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MIRA
INFORM REPORT
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Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
S K S
(SHIP) LIMITED |
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Formerly Name |
Shashi
Shipping Limited |
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Registered Office : |
404, Abhay Steel House, Baroda Street, Mumbai - 400 009 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.10.1990 |
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Com. Reg. No.: |
58680 |
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CIN No.: [Company
Identification No.] |
L61100MH1990PLC058680 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AGRS11963A |
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PAN No.: [Permanent
Account No.] |
AAACS5407J |
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Legal Form : |
Public Limited Liability Company. The company's shares are listed on the Stock Exchanges |
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Line of Business : |
Subject
is engaged in Transportation of Oil, Water and Fresh Potable Water |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
1500000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established Shipping company having satisfactory track. Trade relations
are fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
404, Abhay Steel House, Baroda Street, Mumbai - 400 009 |
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Tel. No.: |
91-22-23730713/14/15/16 |
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Fax No.: |
91-22-2371 0362, 2374 0219 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Shahi Marine House, Plot No.11 & 11/1, Sector- 26 Near Grain Market, Vashi, Navi Mumbai - 400 703 |
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Tel.
No.: |
91-22-27843047-49/ 27843051-53 |
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Fax
No.: |
91-22- 27843041 & 27843044 |
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E-Mail
: |
DIRECTORS
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Name : |
Mr. S.K. Shahi |
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Designation : |
Chairman & Managing Director |
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Name : |
Dr. M. K. Sinha |
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Designation : |
Whole Time Director (upto 28-10-2005) |
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Name : |
Mr. P.M. Koli |
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Designation : |
Whole Time Director |
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Name : |
Capt. Walter Gonsalves |
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Designation : |
Whole Time Director |
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Name : |
Mr. R. V. Iyer |
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Designation : |
I D B I Nominee Director |
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Name : |
Cmde. M. Bhada I. N. (Retd) |
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Designation : |
Director |
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Name : |
Mr. H. N.Thakore |
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Designation : |
Director |
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Name : |
Mr. B. B. Bhawsar |
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Designation : |
Director |
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Name : |
Mr. Tony Adam |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Promoters |
8614372 |
59.430 % |
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Mutual funds |
200 |
0.001% |
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Banks/Financial institutions |
200 |
0.001% |
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Corporate bodies |
1703909 |
11.756% |
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FII/NRI/OCB |
160855 |
1.110% |
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Indian Public |
4015338 |
27.702% |
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Total |
14494874 |
100% |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in Transportation of Oil, Water and Fresh Potable Water |
GENERAL
INFORMATION
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Bankers : |
v
State Bank of
Indore, Mumbai v HDFC Bank Limited, Mumbai |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
M/s. N .D. Heda & Company Chartered Accountants |
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Associates/Subsidiaries : |
v
Shahi Finance
Limited v
Ace
Pharmaceutical Private Limited v
Aryan Transport
Company Private Limited v
Royal Cruise
Liners Limited v
Koli Finance
Private Limited v Aryan Transport Company |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 300.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
14494874 |
Equity
Shares |
Rs. 10/- Each |
Rs. 144.948 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
144.948 |
144.948 |
72.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
239.654 |
206.697 |
214.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
384.602 |
351.645 |
286.900 |
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LOAN FUNDS |
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1] Secured Loans |
343.558 |
328.984 |
217.300 |
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2] Unsecured Loans |
23.410 |
4.410 |
6.400 |
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TOTAL BORROWING |
366.968 |
333.394 |
223.700 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
3.600 |
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TOTAL |
751.570 |
685.039 |
514.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
576.667 |
479.608 |
266.500 |
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Capital work-in-progress |
0.000 |
0.000 |
40.400 |
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INVESTMENT |
0.192 |
0.192 |
0.200 |
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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 |
143.764
|
136.287 |
105.500 |
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Cash & Bank Balances |
15.706
|
60.767 |
17.800 |
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Other Current Assets |
64.564
|
82.971 |
0.000 |
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Loans & Advances |
47.225
|
24.288 |
144.100 |
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Total Current Assets |
271.259
|
304.313 |
267.400 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
54.733
|
77.160 |
49.700 |
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Provisions |
42.953
|
22.958 |
10.700 |
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Total Current Liabilities |
97.686
|
100.118 |
60.400 |
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Net Current Assets |
173.573
|
204.195 |
207.000 |
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MISCELLANEOUS EXPENSES |
1.138 |
1.044 |
0.100 |
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TOTAL |
751.570 |
685.039 |
514.200 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
354.105 |
321.825 |
287.000 |
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Profit/(Loss)
Before Tax |
52.969 |
94.231 |
76.100 |
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Provision
for Taxation |
19.396 |
31.790 |
4.600 |
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Profit/(Loss)
After Tax |
33.573 |
62.441 |
71.500 |
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Total
Expenditure |
301.136 |
227.593 |
285.800 |
QUARTERLY
|
PARTICULARS |
|
30.06.2006 (1st Quarter) |
30.09.2006 (2nd Quarter) |
|
Sales Turnover |
|
85.900 |
88.300 |
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Other Income |
|
0.300 |
0.000 |
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Total Income |
|
86.200 |
88.300 |
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Total Expenditure |
|
50.700 |
51.600 |
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Operating Profit |
|
35.500 |
36.700 |
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Interest |
|
9.300 |
11.200 |
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Gross Profit |
|
26.200 |
25.500 |
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Depreciation |
|
13.500 |
14.500 |
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Tax |
|
29.000 |
2.400 |
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Reported PAT |
|
9.800 |
8.600 |
200606 Quarter 1 - The above results, duly considered by the Audit Committee and subject to Limited Review by the Statutory Auditors, were taken on record by the Board of Directors of the Company at its meeting held on 31.07.2006. 2. The Company is exclusively in the Shipping Business Segment. 3. Number of Investor Complaints pending as on 30.06.2006: (i) Pending at the beginning of Quarter : FCUL (ii) Received During the Quarter: 1 (iii) Disposed off During the Quarter : 1 (iv) Lying unresolved as on 30.06.2006 : NIL 4. Figures for the previous accounting year has been regrouped wherever necessary.
200609 Quarter 2 - Expenditure Includes Staff Cost Rs 5.609 million Other Expenditure Rs 46.037 million Provision for Tax includes Current Tax Rs 2.267 million Fringe Benefit Tax Rs 0.176 million EPS is Basic and Diluted Status of Investor Complaints for the quarter ended 30.09.2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 04 Complaints disposed off during the quarter 04 Complaints unresolved at the end of the quarter Nil 1. The above results, duly considered by the Audit Committee and subject to Limited Review by the Statutory Auditors, were taken on record by Board of Directors of the Company at its meeting held on 28.10.2006. 2. The Company is exclusively in the Shipping Business Segment. 3. Figures for the Previous accounting period have been regrouped wherever necessary.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.95 |
0.88 |
0.91 |
|
Long Term Debt Equity Ratio |
0.73 |
0.61 |
0.53 |
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Current Ratio |
1.61 |
1.72 |
1.67 |
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TURNOVER RATIOS |
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Fixed Assets |
0.38 |
0.42 |
0.45 |
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Inventory |
0.00 |
0.00 |
0.00 |
|
Debtors |
2.52 |
2.65 |
2.85 |
|
Interest Cover Ratio |
2.52 |
3.60 |
3.23 |
|
Operating Profit Margin (%) |
39.03 |
50.92 |
51.78 |
|
Profit Before Interest and Tax Margin (%) |
24.85 |
40.72 |
38.54 |
|
Cash Profit Margin (%) |
23.69 |
29.70 |
38.23 |
|
Adjusted Net Profit Margin (%) |
9.51 |
19.50 |
24.98 |
|
Return on Capital Employed (%) |
12.24 |
21.78 |
22.37 |
|
Return on Net
Worth (%) |
9.13 |
19.58 |
27.73 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.30.70/- |
|
Low |
Rs.28.80/- |
LOCAL AGENCY
FURTHER INFORMATION
History
Company
Started as a partnership firm in 1985, Shahi Shipping, was converted into a
private limited company in 1990, and to a public limited company in February
1993. The company is promoted by Sarvesh Shahi, F M Koli and Rajesh Shahi. It
is one of the leading owners of self-propelled mini carriers on the west coast
of India and owns 14 carriers, of which one is a foreign going vessel. The
company has a diverse range of carriers such as ore, water and petroleum
carriers engaged in transportation of oil, water and fresh potable water. It
has long-term contracts with the Mazgoan Dock, The Shipping Corporation of
India, HPCL and ONGC.
The company acquired and run a dry dock with two carriers of 30,000 dwt each.
It has acquired newly constructed and fuel-efficient three mini bulk carriers
of 2450 dwt each, which will be deployed along the coastal regions of India.
The company, through their division, Shahi Containers, has entered into a
strategic alliance with Handling Systems Company, Malaysia, a leading shipping
agency house. Shahi Containers plans to acquire 50,000 containers by the end of
the century, and plans to buy two container vessels for carrying containers
between India and east Asia.
In 1995-96, the company added two more vessels each having a tonnage of 2450
dwt at a cost of Rs. 33.900 Millions and Rs 34.200 Millions respectively.
In 1996-1997, it acquired M V Royal Yamuna at a cost of Rs. 33.300 Millions and
two more vessels costing Rs.71.000 Millions with financial assistance from
IDBI; it purchased two new fuel efficient modern vessels M V Vikrant I and M V
Vikrant II in May 19'97 and August 1997 costing Rs. 32.500 Millions which were
financed by Industrial Investment Bank of India and it has also obtained loan
of Rs. 100.000 Millions
from State Bank of India for the purchase of
two more vessels out of which Yard 51 & Yard 55 are presently under
construction. With these acqusitions, the total fleet strength has risen to 27
vessels.
The company setup operation of bunkering facilities at Haldia Dock Complex and
also plans to acquire all weather sea going pilot launches.
The name of the company has been changed during the May 2004,from Shahi
Shipping Limited to SKS (Ship) Limited.
Tonnage Tax:
The introduction of Tonnage Tax in the year 2004-2005 has benefited the
Indian Shipping Industry by creating a level playing field. The Company has
also opted for computation of income from a vessel under the Tonnage Tax
Scheme.
Dividend:
The Directors have recommended a dividend of Re. 0.50 per Equity Share on
14494874 Equity Shares of Rs.10 each for the financial year ended 31.03. 2006,
amounting to Rs.7.247 Millions, which, if approved at the ensuing Annual
General Meeting, will be paid to (i) all Members whose names shall appear on
the Company's Register of Members on the date of the book closure and (ii) all
those members whose names shall appear on the date of the Book Closure as
beneficial owners as furnished by National Securities Depository Limited and
Central Depository Services Limited.
MANAGEMENT DISCUSSION, ANALYSIS AND REVIEW
INDUSTRY STRUCTURE AND DEVELOPMENT:
The overall economic growth coupled with removal of trade barriers
resulted in growth for the Indian shipping industry. The shipping industry in
general is expected to grow well in the next few years.
The shipping industry can be generally classified into wet bulk, dry bulk
and liners. The Company is in the coastal shipping business, operates within
the territorial waters of Indian ports and provides a variety of support
services. The activities in this segment can broadly be classified into
providing liquid cargo lighterage operations of petroleum and chemical
products, lighterage operations of bulk cargo, tug services, supply of bunkers
to vessels, container feeder service on Indian coasts, water supply services
and port services. The need for such services primarily is as a result of ships
needing to anchor away from the harbour on account of the shallow coastal
waters and thereby needing a variety of support services. The Company
specialises in transportation of bulk and liquid cargo in sea.
Indian's freight transport system carries more than 1000 billion
ton-kilometers. The share of coastal shipping in this is barely 6-7% and bulk
of transport takes place through rail/road transportation means. The share of
coastal shipping in Western Countries is more than 40%. With Indian economy
registering a growth of more than 6-7%, the freight transport demand is likely
to grow substantially in next 8-10 years. As such, there is a need for
integrated transport planning accompanied by modal shifts in favour of cost
efficient mode -such as coastal shipping.
With a view to give much needed fillip to Indian shipping industry, the
government is formulating a comprehensive National Maritime Policy, which will
facilitate enhanced private investment, improve service quality and promote
competitiveness. With this objective, the Department of Shipping has taken up
the preparation of National Maritime Development Programme (NMDP) to complement
the National. Maritime Policy by implementing time bound schedule for
schemes/projects for enhancing capacity and transport efficiency.
The NMDP would also include a major drive for promotion of coastal
shipping through various schemes such as Coastal Shipping Development Fund
(CSDF) for soft lending for the purpose of acquisition of coastal vessels and
Centrally Sponsored Scheme (CSS) for development of coastal shipping
infrastructure.
OUTLOOK ON OPPORTUNITIES:
As India continues to pursue liberalized economic regime, it is expected that
industry would post a healthy growth rate in the coming years. Continuous
robust economic growth accompanied by increase in domestic consumption would
lead to vibrant growth especially for shipping industry in bulk cargo both in
liquid and dry cargo segments.
The government, with a view to give boost to shipping industry, is
undertaking various initiatives such as encouraging private and public
investments in development of ports, tonnage tax, dedicated freight corridors,
100% FDI in shipping etc. As per the draft NMDP, the government proposes to
invest upto Rs. 1000000.000 Millions in NMDP in the next 10 years.
All these initiatives coupled with the economic growth would translate
into better opportunities for Indian Shipping Industry including Coastal
Shipping.
With certain inherent advantages i.e., mixed fleet with a focus on
coastal shipping, efficient utilization of fleet, experienced personnel and
innovation and diversification, that the Company has, it is expected to be benefited
from this emerging scenario.
OUTLOOK:
The Indian shipping industry is poised for growth in the next few years
on the back of economic development and government initiatives in the nature of
NMDP. The Company, with some inherent advantages such as low operational costs,
committed professional manpower and proper upkeep of vessels, is expected to
cash on the opportunities provided.
The Company has in last few years taken initiatives to broaden its fleet
base to minimize the risks and maximize the gains. In its effort in this
regard, the Company is in talks to acquire two more vessels for international
charter. With expansion of fleet the Company would be in a better position to
maximize its gains from the buoyant markets.
PROJECT:
The process of setting up dry-dock facility at Alibaug, in the state of
Maharashtra, is in its finalisation stage and the commencement of work is
expected to take place soon. The project is spread over 35 acres of land.
The first phase will provide dry-dock facility for 6 - 7 vessels per
month of 3000 DWT. The second phase will create facility for dry-docking
offshore supply vessels of upto 10,000 DWT, while the third phase will see
vessels uptc 50,000 DWT.
The Company has also planned its fleet expansion by building four new
vessels of 3600 DWT each. Three of these vessels have already joined the fleet.
These vessels are estimated to cost around Rs. 300.000 millions and will serve
dual purpose of Dry Bulk and Container. The vessels will have a capacity of 165
TEUs. The vessels are proposed to be deployed in JNPT, Mumbai, Kandla and
Kolkata Ports.
Fixed Assets
v Freehold
Land
v Lased
Hold Land
v Fleet
v Machinery
v Tankers
v Office
Premises
v Electrical
Insulations
v Furniture
& Fixture
v Type
Writers
v Computer
v Office
Equipment
v Vehicles
As Per Website Details
A brief history of our company:
SKS (Ship) Limited. owns a fleet of 31
vessels as of June 2004. Established in 1985 as a Partnership Firm,the company
went public in the year 1990. Mr. Sarvesh Kumar Shahi, the Chairman and
Managing Director is having more than 20 years of experience in international
and coastal shipping. He is trained in Container Distributions and Anatomy of
Shipping from Cambridge University. He has also done "Executive Management"course
from Massachusettes Institute of Technology (MIT) in Boston, USA. He has won
several laurels for his achievements that include the Order Of Merit by the
Indian Council of Management Executives. Mr. Shahi also heads "Ace
Shipping and Offshore Co. Private. Limited.", a sister concern engaged in
Chartering, Ship management, Survey and other related activities. Mr. Shahi is
aided by Mr. F.M. Kohli, Director. Mr. Kohli has over 20 years of experience in
the field of transportation of petroleum products.
Activities
- Plotting the course to excellence...
The
detailed commitment towards the goals of customer satisfaction, growth and
excellence has yielded rich dividends through the arduous voyage. The company
has grown manyfolds. Recently the company has established a three storeyed
building at Navi Mumbai which is being used as corporate office. The Head
Office is located at South Mumbai Business centre and its branch offices at
Goa, Surat, Jamnagar, Calcutta, Haldia, Kandla, Dharamtar, Surat etc. and
associates in Vishakhapatnam, Cochin & Tuticorin. The company has overseas
associates in Singapore & Persian Gulf.
At Mumbai they are handling the complex operation of complete fuel oil
distribution of Hindustan Petroleum Corporation for O.N.G.C. under the supervision
of their experienced and qualified personnel. On an average they supply fuel to
30 vessels per month at the Nhava jetty. The volume handled per year is on an
average 60,000 tons.In addition to the above, they are also having bunkering
contract with Indian Oil Corporation of India and they transport &
distribute 0.5 million tons of liquid cargo in a year.
In collaboration with Hindustan Petroleum Corporation Limited., for the first
time in India, they have a Floating Fuel Supply Unit commissioned in Mumbai
Harbour to meet the fuel requirements of fishing industry and vessels operating
in the Mumbai Port area. On an average, they supply fuel to over 500 trawlers
and crafts in a month. This is a unique experiment on Indian ports which is
proving very successful.
Besides this, the company is extensively involved in transportation of bulk
cargo and containers. In fact, SKS (Ship) Limited. is a pioneer in transhipment
in India.
Transhipment and lighterage operations:
M/s SKS (Ship) Limited’s main line of operation is transportation of cargo and lighterage operation in the inland water limits of any port of India.
The company owns 36 vessels and are operating with various private and
Government
bodies.The size of the vessels ranges between DWT 500 tons to DWT 3000 tons.
Their vessels consist of both self-propelled / self-geared and dumb barges.
Fresh Water Supply :
They supply fresh water to sea going vessels in the limit of Mumbai port / JNPT port. They can cater to emergency supply of fresh water in large quantity in shortest possible time.
They have speciality vessels for supply of fresh water / potable water and some
of the vessels are listed below :-
Mr. M.V.Krishna
Mr. M.V.Shastha
Bunkers Supply :
M/s Shahi Shipping Limited is catering to the needs of fuel requirements of fishing vessels / trawlers , sea going vessels etc., in an efficient manner.
They have vessels like Royal Petrol and D.B.Priyabandhu specially designed for
such purpose. Royal Petrol
D.B.Priyabandhu
Ship Building:
SKS has expertise in designing low draft
vessels suitable for operation on Indian coasts. The very fact that SKS is
operating in inland waterways for around two decades, is a testimony of their
adeptness in shallow water operation. Over the years, SKS has learnt the
nuances of operation / cargo movement in areas experiencing inadequate water
which debars bigger drafted vessels to operate.
Port Services:
M/s Shahi Shipping Limited can provide
various port services, which include offer of tugs for towing purposes.
Their expert professionals can help you provide a complete solution to any port
related problems.
Their tug M.T.Godavari is specially meant for this purpose.
ConsulTancy:
SKS can help you optimize the logistics
difficulties, if any, as the company has vast resources of experienced people
from shipping industry who can help you in obtaining viable solution for bulk
movement of goods.
Container Services :
M/s Shahi Shipping Limited started services from year 2000 and initially their services are from JNPT to MBPT and vice versa
They have the fastest container service running between JNPT and MbPT which is
covered in less than 16 hours. They have one vessel Royal India specially kept
for this purpose.
SKS (Ship) Limited Launches Container
Movement Between JNPT & MBPT:
Exim News Services Mumbai, August, 01 The Shahi Containers, Transportation
Division of
Shahi Shiping Limited, in barge operations, successfully carried out its first
transportation of
RBI containers between the Jawaharlal Nehru Port (JNP) Mumbai Port on its
vessel m.v
Royal India on July 30. Shahi Shipping offers personalised services at the most
economical freight rates for transport of import containers between JNPT and
MBPT , and for export containers between MBPT and JNPT. Shahi Shipping has
expressed gratitude to JNPT and Mumbai Customs for granting it the necessary
permission for this service. Shahi Shipping firmly believes that Indian cargo
should leave the shores for transshipment from other ports. To promote and
fully utilise an Indian hub port, JNP, the Chairman/Managing Director, Mr. S.K.
Shahi conceived the idea of promoting this service with m.v Royal India which
has a dead weight tonnage (DWT) of 1,161, and capacity of 42 TEUs.
Shahi Shipping Adds Large Vessel to its
Fleet:
Mumbai June 10: Shahi Shipping Limited.
launched M.V. Royal Amba A 60 Teu vessel between JNPT and MBPT. The first
voyage was sucessfully completed on 30.05.2001. Shahi Shipping has been getting
continous attention from almost all the liner agents from Mumbai Ahmedabad,
Baroda JNPT and Kandla. Their other vessel M.V Royal India gained confidence
from the India shipping trade by transporting 1500 Tenus with 48 voyages, M.V
Royal India has a capacity of 36 Tenus. With growing demands for their feeder
service there was immediate need to add bigger Tenus capacity vessel, which
prompted Shahi Shipping to launche bigger vessel M.V Royal Amba. The bigger
vessel has successfully transported more than 110 Tens with 2 voyages. The company
is optimistic about both the vessels as it solves the purpose of carrying 36
Tenus on M.V Royal India and 60 Tenus on M.V Royal Amba . The company enjoys
the monopoly status services between JNPT and MBPT and is highly reliable
feeder services as well , discharging the containers in a short span of time .
Shahi Shipping is all praises for JNPT and MBPT customs for their continuous
support and prompt service and look for the same support in future also. Shahi
Shipping also thanked the India Shipping trade for the support extended to
their services
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
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.99 |
|
UK
Pound |
1 |
Rs.85.34 |
|
Euro |
1 |
Rs.57.63 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|