MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PANALPINA TRANSPORTES MUNDIAIS, NAVEGACAO E TRANSISTOS SARL |
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Registered Office : |
Rua Kima Kienda / Estrada da Boavista No.106, P. O. Box 3682, Luanda |
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Country : |
Angola |
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Date of Incorporation : |
1987 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Freight Forwarding agency. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
KWANZA 10,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COM NAME
PANALPINA TRANSPORTES
MUNDIAIS, NAVEGACAO E TRANSISTOS SARL (Correct)
PANALPINA / AIR SEA
BROKERS (Requested)
ADDRESS
Street : Rua Kima Kienda / Estrada da Boavista No.106
P.O. Box :
3682
Town : Luanda
Country : Angola
Telephone :
(244 222) 691 000 / 310 170 / 310 274 / 311 172
Fax : (244 222) 310 034
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. Robert Cathomas Group
Media Relations Officer
7. Monique Gubler Managing
Director
8. Mark Banfield Projects
Manager
Total Employees
5 (administrative;
subject)
14,000 (group)
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject
is a well established company operating since 1987 and a subsidiary of
Panalpina World Transport (Holding) Ltd and a member of the Panalpina Group of
companies which is one of the world’s leading providers of forwarding and
logistics services, specializing in intercontinental air freight and ocean
freight shipments and associated supply chain management solutions. Panalpina
provides globally integrated, door-to-door forwarding solutions tailored to its
Customers’ individual needs. The group operates a network of some 500 branches
in more than 80 countries; in a further 60 countries, the group closely
cooperates with selected partners. Panalpina employs some 14 000 people
worldwide.
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
: KWANZA 10,000,000
Trade risk assessment : Normal
It is normal accepted
practice for international suppliers to deal on secured terms with Angolan
importers.
PRINCIPAL BANKERS
Subject declined to name
its bankers.
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
: 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 : 1987
History : The company was established in
Angola in 1987 as a branch office and later became a legal
entity.
Paid up Capital : KWANZA
18,000,000,000
Sociedade Anonima de
Responsabilidade Limitada (limited liability company) with the following
shareholders :
Percentage
1. Panalpina World
Transport (Holding) Ltd 92%
Viaduktstrasse No. 42
4002 Basel
Switzerland
Tel : (41 61) 226 11 11
Fax : (41 61) 226 11 01
E-mail : info@panalpina.com
2. Undisclosed
shareholders 8%
Parent Company
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 14,000 people. Since 22 September
2005, Panalpina is listed at the SWX Swiss Exchange.
Affiliated companies of
Panalpina Transportes Mundiais, Navegacao e Transistos 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 World Transport
Ltd.
Panalpina Transports
Mondiaux Congo SARL
Panalpina Transports
Mondiaux Gabon S.A.
Panalpina World Transport
(Nigeria) Limited
Panalpina (Ghana) Limited
Panalpina Transports
Mondiaux (Cameroun) SARL :
Zone Portuaire, Rue 1033
P.O. Box : 3790
Douala
Littoral Province
Cameroon
Tel : (237) 343 8891 to 4
/ (41 61) 2261748 (VSAT) Fax : (237) 343 1615
ACTIVITIES
The Company is involved
in the following activities :
Freight Forwarding
agency.
Subject is well equipped
to cater for:
- Air Freight and Air
Freight Charters
- Ocean Freight and
Marine Chartering
- Combined Air/Ocean
Solutions
- Project Handling
- International Rig Moves
- Door-to-door Services
and Offshore Deliveries
Subject
is a leading logistics provider to the Oil and Gas industry in Angola offering
consulting, planning and implementation services as well as handling and
storage of project cargo, backed-up by state of the art computer and
communication systems offering 24hrs support to its customers.
FACILITIES
The Company has the
following facilities :
Office premises located
at the heading address as well as six branch offices throughout the country
(see "Branch Office" bellow).
BRANCH OFFICES
1. Rua Jaime Banazol
P.O. Box : 455
Cabinda
Tel : (244 231) 223 522
Fax : (244 231) 224 454
2. Avenida Independencia
Largo Antonio da Costa
P.O. Box : 525
Lobito (best)
Tel : (244 272) 223 410 / 225 718
3. Kwanda Base
Sonangol Building
Soyo
Tel : (1 713) 600 5749 / 600 5750 (VSat)
Fax : (1 713) 600 5705 (VSat)
4. Chevron Texaco Base
Malongo
Tel : (244 222) 392 646
Fax : (244 222) 636 305
5. Avenida 21 de Janeiro
Bairro Cassenda
P.O.Box : 3682
Luanda
Tel : (244 222) 352 781
Fax : (244 222) 354 012
6. SONILS Base
Estrada da Boavista
P.O.Box : 3682
Luanda
Tel : (244 222) 310 790
Fax : (244 222) 310 526
SPECIAL NOTE
You enquired on :
PANALPINA / AIR SEA BROKERS.
Please note the correct
name is as per heading.
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%)