MIRA INFORM REPORT
|
Report Date : |
15th May, 2006. |
IDENTIFICATION DETAILS
|
Name : |
OCEAN
AIR EXPRESS FORWARDER PRIVATE LIMITED |
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Registered Office : |
C-11, Roy Apartment, Andheri (E), Mumbai – 400 099,
Maharashtra, India |
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Country: |
India |
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Financial As On: |
31.03.2005 |
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Date of Incorporation : |
12th
September, 1989 |
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Com. Reg. No.: |
11-53420 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
company is in engaged in Providing Freight Forwarding Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 275000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having satisfactory track. Directors are
reported as experienced, respectable and resourceful businessmen. Their trade
relations are fair. Payments are usually correct and as per commitments. The
company can be considered normal for business at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
C-10
Roy Apartment, Sahar Road, Andheri (E), Mumbai-400099 Maharashtra, India |
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Tel. No.: |
91-22-26926809
/ 28360947 / 28371357 |
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Fax No.: |
91-22-28352497 |
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E-Mail : |
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Head Office : |
Writer House, CTS No. 1377/1378, Church Road, Marol, Andheri
(East), Mumbai 400 059, India |
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Tel. No.: |
91-22-5692 6809/10/11/50 |
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Fax No.: |
91-22-5692 6808 |
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E-Mail : |
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Branch Office: |
Ahmedabad |
DIRECTORS
|
Name : |
William
C Desouza |
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Designation : |
Director
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Address : |
141/142,
Ednel, St. Cyril Road, Bandra, Mumbai-400050 |
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Date of Birth/Age : |
07.11.
1949 |
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Date of Appointment : |
12.09.1989 |
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Name : |
Denzil
Charles Desouza |
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Designation : |
Director
|
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Address : |
6,
Sebastian Sadan, Charmel Co-opeative Society, Bandra Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
03.01.1961 |
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Date of Appointment : |
12.09.1989 |
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Name : |
Yazdi
H. Desai |
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Designation : |
Director
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Address : |
7/4,
Rustam Baug, Byculla, Mumbai-400027, Maharashtra, India |
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Date of Birth/Age : |
07.10.1959 |
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Date of Appointment : |
20.03.
2003 |
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Name : |
A.
T. Majumdar |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
William
Charles Desouza |
|
1001 |
|
Denzil
Charles. Desouza |
|
1001 |
BUSINESS DETAILS
|
Line of Business : |
The
company is in engaged in providing freight forwarding services. |
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Product : |
Freight
Forwarding Services |
GENERAL INFORMATION
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No. of Employees : |
200 |
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Bankers : |
HDFC
Bank Limited |
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Banking Relations : |
Satisfactory
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Auditors : |
H.
J. Shah and Associate Chartered
Accountants 38-B,
Gulsaruf Building, N.C. Kelkar Road, Dadar (West), Mumbai-400028 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500 |
Equity
Shares |
Rs. 1000/- each |
Rs. 2.500 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2002 |
Equity
Shares |
Rs. 1000/- each |
Rs. 2.002 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
30.03.2003 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
2.002 |
2.002 |
2.002 |
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3] Reserves & Surplus |
66.007 |
57.758 |
47.137 |
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NETWORTH
|
68.009 |
59.760 |
49.139 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL
BORROWING
|
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL
|
68.009 |
59.760 |
49.139 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1.045 |
1.276 |
1.605 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
4.341 |
3.988 |
6.254 |
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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 |
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Sundry Debtors
|
|
25.545
|
24.989 |
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Cash & Bank Balances
|
179.592 |
53.712
|
49.807 |
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Other Current Assets
|
|
0.000
|
0.000 |
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Loans & Advances
|
|
88.161
|
66.900 |
Total Current Assets
|
179.592 |
167.418 |
141.696
|
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities and Provisions
|
116.970 |
112.922
|
100.416 |
Total Current Liabilities
|
116.970 |
112.922 |
100.416
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Net Current
Assets
|
62.623 |
54.496 |
41.280
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
68.009 |
59.760 |
49.139 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
29.830 |
33.351 |
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Profit/(Loss) Before Tax
|
15.120 |
16.230 |
Provision for Taxation
|
4.500 |
4.000 |
Profit/(Loss) After Tax
|
10.620 |
12.230 |
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Export Value
|
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Total Expenditure
|
9.841 |
11.612 |
KEY RATIOS
|
PARTICULARS |
|
|
31.3.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
|
50.69 |
48.66 |
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Net Profit Margin
(PBT/Sales) |
(%) |
|
35.60 |
36.67 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
|
8.76 |
10.85 |
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Return on Investment (ROI)
(PBT/Networth) |
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|
0.25 |
0.33 |
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Debt Equity Ratio
(Total Liability/Networth) |
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|
1.89 |
2.04 |
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Current Ratio
(Current Asset/Current
Liability) |
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|
1.48 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
HIGHLIGHTS:
During
the year under review, the company earned a profit of Rs. 10.620 millions after
providing for depreciation of Rs. 0.488 millions and provision for taxation of
Rs. 4.500 millions. The profit is carried forward to the Balance Sheet. With
regard to Auditors qualification, the notes to accounts (No.4) is self
explanatory.
DIVIDEND:
No dividend is recommended on Equity Shares.
FIXED
ASSETS:
Office
Equipments, Computer Equipments,
Furniture and Fixture, Office Premises, Motor Car,
Etc.
AS PER WEBSITE
Ocean air Express
Forwarders (OEF)
The origins of The Writer Corporation trace back to 1953, when it began as a
small move management company in Mumbai, India. Since then, by employing an
unusual blend of traditional service and entrepreneurial spirit, the company
has shaped itself into a leading provider of varied business services. In 1986,
The Writer Corporation added Oceanair Express Forwarders (OEF), offering
comprehensive freight forwarding solutions to a cross section of clients across
India. A one-stop solution for importers and exporters alike, it offers a broad
spectrum of services including consignment tracking, briefing prior to arrival
of shipments, customs documentation, interface with customs, port and municipal
authorities, customs clearance and transportation to the final destination.
But, what truly sets Oceanair Express Forwarders apart from the competition is
its commitment to ensuring on-time, safe and cost-effective delivery. It has
its corporate office in Mumbai, branch offices in New Delhi, Kolkatta,
Bangalore, Chennai, Hyderabad, Cochin, Pune and a sales office at Ahmedabad.
Freight Forwarding : Offering A Bagful Of Services
Oceanair
Express Forwarders has a well connected worldwide network and an excellent
relationship with major international airlines and shipping lines. This enables
them to provide a host of services to their clients.
Store for the exporters:
- Export consolidation air and sea
- Pre-shipping documentation
- Inland transportation
- Custom clearance
- Post-shipping documentation
- Port/Airport to door delivery
Store for the importers:
- Pre-import consultancy to new projects
and approvals
- Inland transportation
- Custom clearance
- Consolidation air/sea
- Port/Airport to door delivery
Freight Forwarding : Delivering The Goods
The OEF Advantage
The efficient services and on-time delivery by OEF give the customer business
an extra edge.
- Savings in freight cost
- Purchase Order Control
- Confirmed cargo space allocation from
airlines/shipping lines
- Efficient cargo movement
- Immediate access to updated shipment
information
- Pre-shipping advice and monitoring of
cargo en route
- A high level of ground service on arrival
of shipment
Warehousing And Transporting
Oceanair Express has excellent warehousing and transporting facilities to meet
all the customer needs. Clients can avail of their warehousing facilities at
Navi Mumbai, in the proximity of Jawaharlal Nehru Port, Nhava Sheva. Such
facilities are also available at New Delhi, Chennai and Bangalore. For a smooth
transportation, the company owns a fleet of trucks including container trucks,
flat bed trucks, which ply throughout the country.
Freight Forwarding : In Good Company
Carrying Their Expectations
It is the prompt and dependable service of Oceanair Express that attracts a sea
of top corporates. The Writer Corporation believes in providing their clients
utmost quality service and building a long-term relationship. Some of their
satisfied patrons are listed below.
- BASF
- Bennett Coleman & Co.
- General Electric
- Glaxo
- Greaves Ltd.
- Larson & Toubro
- Mahindra & Mahindra
- Novartis
- RMC Ready Mix
- Siemens
- SKF Bearings
- TELCO
- Thermax
- Usha Draeger
- USV
- Woolworth India
Alliance with the experts
- IATA (International Air Transport
Association)
- FIATA (International Federation of
Freight Forwarders Association)
- ACAAI (Air Cargo Agents Association of
India)
- Licenced MTO (Multi-Modal Transport
Operator)
- Licenced Break Bulk Agent
- Licenced Customs House Agent
Freight Forwarding : Words Of Inspiration
"Oceanair
are handling their import consignments for air from Switzerland. They have
found their services to be extremely satisfactory."
-
D.B. Sukhtankar, Larsen & Toubro
"This
is to certify that they are utilizing the Air Expert Services of M/s Oceanair
Express Forwarders for their exports from India to their various overseas
buyers. They find their services high professional and consistent. They also
provide timely status updates on their shipments. They have no hesitation in
recommending their Air Export Services."
- Sachin Parab, Dy. Manager,
International Marketing, Mahindra & Mahindra
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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. 45.61 |
|
UK
Pound |
1 |
Rs. 85.76 |
|
Euro |
1 |
Rs. 58.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |