MIRA INFORM REPORT
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Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SRS FREIGHT MANAGEMENT LIMITED |
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Formerly Known
As : |
HAYTRANS (INDIA) LIMITED |
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Registered
Office : |
4th Floor, Geet Mala Building, Next to Shah Industrial
Estate, Deonar Village Road, Govandi (East), Mumbai-400088, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
03.04.1980 |
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Com. Reg. No.: |
11-022476 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.045 Millions |
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CIN No.: [Company Identification
No.] |
U51100MH1980PLC022476 |
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PAN No.: [Permanent Account No.] |
AAACW0528Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Logistics Services |
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No. of Employees
: |
34 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There appear huge accumulated losses recorded by the company. The
company has incurred loss from its operations during 2013. However, trade relations are fair. Business is active. Payment terms
are slow. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
|
Name : |
Mr. R Sivaramakrishnan |
|
Designation : |
Business Head |
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Contact No.: |
91-9952913346 |
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Date : |
10.06.2013 |
LOCATIONS
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Registered Office : |
4th Floor, Geet Mala Building, Next to Shah Industrial
Estate, Deonar Village Road, Govandi (East), Mumbai-400088, Maharashtra, India |
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Tel. No.: |
91-22-66110466 / 66110400 / 66110300 |
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Mobile No.: |
91-9952913346 (Mr. R Sivaramakrishnan) |
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Fax No.: |
91-22-66110419 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
Located At
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DIRECTORS
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Name : |
Mr. S Ramakrishnan |
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Designation : |
Director |
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Address : |
P o Box No.261036, Plot No.S20119, Jebel Ali Free Zone, UAE |
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Date of Birth/Age : |
01.01.1961 |
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Qualification : |
Graduate from Mumbai University |
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Experience : |
25 Years of Experience in Ship owing, Chartering and Ship Management |
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Name : |
Mr. V Ramnarayan |
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Designation : |
Director |
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Address : |
3, Shivkrupa Popco Housing Society, Off Yari Road, Versova, Andheri,
Mumbai-400061, Maharashtra, India |
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Date of Birth/Age : |
22.05.1949 |
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Qualification : |
Graduate from Mumbai University and Diploma in Business
Management |
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Experience : |
25 Years of Experience in container shipping industry |
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Name : |
Mr. S Mahesh |
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Designation : |
Director |
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Address : |
Block No.253, #04-04, Argos, The Arcadia, Arcadia Road,
Singapore-289843 |
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Date of Birth/Age : |
25.07.1967 |
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Qualification : |
Graduate from Mumbai University |
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Experience : |
20 Years of Experience in International Trading |
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Name : |
Capt. P. P. Radhakrishnan |
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Designation : |
Director |
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Address : |
Magalaya, 44, 5th Main Road, 1st Block,
Koramangala, Bangalore, Karnataka, India
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Date of Birth/Age : |
10.06.1937 |
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Qualification : |
Certificate of Competency |
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Experience : |
He has been associated with the shipping industry for several decades
and has dealt with all facets of the shipping and shipbuiling Industry |
KEY EXECUTIVES
|
Name : |
Mr. R Sivaramakrishnan |
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Designation : |
Business Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Equity Shareholders |
No. of Shares |
|
Ramakrishnan Sivaswamy |
1300 |
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Ramnarayan Varadharajan |
1350 |
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Mahesh Sivaswamy |
1550 |
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Ritesh Ramakrishnan |
400 |
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Murli Mahesh |
400 |
|
Sivaswamy Holdings Private Limited |
5000 |
|
Shreyas Relay Systems Limited |
10450 |
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TOTAL
|
20450 |
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Names of Preference Shareholders (Alloottees) |
No. of Shares |
|
Murli Mahesh |
975 |
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Ritesh Ramakrishnan |
4757 |
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Ramakrishnan Sivaswamy |
3168 |
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Sivaswamy Holdings Private Limited |
15500 |
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Shreyas Relay Systems Limited |
25600 |
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TOTAL
|
50000 |
BUSINESS DETAILS
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Line of Business : |
Providing Logistics Services |
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Terms : |
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Selling : |
Credit (30 Days) |
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Purchasing : |
Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
Others |
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No. of Employees : |
34 (Approximately) |
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Bankers : |
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Facilities : |
Cash Credit Limit Rs. 30.000 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K L Murty and Company Chartered Accountant |
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Address : |
3/7/14-A, Navjivan Commercial Society, Dr. Dadasahed Bahdkamkar Marg,
Mumbai-400008, Maharashtra, India |
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Tel. No.: |
91-22-23097434 |
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E-Mail : |
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Sister Concern : |
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CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
25000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 Millions |
|
50000 |
Preference Shares |
Rs.100/- each |
Rs. 5.000 Millions |
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TOTAL |
|
Rs. 7.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
20450 |
Equity Shares |
Rs.100/-
each |
Rs. 2.045
Millions |
|
50000 |
Preference Shares |
Rs.100/- each |
Rs. 5.000 Millions |
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TOTAL |
|
Rs. 7.045 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.045 |
2.045 |
2.045 |
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2] Share Application Money |
0.000 |
25.000 |
25.000 |
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3] Reserves & Surplus |
(5.635) |
(20.284) |
(22.735) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.410 |
6.761 |
4.310 |
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LOAN FUNDS |
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1] Secured Loans |
3.598 |
5.663 |
10.221 |
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2] Unsecured Loans |
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|
0.000 |
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TOTAL BORROWING |
3.598 |
5.663 |
10.221 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.008 |
12.424 |
14.531 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.842 |
0.452 |
0.359 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.185 |
0.185 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
39.793
|
19.074 |
14.611 |
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Cash & Bank Balances |
0.687
|
0.627 |
0.829 |
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Other Current Assets |
13.091
|
8.062 |
16.197 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
53.571
|
27.763 |
31.637 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
45.810
|
13.460 |
10.875 |
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Other Current Liabilities |
2.875
|
1.657 |
5.399 |
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Provisions |
0.720
|
0.859 |
1.376 |
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Total
Current Liabilities |
49.405
|
15.976 |
17.650 |
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Net Current Assets |
4.166
|
11.787 |
13.987 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.008 |
12.424 |
14.531 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
179.276 |
136.095 |
142.314 |
|
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Other Income |
0.303 |
0.917 |
6.522 |
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TOTAL (A) |
179.579 |
137.012 |
148.836 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Operation Cost |
165.661 |
120.033 |
126.954 |
|
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Employee Benefit Expenses |
10.722 |
7.480 |
6.562 |
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Other Expenses |
7.249 |
5.306 |
4.629 |
|
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Exceptional Items |
0.000 |
0.000 |
0.464 |
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TOTAL (B) |
183.632 |
132.819 |
138.609 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(4.053) |
4.193 |
10.227 |
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Less |
FINANCIAL
EXPENSES (D) |
0.983 |
1.476 |
1.241 |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(5.036) |
2.717 |
8.986 |
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.314 |
0.244 |
0.155 |
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|
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|
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|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(5.350) |
2.473 |
8.831 |
|
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|
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|
Less |
TAX (H) |
0.000 |
0.022 |
0.560 |
|
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PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(5.350) |
2.451 |
8.271 |
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|
Earnings Per
Share (Rs.) |
(261.65) |
119.86 |
404.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(2.98)
|
1.79 |
5.56 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(2.98)
|
1.82 |
6.21 |
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.83)
|
8.76 |
27.60 |
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(3.79)
|
0.37 |
2.05 |
|
|
|
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|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
2.55
|
0.84 |
2.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.74 |
1.79 |
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 |
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 |
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 |
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 |
TRADE REFERENCES
- Kajaria
Ceramic
Address: J-1/B-1 (Ext)
Mohan Co-operative Industrial Estate, Mathhura Road, Delhi-11004, India
Contact Person: Mr. Praveen Mehta
Contact No.: 91-9717795045
- Larson
and Turbo
Address: Ranoil-391351, District
Barodara, Gujarat, India
Contact Person: Mr. Tondon
Contact No.: 91-9820315034
- Oil
Country Tubular Limited
Address: Kamineni, 3rd
Floor, King Koti, Hyderabad, Andhra Pradesh, India
Contact Person: Mr. Eshwar
Contact No.: 91-9989033636
- Reliance
Jio Infochem Limited
Address: D-1, Kurkumph,
MIDC Industrial Area, Pune, Maharashtra, India
Contact Person: Mr. Raviraj
Contact No.: 91-7738388470
- Apar
Industries Limited
Address: Corporate Park,
Chembur, Mumbai, Maharashtra, India
Unit-11, APIIC, Building Products, SEZ, Annagi
(V), Maddipadu (M)
Contact Person: Mr. Shinde
Contact No.: 91-9769909793
- Tullip
Granite
Address: Prakashamam
District, Ongole, Andhra Pradesh, India
Contact Person: Mr. Venu Gopal
Reddy
Contact No.: 91-9989931829
OVERSEAS
AGENTS
|
AGENT
NAME |
COUNTRY |
STATE |
ADDRESS |
PIC/DEPT/DSGN |
LANDLINE |
FAX |
HANDPHONE |
EMAIL |
WEB
PAGE |
|
Globaltrans Internationale Logistik Gmbh |
GERMANY |
FRANKFURT |
D 64546 Moerfelden, Kurhessenstrasse I/II, |
Christian Steindorf |
+49 (0) 6105 40818 0 |
+49 (0) 6105 40818 30 |
NA |
||
|
Globaltrans Internationale Logistik Gmbh |
GERMANY |
HAMBURG |
D 20097 Hamburg Spaldingstrasse 74 |
Michael Druegg |
+49 (0) 40 23994920 |
+49 (0) 40 64422443 |
NA |
||
|
Globaltrans Internationale Logistik Gmbh |
GERMANY |
STUTTGART |
D 70794 Filderstadt. Echterdingerstrasse 111, |
Thorsten Ambratis |
+49 (0) 711 70707061 |
+49 (0) 711 70708294 |
NA |
||
|
GONDRAND TRAFFIC BV |
BELGIUM |
ROTTERDAM |
Bergambachtstraat
12 (1st floor) |
Ashna Jadoenath |
+31
10 4286449 |
+31
10 4286446 |
NA |
||
|
GONDRAND LTD |
SWITZERLAND |
ZURICH |
CH-8058 Frachthof West, P.O.
Box 179 |
Jimmi |
+41 44 800 39 39 |
+41 44 800 39 29 |
NA |
||
|
GONDRAND UK |
UK |
LONDON |
Unit 2, Sunbury International
Trading Estate |
Amanda Hoare Brook lands Close
Sunbury on Thames TW16 7DX |
+44 (0) 1932 783552 |
+44 (0) 1932 782306 |
NA |
|
|
|
GONDRAND TRAFFIC HV |
NETHERLAND |
AMESTERDAM |
MadridStraat 8-10 1175 RK
Lijnden |
Tamara Pinjar |
020-3160315 |
020-3160310 |
31-651561096 |
||
|
GONDRAND KFT |
HUNGARY |
BUDAPEST |
H-1158 Budapest Rákospalotai
határút 2. |
Dora Szekeres |
+36 1 414 64 44 |
+36 1 414 64 12 |
+36 30 280 8886 |
||
|
LAGERMAX WIEN INTERNATIONALE
SPEDITION GmbH |
AUSTRIA |
VIENNA |
1110 Wien / Austria, Ailecgasse
36 |
Michael Schaffer |
+43 (0)1 760 30-2854 |
+43 (0)1 760 30-637 |
NA |
||
|
TRANSFIN SRL |
ITALY |
MILANO |
VIA
POLVERIERA 14 20026 NOVATE MILANESE MI |
Sabrina Cipriani Severion Rimoldi |
+39 02 39100026 |
+ 39 02 39100097 |
+39 349 1376696 |
||
|
EUROPEAN FREIGHT PRIVATE
LIMITED |
UK |
LONDON |
Colnbrook Cargo Centre
Colnbrook, Berks SL3 0NW |
Raj , Momita & Ashish
Mathur |
2031373043 |
1753315004 |
NA |
||
|
HOLSHIP DENMARK A/S |
DENMARK |
HOLBAEK DK-4300 Holbaek Denmark |
Haven, P O Box 240 |
Tina olsen |
+ 45 59 43 46 00 |
+ 45 59 44 10 33 |
NA |
|
|
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. 56.74 |
|
|
1 |
Rs. 88.53 |
|
Euro |
1 |
Rs. 75.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.