%20PRIVATE%20LIMITED-%2027-Jun-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
EGL EAGLE GLOBAL LOGISTICS ( |
|
|
|
|
Formerly Known As : |
CIRCLE FREIGHT INTERNATIONAL ( |
|
|
|
|
Registered Office : |
Second Floor, Presidential Park, C – 9, Commercial
Complex, Vasant Kunj, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
17.06.1985 |
|
|
|
|
Com. Reg. No.: |
55-21230 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1985PTC021230 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELE02244E / MUME04736E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCE2308R / AAACC2674H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Logistics Management and Transportation Services, Freight
Forwarding Air and Sea. |
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 260000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
-- |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having
satisfactory track records. Directors are reported as experienced and respectable
businessmen. Their trade relations are reported as fair. Payments are
reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Second Floor, Presidential Park, C – 9, Commercial
Complex, Vasant Kunj, |
|
Tel. No.: |
91-11-41299500 |
|
Fax No.: |
91-11-41299516 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1,000 sq. fts. |
|
Location: |
Rented |
|
|
|
|
Head Office : |
401, |
|
Tel. No.: |
91-22-2832 2945 / 4887 / 2836 3193 |
|
Fax No.: |
91-22-2836 7488 / 8966 |
|
|
|
|
Branch Office : |
401-4054 M, Everest Chambers, Next to Star, Marol, A. K. Road, Andheri
Mumbai – 400059,, Maharashtra, India |
|
|
|
|
Branches : |
901-902,
9th Floor, Prestige 001,
Tel
No.: 91-80-56612000 Fax
No.: 91-80-56612011 315 Sidharth Complex, Next to
Express Total Alkapuri, Tel No.: 91-265-357938 Kolkata: 14A, Tel No.: 91-33-22882033,
22886229, 22886230 Fax No.: 91-33-22882529 24/1625 E, KPK Tel No.: 91-484-3012574 Fax No.: 91-484-2667677 5th Floor, Tel No.: 91-124-4618777 Fax No.: 91-124-4618715,
4618716 1 – 10-72/ 2B, Cheekoti,
Gardens, Begumpet, Tel No.: 91-40-27768488 Fax No.: 91-40-27762346 E-Mail: I.srinivasan@eaglegl.com Chennai: 2B, The Raintree Place, No. 7
(Old No. 9), Tel No.: 91-44-28362901, 28362292,
28363903 Fax No.: 91-44-28363816 |
DIRECTORS
|
Name : |
Mr. Kapil Dev Dutta |
|
Designation : |
Managing Director |
|
Year
of Birth : |
1952 |
|
Qualification
: |
B.Sc. |
|
Previous
Employment : |
Continental Carrier Limited, |
|
|
|
|
Name : |
Mr. Peter Singleton |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Suresh Malhotra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Elijic Venegas Serrano |
|
Designation : |
Director |
|
Address: |
|
|
Date of Appointment: |
14.12.2000 |
|
Date of Ceasing: |
10.02.2006 |
|
|
|
|
Name : |
Mr. Steven M. Herreid |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Wan Yin Yu Marjorie |
|
Designation : |
Director |
|
Address: |
Flat no. F – 23, Block 8, Royal Ascot, |
|
Date of Appointment: |
17.06.2005 |
|
|
|
|
Name : |
Mr. Vottorio Marino Favati |
|
Designation : |
Director |
|
Address: |
No. 7, |
|
Date of Appointment: |
17.06.2005 |
|
|
|
|
Name : |
Mr. Nimish Shah |
|
Designation : |
Director |
|
Address: |
G – 601 Sky |
|
Date of Appointment: |
17.06.2005 |
|
|
|
|
Name : |
Mr. Gaurav Chatrath |
|
Designation : |
Alternate Director to Ms. Wan Yin Yu Marjorie |
|
Address: |
House No. 961, Sector 31, Gurgaon, Haryana |
|
Date of Appointment: |
20.10.2005 |
|
Date of Ceasing: |
30.03.2006 |
|
|
|
|
Name : |
Mr. Soman P Nambiar |
|
Designation : |
Alternate Director to MR. Vittorio M Favati |
|
Address: |
C/006/65 – 2A, |
|
Date of Appointment: |
03.02.2006 |
|
|
|
|
Name : |
Mr. Lee Wee Beng |
|
Designation : |
Director |
|
Address: |
34 Jalan Pargam, |
|
Date of Appointment: |
10.04.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Namrata Panjwani |
|
Designation : |
Company Secretary |
|
Address: |
C – 220, Sarojini Nagar, |
|
Tel No.: |
91-11-24102220 |
|
Mobile No.: |
91-9868015656 |
|
E-Mail: |
|
|
|
|
|
Name : |
Mr. Sougata Banerjee |
|
Designation : |
Country Manager |
|
Date of Birth / Age: |
40 years |
|
Qualification
: |
MBA |
|
Experience: |
13 years |
|
Date
of Appointment: |
October 2000 |
|
|
|
|
Name : |
Ms. Bhavna Malharu |
|
Designation : |
Company Secretary |
|
Address: |
B – 9, Matharu Niwas, Kirti Nagar, |
|
Date
of Appointment: |
16.07.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
EGL Overseas Corporation (Formerly Circle Overseas
Corporation) |
655,972 |
99.99 |
|
Circle International Inc. |
4 |
0.01 |
|
TOTAL |
655,976 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Logistics Management and Transportation Services, Freight
Forwarding Air and Sea. |
|
|
|
|
Products : |
Freight Forwards / Cargo Services v
Air Export v
Air Import v
Ocean Export v
Ocean Import v
Custom Clearance v
Storage and Warehousing |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, contract or other terms |
|
|
|
|
Purchasing : |
Cash, contract or other terms |
GENERAL INFORMATION
|
Customers : |
v
Wholesalers v
Manufacturers v
Retailers v
Government Bodies |
|
|
|
|
No. of Employees : |
85 |
|
|
|
|
Bankers : |
Ř
Bank of Ř
Credit Ř
ICICI Bank Limited Ř
Standard Chartered Bank |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Reportedly |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse & Company Chartered Accountants |
|
|
|
|
Memberships : |
v
IATA v
National Forwarder’s Association |
|
|
|
|
Holding Company: |
Circle Overseas Corporation Inc., |
|
|
|
|
Parent Company : |
v
EGL Eagle Global Logistics v
EGL Eagle Global Logistics (Aust) Pty Ltd., v
EGL Eagle Global Logistics ( v
EGL Eagle Global Logistics ( v
Circle Freight International, v
EGL Eagle Global Logistics v
EGL Eagle Global v
EGL Eagle Global Logistics Japan, Inc. v
EGL Eagle Global Logistics Korea, Inc. v
EGL Eagle Global Logistics Italy srl v
EGL Eagle Global Logistics Hong Kong Limited v
EGL Eagle Global Logistics ( v
EGL Eagle Global Logistics ( v
PT Circle Persada International, v
Mory EGL, France v
EGL Eagle Global Logistics ( v
EGL Eagle Global v
EGL Eagle Global v
Circle Freight International LLC, v
EGL Eagle Global Logistics |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs.10.00
Each |
Rs.
10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
655,976 |
Equity Shares |
Rs.10.00
Each |
Rs.
6.560 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.560 |
6.560 |
6.560 |
|
|
2] Reserves & Surplus |
394.807 |
267.655 |
173.212 |
|
|
NETWORTH |
401.367 |
274.215 |
179.772 |
|
|
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 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
401.367 |
274.215 |
179.772 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17.698 |
20.794 |
23.290 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
33.312 |
1.999 |
41.167 |
|
|
DEFERREX TAX ASSETS |
0.000 |
12.490 |
4.690 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
NA |
395.325 |
248.269 |
|
|
Cash & Bank Balances |
NA |
75.165 |
47.867 |
|
|
Other Current Assets |
NA |
9.590 |
5.850 |
|
|
Loans & Advances |
NA |
30.583 |
28.930 |
|
Total
Current Assets |
NA
|
510.663 |
330.916 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
NA |
265.236 |
209.880 |
|
|
Provisions |
NA |
6.495 |
10.411 |
|
Total
Current Liabilities |
NA
|
271.731 |
220.291 |
|
|
Net Current Assets |
350.357 |
238.932 |
110.625 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
401.367 |
274.215 |
179.772 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Service Income |
2895.558 |
2108.246 |
1102.645 |
|
|
Other Income |
0.000 |
16.176 |
6.405 |
|
|
Total Income |
2895.558 |
2124.422 |
1109.050 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
211.428 |
149.143 |
54.620 |
|
|
Provision for Taxation |
84.276 |
54.700 |
21.539 |
|
|
Profit/(Loss) After Tax |
127.152 |
94.443 |
33.081 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Services |
2684.130 |
1775.273 |
902.716 |
|
|
Employee Costs |
|
75.202 |
59.882 |
|
|
Administration and Selling Expenses |
|
118.769 |
87.549 |
|
|
Depreciation |
0.000 |
6.035 |
4.283 |
|
Total Expenditure |
2684.130 |
1975.279 |
1054.430 |
|
%20PRIVATE%20LIMITED-%2027-Jun-2007_files/image003.gif){kind=small}
SUMMARISED RESULTS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Networth |
401.367 |
274.215 |
179.772 |
|
Turnover |
2895.558 |
2108.246 |
1102.645 |
|
Total Income |
2895.558 |
2124.422 |
1109.050 |
|
Profit Before tax |
211.428 |
149.143 |
54.620 |
|
Profit After Tax |
127.152 |
94.443 |
33.081 |
|
Export Value |
0.000 |
1156.639 |
557.750 |
|
Earning Per Share (In Rs.) |
0.000 |
143.97 |
50.43 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
|
4.39
|
4.45 |
2.98 |
|
Net Profit Margin |
|
7.30
|
7.07 |
4.95 |
|
Return on Total Assets |
|
31.68
|
17.30 |
13.65 |
|
Return on Investment (ROI) |
|
31.68
|
34.44 |
0.30 |
|
Current Ratio |
|
-
|
1.88 |
1.50 |
|
Quick Ratio |
|
-
|
1.88 |
1.50 |
|
Debt Equity Ratio |
|
-
|
- |
1.23 |
|
Current Liabilities / Networth |
|
-
|
0.99 |
1.23 |
|
Fixed Asset / Networth |
|
0.04
|
0.08 |
0.13 |
|
Average Collection Days |
|
0.00
|
68.44 |
82.18 |
|
Account Receivables Turnover |
|
-
|
5.33 |
4.44 |
|
Asset Turnover |
|
163.61
|
101.39 |
47.34 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company was originally incorporated on 17th
June, 1985 at
The name of the company was changed to present with effect
from 12th December, 2000.
The subject has shifted its registered office from
1215-1216,
The company is licensed by ‘IATA’.
As per website
Overview
Subject is a leading provider of
supply chain solutions, demonstrating core competencies in transportation
services, logistics management and information technology. Believing that these
primary service components impact every stage of the supply chain, subject
utilizes its expertise and global infrastructure of over 400 offices and agents
in more than 100 countries to establish a competitive advantage for its
customers.
Committed to operational
excellence and superior customer service, Subject’s network of global
professionals remain focused on streamlining processes, improving information
and providing supply and demand strategies that result in profitability for
their large base of local, regional and multi-national customers. Subject
maintains its loyal customer base by leveraging the collective knowledge and
performance of each and every employee whose dedicated efforts result in total
customer satisfaction.
Vision
Subject will provide employees
with a safe and secure environment and an opportunity for personal and
professional development in the transportation and logistics industry.
Subject will provide customers with
personalized customer service and supply chain solutions throughout the
Company’s global network.
Subject will provide
stakeholders with sustained profit growth to create improved shareholder value.
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 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. 40.95 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 55.09 |
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 |
|