%20PRIVATE%20LIMITED%2025-Aug-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
25.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
UNITED SHIPPING MARINES ( |
|
|
|
|
Registered Office : |
401, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
16.05.2000 |
|
|
|
|
Com. Reg. No.: |
11-126532 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U61100MH2000PTC126532 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU02799G |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Subject acts as a
Shipping Agent. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
– established company having satisfactory track. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations are
fair. Financial position is good. Payments are correct and as per
commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
401, |
|
Tel. No.: |
91-22-25205911 |
|
Fax No.: |
91-22-25208529 |
|
E-Mail: |
|
|
Location : |
Rented |
|
|
|
|
Branches: |
211/219, Bharati Bhavan, Near Blue Gate, |
|
Tel. No.: |
91-22-3028 2233 (Hunting) |
|
Fax
No.: |
91-22-3028 2237 |
DIRECTORS
|
Name : |
Mr. Ouseph
Paramban Jose |
|
Designation : |
Director |
|
Address : |
301, Buiclding
No. 10, Devdaya Nagar, |
|
Date of Birth/Age : |
29.05.1970 |
|
Date of Appointment : |
16.05.2000 |
|
|
|
|
Name : |
Mr. Iyer Subramaniam
|
|
Designation : |
Director |
|
Address : |
C – 501,
Priyamvadha Vaithara Nagar, Mulund (West) – 400080 Mumbai |
|
Tel. No.: |
91-22-25608610 |
|
Date of Birth/Age : |
06.11.1973 |
|
Date of Appointment : |
16.05.2000 |
|
|
|
|
Name : |
Mrs. Sheeba Jose |
|
Designation : |
Director |
|
Address : |
Flat No. A-502, 5th Floor, Suncrest Accolade Galaxy,
Service Road, Near LIC, Thane (West) – 400 604, |
|
Tel. No.: |
91-22-25804448 |
|
E-mail: |
|
|
Date of Birth/Age : |
15.02.1973 |
|
Date of Appointment : |
26.04.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Ousepn
Paramban Jose |
|
72700 |
|
Mr. Iyer
Subramaniam |
|
72700 |
|
|
|
|
|
Category |
|
Percentage
of Holding |
|
Directors or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject acts as a
Shipping Agent. |
GENERAL INFORMATION
|
Suppliers : |
v
Pisces
Containers Lines ( v
APL ( v
Albatross
Star Maritime A-C-F v
Arebee
Star Maritime v
Century
International v
City Transport
Syndicate Private Limited v
D
Wamadeo & Company v
Dei
Gratia Logistics Private Limited v
Evergreen
( v
GAC
Shipping ( v
Globelink
WW India Private Limited v
Logic
Transware ( v
MSC
Agency ( v
MS
Trans Logistics Private Limited v
P
& O Nedlloyed ( v
Segull
Lines ( v
Senator
Lines GMBH v
S J
Shipping Agency v
Transworld
Shipping Services v
United
Arab Shipping Company v
UT
Worldwide India Private Limited |
|
|
|
|
Customers : |
v
Albatross
Shipping v
Arebee
Star Maritime v
Container
Marine v
GAC
Shipping v
Freight
Connection v
v
Marine
Container v
MSC
Agency India Private Limited v
NLS
Agency v
P
& O Nedloyed v
Tata Nyk
Transport v
Transworld
Shipping v
P
& M Logistics Company Private Limited v
Worldwide
Express Lines v
Praekh
Marine v
Blue
Moon v
Orient
Oversees v
Pisces
Containers v
Seaking
Logistics v
German
Express v
Ajay
International v
Ashar
Shipping v
Classic
Clearing & Forwarding Private Limited v
C
& C Construction v
CMS
Containers Marine Services v
Enter
Globe Marine Agencies v
JRS
Shipping Agency v
Jayam
Impex Private Limited v
Jupiter
Shipping Agency v
SS
Clearing v
Sea
Green Trading & Company v
Sara
Export v
Lasco
Shipping v
Murgan
Shipping v
Suryoday
Shipping v
Uttarn
Steel Limited v
Rama
Industries v
Metro
Exim v
Osamium
International v
Oswal
Vinyal Industries Limited v
Astg
International v
Basem
International v
Collyer
Logistics v
v
Euro
Box Line v
Global
Alliances Corporation v
H
& T Container Line Limited v
Iran
Land Sea Limited v
Leon
Vincent v
Litma
Maritime Agency v
Ti
Intercargo v
Sun
Ocean Express Company Limited v
PT
Mats Express |
|
|
|
|
Bankers : |
v
Corporation
Bank, Chembur Branch, v
The
Shamrao Vithal Cooperative Bank Limited, Chembur Branch, Mumbai – 400071 v
ICICI
Bank Limited v
ABN
Amro Bank v
Corporation
Bank |
|
|
|
|
Facilities : |
Secured Loan v
Bank O/D
A/C Corporation Bank - Rs. 9.623 v
ABN
Amro Bank Car Loan – Rs. 0.698 v
ICICI
Bank Limited Car Loan – Rs. 1.122 v
ICICI
Limited Motor Bike Rs. 0.004 v
ICICI
Limited Motor Car – Rs. 0.261 v
Working
Capital Demand Loan – Rs. 2.000 Total
– Rs. 13.709 Millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R S Sharma and
Company Chartered
Accountant |
|
Address : |
107, Apollo
Arcade, R K Singh Marg, Near |
|
Tel. No.: |
91-22-28326147/68/56430191 |
|
Mobile No.: |
91-9322661576 |
|
Fax No.: |
91-22-56990031 |
|
E-Mail : |
|
|
|
|
|
Group Companies: |
v
Seagull Lines ( v
JRS Shipping |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 10.00 Each |
Rs. 1.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
145400 |
Equity Shares |
Rs. 10.00 Each |
Rs. 1.454 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.454 |
1.454 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
3.657 |
2.822 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
5.111 |
4.276 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.555 |
4.086 |
|
|
2] Unsecured Loans |
|
5.628 |
5.441 |
|
|
TOTAL BORROWING |
|
7.183 |
9.527 |
|
|
DEFERRED TAX LIABILITIES |
|
0.884 |
0.861 |
|
|
|
|
|
|
|
|
TOTAL |
|
13.179 |
14.665 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
8.690 |
9.361 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
3.016 |
3.413 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
11.320 |
17.091 |
|
|
Cash & Bank Balances |
|
0.224 |
0.061 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
4.255 |
2.623 |
|
Total
Current Assets |
|
15.799 |
19.775 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
13.838 |
17.680 |
|
|
Provisions |
|
0.488 |
0.203 |
|
Total
Current Liabilities |
|
14.326 |
17.883 |
|
|
Net Current Assets |
|
1.472 |
1.891 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
13.179 |
14.665 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.21 |
6.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.10 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
Forward Looking
Statement
The forward –
Looking statement are based on the certain assumption and expectation of future
events. The company had invested in Segull Lines India Private Limited which
will have specific line activity and it is the agent of director line the
company would able give the very competitive rate to all the shipper and
forwarders which will boost the business of the company and company had also
taken the agency of vessel owners which will also increase the business of the
company
Fixed
Assets
v
Computer
v
Furniture
v
Air
Conditioners
v
Xerox
Machine
v
Office
Equipment
v
Office
Premises
v
Motor
Bike
v
Motor Car
Form 8
|
Name of the company |
UNITED
SHIPPING MARINES PRIVATE LIMITED |
|
Presented By |
Corporation
Bank, Chembur Branch, |
|
1) Date and description of instrument creating the change |
Agreement for hypothecation of Book debts dated 24.12.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all present and future Book Debts, Outstanding, receivable, Claims, Right and assets |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 1.5% over bank FLR which 10.5% Effective rate of interest @ 12% Security to secure CC with interest, Cost, expenses, commission etc. |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank,
Chembur Branch, |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
Corporate identity
number (CIN) Foreign company registration number |
U61100MH2000PTC126532 |
|
Name of the
Company |
UNITED SHIPPING MARINES PRIVATE
LIMITED |
|
Address |
401, |
|
This form is for |
Modification of
charge |
|
Type of Charge |
A charge on: ·
Book
Debts ·
Movable
Property (not being pledge) |
|
Particulars of
the charge holder |
Corporation Bank Plot No. C -20, E-mail: cpk@corpbank.co.in |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Bank’s Letter |
|
Date of the
instrument creating or modifying the charge |
05.04.2007 |
|
Amount secured by
the charge |
Rs. 6.000
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest As prescribed by
the bank from time to time. (b) Terms of
payment: On Demand (c) margin: As
prescribed by the bank from time to time (d) Extent and
operation of the charge Security to
secure reduced CC facilities Rs. 6.000 millions with interest, cost, expenses,
charges, commission, etc. |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
all present and future book debts, outstanding monies, receivables, claims,
contracts, engagements, securities, investments, rights and assets etc. by
way of 1st charge. |
|
Particular of the
present modification |
The original
charge dated 01.10.2004 for Rs. 8.000 millions now modified on 05.04.2007
reducing the facilities from Rs. 8.000 millions to Rs. 6.000 millions |
Website details
attached:
Corporate Profile
United
Shipping Marines (I) Pvt. Ltd is a privately owned international Freight
Forwarding company founded in 1999, with a reputation for providing outstanding
quality that continues to secure a loyal customer base. The Group has developed
a strong, young management team, which together with the founding Directors are
committed to working within established quality procedures to provide each
customer with the most reliable personalized service and dedicated to the
continuous development of both their people and their services.
They pride theirselves on providing a flexible and innovative approach to
achieving solutions for their customers, helping them in turn to meet the
increasing demands of their customers. Their greatest asset is their people.
They are committed to giving them the necessary training and tools, including
cutting-edge technology, to provide the highest level of customer attention in
the transportation logistics industry.
Management “The dynamic
personality that guides”
Mr. Jose. P. Ouseph [Managing
Director]
He plays a major role in their organization and individual responsible for
finance and company administration. His wide range of experience at several
well-known shipping companies across the world help the team to provide a
quality services for their valued customers.
Advantage
Their
strong network of offices, trained and experienced manpower, product management
group, structured and motivated sales force with a research base data bank of
clients covering total export and import business activities, provides better
support to marketing strategies, operational functions and business coverage
countrywide in particular and worldwide in general.
Just
make one call to subject for the complete transport logistics solution. Their
people are qualified professionals who will offer options and make
recommendations on ways to improve the transportation experience. Whether you
are calling in a pickup from manufacturing / works to consignee door,
requesting a rate, tracing a shipment or making an inquiry, you’ll experience
the United Shipping Marines friendly and a positive attitude
Stability
Subject
will be here for the long run, they are constantly moving, improving and
innovating. With solid financial backing and support, they will be here when
you need us, whether it is next week, next year, or in five or ten years down
the road.
Integrity
Subject
operates with the highest level of confidentiality and integrity. When you come
to them, they are part of the team. They value the confidentiality of their
relationship and protect the best interests
Goals
Their
group of company should be recognized as a leading integrated logistics
solution providing organization, whose strengths lie in an efficient global
network of bases as well as broad based, market-oriented range of services.
They will strive to provide qualified and competitive services in forwarding,
total logistics and related fields to trade and industry. They seek through
their services to generate earnings, which are appropriate to ensuring returns
on invested capitals and continued company growth, at the same time fulfilling
obligations to shareholders. By and large company's exclusive co-operation
within all sections of their operations aims at promoting their efficiency and
team spirit.
Group Companies
Seagull Lines (
Seagull
Lines is its own principal liner agent having its own agency network and its presence
felt in the Middle East,
They at Seagull Lines are having their own fleet of 2500 containers teu and feu
mixed inventory catering to the needs of their clients to Middle East,
- Ship Chartering
- Vessel
handling
- NVOCC
activity
- Time
Charter
- Voyage
Charter
-
Container activities
They at Seagull Lines have in the current year achieved a landmark by handling
vessels of 11,000-15,000 metric tones bulk capacity, which is a tremendous
achievement and have set a landmark and thrive to handle vessel with a much
bigger capacity. Their expertise team of operations has also looked in to
import discharge and export loading of these huge vessels under the guidance of
well experienced (Mr. Jose and Mr. Subramanian
JRS Shipping
JRS
Shipping Enterprise's offers handling of Project activity
Projects
Their offices are well equipped to handle project cargo and over dimensional cargo.
They have handled several Thermal power projects, Hydro power projects and Road
projects for the Border Road Organization, Government of India,
Among the most prestigious cases the Mumbai branch has handled in recent years
are export jobs of 1100 metric tonnes of Soyabean for M/S. Jay International,
by chartering a Vessel to
They also would like to announce
proudly that "they are one of the official logistics providers for one of
the wings of the Government of India"
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. 41.18 |
|
|
1 |
Rs. 82.41 |
|
Euro |
1 |
Rs. 55.85 |
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 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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. |
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 |
|