MIRA
INFORM REPORT
|
Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED (w.e.f. 30.03.2007) |
|
|
|
|
Formerly Known
As : |
DRIVEINDIACOM LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.04.2000 |
|
|
|
|
Com. Reg. No.: |
11-126195 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.51.204 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2000PLC126195 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD12064D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD5823E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
·
Trading in Handsets and Telecom Accessories. ·
Providing Logistics Services |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a “Tata Group Company”. The company is owned by “Tata International Limited” (50%) and “Tata Industries
Limited” (50%). It is an established company having satisfactory track
record. There appears sharp dip sales turnover of the company and it has
incurred losses from its operational activities during the 2013. External
borrowings appear to be huge. However the ratings take into consideration the strong financial and
management support from subject group company i.e “Tata Group”. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of strong holdings, the company can be considered 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
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum number
of shadow businesses, says a study of 68 countries by Imperial College Business
School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB+” Withdrawn |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
20.05.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A3+” Withdrawn |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
20.05.2014 |
REASON:
CARE has withdrawn the ratings assigned to the
above mentioned bank facilities of Drive India Enterprise solution Limited with
immediate effect as the company has fully repaid the amounts under the said
facilities and there is no amount outstanding under the facilities as on date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
Tel. No.: 91-22-67779000
LOCATIONS
|
Registered/
Corporate Office : |
7th Floor, Kamla Executive Park, Andheri (East), Mumbai -
400059, Maharashtra, India |
|
Tel. No.: |
91-22-67779000 |
|
Fax No.: |
91-22-67779001/ 9002 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 25.07.2013
|
Name : |
Mr. Rameshwar Singh Thakur |
|
Designation : |
Additional Director |
|
Address : |
Flat No.205, Burlington, Hiranandani Estate, Patlipada, Thane (West),
Mumbai-400607, Maharashtra, India |
|
Date of Birth/Age : |
06.09.1948 |
|
Qualifications: |
Bachelor’s Degree in Mechanical Engineering, Master’s Degree in Business Management from XLRI and Chartered Management Accountant from CIMA, London |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
00020126 |
|
|
|
|
Name : |
Mr. Noel Naval Tata |
|
Designation : |
Additional Director |
|
Address : |
Windmere Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1956 |
|
Qualifications: |
B.A.(in Economics from Sussex University, London) |
|
Date of Appointment : |
01.11.2010 |
|
DIN No.: |
00024713 |
|
|
|
|
Name : |
Mr. Ajay Murlidhar Ponkshe |
|
Designation : |
Director |
|
Address : |
Flat No.3 1st Floor, Yashodhan, Sahayog Mandir Path,
Naupada Thane – 400 601, |
|
Date of Birth/Age : |
27.02.1960 |
|
Qualifications: |
B.COM., ACA, ACS |
|
Date of Appointment : |
16.07.2007 |
|
DIN No.: |
01663073 |
|
|
|
|
Name : |
Mr. Kanwar Rameshwar Singh Jamwal |
|
Designation : |
Additional Director |
|
Address : |
73-A, Maker Towers, CHSL, Cuffe Parade, Mumbai-400005, Maharashtra,
India |
|
Date of Birth/Age : |
11.10.1965 |
|
Qualifications: |
BE in Technology in petroleum, PG in management |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03129908 |
|
|
|
|
Name : |
Mr. Milind Madhav Shahane |
|
Designation : |
Executive Director and Chief Executive Officer |
|
Address : |
C-22, Swapnaship Apartments, 52, Mahant Road, Vile Parle, (East),
Mumbai – 400057, Maharashtra, India |
|
Date of Birth/Age : |
10.01.1963 |
|
Qualifications: |
BTECH, MS (Chemical) IIT- Mumbai, MBA IIM (Ahmedabad) |
|
Date of Appointment : |
26.09.2012 |
|
PAN No.: |
AAEPP6047Q |
|
DIN No.: |
03291774 |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Shah |
|
Designation : |
Secretary |
|
Address : |
A-604, Poonam Enclave, Opposite Wagheshwari Temple, Film City Road,
Malad (East), Mumbai – 400097, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1976 |
|
Date of Appointment : |
01.04.2013 |
|
PAN No.: |
ANZPS0103N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 25.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Tata Industries Limited, India |
|
2560144 |
|
Tata Industries Limited, |
|
10 |
|
Tata Industries Limited, India Jointly With K K Bhatt |
|
10 |
|
Tata Industries Limited, India Jointly With Dhirendrasingh Kushwah |
|
10 |
|
Tata Industries Limited, India Jointly With Mr. S. Sriram |
|
10 |
|
Tata Industries Limited, India Jointly With Deepika Bhagwagar |
|
10 |
|
Tata International Limited, India |
|
2560206 |
|
|
|
|
|
Total |
|
5120400 |
AS ON: 25.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
·
Trading in Handsets and Telecom Accessories. ·
Providing Logistics Services |
||||
|
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||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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|
Bankers : |
· Australia and New Zealand Banking Group Limited Cynergy, A-1 Ground floor and A-6th Floor, Appa Saheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India · Axis Bank Limited Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th To 32nd Floor, Indiabulls Finance Center, Elphinstone Mill Compound, Senapati Bapat Marg, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding company: |
·
Tata International Limited, India CIN: U51900MH1962PLC012528 |
|
|
|
|
Ultimate Holding Company : |
·
Tata Sons Limited, India CIN: U99999MH1917PLC000478 |
|
|
|
|
Associate: |
·
Tata Industries Limited, India CIN: U44003MH1945PLC004403 |
|
|
|
|
Fellow
Subsidiary Company: |
·
Tata Consultancy Services Limited, India CIN: L22210MH1995PLC084781 ·
Tata Sky Limited, India CIN: U92120MH2001PLC130365 ·
Tata Teleservices Limited, India CIN: U74899DL1995PLC066685 ·
Tata Teleservices(Maharashtra) Limited, India CIN: L64200MH1995PLC086354 ·
Tata Petrodyne Limited, India CIN: U11100MH1993PLC134095 ·
Tata Autocomp Systems Limited, India CIN: U34100MH1995PLC093733 · Tata Autocomp Systems Limited CIN: U34100MH1995PLC093733 ·
VIOM Networks Limited, India CIN: U72200DL2004PLC228400 ·
Tata Advanced Materials Limited, India CIN: U85110KA1989PLC013224 ·
Tata Lockheed Martin Aerostructures Limited,
India CIN: U29268AP2010PLC077940 ·
Infiniti Retail Limited, India CIN: U31900MH2005PLC158120 ·
Tata Aig General Insurance Company Limited CIN: U85110MH2000PLC128425 |
CAPITAL STRUCTURE
AS ON: 25.07.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5120400 |
Equity Shares |
Rs.10/- each |
Rs. 51.204
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
51.204 |
51.204 |
8.534 |
|
(b) Reserves & Surplus |
158.063 |
543.322 |
697.354 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
209.267 |
594.526 |
705.888 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
5.960 |
|
(c) Other long
term liabilities |
2.329 |
2.474 |
3.261 |
|
(d) long-term
provisions |
16.846 |
24.446 |
19.127 |
|
Total Non-current
Liabilities (3) |
19.175 |
26.920 |
28.348 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2413.203 |
3329.715 |
1477.653 |
|
(b) Trade payables |
937.153 |
2445.630 |
2345.655 |
|
(c) Other current liabilities |
215.555 |
365.601 |
257.968 |
|
(d) Short-term provisions |
3.644 |
5.935 |
44.739 |
|
Total Current
Liabilities (4) |
3569.555 |
6146.881 |
4126.015 |
|
|
|
|
|
|
TOTAL |
3797.997 |
6768.327 |
4860.251 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
453.030 |
469.748 |
451.632 |
|
(ii) Intangible Assets |
89.549 |
83.728 |
57.202 |
|
(iii) Capital work-in-progress |
0.000 |
24.709 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
70.609 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
22.090 |
0.000 |
|
(d) Long-term Loan and Advances |
378.990 |
312.519 |
300.538 |
|
(e) Other Non-current assets |
215.789 |
323.873 |
0.049 |
|
Total Non-Current
Assets |
1137.358 |
1236.667 |
880.030 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.925 |
0.000 |
0.000 |
|
(b) Inventories |
1006.864 |
2076.099 |
1998.249 |
|
(c) Trade receivables |
1162.518 |
1674.431 |
1378.835 |
|
(d) Cash and cash equivalents |
132.018 |
950.926 |
289.662 |
|
(e) Short-term loans and advances |
247.591 |
260.332 |
278.387 |
|
(f) Other current assets |
109.723 |
569.872 |
35.088 |
|
Total Current
Assets |
2660.639 |
5531.660 |
3980.221 |
|
|
|
|
|
|
TOTAL |
3797.997 |
6768.327 |
4860.251 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7723.712 |
13318.222 |
10447.891 |
|
|
|
Other Income |
93.022 |
60.705 |
123.615 |
|
|
|
TOTAL (A) |
7816.734 |
13378.927 |
10571.506 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
3797.995 |
9852.631 |
7146.614 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
1069.235 |
(77.850) |
46.510 |
|
|
|
Employee benefit expense |
312.641 |
393.046 |
331.891 |
|
|
|
Other expenses |
2744.601 |
3000.117 |
2660.233 |
|
|
|
Exceptional items |
120.000 |
120.000 |
0.000 |
|
|
|
TOTAL (B) |
8044.472 |
13287.944 |
10185.248 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(227.738) |
90.983 |
386.258 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
41.656 |
93.348 |
96.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(269.394) |
(2.365) |
289.888 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
93.775 |
111.310 |
73.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(363.169) |
(113.675) |
216.683 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
22.090 |
(2.313) |
332.982 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(385.259) |
(111.362) |
(116.299) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
543.000 |
654.400 |
590.400 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve and Dividend
(Including Tax) |
0.000 |
0.000 |
52.300 |
|
|
BALANCE CARRIED
TO THE B/S |
157.741 |
543.000 |
654.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service income |
0.000 |
61.100 |
45.600 |
|
|
TOTAL EARNINGS |
0.000 |
61.100 |
45.600 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
NA |
NA |
4.563 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
NA |
NA |
5813.645 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(75.24) |
(21.75) |
22.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(4.93) |
(0.83) |
(1.10) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.70) |
(0.85) |
2.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.56) |
(1.69) |
4.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.74) |
(0.19) |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
11.53 |
5.60 |
2.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.75 |
0.90 |
0.96 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
8.534 |
51.204 |
51.204 |
|
Reserves & Surplus |
697.354 |
543.322 |
158.063 |
|
Net worth |
705.888 |
594.526 |
209.267 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1477.653 |
3329.715 |
2413.203 |
|
Total borrowings |
1477.653 |
3329.715 |
2413.203 |
|
Debt/Equity ratio |
2.093 |
5.601 |
11.532 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
10,447.891 |
13,318.222 |
7,723.712 |
|
|
|
27.473 |
(42.006) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
10,447.891 |
13,318.222 |
7,723.712 |
|
Profit |
(116.299) |
(111.362) |
(385.259) |
|
|
(1.11%) |
(0.84%) |
(4.99%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
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 |
------------------------------------------------------------------------------------------------------------------------------
CASE DETAILS
BENCH
– BOMBAY
|
LITIGATION DETAILS: 07.05.2014 |
|||||
|
Bench:- Bombay |
|||||
|
Lodging No. : |
NMAL/1167/2014 |
Failing Date:- |
07/05/2014 |
||
|
Lodging No. : |
APPL/292/2014 |
Main Matter |
-- |
||
|
|
|||||
|
Petitioner:- |
Overseas Mobiles Private Limited - |
Respondent:- |
M/S Drive India Enterprises Solution Limited |
||
|
Petn. Adv:- |
Law Global Advocates (I3294) |
|
|
||
|
District:- |
Outside Maharashtra |
||||
|
|
|||||
|
Bench:- |
DIVISION |
Category:- |
Notice of Motion (Appeal) |
||
|
Status:- |
Pre-Admission |
Stage:- |
-- |
||
|
Last Date:- |
09/06/2014 |
|
|||
|
Last Coram:- |
REGISTRAR (OS) / PROTHONOTARY AND SR. MASTER. |
||||
|
|
|
||||
|
Act. : |
Arbitration and Conciliation Act 1996 |
|
|||
------------------------------------------------------------------------------------------------------------------------------
NOTE:
Registered office has been shifted from G-1 and 2, New Udyog Mandir 2,
Mogul Lane, Mahim (West), Mumbai, Maharashtra, India to the present address
w.e.f. 01.02.2009
OPERATING RESULTS AND
BUSINESS
The Company has achieved an overall turnover of Rs. 7816.700 millions (Rs. 13378.900 millions during 2011-12), a decrease of 42% as compared with the previous year. The turnover has two major components, Trading goods Rs.5096.700 millions (previous year Rs. 10290.700 millions) and Provision of Services - Rs. 2627.000 millions (previous year Rs.3011.500 millions).
The trading of goods as compared with the previous year went down by 51%, due to lower mobile handset sales. There has been a de growth in Trading of goods in areas such as telecommunication equipment, GSM handsets, etc.
The Service Business portfolio (Warehousing, Distribution and Value added services), as compared with previous year went down by 13% due to loss of customers like Tata International, Mary Kay, Croma, Landmark, etc.
The generally unstable and uncertain economic situation, both domestically and globally, and the inconsistent performance of the Indian currency over the past year in particular has impacted the logistics industry and resulted in a general decline in exports and manufacturing.
The Loss for the period ended 31st March 2013 was Rs. 385.300 millions. The current period deficit in the statement of Profit and Loss account has been impacted largely on account of Provisions for doubtful trade receivables.
FUTURE OUTLOOK
The Indian Logistics market is estimated by Mckinsey to be Rs.5500000.000 millions in FY 12-13 and expected to grow at CAGR of 9-11% to reach Rs.7320500.000 millions by 2015. The Indian 3PL market is expected to grow at a CAGR of 25% to reach Rs. 314330.000 millions by 2015 (Source: TSMG). Of the total logistics market in India, Transportation is the largest segment with 62% share followed by Warehousing 26%, Freight Forwarding 8% and Value Added Services (VAS) 4%. Your Company is well positioned to grow exponentially across these segments.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/ Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10459010 |
22/10/2013 |
1,300,000,000.00 |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
CYNERGY, A-1 GROUND FLOOR AND A-6TH FLOOR, APPA SAHEB MARATHE MARG, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B89052161 |
|
2 |
10452940 |
09/10/2013 |
1,125,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B86614476 |
|
3 |
10007989 |
31/03/2006 |
2,000,000,000.00 |
CORPORATION BANK |
BHARAT HOUSE, 104, B.S. MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A00692087 |
|
4 |
90145628 |
24/10/2008 * |
5,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A49125198 |
|
5 |
90145175 |
31/03/2006 * |
700,000,000.00 |
UNION BANK OF INDIA LIMITED |
MAHARASHTRA, INDIA |
- |
|
6 |
90145167 |
31/03/2006 * |
1,000,000,000.00 |
PUNJAB NATIONAL BANK |
BRADY HOUSE, 12/14 V N ROAD, FORT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
7 |
90143909 |
07/05/2002 |
300,000,000.00 |
IDBI BANK LIMTED |
224-A; MITTAL COURT, A-WING; 2ND FLOOR; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible assets
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
·
Other 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. 59.95 |
|
|
1 |
Rs. 102.78 |
|
Euro |
1 |
Rs. 81.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
45 |
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.