MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONTINENTAL CARRIERS PRIVATE LIMITED |
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Registered
Office : |
H-37, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.03.1971 |
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Com. Reg. No.: |
55-005559 |
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Capital
Investment / Paid-up Capital : |
Rs.9.200
Millions |
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CIN No.: [Company Identification
No.] |
U63013DL1971PTC005559 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELC000331C DELC06244A DELC06454A DELC07522E |
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PAN No.: [Permanent Account No.] |
AAACC0136E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Freight forwarders services, including air, ocean, and land transportation
services, brokerage and customs consulting services, specialised
logistics etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
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|
Status : |
Good |
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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 fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be correct and as per commitments. The company can be considered normal for 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
H-37, Connaught Circus, New Delhi-110001, |
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Tel. No.: |
91-11-43394400 |
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Fax No.: |
91-11-43394499 |
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E-Mail : |
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Corporate Office 1: |
RZ-293 A, |
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Tel. No.: |
91-11-43392200 |
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Fax No.: |
91-11-43392298/43392299 |
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E-Mail : |
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Corporate Office : |
Also Located At:
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DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Vipin Vohra |
|
Designation : |
Managing Director |
|
Address : |
C-704, New Friends Colony, New Delhi-110065, |
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Date of Birth/Age : |
04.08.1955 |
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Date of Appointment : |
01.05.1989 |
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|
Name : |
Mrs. Pushpa Vohra |
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Designation : |
Director |
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Address : |
C-704, New Friends Colony, New Delhi-110065, |
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Date of Birth/Age : |
24.10.1957 |
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Date of Appointment : |
01.11.2005 |
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|
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Name : |
Mr. Vaibhav Vohra |
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Designation : |
Director |
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Address : |
C-704, New Friends Colony, New Delhi-110065, |
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Date of Birth/Age : |
04.12.1985 |
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Date of Appointment : |
01.11.2005 |
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|
Name : |
Mr. Surjit Singh |
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Designation : |
Director |
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Address : |
H.N. – K-90, |
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Date of Birth/Age : |
02.03.1950 |
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Date of Appointment : |
01.04.2009 |
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Date of Ceasing: |
28.09.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Verma |
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Designation : |
VP – Business Development and Operations |
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|
Name : |
Mr. Ashok Gupta |
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Designation : |
Vice President – Finance |
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Name : |
Mr. Amit Selot |
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Designation : |
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Name : |
Mr. Amit Tandon |
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Designation : |
General Manager – Ocean Exports |
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Name : |
Mr. R.S. Bedi |
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Designation : |
General Manager – Air Export |
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Name : |
Mr. P.K. Jain |
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Designation : |
General Manager – IT |
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Name : |
Mr. Sameer Chhabra |
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Designation : |
Business Development Manager – Air Exports |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vipin Vohra |
|
27080 |
|
Pushpa Vohra |
|
8520 |
|
Vaibhav Vohra |
|
27500 |
|
Vipin Vohra HUF |
|
1800 |
|
Viraj Vohra |
|
27100 |
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|
|
|
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Total |
|
92000 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Freight forwarders services, including air, ocean, and land
transportation services, brokerage and customs consulting services, specialised
logistics etc. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.K. Relan and Company Chartered Accountant |
|
Address : |
C-26, 1st Floor, Greater Kailash Part-1, New Delhi-110048, |
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Tel. No.: |
91-11-29238055 |
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Fax No.: |
91-11-29238059 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
92000 |
Equity Shares |
Rs.100/- each |
Rs.9.200
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.200 |
9.200 |
9.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
276.718 |
268.030 |
255.778 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
285.918 |
277.230 |
264.978 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
49.139 |
14.622 |
28.242 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
15.158 |
|
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TOTAL BORROWING |
49.139 |
14.622 |
43.400 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
335.057 |
291.852 |
308.378 |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
13.772 |
14.561 |
15.572 |
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Capital work-in-progress |
13.860 |
4.003 |
0.000 |
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|
|
|
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INVESTMENT |
113.030 |
130.188 |
146.523 |
|
|
DEFERREX TAX ASSETS |
1.378 |
0.853 |
0.887 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
198.272
|
148.340 |
193.363 |
|
|
Cash & Bank Balances |
97.791
|
50.571 |
43.040 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
88.540
|
74.797 |
145.693 |
|
Total
Current Assets |
384.603
|
273.708 |
382.096 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
92.190
|
55.741 |
|
|
|
Other Current Liabilities |
11.327
|
13.817 |
100.710 |
|
|
Provisions |
88.069
|
61.903 |
135.990 |
|
Total
Current Liabilities |
191.586
|
131.461 |
236.700 |
|
|
Net Current Assets |
193.017
|
142.247 |
145.396 |
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
335.057 |
291.852 |
308.378 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
1103.437 |
|
|
|
Other Income |
|
|
34.362 |
|
|
|
TOTAL (A) |
1017.094 |
960.383 |
1137.799 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
931.765 |
|
|
|
General Administration Expenses |
959.319 |
911.923 |
67.642 |
|
|
|
Staff and Personal Expenses |
|
|
69.092 |
|
|
|
TOTAL (B) |
959.319 |
911.923 |
1068.499 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
69.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
0.938 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
68.362 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
4.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
57.775 |
48.460 |
63.807 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.575 |
NA |
15.803 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
43.200 |
NA |
48.004 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
2.695 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
6.500 |
|
|
|
Proposed Dividend |
NA |
NA |
20.240 |
|
|
|
Tax on Dividend For 2006-2007 |
NA |
NA |
1.503 |
|
|
|
Tax on Dividend For 2007-2008 |
NA |
NA |
3.439 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
19.017 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
198.890 |
274.738 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
469 |
NA |
522 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.25
|
NA |
4.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
5.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.50
|
16.81 |
16.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.17 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.84
|
0.53 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00
|
2.08 |
1.61 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from RZ-293 A- Block,
Mahipalpur Extension, New Delhi-110037,
OPERATIONS:
During the year under consideration, the company has carried on the
business successfully and during the year the total income of the company is
Rs.1017.094 millions, against Rs.960.383 millions of last year. The net profit
of the company before tax during the years is Rs.57.775 millions as against
Rs.48.460 millions.
Fixed Assets:
- Furniture and
Fixtures
- Electrical
Equipments
- Office
Equipments
- Computer
- Cycle
- Air
Conditioner
- Scooter Motor
Cycle
- Motor Cars
- Trucks
- Type Writers
- Fax Machine
- Pagers
- Weighting
Scale
- Television
Set
- Pump Set
AS PER WEBSITE DETAILS:
PROFILE:
The dream and far sighted vision
of late Mr. T.N. Vohra to bring
the business, and trade, in India, at par with the latest developments in the
world in the field of logistics management led to the setting up 'Continental
Carriers' in 1957. Today we look back upon our half-a-century-old heritage with
a sense of pride and reconfirm our resolve to continue to strive for
excellence.
The baton passed on, upon the sad
and sudden demise of Mr. T.N. Vohra
in December 2005, to a very competent and worthy successor in Mr. Vipin Vohra,
who had already spent 30 years with the Continental Group under the able
guidance of his illlustrious father.
Subject Group has always
endeavored to be ahead of the competition in meeting the ever-growing
challenges and responding to the ever changing dynamics in the logistics arena.
Subject Group has sustained its
philosophy of 'Customer Oriented Thinking and Solution Oriented Working' by
adherence to the work ethics.
They enjoy ISO-9001
certification since 1999.
A wide network of branches all
over
They derive their strength from
their valued patrons, associates across the globe, major carriers and a team of
dedicated, highly motivated and qualified personnel.
CONTINENTAL CARRIERS BECOMES THE
FIRST INDIAN COMPANY IN LOGISTICS TO RECEIVE THIS STANDARD
Indian
logistics major Continental Carriers has been awarded the prestigious ISO
9001:2000 Continental thus, becomes one of the first freight forwarding
companies in
Started
in 1957, Continental is one of the leading freight forwarding companies in
Continental
has been ranked consistently amongst the top IATA agents of the country.
Continental Carriers has been top agents for major airlines like Lufthansa,
SAS, Air
The implementation
of this quality standard was supervised by World's topmost quality
organisation, the
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.44.93 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
6 |
|
--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 |
|
53 |
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.