MIRA
INFORM REPORT
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Report Date : |
29.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SNP
SHIPPING SERVICES PRIVATE LIMITED |
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Registered Office : |
Suite No. 1,2 & 4, Kartar Bhavan,121 S.B.S. Road, Colaba, Mumbai - 400 005, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
13.08.1992 |
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Com. Reg. No.: |
11-068158 |
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CIN No.: [Company
Identification No.] |
U61100MH1992PTC068158 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS17893B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Subject
is engaged in the business of ship management, ship brokers, marine engineer,
marine surveyors, ship managers, shipping agents, shipping brokers, agents to
vessels, ship charterers, ship chandlers and wharfingers. |
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 : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed shipping company. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Suite No. 1,2 & 4, Kartar Bhavan,121
S.B.S. Road, Colaba, Mumbai - 400 005, India. |
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Tel. No.: |
91-22-66136613
/ 22836409 / 5998 |
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Fax No..: |
91-22-66136614
/ 22874836 / 22850018 |
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Telex No.: |
84914KUKI
IN / 83108 SNP IN |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr
Hansraj Subhashchandar Sehgal |
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Designation : |
Managing
Director |
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Address : |
21 B,
The Peregrine Veer Savarkar Marg,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
01.04.1946 |
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Date of Appointment : |
13.08.1992 |
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Name : |
Mrs
Neerja Subhashchandar Sehgal |
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Designation : |
Director |
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Address : |
21 B,
The Peregrine Veer Savarkar Marg,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
21.06.1951 |
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Date of Appointment : |
13.08.1992 |
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Name : |
Mr
Shivang Subhaschandar Sehgal |
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Designation : |
Director |
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Address : |
21 B,
The Peregrine Veer Savarkar Marg,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
26.06.1981 |
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Date of Appointment : |
30.09.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr
Subhashchandar Sehgal |
1510 |
36.70 |
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Mrs
Neerja Sehgal |
1505 |
36.57 |
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Ms
Nikita Sehgal |
100 |
2.43 |
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Mr
Shivang Sehgal |
900 |
21.87 |
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Ms
Priyanka Sehgal |
100 |
2.42 |
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Total |
4115 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of ship management, ship brokers, marine engineer,
marine surveyors, ship managers, shipping agents, shipping brokers, agents to
vessels, ship charterers, ship chandlers and wharfingers. |
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GENERAL
INFORMATION
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Auditors : |
Kirit
Salgia and Company Chartered
Accountants |
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Address: |
124/B,
Mittal Towers, 210, Nariman Point, Mumbai - 400021 |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
5000 |
Equity
Shares |
Rs 100/- each |
Rs 0.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
4115 |
Equity
Shares |
Rs 100/- each |
Rs 0.411 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.411 |
0.411 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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19.319 |
15.116 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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19.730 |
15.527 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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19.730 |
15.527 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.976 |
23.132 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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8.527 |
6.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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6.581 |
1.824 |
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Cash & Bank Balances |
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15.018 |
1.550 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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37.790 |
38.182 |
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Total Current Assets |
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59.389 |
41.556 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities and Provisions |
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70.162 |
55.191 |
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Total Current Liabilities |
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70.162 |
55.191 |
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Net Current Assets |
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(10.774) |
(13.635) |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.030 |
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TOTAL |
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19.730 |
15.527 |
PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
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20.210 |
19.161 |
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Profit/(Loss)
Before Tax |
|
6.884 |
5.202 |
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Provision
for Taxation |
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2.681 |
2.396 |
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Profit/(Loss)
After Tax |
|
4.203 |
2.806 |
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Total
Expenditure |
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13.326 |
13.959 |
KEY
RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
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20.79 |
14.64 |
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Net
Profit Margin(PBT/Sales) |
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34.06 |
27.14 |
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Return
on Total Assets(PBT/Total Assets} |
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8.46 |
8.04 |
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Return
on Investment (ROI)(PBT/Networth) |
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0.34 |
0.33 |
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Debt
Equity Ratio(Total Liability/Networth) |
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3.55 |
3.55 |
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Current
Ratio(Current Asset/Current Liability) |
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0.84 |
0.75 |
LOCAL AGENCY
FURTHER INFORMATION
Mr. S. C. Sehgal, an Ex-Marine Engineer, is Managing Director Of “S.N.P. Shipping Services Pvt. Ltd., Mumbai, India”.
Mr. Sehgal bid good-bye to sailing in 1978. After a valuable shore experience
in ship manning and ship management operations between 1979 – 1983, Mr. Sehgal
established his own identity by incorporating SNP Ship Management &
Consultation Bureau in 1984 and SNP Shipping Services Private Ltd. in 1992 at
Mumbai, India.
Mr.
Sehgal is one of those Indians who preferred to stay back in India rather than
follow the trend of Indian professionals settling down abroad. He had the
vision that when foreign ship management centers could attract Total Ship
Management business (crew, technical, commercial and financial management) by
operating from their own place of business utilizing Indian manpower for shore
establishments as well as for ships at sea, then why an Indian Company could
not deploy similar Indian Culture at an Indian based marine centre to attract
& benefit foreign ship owners for Total Ship Management business which in
fact had an advantage of cost effectiveness & centralized control.
In
the early days, Mr. Sehgal’s aim to turn his vision into reality was hampered
due to inadequate communication facilities in India as well as stringent Government
regulations for foreign exchange control which necessitated the company to
allow transfer some of Total Ship Management obligations to third parties.
However, Mr. Sehgal kept moving forward with market oriented strategies in
order to establish SNP Shipping Services Pvt. Ltd. as a strong permanent Indian
platform and arm of “Total Ship Management” for foreign as well as Indian
Shipowners. In the meantime, the Company did not opt for becoming a part of
only crew manning agencies which were mushrooming in India day by day for
supply of Indian crew.
Finally,
with the change of situation with Indian communication infrastructure and with
the support of liberalized government policies in foreign exchange control, SNP
Shipping Services Pvt. Ltd., Mumbai (India) worked through a number of
successful partnerships and joint ventures in the field of shipping including
third party Total Ship Management Business. The company’s success was its
strength of expertise & quality of services at level not less than league of
foreign ship management centers but with an edge of having centralized control
only at Mumbai for all day to day shore-side ship management operations of
fleet as well as on sea-side for crew selection, crew training, performance
monitoring & and above all cost effectiveness.
On
the business front the company’s policy is not to expand the fleet simply to be
bigger in the race of front runners, but to focus more & more on
operational and management issues of manageable fleet of 15-20 vessels at any
given time. The company also knows the need to be equally selective in choosing
ship owners for third part ship management services so that owner to owner
interests are well maintained and cash flow situations, if any, don’t create
any conflict of interests for any ship owner.
The
company’s present historical strengths are Dry Bulk & General Cargo Ships
and company is now concentrating on areas of containers shipping and oil
tankers. The company owes its success to Company’s In-house veteran
professionals & staff and a pool of dedicated crew, manning the ships.
Presently company has a strength of 50 shore based professionals and assistants
in relevant departments joined by a pool of 400 seafarers for onboard services.
The Company's Objectives
Considering each ship to be a business assert worth millions of dollars and
once at sea being completely dependent on its crew who sail it as well as on
shore based professionals focusing on operational & management issues, the
company reviews these two important facets very minutely & continuously in
order to have perfect manning & maintenance and to render satisfactory
& economical services to a Ship Owner.
The
company's future strategy is to bring new vitality into its corporate culture
based on ethics & integrity and optimize its performance to gain a
competitive edge. The company is geared with full strength to meet every demand
of its clients as well as of any maritime challenge.
Company's Strength
& Values
• In-house
reservoir of TQP (Total Quality People)
• Modern methodologies
& Tools
• Understanding
the customer's need & adopting his culture
• Narrowing the
gap between estimates & actuals
• Determination
to meet stringent deadline without compromise
• Delivery of
cost effective, quality solutions to satisfy customers
• Practicing
transparency & confidentiality
• Not only to
satisfy the client alone, but also his clients
• Adding new
clients & building new partnerships without ignoring existing ones
Property
- Premises
- Xerox Machine
- Scanner Machine
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 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.44.24 |
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UK
Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|
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 |
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