MIRA INFORM REPORT
|
Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
LOGWIN AIR AND OCEAN INDIA PRIVATE LIMITED (w.e.f.
03.06.2008) |
|
|
|
|
Formerly Known
As : |
BIRKART LOGISTICS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Jeena House, Plot 170, Om Nagar, Andheri (East), Mumbai – 400099,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-179861 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63000MH2008PTC179861 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Freight Forwarding Services |
|
|
|
|
No. of Employees
: |
65 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. The financial position of the company appears to be good. Trade relations are reported as decent. Business is active. Payment
terms are usually correct and as per commitment. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Bruno Suresh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-66179100 |
|
Date : |
02.02.2013 |
LOCATIONS
|
Registered Office/Head Office : |
Jeena House, Plot 170, Om Nagar, Andheri (East), Mumbai – 400099,
Maharashtra, India |
|
Tel. No.: |
91-22-39529100 |
|
Fax No.: |
91-22-39529101 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 sq. ft |
|
Location : |
Rented |
|
|
|
|
Corporate Office : |
Elphinston Building, 1st Floor 10, Veer Nariman Road, Fort,
Mumbai – 400001, Maharashtra, India |
|
|
|
|
Branch Office : |
Located at :
|
DIRECTORS
As on 24.09.2012
|
Name : |
Mr. Homi Adi Katgara |
|
Designation : |
Director |
|
Address : |
1602, |
|
Date of Birth/Age : |
11.10.1963 |
|
Date of Appointment : |
08.03.2008 |
|
DIN No.: |
00210338 |
|
|
|
|
Name : |
Mr. Sam Nariman Katgara |
|
Designation : |
Director |
|
Address : |
Katgara House, 15L, Jagmohandas Marg, Mumbai – 400006, |
|
Date of Birth/Age : |
09.05.1961 |
|
Date of Appointment : |
08.03.2008 |
|
DIN No.: |
00210687 |
|
|
|
|
Name : |
Mr. Jehangir Nariman Katgara |
|
Designation : |
Director |
|
Address : |
Katgara House, 15L, Jagmohandas Marg, Mumbai – 400006, |
|
Date of Birth/Age : |
03.11.1955 |
|
Date of Appointment : |
25.08.2008 |
|
|
|
|
Name : |
Mr. Cyrus Nariman Katgara |
|
Designation : |
Director |
|
Address : |
Windsor Court, S – 15 – B, DLF City, Phase IV, Gurgaon – 122002,
Haryana, India |
|
Date of Birth/Age : |
26.02.1960 |
|
Date of Appointment : |
11.06.2008 |
|
DIN No.: |
01649184 |
|
|
|
|
Name : |
Mr. Vijay Kumar Nair |
|
Designation : |
Director |
|
Address : |
C-104, |
|
Date of Birth/Age : |
08.08.1964 |
|
Date of Appointment : |
16.06.2008 |
|
DIN No.: |
02268031 |
|
|
|
|
Name : |
Mr. Wolfang Laube |
|
Designation : |
Director |
|
Address : |
48, Sunset View, |
|
Date of Birth/Age : |
13.07.1959 |
|
Date of Appointment : |
25.06.2009 |
|
DIN No.: |
02314501 |
|
|
|
|
Name : |
Walter Ninenstedt |
|
Designation : |
Nominee Director |
|
Address : |
Geschwister Schroll Strabe 6, |
|
Date of Birth/Age : |
22.08.1951 |
|
Date of Appointment : |
25.06.2009 |
|
DIN No.: |
02347299 |
KEY EXECUTIVES
|
Name : |
Mr. Bruno Suresh |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Parikh and Associates |
|
Designation : |
Company secretaries |
|
Address : |
A60/1220, Azad Nagar, Veera Desai Road, Andheri (West), Mumbai –
400053, Maharashtra, India |
|
Tel. No.: |
91-22-26734304 |
|
Fax No.: |
91-22-26734305 |
|
E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Logwin Air + Ocean International GmbH, Germany |
|
470000 |
|
Logwin Air + Ocean Singapore Private Limited, Germany |
|
10000 |
|
Wagner Antonius |
|
10000 |
|
Laube Wolfgang |
|
10000 |
|
Nienstedt Walter |
|
10000 |
|
Taurus Investment Limited, Mauritius |
|
440000 |
|
Katgara Cyrus |
|
10000 |
|
Katgara Sam |
|
10000 |
|
Katgara Homi |
|
10000 |
|
Katgara Jehangir |
|
10000 |
|
Katgara Pallan |
|
10000 |
|
Total |
|
1000000 |
As on 24.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Freight Forwarding Services |
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Cash |
|
|
|
|
Purchasing : |
L/C / Cash |
GENERAL INFORMATION
|
Customers : |
Corporate, Importers and Exporters |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
65 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
HSBC Bank – Fort Branch |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
Cash Credit – Rs. 40.000 Millions (From HSBC Bank) (Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Arvind Raman and Company Chartered Accountants |
|
Address : |
109, Jawaharnagar, Ground Floor, Goregaon (West), Mumbai – 400062,
Maharashtra, India |
|
Tel. No.: |
91-22-28748172/28724469 |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Z M Bhatena and Company Chartered Accountants |
|
Address : |
144, Perin Nariman Street, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22690399 / 22657599 |
|
Fax No.: |
91-22-22691492 |
|
E-Mail : |
|
|
PAN.: |
AADPB6787E |
|
|
|
|
Joint Venture : |
Logwin Air + Ocean International GmbH - Germany |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000 |
Equity Shares |
Rs.10/- each |
Rs.11.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions
|
|
|
|
|
|
Details of share held by each shareholder holding more than 5% share:
|
Particular |
Number of share
hold |
% holding in
that class of share |
|
Equity share with voting right |
|
|
|
Taurus Investment Limited |
400000 |
49% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16.364 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(3.230) |
(17.010) |
|
|
NETWORTH |
26.364 |
6.770 |
(7.010) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.930 |
19.398 |
31.934 |
|
|
2] Unsecured Loans |
0.207 |
0.586 |
0.000 |
|
|
TOTAL BORROWING |
4.137 |
19.984 |
31.934 |
|
|
DEFERRED TAX LIABILITIES |
0.096 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30.597 |
26.754 |
24.924 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.836 |
10.286 |
11.566 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000
|
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.140 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
52.865
|
42.657 |
33.024 |
|
|
Cash & Bank Balances |
8.258
|
4.788 |
0.197 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.927
|
4.193 |
4.018 |
|
Total
Current Assets |
64.050
|
51.638 |
37.239 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.321
|
26.258 |
19.259 |
|
|
Other Current Liabilities |
9.385
|
7.742 |
4.622 |
|
|
Provisions |
1.583
|
1.310 |
0.000 |
|
Total
Current Liabilities |
42.289
|
35.310 |
23.881 |
|
|
Net Current Assets |
21.761
|
16.328 |
13.358 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30.597 |
26.754 |
24.924 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
95.203 |
76.012 |
43.709 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
95.203 |
76.012 |
43.709 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
69.173 |
59.321 |
49.352 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
69.173 |
59.321 |
49.352 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
26.030 |
16.691 |
(5.643) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.436 |
2.911 |
(0.060) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
19.594 |
13.780 |
(5.583) |
|
|
|
|
|
|
|
|
|
|
Earnings /(Loss)
Per Share (Rs.) |
19.59 |
13.78 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
20.28
|
18.13 |
(12.77) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.81
|
26.95 |
(11.56) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.99
|
2.47 |
(0.80) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.16
|
2.95 |
(4.56) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.46 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
31.321
|
26.258 |
19.259 |
|
Total |
31.321
|
26.258 |
19.259 |
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATIONS:
The working results of the company for the year after providing for depreciation and taxation show a net profit of Rs.19.594 Millions, which have been carried forward to the Balance Sheet.
The company has achieved excellent results in terms of performance and profitability and witnessed turnaround during the year. The income of the company for the year increased to Rs. 95.204 Millions as compared to Rs.75.631 Millions for the previous year. Further, the company made profit of Rs.19.594 Millions as compared to the profit of Rs. 13.780 Millions in the previous year.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term
Borrowing |
|
|
|
Unsecured |
0.207 |
0.586 |
|
Total |
0.207 |
0.586 |
Fixed Assets
- Furniture
and Fixtures
- Machinery
and Equipments
- Computers
- Motor Cars
- Computer
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 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 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.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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.