MIRA
INFORM REPORT
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Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
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Name : |
CARGO SERVICE CENTER INDIA PRIVATE LIMITED |
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Registered
Office : |
301-303, RangoliComplex, App Air Cargo Complex, Sahar Road, Andheri (East),
Mumbai – 400099, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.06.1994 |
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Com. Reg. No.: |
078721 |
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Capital
Investment / Paid-up Capital : |
Rs.38.002 Millions |
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CIN No.: [Company Identification
No.] |
U63010MH1994PTC078721 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10612A |
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PAN No.: [Permanent Account No.] |
AAACC4945M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of Cargo handling |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 723880 |
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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 an established company having satisfactory track. General
financial position of the company is good. Trade relations are reported as fair.
Business is active. Payments are reported to be usually 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.
INFORMATION PARTED BY
|
Name : |
Mr. Harish |
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Designation : |
Finance Manager |
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Contact No.: |
91-22-40433900 |
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Date : |
15.06.2011 |
LOCATIONS
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Registered Office : |
301-303, RangoliComplex, App Air Cargo Complex, Sahar Road, Andheri
(East), Mumbai – 400099, Maharashtra, India |
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Tel. No.: |
91-22-40433900 / 6 |
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Fax No.: |
91-22-29205768 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 12.06.2010
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Name : |
Mr. Nicolaas Adri Anus Maria Van Weringen |
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Designation : |
Director |
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Address : |
Rondehoep Oost 16, 1191 KB Ouderkerk, A/D Amstelveen, The Netherlands |
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Date of Birth/Age : |
18.05.1956 |
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Date of Appointment : |
26.09.2001 |
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Name : |
Mr. Jozef Veenstra |
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Designation : |
Director |
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Address : |
Driehuizerkerkweg 30 1985 El Driehuis, The Netherlands |
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Date of Birth/Age : |
26.02.1967 |
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Date of Appointment : |
16.06.2006 |
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Date of Ceasing: |
15.12.2009 |
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Name : |
Mr. Tushar K Jani |
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Designation : |
Director |
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Address : |
10 Ram Niwas, Sion (Sion), Mumbai – 400022, Maharashtra, India |
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Date of Birth/Age : |
29.04.1953 |
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Date of Appointment : |
29.08.2007 |
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Name : |
Mr. Khushroo M Dubash |
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Designation : |
Director |
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Address : |
402, Samudra Pooja Theosophical Colony, Juhu Tara Road, Juhu, Mumbai -
400049, Maharashtra, India |
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Date of Birth/Age : |
19.06.1954 |
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Date of Appointment : |
05.02.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Harish |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.06.2010
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Names of Shareholders |
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No. of Shares |
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Blue Yonder IX B.V, The Netherlands |
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1862100 |
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Tushar K Jani |
|
988057 |
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Khushroo M Dubash |
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950061 |
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Total |
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3800218 |
AS ON 12.06.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
49.00 |
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Directors or relatives of Directors |
51.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service Provider of Cargo handling |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL INFORMATION
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No. of Employees : |
400 (Approximately) |
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Bankers : |
State Bank of India, Andheri (East) |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Yashpal Kumar and Company Chartered Accountant |
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Address : |
101 - B, Mittal Towers, B – Wing, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-2047579/2826807 |
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Fax No.: |
91-22-2854837 |
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Subsidiaries : |
Delhi Cargo Centre India
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2850325 |
Equity Shares |
Rs.10/- each |
Rs.28.503
Millions |
|
949893 |
Special Equity Shares |
Rs.10/- each |
Rs.9.499
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
220.000 |
Expected Sales (2011-2012) : Rs.450.000 Millions
The above information has been parted by Mr. Harish (Finance Manager).
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 |
38.002 |
38.002 |
38.002 |
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2] Share Application Money |
0.000 |
0.000 |
0.00 |
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3] Reserves & Surplus |
142.968 |
90.561 |
72.188 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
180.970 |
128.563 |
110.190 |
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LOAN FUNDS |
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1] Secured Loans |
21.325 |
0.000 |
0.000 |
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2] Unsecured Loans |
230.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
251.325 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
432.295 |
128.563 |
110.190 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.051 |
16.143 |
18.113 |
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Capital work-in-progress |
80.490 |
0.000 |
0.000 |
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INVESTMENT |
257.594 |
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
|
0.000 |
0.000 |
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Sundry Debtors |
36.822
|
22.348 |
31.717 |
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Cash & Bank Balances |
79.727
|
120.891 |
55.443 |
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Other Current Assets |
0.717
|
1.395 |
1.114 |
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Loans & Advances |
138.765
|
99.741 |
85.643 |
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Total
Current Assets |
256.031
|
244.375 |
173.917 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
36.759
|
28.931 |
26.550 |
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Other Current Liabilities |
42.436
|
3.518 |
2.613 |
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Provisions |
109.766
|
99.642 |
52.858 |
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Total
Current Liabilities |
188.961
|
132.091 |
82.021 |
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Net Current Assets |
67.070
|
112.284 |
91.896 |
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MISCELLANEOUS EXPENSES |
0.090 |
0.136 |
0.181 |
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TOTAL |
432.295 |
128.563 |
110.190 |
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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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GROSS OPERATIONAL AND OTHER REVENUE |
263.868 |
238.288 |
204.856 |
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Less |
EXPENSES |
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TOTAL |
180.118 |
156.196 |
130.082 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
83.750 |
82.092 |
74.774 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
4.340 |
4.278 |
2.808 |
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PROFIT BEFORE
TAX |
79.410 |
77.814 |
71.966 |
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Less |
TAX |
28.850 |
28.058 |
25.795 |
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PROFIT AFTER TAX
|
50.560 |
49.756 |
46.171 |
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Add/ Less: |
PROVISION FOR BONUS OF EARLIER YEARS |
1.875 |
(0.103) |
0.768 |
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Less |
PRIOR PERIOD ADJUSTMENT |
(0.028) |
0.822 |
0.133 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
41.460 |
28.134 |
46.806 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
5.241 |
5.048 |
4.681 |
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Interim Dividend |
0.000 |
11.432 |
51.387 |
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Proposed Dividend |
0.000 |
16.005 |
0.000 |
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Corporate Dividend Tax |
0.000 |
4.663 |
8.733 |
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BALANCE CARRIED
TO THE B/S |
93.867 |
78.609 |
28.135 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
19.16
|
20.88 |
22.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.05
|
29.87 |
37.39 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.60 |
0.65 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.43
|
1.03 |
0.74 |
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Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.85 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for Expenses |
36.759
|
28.931 |
26.550 |
Review of Operation:
The year 2009-10 was very significant for the
company operation in India. They were awarded two major projects in international
airport. On April 2010 the company signed concession agreement Mumbai
international Airport Private Limited to
design, construct, develop and manage center for perishable Cargo at Mumbai
International Airport for five years and on 19th November, 2009 they
signed an agreement with Delhi International Airport Private Limited to design,
construct, develop, operate and manage the Greenfield Cargo Terminal for period
of 25 years. In this regard the company has formed a joint venture company (Delhi
Cargo Service Centre Private Limited) with DIAL for the said project as per the
terms of the concession agreement. The new Joint Venture Company will be the
first subsidiary of the company.
The main operations of both the projects are
expected to start in the year 2010-11. The directors are making consistent
efforts to execute the project on time.
During the financial year 2009-10, on
standalone basis, the company posted total revenue of Rs.263.866 millions as
compared to Rs. 238.286 Millions in the previous year registering a growth of
10.74% over the last year. The profit after tax was Rs.50.561 Millions Against
Rs.49.756 millions in the previous year.
The directors are putting in consistent
efforts to present better financial result in the for the coming years.
FIXED ASSETS:
·
Office Equipments
·
Computers
·
Computer – Software
·
Electrical Fittings
·
Furniture and Fixtures
·
Vehicles, Jeep, Forklifts
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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.