MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
FIVE OCEANS SHIPPING AND LOGISTICS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.01.2005 |
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Com. Reg. No.: |
11-U63090 |
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CIN No.: [Company
Identification No.] |
U63090MH2005PTC15028 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF04189D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Shipping, Clearing and Forwarding agents. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. Company’s
profitability is under severe pressure. It has some accumulated losses.
Payments are slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-56513701/ 91 22 56513701 (10 lines) |
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Fax No.: |
91 22 56513712 |
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E-Mail : |
DIRECTORS
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Name : |
Capt. Naresh S Vaswani |
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Designation : |
Director |
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Address : |
Vaswani House A -25, |
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Date of Birth/Age : |
07.09.1962 |
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Date of Appointment : |
05.01.2005 |
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Name : |
Mr. Vasant Pathak |
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Designation : |
Executive Director |
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Address : |
6, Samata Society, Shree Nagar, Thane (West)-400604,
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Date of Birth/Age : |
31.07.1964 |
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Date of Appointment : |
05.01.2005 |
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Name : |
Capt. Vivian Premshankar Verama |
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Designation : |
Director |
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Address : |
113, |
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Date of Birth/Age : |
20.06.1954 |
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Date of Appointment : |
05.01.2005 |
KEY EXECUTIVES
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Name : |
Mr. Hitesh Engineer |
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Designation : |
Asst. Manager - Operations |
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Name : |
Mr. Neville Fernandes |
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Designation : |
General Manager |
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Name : |
Mr. Kapil Tanna |
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Designation : |
Manager - Marketing |
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Name : |
Mr. Hiren Shah |
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Designation : |
Manager - Consolidation |
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Name : |
Mr. Salil Dikshit |
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Designation : |
Head Business Development |
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Name : |
Mr. Sunil Nair |
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Designation : |
Asst. Manager - Accounts |
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Name : |
Mrs. Rakhee Kotian |
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Designation : |
Asst. Manager - Customer Support |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Directors or relatives of directors |
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100.00% |
BUSINESS DETAILS
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Line of Business : |
Shipping, Clearing and Forwarding agents. |
GENERAL INFORMATION
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Auditors : |
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Name : |
Mr. Pradeep Choudhary Chartered Accountants |
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Address : |
101, Tripta Sadan, Shanta Wadi, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(0.531) |
(0.777) |
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NETWORTH |
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(0.431) |
(0.677) |
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LOAN FUNDS |
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1] Secured Loans |
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1.839 |
0.000 |
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2] Unsecured Loans |
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2.861 |
1.329 |
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TOTAL BORROWING |
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4.700 |
1.329 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4.269 |
0.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.017 |
0.814 |
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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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0.000 |
0.000 |
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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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5.625 |
2.555 |
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Cash & Bank Balances |
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2.340 |
0.016 |
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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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1.660 |
0.687 |
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Total
Current Assets |
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9.625 |
3.258 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.275 |
3.533 |
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Provisions |
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0.198 |
0.000 |
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Total
Current Liabilities |
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6.473 |
3.533 |
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Net Current Assets |
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3.152 |
(0.275) |
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MISCELLANEOUS EXPENSES |
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0.100 |
0.113 |
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TOTAL |
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4.269 |
0.652 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Total Income |
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71.397 |
5.114 |
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Profit/(Loss) Before Tax |
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0.444 |
(0.777) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.444 |
(0.777) |
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Expenditures : |
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Depreciation & Amortization |
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0.359 |
0.040 |
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Other Expenditure |
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70.594 |
5.851 |
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Total Expenditure |
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70.953 |
5.891 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.62 |
(15.19) |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.62 |
(15.19) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.17 |
(19.08) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.03) |
(1.15) |
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Debt Equity Ratio (Total Liability/Networth) |
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(25.92) |
(7.18) |
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Current Ratio (Current Asset/Current Liability) |
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1.49 |
0.92 |
LOCAL AGENCY FURTHER INFORMATION
Website Details :
Piloted by a group of entrepreneurs, Five Oceans is managed by a core team of professionals and led by a set of dynamic leaders. State-of-the-art operations are driven by a common corporate ethic - “to excel at every stage”.
A sophisticated well-equipped office based in Mumbai, facilitates a highly
motivated team of experts to handle the operations smoothly and efficiently.
The entire operation is geared towards perfecting the multi-dimensional world
of logistics. Activities such as ship chartering, project logistics, freight
leasing, break-bulk handling and cargo operations are all managed with acumen
and expertise.
All services ensure the listing of technical and commercial tasks involved in
door-to-door services. A special facility of single point cargo keeps the
customer continually informed and secure. They
blend versatility with creativity to offer the customer a suite of solutions on
par with the best in the industry.
Their key strength remains their company's sincerity of purpose in offering its
clients the smoothest deliveries, in the best possible way, so as to enhance
the client's business potential
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
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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24 |
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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