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MIRA
INFORM REPORT
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Report Date : |
8th March, 2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
PANALPINA TRANSPORTS MONDIAUX (CAMEROUN) SARL |
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Registered Office : |
Zone Portuaire, Rue 1033, P.O. Box: 3790, Douala, Littoral, Cameroon |
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Country : |
Cameroon |
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Date of Incorporation : |
2003 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Provision of air and sea freight forwarding services, on-carriage services
to North Cameroon, Chad and Central Africa Republic on selected and satellite
controlled trucks. |
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 : |
CFA Fr 60,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
PANALPINA TRANSPORTS
MONDIAUX (CAMEROUN) SARL (Correct)
PANALPINA / AIR SEA
BROKERS (Requested)
ADDRESS
Street : Zone Portuaire, Rue 1033
P.O. Box :
3790
Town : Douala
Province :
Littoral
Country : Cameroon
Telephone :
(237) 343 8891 to 4 / (41 61) 2261748 (VSAT)
Fax : (237) 343 1615
E-Mail :
info.waca@panalpina.com/christina.brokahne@panalpina.com
Shortform Name : PANALPINA
SENIOR COMPANY PERSONNEL
Name Position
1. Gerhard Fischer Group
Chairman
2. Wilfried Rutz Group
Vice Chairman
3. Monika Ribar Group
President & Chief Executive Officer
4. Jurg Honegger Group
Chief Financial Officer
5. Jorg Eggenberger Group Chief
Operations Officer / Regional
Chief Executive Officer
(Africa and
Middle East countries (AMEC)
6. Marcel Buergi Managing
Director West Africa Central Area
7. Thierry van
Cayseele Head of Marketing & Sales
8. Christina
Brokahne Head of Operations
Total Employees : 50
(subject)
13,000 (group)
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a subsidiary
of Panalpina World Transport (Holding) Ltd.
We consider it is
acceptable to deal with subject for MEDIUM amounts, however in view of the lack
of financial information a degree of caution should be exercised.
Opinion on maximum credit
: CFA Fr 60,000,000 (due attention
will be given to above remarks)
Trade risk assessment : Normal
It is normal accepted
practice for international suppliers to deal on secured terms with Cameroon
importers.
PRINCIPAL BANKERS
NAME :
SOCIETE GENERALE DE BANQUE AU CAMEROUN SA (SGBC)
Branch :
Douala Joss - Agence Centrale
Street :
Rue Joss No. 78
PO Box :
4042
Town :
Douala
Telephone: (237) 342 7010
FINANCIAL INFORMATION
Balance sheets are not available
and the subject interviewed declined to give any financial information, which
the company regards as strictly confidential.
The following financial
information applies to Panalpina World Transport (Holding) Ltd, subject's
parent company :
Invoiced Forwarding
Services : Sw Fr 6,561,000,000 -
2003 - exact
: Sw Fr 7,452,000,000 - 2004 - exact
: Sw Fr 8 293,000,000 - 2005 - exact
: Sw Fr 4,435,929,000 - 2006 - exact *
Customs, duty and
taxes : Sw Fr (1,199,000,000)- 2003 - exact
: Sw Fr (1,332,000,000)- 2004
- exact
: Sw Fr (1,332,000,000)- 2005
- exact
:
Sw Fr (744,225,000)- 2006 - exact *
Net forwarding
revenue : Sw Fr 5,362,000,000
- 2003 - exact
: Sw Fr 6,120,000,000 - 2004 - exact
: Sw Fr 6,962,000,000 - 2005 - exact
: Sw Fr 3,691,704,000 - 2006 - exact *
Contribution margin :
Sw Fr 1,239,000,000 - 2003 - exact
(gross profit) : Sw Fr
1,327,000,000 - 2004 - exact
:
Sw Fr 1,408,000,000 - 2005 - exact
: Sw Fr 758,252,000 - 2006 - exact *
EBITDA : Sw Fr 195,000,000 - 2003 - exact
: Sw Fr 198,000,000 - 2004 - exact
: Sw Fr 214,000,000 - 2005 - exact
EBIT (operating
result) : Sw Fr
138,000,000 - 2003 - exact
: Sw Fr 139,000,000 - 2004 - exact
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Sw Fr 166,000,000 - 2005 - exact
: Sw Fr 96,574,000 - 2006 - exact *
Net earnings : Sw Fr
98,000,000 - 2003 - exact
: Sw Fr 100,000,000 - 2004 - exact
: Sw Fr 120,000,000 - 2005 - exact
: Sw Fr 69,347,000 - 2006 - exact *
Financial year ends 31
December.
* 6 month period
(January-June)
LEGAL STATUS AND HISTORY
Date Started : 2003
Authorised & Paid up
Capital : CFA Fr 150,000,000
Societe a Responsibilite
Limitee (limited liability company) with the following shareholders :
Percentage
1. Panalpina World
Transport (Holding) Ltd
90
%
Viaduktstrasse No. 42
4002 Basel
Switzerland
Tel: (41 61) 226 11 11
Fax: (41 61) 226 11 01
E-mail: info@panalpina.com
(Panalpina operates a network of about 500
offices: it has its own
branches in 80 countries and is
represented by agencies in a
further 60. Globally, it employs some
13,000 people. Since 22
September 2005, Panalpina is listed at the
SWX Swiss Exchange).
2. Undisclosed
investors 10
%
Affiliated companies of
Panalpina Transports Mondiaux (Cameroun) SARL :
Associates
EUROPE
Panalpina World Transport
(Holding) Ltd.
Panalpina Management AG
Panalpina Finance Limited
Panalpina AG
ASB Air Sea Broker AG
Pantainer AG
Panalpina Insurance
Broker AG
Hausmann Transport AG
Panalpina Airfreight
Management AG
Jacky Maeder AG
Panalpina Welttransport
(Deutschland) GmbH Panalpina Welttransport GmbH Panalpina Ocean Freight Management
GmbH Panalpina Welttransport GmbH Panalpina France Transports Internationaux
S.A.S.
Panalpina Trasporti
Mondiali S.p.A.
Panalpina Transportes
Mundiales S.A.
Panalpina Transportes
Mundials Lda.
Panalpina World Transport
Ltd.
Panalpina World Transport
(Ireland) Ltd.
Grampian International
Freight Ltd.
Panalpina World Transport
N.V.
Panalpina Luxembourg S.A.
Panalpina World Transport
B.V.
Grampian International
Freight B.V.
Panalpina Czech Sro.
Panalpina Magyarorszag
Kft
Panalpina AB
Panalpina World Transport
Nakliyat Ltd. Srk.
Panalpina World Transport
ZAO
Panalpina World Transport
Ltd
Luxair S.A.
NORTH, CENTRAL AND SOUTH AMERICA
Panalpina Inc.
Hensel, Bruckmann &
Lorbacher, Inc.
Panalpina Inc.
Panalpina Transportes Mundiales,
S.A. de C.V.
Panalpina S.A.
Almacenadora Mercantil
S.A.
Panalpina S.A. de C.V.
Panalpina Transportes
Mundiales S.A.
Panalpina Uruguay
Transportes Mundiales S.A.
Panalpina S.A.
DAPSA Depositos Aduaneros
Panalpina S.A.
Panalpina C.A.
Inversiones Ortac C.A.
Panalpina Ecuador S.A.
Panalpina Aduanas S.A.
Panalpina Transportes
Mundiales S.A.
Panalpina Ltda.
Panalpina Chile
Transportes Mundiales Ltda.
Panalpina Transportes
Mundiales S.A.
Panalpina Transportes
Mundiales S.A. de C.V.
Panalpina Reinsurance
Ltd.
ASIA AND AUSTRALIA
Panalpina World Transport
(Singapore) Pte. Ltd.
PT Panalpina Nusajaya
Transport
Panalpina China Limited
Panalpina World Transport
(PRC) Ltd.
Panalpina Asia-Pacific
Services Ltd.
Panalpina Taiwan Ltd.
Panalpina IAF (Korea)
Ltd.
Panalpina World Transport
(Thailand) Limited Panalpina Macao Limited Panalpina Transport (Malaysia) Sdn.
Bhd.
Panalpina World Transport
(Japan) Ltd.
Panalpina World Transport
(India) Pvt.
Panindia Cargo Private
Ltd.
Panalpina World Transport
(Philippines) Inc.
Panalpina World Transport
(Pty) Limited Panalpina Kazakhstan LLP
AFRICA AND MIDDLE EAST
Panalpina Gulf LLC
Panalpina (Bahrain) WLL
Panalpina Central Asia EC
Panalpina Georgia LLC
Panalpina Azerbaijan LLC
Panalpina Turkmenistan
LLC
Qatar Shipping Company
(Panalpina Qatar) WLL Panalpina Transports Mondiaux Cameroon S.A.R.L.
Panalpina World Transport
Ltd.
Panalpina Transports
Mondiaux Congo SARL Panalpina Transports Mondiaux Gabon S.A.
Panalpina World Transport
(Nigeria) Limited Panalpina (Ghana) Limited Panalpina Transportes Mundiais
Navegaçao e Transitos, S.A.R.L.
ACTIVITIES
The Company is involved
in the following activities :
Provision of air and sea
freight forwarding services, on-carriage services to North Cameroon, Chad and
Central Africa Republic on selected and satellite controlled trucks. Subject
offers customs clearance, door delivery and distribution solutions.
Subject also provides the
following services to meet the specific needs of the local market, including:
- Passengers airport
assistance;
- Crew change;
- Packing of household
and commercial goods;
- Ship's agency Services
for freighters, supply vessels, seismic
crafts and offshore rigs;
- Customs clearance and
door delivery service to hinterland
destinations.
As well subject offers
special logistics solutions for the oil & gas and Hi-Tech industries.
FACILITIES
The Company has the
following facilities :
Administrative offices
and storage facilities located at the heading address.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)