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MIRA
INFORM REPORT
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Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
CARGO PARTNER LOGISTICS (INDIA) PRIVATE LIMITED |
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Registered Office : |
5B, Express Tower, 42A, Shakespeare Sarani, Kolkata – 700017, West
Bengal. |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.10.2006 |
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Com. Reg. No.: |
111583 |
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CIN No.: [Company
Identification No.] |
U63013WB2006FTC111583 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALC05768A |
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PAN No.: [Permanent
Account No.] |
AACCC9129K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Engaged in offering air cargo services, sea
cargo services and logistics services. |
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 : |
USD 750000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and the Indian subsidiary of Safer Overseas
Transport Holding GmbH, Germany, A part of Cargo Partner Group, world-wide.
The company has strong capital base. No responsible person could be available
in office. Trade relations are fair. Payments are reported as usual correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions in view of strong promoters. |
LOCATIONS
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Registered Office : |
5B, Express Tower, 42A, Shakespeare Sarani, Kolkata – 700017, West
Bengal, India |
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Tel. No.: |
91-33-39840761 / 39840750 / 22891096 / 1224 |
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Fax No.: |
91-33-39840750 / 39840766 / 22891226 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Aalok Kumar Sinha |
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Designation : |
Director |
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Address : |
Flat No.25, Alambee 16B, Lake View Road, Kolkata – 700029, West
Bengal, India |
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Date of Birth/Age : |
06.08.1948 |
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Date of Appointment : |
19.10.2006 |
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Name : |
Mr. Grerd Richter |
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Designation : |
Director |
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Address : |
Fasanenweg 12, Stranberg – 82319 |
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Date of Birth/Age : |
23.06.1946 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 14.03.2008
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Names of Shareholders |
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No. of Shares |
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Safer Overseas Transport Holding GMBH |
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24999 |
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Aalok Kumar Sinha |
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1 |
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Total |
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25000 |
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Statement of Allotment Share |
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No. of Shares |
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Safer Overseas Transport Holding GMBH (Equity Share) |
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475000 |
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Safer Overseas Transport Holding GMBH (Preference Share) |
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500000 |
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AS ON 14.03.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Engaged in offering air cargo services, sea
cargo services and logistics services. |
GENERAL
INFORMATION
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Bankers : |
NA |
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Auditors : |
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Name : |
Mr. Abhijit Neogi Chartered Accountant |
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Address : |
6, Church Lane, Kolkata – 700001, West Bengal, India |
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Holding Company : |
Safer Overseas Transport Holding GMBH |
CAPITAL STRUCTURE
AS ON 14.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs. 100/- Each |
Rs.75.000
Millions |
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750000 |
Preference Shares |
Rs. 100/- Each |
Rs.75.000
Millions |
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Total |
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Rs.150.000
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs. 100/- Each |
Rs.75.000
Millions |
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750000 |
Preference Shares |
Rs. 100/- Each |
Rs.75.000
Millions |
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Total |
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Rs.150.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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150.000 |
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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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0.000 |
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4] (Accumulated Losses) |
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(11.893) |
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NETWORTH |
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138.107 |
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LOAN FUNDS |
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1] Secured Loans |
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2.172 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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2.172 |
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DEFERRED TAX LIABILITIES |
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0.205 |
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TOTAL |
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140.404 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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43.164 |
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Capital work-in-progress |
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4.714 |
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INVESTMENT |
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10.369 |
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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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182.956 |
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Cash & Bank Balances |
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21.582 |
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Other Current Assets |
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6.678 |
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Loans & Advances |
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7.334 |
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Total
Current Assets |
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218.55 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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135.663 |
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Provisions |
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0.650 |
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Total
Current Liabilities |
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136.313 |
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Net Current Assets |
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82.237 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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140.404 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.61 |
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Current Ratio (Current Asset/Current Liability) |
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1.60 |
LOCAL AGENCY
FURTHER INFORMATION
PRESS RELEASE
TRANSPORT-LOGISTICS-GROUP
CARGO-PARTNER SUCCESSFUL IN INDIA 20 New office in 2007
The international transport-logistics-group cargo-partner
established CARGO PARTNER LOGISTICS INDIA PVT LTD. as an independent subsidiary
in the Indian market and thus solidified its world wide presence. Within the
first business year 2007, 20 new offices were opened. The world wide operative
air and sea freight expert is therefore clearly ahead of schedule in India.
"Our IT potential was especially well received by the
market. Believing in the right Indian management was the right thing to
do," says Stefan Krauter, cargo-partner's CEO. He is very optimistic for
the current business year 2008 and is counting on a further dynamic turnover
growth of at least 25 million EUR in India. By the end of 2008 CARGO PARTNER
LOGISTICS INDIA PVT LTD. plans to increase the number of offices by a further
ten, making a total of 28.
cargo-partner CEO Stefan Krauter sees this expansion in India as a further
important and strategically logical step towards closing ranks with the leading
air and sea freight providers between continental Europe and Asia. Due to the
high level of competency of the corporation, he sees a high potential to
acquire several new major customers in India, for example in project business
and from the automotive industry. Overall, cargo-partner aims to achieve an
above average level of participation in the enormously increasing transport
business, both within India, as well as in foreign trade.
The company offers its complete range of services at all Indian offices, from
air and sea cargo services, road transportation, ship charter, heavy and
specialty cargo transportation, to customs handling and integrated warehouse
logistics services.
Stefan Krauter points out that the Indian economy will experience a strong
long-term growth, in terms of foreign trade at least in double digits, and
until 2030 may well become the third largest national economy in the world.
cargo-partner aims to establish a strong back bone in the Indian market for
European corporations. cargo-partner in India was very quickly interlinked to
corporation internal organizations in Europe, China and the agent's network in
the US.
Stefan Krauter on the medium-term expectations for the future: 'We expect the
India-potential to make out approximately one tenth of that of China, however
in absolute numbers this would still be huge. Henceforth we are perfectly
positioned within these two large markets and as one of the First Movers in
India can cover all transport activities, and in particular also the up- and
downstream areas.'
cargo-partner group is already represented by 57 offices in 17 European
countries with 1.325 employees as well as - among separate Holding - 30 offices
with 328 employees in India, China and New York.
cargo-partner Locations in India:
Eastern India: Kolkata (Headoffice), Hyderabad, Haldia
Southern India: Bangalore, Coimbatore, Chennai, Tirupur,
Tuticorin, Karur
Western India: Pune, Mumbai, Ahmedabad, Nava Sheva, Baroda,
Aurangabad, Mundra
Northern India: Delhi, Panipat, Ludhiana, Kanpur
CARGO-PARTNER AG LAUNCHES SUBSIDIARY IN INDIA
Aims at Rs 100-cr turnover in
'07-08
Kolkata Jan. 30 The Austria-based Cargo-Partner AG, one of Europe's
privately owned global logistics company with widespread activities in eastern
and central Europe, has launched its wholly-owned Indian subsidiary, Cargo
Partner Logistics India Pvt Ltd (CPLI).
Headquartered in Kolkata, CPLI has opened nine branches in
different locations in the country, employing 60 professionals.
More branches
"We have plans to open five more branches and recruit another
80-90 people and hope to post a turnover of Rs 100 crore in 2007-08," Mr
Aloke Sinha, Managing Director of CPLI, told newspersons here on Tuesday.
"Air cargo and ocean freighting will have almost equal
shares," he said.
Mr Stefan Krauter, Chairman of Cargo-Partner AG, exuded optimism
about the business prospects in India. "We are looking at big market
opportunities in India," he said.
He conceded that the logistics scene in India was witnessing
intense competition but that would be no cause of concern to CPLI. While India
holds out opportunities, poor port development and not-so-satisfactory inland
infrastructure, in his opinion, continue to cause concern. The high rate of
taxation too acts as a disincentive. He, however, felt that the Government was
alive to these issues and would take necessary measures in due course.
Mega box ships
The emergence of mega container ships, Mr Krauter felt, would
change the world's shipping pattern, with only a handful of ports being capable
of handling such ships.
In Europe, he is not sure if any port other than Rotterdam would
be in a position to handle these ships. As a result, many of the present
4,000-TEU/5,000-TEU vessels would be free for operation on the shorter routes,
for example, India-Mediterranean sector. Black Sea ports too would emerge
important with Hungary and Austria handling a lot of container traffic.
Eco protection
Another area, which receives attention is the environment
protection issues. "We're talking to Brussels to change the legal
conditions under which we're now operating", he said.
Replying to the criticism that Cargo-Partner arrived in India
late, its Executive Director, Mr Gerd Richter, said that the company had been
operating in the country for a long time through agents and did business worth
about $7.5 million annually.
"With the launching of the fully owned Indian subsidiary, the
agency arrangement will go," he said.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.43.38 |
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UK Pound |
1 |
Rs.81.34 |
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Euro |
1 |
Rs.64.55 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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50 |
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%)
RATING
EXPLANATIONS
|
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. |
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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