%20LIMITED%20138352%2008-Apr-2011_files/image006.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
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Name : |
CONTINENTAL WAREHOUSING CORPORATION (NHAVA SEVA) LIMITED |
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Registered
Office : |
Plot No. D-1088, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.05.1997 |
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Com. Reg. No.: |
11-108197 |
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CIN No.: [Company Identification
No.] |
U63090MH1997PLC108197 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC11154D |
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PAN No.: [Permanent Account No.] |
AAACC5849C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Provides Marine Cargo Handling
Services |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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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 7753000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
General financial position is satisfactory. Trade relations are reported as
fair. Business is active. Payments are reported to be correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DENIED BY
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Name : |
Mr. Santosh Jain |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-67937777 |
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Date : |
05.04.2011 |
LOCATIONS
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Registered Office : |
Plot No. D-1088, Khopta Village, Taluka Uran, Raigad District, Navi
Mumbai – 400702, Maharashtra, India |
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Tel. No.: |
91-22-67937777 |
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Fax No.: |
91-22-67937727 |
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E-Mail : |
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Website : |
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Branches : |
Located at
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DIRECTORS
As on 29.09.2010
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Name : |
Mr. Adikesavulu Naidu Reddy |
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Designation : |
Managing Director and Chairman |
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Address : |
AB 12, |
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Date of Appointment : |
23.05.1997 |
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Name : |
Mr. Mosali Konda Reddy |
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Designation : |
Director |
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Address : |
Flat No. 304 A, Block H. No. 7-1-38, Amsri Residency, Shyam Karam
Road, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India |
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Date of Appointment : |
23.05.1997 |
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Name : |
Mr. Venkatanarasa Naidu Reddy |
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Designation : |
Director |
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Address : |
H. No. 24/II – 116, Santhi Nagar, |
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Date of Appointment : |
23.05.1997 |
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Name : |
Mr. Darayush Keki Jalnawalla |
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Designation : |
Whole-time Director |
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Address : |
203, Garden View, 2nd Floor, Somnath Lane, Off |
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Date of Appointment : |
28.10.2004 |
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Name : |
Ms. Archana Niranjan Hingorani |
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Designation : |
Nominee Director |
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Address : |
10, Jeevan Dhara, |
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Date of Appointment : |
15.05.2006 |
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Name : |
Ms. Jyotsna Kumar |
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Designation : |
Nominee Director |
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Address : |
E-72, |
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Date of Appointment : |
08.09.2008 |
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Name : |
Mr. Chandrasekar Kandasamy |
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Designation : |
Nominee Director |
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Address : |
Villa 17, Phase 1, Palm Meadows, |
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Date of Appointment : |
30.07.2009 |
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Name : |
Mr. Balaji Srinivas |
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Designation : |
Nominee Director |
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Address : |
L-31, Diamond District, |
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Date of Appointment : |
30.07.2009 |
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Name : |
Mr. Amrutesh Reddy Naidu |
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Designation : |
Director |
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Address : |
No. 13/A, |
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Date of Appointment : |
30.07.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Equity
Shares |
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Mr. Adikesavulu Naidu Reddy |
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27623238 |
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Mr. Mosali Konda Reddy |
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100 |
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Mr. D. Ramaniah |
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100 |
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Mr. M. Easwariah |
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100 |
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Mr. M. Venureddy |
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100 |
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Continental Warehousing Corporation Limited ( |
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1119369 |
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Saastha Warehousing Limited ( |
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42000 |
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NDR Warehousing Private Limited ( |
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3050000 |
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IL and FS Trust Company Limited ( |
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2376122 |
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Mr. Amrutesh Reddy |
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3513693 |
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Aureos South Asia Fund (Holdings) L.L.C. ( |
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33 |
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Aureos Offshore |
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10 |
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Aureos India Trustees Private Limited ( |
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5 |
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EPlanet Ventures II L.P. ( |
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28 |
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IL and FS Private Equity ( |
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24 |
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Total |
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37724922 |
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Names of Shareholders |
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No. of
Preference Shares |
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IL and FS Trust Company Private Limited |
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3020000 |
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IVC Employees Welfare Trust |
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350000 |
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Mr. Arun K. Saha and Mr. Vibhav Kapoor as Trustee of IL and FS
Employees Welfare Trust |
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350000 |
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Aureos South Asia Fund (Holdings) L.L.C. ( |
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8932000 |
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Aureos Offshore |
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2847430 |
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Aureos India Trustees Private Limited ( |
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1330857 |
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EPlanet Ventures II L.P. ( |
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7604000 |
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Total |
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24434287 |
As on 29.09.2010
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Category |
Percentage |
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Bodies corporate |
17.46 |
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Directors or relatives of Directors |
82.54 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provides Marine Cargo Handling
Services |
GENERAL INFORMATION
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No. of Employees : |
Information Not divulged by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
Axis Trustee Services Limited, |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, |
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Holding Company : |
Continental Warehousing Corporation Limited* (till July 11, 2009) |
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Associates : |
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Subsidiaries : |
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Note :- * indicates parties with whom transactions were conducted during
the year.
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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47000000 |
Equity Shares |
Rs.10/- each |
Rs.470.000 Millions |
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24500000 |
Preference Shares |
Rs.10/- each |
Rs.245.000 Millions |
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Total |
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Rs.715.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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37724922 |
Equity Shares |
Rs.10/- each |
Rs.377.249
Millions |
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24434287 |
Preference Shares |
Rs.10/- each |
Rs.244.343
Millions |
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Total |
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Rs.621.592 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
621.592 |
589.448 |
589.448 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1316.637 |
649.606 |
302.174 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1938.229 |
1239.054 |
891.622 |
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LOAN FUNDS |
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1] Secured Loans |
754.832 |
424.965 |
527.610 |
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2] Unsecured Loans |
8.147 |
8.147 |
8.332 |
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TOTAL BORROWING |
762.979 |
433.112 |
535.942 |
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DEFERRED TAX LIABILITIES |
31.371 |
10.506 |
7.842 |
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TOTAL |
2732.579 |
1682.672 |
1435.406 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1579.180 |
1325.303 |
1274.984 |
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Capital work-in-progress |
838.032 |
260.330 |
123.038 |
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INVESTMENT |
87.210 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
144.328
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65.804 |
47.708 |
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Cash & Bank Balances |
175.789
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44.645 |
19.553 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
142.904
|
91.143 |
38.612 |
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Total
Current Assets |
463.021
|
201.592 |
105.873 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
159.485 |
62.244 |
35.510 |
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Other Current Liabilities |
31.078
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17.200 |
18.823 |
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Provisions |
44.445
|
25.282 |
14.358 |
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Total
Current Liabilities |
235.008
|
104.726 |
68.691 |
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Net Current Assets |
228.013
|
96.866 |
37.182 |
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MISCELLANEOUS EXPENSES |
0.144 |
0.173 |
0.202 |
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TOTAL |
2732.579 |
1682.672 |
1435.406 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1044.783 |
912.570 |
632.175 |
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Other Income |
72.975 |
34.436 |
3.391 |
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TOTAL (A) |
1117.758 |
947.006 |
635.566 |
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Less |
EXPENSES |
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Personnel Costs |
55.248 |
38.191 |
19.759 |
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Operating and Administrative expenses |
576.346 |
429.309 |
309.880 |
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TOTAL (B) |
631.594 |
467.500 |
329.639 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
486.164 |
479.506 |
305.927 |
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Less |
FINANCIAL
EXPENSES (D) |
34.339 |
51.813 |
60.985 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
451.825 |
427.693 |
244.942 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
(13.371) |
30.030 |
22.221 |
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PROFIT BEFORE
TAX (E-F) (G) |
465.196 |
397.663 |
222.721 |
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Less |
TAX (I) |
103.865 |
50.231 |
32.054 |
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PROFIT AFTER TAX
(G-I) (J) |
361.331 |
347.432 |
190.667 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
353.259 |
160.884 |
8.350 |
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Less |
APPROPRIATIONS |
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Transfer to Optionally convertible
Preference Shares Redemption Reserve |
0.000 |
155.057 |
38.133 |
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Transfer to Capital Redemption Reserve |
175.000 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
539.590 |
353.259 |
160.884 |
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Earnings Per
Share (Rs.) |
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Basic |
9.58 |
9.21 |
5.05 |
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Diluted |
6.66 |
8.32 |
4.61 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
32.33
|
36.69 |
30.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
44.52
|
43.58 |
35.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.78
|
26.04 |
16.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.32 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.43 |
0.68 |
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Current Ratio (Current Asset/Current Liability) |
|
1.97
|
1.92 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Due to Micro and Small enterprises |
158.845 |
60.481 |
33.951 |
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Due to others |
0.640 |
1.763 |
1.559 |
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Total |
159.485 |
62.244 |
35.510 |
OPERATIONS :
FY 10 was a year of consolidation and recovery for most of
the sectors. In line with the overall industrial scenario, the company also maintained
a steady performance. The company used the opportunity to consolidate its
operations and build on its strengths,
it is heartening to note that the company continued to maintain
growth even
under difficult conditions.
FORM 8 :
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10240008 |
|
Corporate
identity number of the company |
U63090MH1997PLC108197 |
|
Name of the
company |
CONTINENTAL WAREHOUSING CORPORATION (NHAVA SEVA) LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. D-1088, Khopta Village, Taluka Uran, Raigad District, Navi
Mumbai – 400702, Maharashtra, India |
|
Type of charge |
Immovable
Property |
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Particular of
charge holder |
Axis Trustee Services Limited, |
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Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed but an equitable mortgage by way of deposit of title deeds has been
created in favour of Axis Trustee Services for the benefit of Axis Bank, IDBI
Bank and L and T Infrastructure Finance. |
|
Date of
instrument Creating the charge |
30.11.2010 |
|
Amount secured by
the charge |
Rs.1870.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per the
respective Sanction Letters of IDBI Bank Limited, Axis Bank Limited and L and
T Infrastructure Finance Company Limited. Terms of
Repayment : As per the
respective Sanction Letters of IDBI Bank Limited, Axis Bank Limited and L and
T Infrastructure Finance Company Limited. Margin : As per the respective
Sanction Letters of IDBI Bank Limited, Axis Bank Limited and L and T
Infrastructure Finance Company Limited. Extent and
Operation of the charge : First pari passu
charge for securing the term loan facilities agg. Rs. 1475.000 Millions and
Second pari passu charge for securing Working capital facilities agg. Rs.
395.000 Millions. Others : As per the
respective Sanction Letters of IDBI Bank Limited, Axis Bank Limited and L and
T Infrastructure Finance Company Limited. |
|
Short particulars
of the property charged |
|
|
Particulars of
the present modification |
The First pari
passu/second pari passu charge has been extended on the freehold immovable
properties of the Company situate at Jamnagar vide equitable mortgage in
favour of Axis Trustee for the benefit of Lenders Axis Bank, IDBI and L and T
Infrastructure Finance for securing TL/WC facilities agg. Rs. 1870.000
Millions. |
FIXED ASSETS :
- Buildings
- Yard
Equipment
- Plant and
Machinery
- Electrical
Installation
- Office
Equipments
- Computers
- Furniture and
Fixtures
- Vehicles
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
|
|
1 |
Rs.71.97 |
|
Euro |
1 |
Rs.63.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.