MIRA
INFORM REPORT
|
Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EASTERN CARGO CARRIERS INDIA PRIVATE LIMITED |
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Registered Office : |
Unit No.26-46, Adarsh Industrial Estate, Sahar Road, Andheri (East),
Mumbai – 400 099, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.01.1992 |
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Com. Reg. No.: |
11-64729 |
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CIN No.: [Company
Identification No.] |
U63010MH1992PTC064729 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME03975G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Freight Forwarding Agents |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 190000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track
records. Trade relations are fair. Business is active. No complaints have
been heard. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Mukesh Shah |
|
Designation : |
Chief Executive Officer |
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Contact No.: |
Mobile no.91-9821099112 |
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Date : |
17.12.2008 |
LOCATIONS
|
Registered Office : |
Unit No.26-46, Adarsh Industrial Estate, Sahar Road, Andheri (East),
Mumbai – 400 099, Maharashtra, India |
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Tel. No.: |
91-22-67539999/ 28214227 / 28 / 29 / 30 |
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Fax No.: |
91-22-28214473/ 28383968 |
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E-Mail : |
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Corporate Office : |
# 25, Adarsh Industrial Estate, Sahar Road, Andheri (East), Mumbai –
400 099, Maharashtra, India |
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Branch Office : |
Located at:
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DIRECTORS
|
Name : |
Mr. Lalit Kumar Brijnarain Seth |
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Designation : |
Whole Time Director |
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Address : |
601, Felicia, Sherly Rajan Road, Bandra (West), Mumbai – 400 050,
Maharashtra, India |
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Date of Birth/Age : |
12.09.1954 |
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Date of Appointment : |
06.01.1992 |
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DIN No.: |
00313204 |
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|
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Name : |
Mr. Alok Kumar Brijnarain Seth |
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Designation : |
Whole Time Director |
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Address : |
602, Felicia, Sherly Rajan Road, Bandra (West), Mumbai – 400 050,
Maharashtra, India |
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Date of Birth/Age : |
30.12.1960 |
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Date of Appointment : |
06.01.1992 |
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DIN No.: |
00241149 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
73.80 |
|
Other
top fifty shareholders |
|
26.20 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Freight Forwarding Agents |
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GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
--- |
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Financial Institution : |
Reliance Capital Limited, “H” Block, 1st Floor, Dhirubhai
Ambani Knowledge City, Koparkhirne, Navi Mumbai – 400 710, Maharashtra, India
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Auditors : |
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Name : |
Lalit Khanna and Company Chartered Accountants |
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Address : |
4th Floor, Commissariat Building, 231, Dr. Dadabhai Naroji
Road, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22617830 |
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Fax No.: |
91-22-22615464 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
|
605000 |
Preference Shares |
Rs.10/- each |
Rs.6.050 millions |
|
395000 |
Unclassified |
Rs.10/- each |
Rs.3.950 millions |
|
|
Total |
|
Rs.25.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1145090 |
Equity Shares |
Rs.10/- each |
Rs.11.451
millions |
|
605000 |
Preference Shares |
Rs.10/- each |
Rs.6.050
millions |
|
|
Total |
|
Rs.17.501 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
17.501 |
17.501 |
17.501 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
20.566 |
19.853 |
16.538 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38.067 |
37.354 |
34.039 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
53.234 |
34.249 |
36.730 |
|
|
2] Unsecured Loans |
1.834 |
1.475 |
1.549 |
|
|
TOTAL BORROWING |
55.068 |
35.724 |
38.279 |
|
|
DEFERRED TAX LIABILITIES |
1.957 |
1.535 |
1.279 |
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|
|
|
|
|
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TOTAL |
95.092 |
74.613 |
73.597 |
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
38.599 |
40.238 |
38.212 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.018 |
0.018 |
0.018 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
98.665
|
109.980 |
108.254 |
|
|
Cash & Bank Balances |
4.821
|
5.611 |
5.362 |
|
|
Other Current Assets |
0.011
|
0.023 |
0.014 |
|
|
Loans & Advances |
43.540
|
32.985 |
24.028 |
|
Total
Current Assets |
147.037
|
148.599 |
137.658 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
90.200
|
113.204 |
101.306 |
|
|
Provisions |
0.431
|
1.123 |
1.051 |
|
Total
Current Liabilities |
90.631
|
114.327 |
102.357 |
|
|
Net Current Assets |
56.406
|
34.272 |
35.301 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.069 |
0.085 |
0.066 |
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|
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|
|
|
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TOTAL |
95.092 |
74.613 |
73.597 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Income from Commission, Import Consol and Freight Forwarding |
|
101.630 |
73.475 |
|
|
Other Income |
|
10.187 |
8.420 |
|
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Total Income |
127.826 |
111.817 |
81.895 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2.535 |
7.001 |
7.770 |
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|
Provision for Taxation |
1.822 |
3.686 |
2.900 |
|
|
Profit/(Loss) After Tax |
0.713 |
3.315 |
4.870 |
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Earnings in Foreign Currency : |
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|
|
|
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Export Earnings |
8.770 |
6.313 |
4.454 |
|
Total Earnings |
8.770 |
6.313 |
4.454 |
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Expenditures : |
|
|
|
|
|
|
Commission and Sales Promotion Incentives
Paid |
|
51.174 |
29.268 |
|
|
Payments to and Provision for employees |
|
22.371 |
16.672 |
|
|
Sales Administrative and Other Expenses |
|
21.924 |
18.335 |
|
|
Finance Charges |
125.291 |
4.284 |
4.773 |
|
|
Bad Debts and Sundry Balances W/off |
|
1.012 |
1.288 |
|
|
Loss on sale of assets |
|
0.150 |
0.139 |
|
|
Preliminary Expenses W/off |
|
0.016 |
0.010 |
|
|
Depreciation & Amortization |
|
3.885 |
3.640 |
|
Total Expenditure |
125.291 |
104.816 |
74.125 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.56
|
2.96 |
5.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.98
|
6.89 |
10.58 |
|
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.37
|
3.71 |
4.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.19 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.83
|
4.02 |
4.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
1.30 |
1.34 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
EASTERN CARGO CARRIERS INDIA PRIVATE LIMITED |
|
Presented By |
Eastern Cargo Carriers India Private Limited |
|
1) Date and description of instrument creating the change |
The company has by
declaration created the Mortgage on the immovable Property in favour of the
Standard Chartered Bank on 30.01.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.600
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Mortgage of
residential property of the company Flat No.701 and
702, Felicia,
Sherly Rajan Road, Bandra (West), Mumbai – 400 050, Maharashtra |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Security for term
loan granted to Eastern Cargo Carriers India Private Limited Charge operates as first and paramount charge in favour of the Bank as
security for all dues under the term loan facility. |
|
5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank, 23-25, M G Road, Fort, Mumbai – 400 001 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10024906 |
|
Corporate
identity number of the company |
U63010MH1992PTC064729 |
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Name of the
company |
EASTERN CARGO CARRIERS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Unit No.26-46, Adarsh Industrial Estate, Sahar Road, Andheri (East),
Mumbai – 400 099, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Dena Bank, 67 –
A, Krishna Bhavan, Nehru Road, Vile Parle (East), Mumbai – 400 057,
Maharashtra, India E-Mail: vileas@denabank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
20.06.2008 |
|
Amount secured by
the charge |
Rs.75.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge: Extension of Mortgage by deposit of title deeds in
respect of the company’s immovable properties of Unit No. 25 and Unit No.26
admeasuring 985 sq ft each on the Ground Floor and Unit No.27 admeasuring 995 sq ft on the Ground Floor
of the building known as Adarsh Industrial Premises Co-op. Society Limited in
respect of the Bank Guarantee Limit of Rs.15.000 millions granted to Allied
Aviation International Private Limited making aggregate limit Rs.75.000
millions (i.e. Rs.60.000 millions + Rs.15.000 millions) Others: That the
Bank shall continue to hold the documents of the deeds NOT ONLY for the
diverse credit facilities of Rs.60.000 millions granted by the Bank top the
Company but also from the due repayment and discharge by Allied Aviation
International Private Limited to the Bank for sanction of fresh credit
facilities Bank Guarantee Limit of Rs.15.000 millions. All such diverse
credit facilities aggregating to Rs.75.000 millions. |
|
Short particulars
of the property charged |
Extension of
Mortgage by deposit of title deeds in respect of the company’s immovable
properties of Unit No. 25 and Unit No.26 admeasuring 985 sq ft each on the
Ground Floor and Unit No.27
admeasuring 995 sq ft on the Ground Floor of the building known as
Adarsh Industrial Premises Co-op. Society Limited in respect of the Bank
Guarantee Limit of Rs.15.000 millions granted to Allied Aviation
International Private Limited making aggregate limit Rs.75.000 millions (i.e.
Rs.60.000 millions + Rs.15.000 millions) |
FIXED ASSETS:
- Premises
- Air
Conditioner
- Office
Equipment
- Computer
- Furniture and
Fixtures
- Vehicles
WEBSITE DETAILS:
COMPANY PROFILE
Subject is a reputed IATA, FIATA, BREAK BULK AND CUSTOM BROKER in India. The
company was established in 1979 by a group of experts, knowledgeable
personnel's for expanding INTERNATIONAL BUSINESS and with a view to provide
service to the customers at a time when very few forwarders existed and fewer
still were equipped to handle the volume and diversity of cargo. They have an
extensive Network across the World, with which they are able to serve the World
swiftly, effectively and on time.
Subject is among the "TOP TEN" leading IATA Freight Forwarders in
India having a turnover of US$25 Million (10, 000 tons export and 900 tons
Import Consolidation per annum).The Head Office is 5 minutes away from Mumbai
International Airport / Cargo complex and they have the own Branch Offices in
Bangalore, Hyderabad, Ahmedabad, Indore, Coimbatore, and Chennai. They are well
aware of the distinctive characteristics, capacity, rates and services of each
individual airline and accordingly arrange transport of cargo on the most appropriate
combination of routes. Skill, experience, dedication and awareness ensures that
shipments are treated with the special consideration dictated by the nature of
the product and customers needs. They are having a 12,000 sq.Ft. Temperature
control warehouse specially made for medicines and other Pharmaceutical items
to be kept below 8? centigrade, and also have a 2000 sq.Ft warehouse close to
the Airport.
They are also experts in Charter Operations on specific request from Shippers/
Consignees/ Agent-Partners. The Sister-Company M/s. Allied Aviation represents
as GSA (General Sales Agent) to Airlines like Alitalia, Swiss Air and Polar Air
(Eastern India); Iran Air and Air-Sudan (All-India). They are also ASP for
Fedex-IP Shipments and Air France.
PRODUCTS:
They Provide services of Experts, knowledgeable personnel's for expanding
INTERNATIONAL BUSINESS and with a view to provide service to the customers.
Services :- "One?s cargo is like one?s own baby and at Eastern Cargo
Carriers they take care of the cargo like their baby." To ensure that the
cargo reaches it?s destination on time they offer you the following basket of
services :- International Priority (FEDEX Door-to-Door), Express Cargo, F.S.S.
Cargo, Competitive Rates for Export /Import Shipments, Freight (Door-to-Door
and Airport-to-Door), Chartering of Aircraft's, Remittances (Money Transfer),
Sea Freight.
1) International Priority (FedEx Door to Door) :- International priority
shipment that gets to the destination within 72 hours are handled with care by
an expert team of I.T. Professionals who are involved 24 hours to provide you
with unmatched service. This team is proud to offer the shipments proper
tracking, efficient services, timely updates with smile and style.
2) Express Cargo :- With this service they are able to handle flash
shipments of theirs, so as to give you a speedy airport delivery to the time
sensitive cargo on carriers like Lufthansa, Cross Air etc.
3) F.S.S. Cargo :- As the name expresses itself, this service is introduced
basically for cost effectiveness of the weekend uplifts into any part of U.K.,
Europe and delivery can be made early Monday morning at a much lower rate than
Express and International Priority between September and April.
4) Competitive Rates for Export /Import Shipments :- They have an
efficient and professional team to offer you the best competitive rates .Since,
they are the number one agents to many Carriers in Mumbai.
5) Freight (Door-to-Door and Airport-to-Door) :- Being IATA , FIATA,
BREAK BULK and CUSTOMER BROKER AGENT , they are capable to arrange and offer
first class transportation and logistical Services around the Globe. From
regular Air-Freight-Consolidations, Sensitive documents, Life saving drugs,
Crucial blood samples, Exhibition cargo, Groupage-Service, Import and Export,
Warehousing, Distribution and door to door services.
6) Chartering of Aircraft :- They are in a position to provide you the
aircraft's for ODC (odd dimension cargo), Heavy Load, Perishable Cargo, Loads
of any kind , to and fro for any Airport around the Globe. They are the first
company in India to operate private charters from 1989. Since, the inception of
Open Sky Policy was declared.
7) Remittances(Money Transfer) :- They are in a position to remit the
funds within 48 hours provided if all relevant documents are in order.
8) Sea Freight :- Eastern Cargo Carriers (India) Private Limited(BCC)
ocean services compliment the Air and Logistic operations. They accommodate all
ocean consignments effectively, efficiently and reliably on a global scale,
specifically designed to meet the individual needs of each client. Shippers
approaching the world of International trade for the first time, breaking into
niche or core markets will receive the benefit of Ace's vast experience and
dedicated personnel. They can complete all of the documentary requirements when
required and comply with specific Letters of Credit.
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 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] 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.47.33 |
|
UK Pound |
1 |
Rs.73.92 |
|
Euro |
1 |
Rs.66.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|