MIRA
INFORM REPORT
|
Report Date : |
07.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
OCEAN AIR EXPRESS
FORWARDER PRIVATE LIMITED |
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Registered
Office : |
C-11, Roy
Apartment, Sahar Road, Andheri
(East), Mumbai – 400 099, Maharashtra |
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Country: |
India |
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Financial As
On: |
31.03.2006 |
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Date of
Incorporation : |
12.09.1989 |
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Com. Reg. No.: |
11-53420 |
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CIN No.: [Company
Identification No.] |
U63000MH1989PTC053420 |
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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. To carry on the
business of transporters, carriers of goods, and act as clearing and forwarding
agents, custom agents, airline agents, cargo and travel agents, to work as
booking agents for passengers, cargoes, merchandise, baggages and luggages
for air lines, steamship, road transport, and conducting and managing tours,
travels, voyage by rail, road, sea or air.
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RATING &
COMMENTS
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MIRA’s Rating
: |
Ba |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
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Maximum Credit
Limit : |
USD 300000 |
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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 records. 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
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Registered
Office : |
C-11, Roy
Apartment, Sahar Road, Andheri
(East), Mumbai – 400 099, 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:
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Ahmedabad |
DIRECTORS
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Name : |
Mr. Garfield
William Desouza |
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Designation : |
Director |
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Address : |
141/142, Ednel,
St. Cyril Road, Bandra, Mumbai-400050, Maharashtra, India |
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Date of
Appointment : |
29.09.2006 |
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Other
Directorships : |
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Name : |
Mr. William C
Desouza |
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Designation : |
Director |
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Address : |
141/142, Ednel,
St. Cyril Road, Bandra, Mumbai-400050, Maharashtra, India |
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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 : |
Mr. 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 : |
Mr. 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
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names
of Shareholders |
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No. of Shares |
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Mr. William
Charles Desouza |
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1001 |
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Mr. Denzil
Charles. Desouza |
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1001 |
BUSINESS DETAILS
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Line of Business
: |
The company is in
engaged in Providing Freight Forwarding Services. To carry on the
business of transporters, carriers of goods, and act as clearing and
forwarding agents, custom agents, airline agents, cargo and travel agents, to
work as booking agents for passengers, cargoes, merchandise, baggages and
luggages for air lines, steamship, road transport, and conducting and
managing tours, travels, voyage by rail, road, sea or air. |
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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 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
2.002 |
2.002 |
2.002 |
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3] Reserves &
Surplus |
76.938 |
66.007 |
57.758 |
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NETWORTH
|
78.940 |
68.009 |
59.760 |
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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 |
0.000 |
0.000 |
0.000 |
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TOTAL
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78.940 |
68.009 |
59.760 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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1.023 |
1.045 |
1.276 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
|
6.342 |
4.341 |
3.988 |
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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
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0.000 |
0.000 |
0.000
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Sundry Debtors
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29.823 |
28.063 |
25.545
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Cash & Bank Balances
|
85.899 |
78.495 |
53.712
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Other Current Assets
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0.000 |
0.000 |
0.000
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Loans & Advances
|
89.034 |
73.034 |
88.161
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Total Current Assets
|
204.756 |
179.592 |
167.418 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
121.574 |
105.870
|
112.922 |
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Provisions
|
11.607 |
11.100
|
0.000 |
Total Current Liabilities
|
133.181 |
116.970 |
112.922 |
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Net Current Assets
|
71.575 |
62.623 |
54.496 |
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TOTAL
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78.940 |
68.009 |
59.760 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
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42.721 |
41.134 |
29.830 |
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Profit/(Loss) Before Tax
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16.068 |
15.974 |
15.120 |
Provision for Taxation
|
0.000 |
0.000 |
4.500 |
Profit/(Loss) After Tax
|
16.068 |
15.974 |
10.620 |
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Total Expenditure
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26.633 |
25.163 |
9.841 |
KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.3.2004 |
PAT / Total Income
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(%)
|
37.61 |
38.83 |
50.69 |
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Net Profit Margin
(PBT/Sales) |
(%) |
37.61 |
38.83 |
35.60 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
7.80 |
8.84 |
8.76 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.20 |
0.23 |
0.25 |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
1.69 |
1.72 |
1.89 |
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Current Ratio
(Current
Asset/Current Liability) |
|
1.54 |
1.53 |
1.48 |
LOCAL AGENCY
FURTHER INFORMATION
FINANCIAL
HIGHLIGHTS:
During the year
under report, 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.
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, Kolkata,
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 corporate. 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.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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