MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GATEWAY TERMINAL INDIA PRIVATE LIMITED |
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Registered Office : |
11th Floor, C. G. House, Dr. Annie Besant Road, Worli Colony,
Mumbai - 400 030, Maharashtra |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Com. Reg. No.: |
147791 |
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CIN No.: [Company
Identification No.] |
U45203MH2004PTC147791 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG09875F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is Container Terminal Operator. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 : |
21000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is new company, promoted by strong promoters, having fine
track records. Trade relations are fair. Payments are usually correct and as per commitments. Nothing
adverse reported. The company can be
considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
11th Floor, C. G. House, Dr. Annie Besant Road, Worli Colony,
Mumbai - 400 030, Maharashtra, India. |
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Tel. No.: |
91-22-66811000 |
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Fax No.: |
91-22-24337788 |
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Corporate Office : |
GTI House, |
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Tel. No.: |
91-22-66811000 |
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Fax No.: |
91-22-27241235 |
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E-Mail : |
MANAGEMENT
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Name : |
Mr. Kim Fejfer |
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Designation : |
CEO, APM Terminals |
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Name : |
Mr. Arvind Bhatnagar |
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Designation : |
CEO, Gateway Terminals India Private Limited |
BUSINESS DETAILS
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Line of Business : |
Subject is Container Terminal Operator. |
GENERAL INFORMATION
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No. of Employees : |
385 |
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Promoter Company: |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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36,00,00,000 |
Equity |
Rs. 10/- each |
Rs. 3600.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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28,94,00,000 |
Equity |
Rs. 10/-
each |
Rs. 2894.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2894.000 |
934.230 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(541.255) |
(167.457) |
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NETWORTH |
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2352.745 |
766.773 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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3124.322 |
0.000 |
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TOTAL BORROWING |
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3124.322 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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5477.067 |
766.773 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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423.649 |
412.333 |
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Capital work-in-progress |
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2530.223 |
49.233 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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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 |
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Sundry Debtors |
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0.000 |
0.247 |
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Cash & Bank Balances |
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2621.002 |
128.977 |
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Other Current Assets |
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3.069 |
0.000 |
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Loans & Advances |
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300.452 |
217.648 |
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Total
Current Assets |
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2924.523 |
346.872 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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745.525 |
41.493 |
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Provisions |
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0.253 |
0.172 |
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Total
Current Liabilities |
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745.778 |
41.665 |
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Net Current Assets |
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2178.745 |
305.207 |
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MISCELLANEOUS EXPENSES |
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344.450 |
0.000 |
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TOTAL |
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5477.067 |
766.773 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.12.2005 |
31.12.2004 |
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Total Income |
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50.103 |
7.431 |
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Profit/(Loss) Before Tax |
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(351.574) |
(164.458) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(351.574) |
(164.458) |
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Expenditures : |
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Interest |
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0.000 |
0.029 |
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Other Expenditure |
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401.737 |
171.860 |
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Total Expenditure |
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401.737 |
171.889 |
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KEY RATIOS
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PARTICULARS |
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31.12.2005 |
31.12.2004 |
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PAT / Total Income |
(%) |
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(701.70) |
(22.13) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(701.70) |
(22.13) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(10.50) |
(21.66) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.15) |
(0.21) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.64 |
0.05 |
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Current Ratio (Current Asset/Current Liability) |
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3.92 |
8.32 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subjectis a joint venture company of A.P. Møller
- Mærsk A/S and Container Corporation of India Ltd.(CONCOR). SUBJECT has signed
a license agreement with Jawaharlal Nehru Port Trust (JNPT) to build and
operate for the next 30 years a state of the art common user container terminal
at Nhava Sheva.
Artist Impression
The terminal has a 712 meter berth with a
draft of 13.5 meters along side.
Stacking Capacity
The terminal will is designed with significant yard capacity with a
terminal developed area of nearly 32
The terminal will
have a through put capacity of 1.3 million
TEU and will run with modern equipment. It will have 8 post panamax twin
pick cranes with an 18 wide outreach, 29 energy efficient RTG's, 3 Rail Mounted
Gantry Cranes, reach stackers, empty handlers and a fleet of tractor-trailers.
The container terminal will employ state of the art information technology
systems to increase productivity.
The terminal will have 5019 twenty feet ground slots (TGS) with an additional
126 forty foot ground slots with 504 plugs for reefer containers.
The people running the terminal come with years of experience in key positions
both in the terminal and the transportation industry. They bring with them the
knowledge and know how that will truly make the terminal world class.
All aspects of the terminal, starting from the logo, have been modeled to be
customer friendly. SUBJECT is aiming to provide its clients with an efficient,
hassle free terminal experience. One of their unique features is their
endeavors to create express trucking lanes to reduce waiting time for
containers at gate.
SUBJECT will reach out to the needs of the trading community adding the
much-required terminal capacity for customer both in the Mumbai region and the
rail connected northern hinterland.
Press release
January 4, 2007 at
2:30 pm
Subject Opens
Gateway Terminals India Pvt. Ltd. is a joint venture between
APM Terminals and Container Corporation of India Ltd (CONCOR). APM Terminals is
a part of the A.P. Moller-Maersk Group and a leading, independent, container
terminal operator. CONCOR is a Government of India Undertaking and the largest
provider of containerized rail transport in
Mr. Tommy Thomsen, Partner, A.P. Moller - Maersk A/S and
Chairman, APM Terminals, stated "
Mr. Kim Fejfer, CEO, APM Terminals, based in
Referring to the launch of Gateway Terminals India container terminal facility, Mr. Anil Kumar Gupta, Director (Domestic Division), CONCOR, and Director, Gateway Terminals India Pvt. Ltd. mentioned that "This is a successful example of public private partnership in development of port sector. They are committed to ensuring fast, reliable connectivity to all the important customers from Gateway of Mumbai to all the major market centers in the country, providing concrete, reliable logistics solutions and contributing to the development of infrastructure in the country."
SUBJECT
Subject is a joint venture between APM Terminals, and Container Corporation of India Ltd (CONCOR). The new terminal has a capacity of 1.3 million twenty-foot equivalent units or TEUs. Gateway Terminals' presently employs 385 people.
About APM Terminals
APM Terminals is a leading independent global container
terminal owner and operator of more than 40 ports, serving approximately 60 shipping
lines. APM Terminals is part of the A.P. Moller-Maersk Group and is
headquartered in
Container Corporation
of India Ltd, CONCOR
CONCOR, a Government of India undertaking under the Ministry
of Railways, is the largest provider of containerised rail transport in
Infrastructure & Equipment :
Infrastructure
- 712 meters Quay length
- 13.5 meters
alongside draft
- 3 approach
bridges connecting the Yard area to the Quay
- 45,000 teu
Yard capacity (post – land reclamation)
- 3 X 830
meters dedicated rail sidings
- 504 Reefer
plugs
- 11 lane separate and dedicated Gate complex for in / out road
movements
- 52 hectares of total land area for the terminal
- Repair
facilities
- Dedicated administration and terminal control building
Equipment
- 8 Quay Cranes
; all post – panamax, twin-lift, 18 wide, 61 mt SWL
- 29 Rubber Tyred Gantry Cranes, capable of 7 wide and 5 high
stacking, 50 mt SWL under the spreader, anti-collision system
- 3 Rail Mounted Gantry Cranes with 50 mt SWL, for rail siding
operations
- 2 Empty Handlers, 2 Reach Stackers
- 90 Tractor Trailors only for Yard to Quay operations and ITT
- Efficient Technology ; GPS aided steering systems, Container
position determining systems and Eco-friendly electric driveengines
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.71 |
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|
1 |
Rs.81.24 |
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Euro |
1 |
Rs.54.63 |