2] Unsecured Loans |
0.035 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
162.855 |
150.825 |
1.828 |
|
|
DEFERRED TAX LIABILITIES |
13.404 |
10.105 |
7.918 |
|
|
|
|
|
|
|
|
TOTAL |
919.160 |
823.049 |
469.073 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
187.240 |
157.133 |
135.699 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.882 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
986.777
|
894.247
|
584.097
|
|
|
Cash & Bank Balances |
51.905
|
107.933
|
124.611
|
|
|
Other Current Assets |
0.384
|
0.876
|
0.000 |
|
|
Loans & Advances |
432.708
|
334.487
|
228.264
|
|
Total
Current Assets |
1471.774
|
1337.543
|
936.972 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
485.362
|
0.000
|
0.000 |
|
|
Other Current Liabilities |
31.074
|
494.095
|
466.980
|
|
|
Provisions |
228.300
|
178.300
|
137.771
|
|
Total
Current Liabilities |
744.736
|
672.395
|
604.751 |
|
|
Net Current Assets |
727.038
|
665.148
|
332.221 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.768 |
1.153 |
|
|
|
|
|
|
|
|
TOTAL |
919.160 |
823.049 |
469.073 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
Gross Total Income from Operation including Reimbursement, Duties etc.
|
4159.791 |
3911.358 |
3096.124 |
|
|
|
Other Income |
22.380 |
13.838 |
34.920 |
|
|
|
Net Income (net of Reimbursement Expenses) |
1304.703 |
1031.245 |
768.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
169.802 |
143.991 |
188.679 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
18.819 |
7.155 |
6.237 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
150.983 |
136.836 |
182.442 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
16.902 |
11.232 |
7.444 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
134.081 |
125.604 |
174.998 |
|
|
|
|
|
|
|
|
|
|
TAX |
56.862 |
42.814 |
62.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
77.219 |
82.790 |
112.375 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
11.238 |
|
|
|
Dividend |
0.000 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
77.219 |
82.790 |
101.137 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
339.470 |
355.289 |
329.815 |
|
|
TOTAL EARNINGS |
339.470 |
355.289 |
329.815 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.95 |
3.16 |
4.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.08
|
8.40
|
16.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.19
|
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22
|
0.23
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
1.99
|
1.54 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Payable to Overseas Freight |
311.735 |
0.000 |
0.000 |
|
Payable to Airlines |
35.388 |
0.000 |
0.000 |
|
Payable to Shipping Lines Sea Port charges |
21.405 |
0.000 |
0.000 |
|
Payable to Transport/Heavy Equipments |
39.400 |
0.000 |
0.000 |
|
Other Trade payables |
77.434 |
0.000 |
0.000 |
|
Total |
485.362 |
0.000 |
0.000 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note:
The registered office of the company has been shifted from Ashok Vatika,
Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (West), Mumbai
400099, Maharashtra, India to present address w.e.f. 28.03.2008
RESULTS OF OPERATION;
The Gross Total Income for the year ended 31 March 2012 increased to Rs. 4182.200 Millions comparing to Rs. 3925.100 Millions for previous st. Year it shows an increase of business by 6.55%.
The Profits before Interest, Depreciation, Tax and social responsibility cost stood at Rs.169.800 Millions as compared to previous Fin Yr. amount Rs.144.000 Millions resulting an in crease by 17.92%. The company has contributed Rs.8.916 Millions towards donations to mitigate its social responsibilities as compared to previous Financial year amount Rs.4.415 Millions.
Depreciation is charged to Profit and Loss Account as per rates specified under the Companies Act thereby Depreciation charges incurred to Rs.16.900 Millions as compared to 11.200 Millions in the previous year.
The company has provided Rs.6.862 Millions for the deferred tax provision.
The Provision for income tax is at Rs.50.000 Millions. (Previous year Rs.40.000 Millions)
The Net Profit available for Appropriation is Rs.77.219 Millions (Previous year Rs.82.791 Millions) and no amount has been transferred to General Reserve (Previous year NIL).
MANAGEMENT DISCUSSION AND ANALYSIS:
INDUSTRY STRUCTURE AND
DEVELOPMENT
The Global slow down has impacted the Import and the Export volume. In line with the reduction in volumes of Import and Export, there has been reduction in the Import and Export Freight Revenues. The company is focusing on increasing the Customer base, focus on Corporate Customers, Sea Freight and Projects – both Import and Exports and the efforts are yielding encouraging results.
CONTINGENT LIABILITIES: (As on 31.03.2012)
At Chennai, Bangalore, Cochin and Kolkata, Service Tax appeals of the Company is pending before CESTAT, Income Tax Appeal before CIT (Appeal) Mumbai and the details of the same are already reported in the Annexure to Audit Report.
At the year end company has contingent liabilities in form of bill discounting of Rs.12.595 Millions (previous year Rs.10.385 Millions) which is secured against book debt and office premises of Mumbai.
The company is contingent to the bank to the tune of Rs.15.846 Millions against third party bank guarnatees against which company has deposited 15% of the bank guarantee value.
Estimated amount of unexpired lease and not provided in books is of Rs.93.018 Millions.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
Loans taken for fixed assets |
0.035 |
0.000 |
|
Total |
0.035 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U63000MH2008PTC180548 |
|
Name of the
company |
FLYJAC LOGISTICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road,
Sahar, Andheri (East), Mumbai 400099, Maharashtra, India Email Id : bcmehta@flyjac.com |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10112074 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Indusind Bank, CTS No. 32, Acme Plaza, Andheri Kurla Road, Mumbai
400059, Maharashtra, India Email: vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Release of title
deeds in respect of two properties - Flat No. 202, 2nd Floor, Awas
Apartments, Sahar Pipe Line Road, Near Om Nagar, Andheri (East) Mumbai and
Flat No. 1A Ground Floor, Awas Apartments, Sahar Pipe Line Road, Sahar, Near
Om Nagar, Andheri (East), Mumbai |
|
Date of
instrument Creating the charge |
23.12.2011 |
|
Amount secured by
the charge |
Rs.128.200
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest as may be
stipulated by the Bank from time to time Terms of Repayment a) Working
capital shall be repayable on Demand; b) Term Loan of
Rs.18.200 Millions repaid in monthly instalments and cleared by 20.04.2010 Margin As may be
stipulated by the Bank from time to time Extent and Operation of the charge The Company
created an equitable mortgage by way of deposit of title deeds in respect of
its immovable properties as stated under Item no. 14 as security for the due
repayment/payment of Rs.128.200 Millions, as shown hereunder, including
principal amount of the Facility, interest, liquidated damages, costs,
charges and expenses, etc. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Immovable properties bearing Flat/apartment Nos. D/1, Sahar Pipe Line Road, Andheri, Mumbai Immovable properties bearing Flat/apartment Nos. C/1, Sahar Pipe Line Road, Andheri, Mumbai Immovable properties bearing Flat/apartment Nos. 2A, Sahar Pipe Line Road, Andheri, Mumbai Immovable properties bearing Flat/apartment Nos. 101, Sahar Pipe Line Road, Andheri, Mumbai |
|
Particulars of
the present modification |
1) Title Deeds in
respect of Flat No. 202, 2nd Floor, Aawas Apartments, Sahar Pipe Line Road,
Sahar, Near Om Nagar, Andheri (East), Mumbai was released by the Bank. 2) Title Deeds in
respect of Flat No. 1A, Ground Floor, Aawas Apartments, Sahar Pipe Line Road,
Sahar, Near Om Nagar, Andheri (East), Mumbai was released by the Bank. |
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 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.54.06 |
|
|
1 |
Rs.82.15 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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.