MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SNP SHIPPING
SERVICES PRIVATE LIMITED |
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Registered Office : |
Suite No. 2, 2nd Floor, Kartar Bhavan, 121 Shahid Bhagat Singh Road, Colaba, Mumbai - 400 005, Maharashtra |
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Country : |
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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
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Registered Office : |
Suite No. 2, 2nd Floor, Kartar Bhavan, 121 Shahid Bhagat Singh Road, Colaba, Mumbai - 400 005, Maharashtra, India |
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Tel. No.: |
91-22-66136613 /
22836409 / 5998 / 22875535 |
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Fax No.: |
91-22-66136614 /
22874836 / 22850018 |
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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, |
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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, |
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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, |
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Date of Birth/Age : |
26.06.1981 |
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Date of Appointment : |
30.09.2005 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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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
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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. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
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 |
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5000 |
Equity Shares |
Rs 100/- each |
Rs 0.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4115 |
Equity Shares |
Rs 100/- each |
Rs 0.411 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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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 |
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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 |
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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 |
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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.,
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
Mr. Sehgal is one of those Indians who preferred to stay
back in
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
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 (
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,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.29 |
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1 |
Rs.82.30 |
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Euro |
1 |
Rs.56.20 |
SCORE & RATING EXPLANATIONS
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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 |
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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
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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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