MIRA INFORM REPORT
|
Report
Date : |
21st
January, 2007 |
IDENTIFICATION
DETAILS
|
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, India |
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Country: |
India |
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Financial
As On: |
31.03.2005 |
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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. |
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 |
|
Maximum
Credit Limit : |
USD
250000 |
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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-11, Roy
Apartment, Sahar Road, Andheri
(East), Mumbai – 400 099, Maharashtra, India |
|
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 : |
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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|
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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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|
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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 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr. William Charles Desouza |
|
1001 |
|
Mr. Denzil Charles. Desouza |
|
1001 |
BUSINESS DETAILS
|
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
|
No. of
Employees : |
200 |
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|
|
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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 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
2.002 |
2.002 |
2.002 |
|
|
3]
Reserves & Surplus |
66.007 |
57.758 |
47.137 |
|
NETWORTH
|
68.009 |
59.760 |
49.139 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL
BORROWING
|
0.000 |
0.000 |
0.000 |
|
|
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 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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|
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|
|
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INVESTMENT
|
4.341 |
3.988 |
6.254 |
|
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 |
|
|
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
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities and Provisions
|
116.970 |
112.922
|
100.416 |
Total Current Liabilities
|
116.970 |
112.922 |
100.416
|
|
Net
Current Assets
|
62.623 |
54.496 |
41.280
|
|
|
|
|
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TOTAL
|
68.009 |
59.760 |
49.139 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
29.830 |
33.351 |
|
|
|
|
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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|
|
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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) |
|
|
0.25 |
0.33 |
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|
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
1.89 |
2.04 |
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Current Ratio
(Current
Asset/Current Liability) |
|
|
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.
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. 44.21 |
|
UK Pound |
1 |
Rs. 87.48 |
|
Euro |
1 |
Rs. 57.23 |
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 |