MIRA
INFORM REPORT
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Report Date : |
7th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SUMITRA MARINE PRIVATE LIMITED |
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Registered Office : |
Plot
No. 883, Sector 11, Panchkula 134 112, Haryana, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.12.2005 |
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Com. Reg. No.: |
05-35952 |
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CIN No.: [Company
Identification No.] |
U63032HR2005PTC035952 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Technical Consultancy and Services, Material Management Solutions and other Marine Related Services |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
-- |
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Status : |
New
Company |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company and has yet to establish trade records. Promoter are experienced,
respectable and having satisfactory means of their own. Their trade relations
are fair. Payments are usually correct and as per commitments. The
company can be considered for your proposed business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot
No. 883, Sector 11, Panchkula 134 112, Haryana, India |
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Tel. No.: |
91-172-2563236 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr.
Perminder Kumar |
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Designation : |
Managing
Director |
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Mobile |
91-
9876411833 |
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E Mail: |
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Date of Appointment : |
12.12.2005 |
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Profile.: |
Mr.
Perminder Kumar who is the Managing Director of Sumitra Marine is EX Mariner
with vast practical experience in the field of ship’s automation and
navigational equipments of various type of ships and installations. He has
worked in various ship yards in South Korea, Japan and Europe as owner
representative to supervise the new building of oil/chemical tankers upto
70000 DWT. He has
started Sumitra Marine in the year of 2005 to promote Korean marine products
in Indian ship building market. He is a dynamic leader assisted by his dedicated staff in marketing, technical and ship building. |
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Name : |
Ms
Jyoti Sharma |
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Designation : |
Director |
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Date of Appointment : |
12.12.2005 |
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Name : |
Ms
Ruby Sharma |
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Designation : |
Director |
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Date of Appointment : |
12.12.2005 |
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Name : |
Mr
Amit Sharma |
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Designation : |
Director
(Admin) |
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Mobile |
91-
9888814883 |
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E Mail: |
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Date of Appointment : |
12.12.2005 |
KEY EXECUTIVES
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Name
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Mr
Ajay Aggarwal |
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Designation
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General
Manager – Overseas Operations |
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Mobile |
91-9417038687 |
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E Mail: |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Mr.
Perminder Kumar |
2,500 |
25.00 |
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Ms.
Jyoti Sharma |
2,500 |
25.00 |
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Ms.
Ruby Sharma |
2,500 |
25.00 |
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Mr.
Amit Sharma |
2,500 |
25.00 |
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Total |
10,000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Technical Consultancy and Services, Material Management Solutions and other Marine Related Services |
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Products : |
v Accommodation Systems v Various Console Control Panels v Ship Automation and Navigation v Marine and Shipboard Cables v Marine Furniture v Marine Power Electrical Systems v Vessel Window System v Deck Covering System v Marine Lighting Systems v New Ship Design v
Industrial
Equipment |
GENERAL
INFORMATION
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Bankers : |
Not
Available |
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Business Partners : |
v Wartsila Accommodation System
Korea Limited, Korea v Praxis Automation Technology,
Korea v Jung Gong Industrial Company Limited v Daehyup Tech Company Limited,
Korea v Sanil Electric Company Limited v Dong Yang Industries Electric
Company Limited, Korea v Dong Woo Cable Company Limited v Livart Marine Company Limited |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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10,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.100 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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10,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.100 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2007 (Projected) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Reserves & Surplus |
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0.000 |
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NETWORTH |
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0.100 |
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LOAN FUNDS |
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TOTAL BORROWING |
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0.000 |
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TOTAL |
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0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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PRE-OPERATIVE EXPENSES |
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0.007 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Cash & Bank Balances |
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0.087 |
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Total Current Assets |
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0.087 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.006 |
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Total Current Liabilities |
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0.006 |
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Net Current Assets |
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0.081 |
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MISCELLANEOUS EXPENSES |
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0.012 |
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TOTAL |
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0.100 |
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LOCAL AGENCY
FURTHER INFORMATION
Sumitra Marine Private Limited, India - founded in 2005 with the prime objective of providing ‘Comprehensive’ and ‘Cost Effective’ solutions covering areas of Technical Consultancy and Services, Material Management solutions and other Marine related services on turn-key basis to their esteemed Maritime customers.
Sumitra Marine is headed by Mr.
Parminder Kumar Lomas, Managing Director - a Maritime professional and a rich
repository of wealth of experience acquired in managing ‘New Building’ activity
in major shipyards in South Korea and Europe during construction of various
sizes of vessels like Oil, Product and Chemical Tankers up to 70,000 TDW. His
wide spectrum of experience covers activities in key areas from concept to
commissioning of New Buildings - right from Drawing approval, Inspection of
various Equipment and Machinery on board, Shop tests to final Sea trials.
Under the able guidance of such an
experienced and dynamic leader and on the strength of offices located in
principal cities in India, Sumitra Marine is capable of offering turn-key
solutions to customers for all kinds of Marine and Technical problems. Their
personnel are always standing-by to attend customer’s vessels on world-wide
basis at short notice and provide on-the-site investigation and analysis of
problems which assures their customers:
Timely notification,
Detailed reporting and Corrective action.
The prime interest of Sumitra Marine is also to
‘Promote’, ‘Market’ and render other supporting ‘Services’ in India in sourcing
and supplying the ship building Equipment and Materials as well as other
Industrial products of reputed Korean companies. Their dedicated team of
Marketing and Technical professionals endeavors to assist the customers in
adding value to their efforts in procuring the right item at competitive price
delivered on time. They also undertake turn-key jobs of Erection, Commissioning
and After-sales-service on behalf of the OEM Korean companies.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] 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
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.45.26 |
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UK
Pound |
1 |
Rs.84.72 |
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Euro |
1 |
Rs.56.80 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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22 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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