MIRA
INFORM REPORT
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Report Date : |
24.05.2007 |
IDENTIFICATION DETAILS
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Name : |
GATEWAY RAIL FREIGHT PRIVATE LIMITED |
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Formerly Known As : |
RAG FREIGHT SERVICES PRIVATE LIMITED |
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Registered Office : |
R – 125, 1st Floor, Greater Kailash, Part – 1, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.07.2005 |
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Com. Reg. No.: |
55-138598 |
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CIN No.: [Company
Identification No.] |
U60231DL2005PLC138598 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Subject will construct and operate the rail
linked double stack container terminal at Garhi Harsaru, near Gurgaon. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 400 |
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Status : |
New project |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Although subject is a new company. It has been promoted by strong
promoters. They have the capability to raise require finance for the project. As
such they have strong capital base. The project is in it’s initial stage of
operation. It’s payment’s are required as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions on merits. |
LOCATIONS
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Registered Office : |
R – 125, 1st Floor, Greater Kailash, Part – 1, |
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Tel. No.: |
91-11-5162000 |
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Website : |
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Corporate Office : |
17, Ahluwalia Chambers, Ground Floor, L. S. C., Pushp Vihar, New Delhi
– 110062, India |
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Tel. No.: |
91-11-40554400 |
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Fax No.: |
91-11-29962850 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Prem Kishandass Gupta |
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Designation : |
Managing Director |
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Address : |
94, Sainik Farm, Khanpur – 110062, |
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Date of Birth/Age : |
22.02.1958 |
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Date of Appointment : |
02.05.2006 |
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Other Directorship : |
Prism International Private Limited U74899DL1994PTC061703 Perfect Communications Private Limited U74899DL1990PTC039124 Fortune Technology Investments India Private Limited U65993MH2000PTC126495 Star Cineplex Private Limited U45209MH1999PTC122594 Gateway East India Private Limited U1909AP1994PTC017523 Gateway Distriparks [South] Private Limited U35111KA1996PTC020576 Gateway Distriparks Limited L74899DL1994PLC058308 |
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Name : |
Mr. Gopinath Pillai |
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Designation : |
Director |
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Address : |
67, |
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Date of Birth/Age : |
18.09.1937 |
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Date of Appointment : |
02.05.2006 |
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Other Directorship : |
Gateway East India Private Limited U1909AP1994PTC017523 Gateway Distriparks [South] Private Limited U35111KA1996PTC020576 Gateway Distriparks Limited L74899DL1994PLC058308 |
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Name : |
Mr. Shabbir Hakimuddin Hassanbhai |
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Designation : |
Director |
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Address : |
36, |
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Date of Birth/Age : |
10.11.1946 |
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Date of Appointment : |
21.07.2006 |
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Name : |
Mr. Ankit Gupta |
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Designation : |
Promoter Director |
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Address : |
B-3/70, Ashok Vihar, Phase – II, |
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Date of Birth/Age : |
29.08.1985 |
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Date of Appointment : |
12.07.2005 |
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Name : |
Mr. Deepak Goel |
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Designation : |
Promoter Director |
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Address : |
A-2/25, Paschim Vihar, |
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Date of Birth/Age : |
15.10.1967 |
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Date of Appointment : |
12.07.2005 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Ankit Gupta |
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5000 |
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Mr. Deepak Goel |
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5000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Subject will construct and operate the rail linked
double stack container terminal at Garhi Harsaru, near Gurgaon. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
20 |
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Bankers : |
State Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A. K. Chadha and Associates Chartered Accountants |
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Address : |
304, 1/18, B, |
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Parent Company : |
Gateway Distriparks Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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109000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1090.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
As the subject is a new company no financials are available. Mr. Vishal
Sharma, Mr. Amit Kumar and Mr. N C Chopra assured to update the require details
but so far not provided.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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12.07.2005 to
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.005 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.105 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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0.105 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.101 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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0.101 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.004 |
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Provisions |
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0.003 |
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Total
Current Liabilities |
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0.007 |
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Net Current Assets |
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0.094 |
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MISCELLANEOUS EXPENSES |
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0.011 |
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TOTAL |
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0.105 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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12.07.2005 to
31.03.2006 |
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Sales Turnover |
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1385.800 |
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Other Income |
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0.016 |
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Total Income |
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1385.816 |
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Profit/(Loss) Before Tax |
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0.005 |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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0.005 |
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Expenditures : |
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Payment to Auditors |
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0.004 |
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Other Expenditure |
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0.007 |
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Total Expenditure |
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0.011 |
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KEY RATIOS
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PARTICULARS |
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12.07.2005 to
31.03.2006 |
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PAT / Total Income |
(%) |
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0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.95 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.07 |
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Current Ratio (Current Asset/Current Liability) |
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14.43 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the Company has been shifted from A-2/25,
Paschim Vihar,
RAIL-LINKED LOGISTICS PARK FOR GURGAON (Gateway Rail Freight
Private Limited and the Container Corporation of
(
Concor, Gateway Rail form venture for container terminal
Bureau
Move aimed at consolidating cargo
volumes of north
Joint
Venture
Gateway Rail acquired a rail container operating licence
last year.
Project
Details
"The terminal would be built with an investment of Rs
700 Millions, with an equity element of Rs 210 Millions," said Mr R.K.
Mehrotra, Managing Director, Concor. Gateway Rail and Concor will have
shareholding in the ratio of 51:49 respectively in this venture. The depot is
expected to be in place in one year, he said in a press conference here today.
Regarding
Project :
The terminal will be spread over an area of about 100 acres
and will have a rail handling and transshipment terminal, an ICD, multiple
container freight station, warehouse complex and a domestic cargo hub. It will
also have a large warehousing complex for both bonded and transit cargo with
separate facilities for cold storage, reefer containers and for domestic cargo.
The move is aimed at consolidating cargo volumes of north
It will also be developed as a hub for rail transport of
cars and two-wheelers between north
Concor, which had entered into an agreement with NYK Liner
for offering automobile services with specially designed wagons, stated that
the joint venture company would supplement the agreement with NYK. "Our
MoU with NYK allows us to get additional strategic partners as well," he
said.
Other
Facts of the Projects
On whether Concor is talking to Pipavav Rail Corporation
(another company with rail container operations licence), which has specially
designed containers to be able to move more cars in a rake, Mr Mehrotra said,
"We are open to talks with everybody including Pipavav Rail."
Access
to operators
Other container operators would be allowed to use the
terminal facilities depending on capacity availability, Mr Gopinath Pillai,
Chairman, Gateway Distriparks said, declining to divulge the access charges.
The terminal will cater to the industrial areas of
Gateway Rail has already placed order for two rakes (each
rake consisting of 45 wagons), one of which is expected to be delivered within
two weeks, Mr Pillai said.
This agreement replaces the existing agreement between
Concor and Gateway Distriparks on train operations from ICD Garhi Harsaru.
Gateway Distriparks has an operational rail-linked ICD at this location.
Currently, Concor provides rail connectivity to this ICD. The operation of this
ICD will be taken over by the joint venture company. Rail operations will now
be done jointly by Gateway Rail and Concor.
Parent Company
Gateway Distriparks Limited is a port-based logistics
support services company based in
No:R-215, Ist Floor Greater
Kailash Part I
Key Stats & Ratios
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Quarterly |
Annual |
Annual |
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Net Profit Margin |
36.13%
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41.29%
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41.29%
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Operating Margin |
44.01%
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48.77%
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48.77%
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EBITD Margin |
- |
56.91%
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56.91%
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Return on Average Assets |
- |
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Return on Average Equity |
- |
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Management
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Christopher S. Verma |
Chief Executive Officer |
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Prem K. Gupta |
Deputy Chairman of the Board, Managing Director |
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R. Kumar |
Chief Financial Officer, Compliance Officer, Secretary |
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Kartik Aiyer |
General Manager - Finance & Accounts |
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Biswajit Chakravarty |
Sr. General Manager- Operations |
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Jacob Thomas |
General Manager- Operations |
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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.40.90 |
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1 |
Rs.80.78 |
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Euro |
1 |
Rs.55.18 |
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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