MIRA
INFORM REPORT
|
Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
M PALLONJI SHIPPING PRIVATE LIMITED |
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Registered Office : |
46/A, Vitraag Chambers, Cawasji Patel Street, For, Mumbai – 400001,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.10.2005 |
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Com. Reg. No.: |
11-157051 |
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CIN No.: [Company
Identification No.] |
U63032MH2005PTC157051 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM28367D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemical, Fertiliser Factories, Petroleum Refineries,
Offshore Oil and Gas Platform etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3057848 |
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Status : |
Good |
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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 company and a part of
Palloji Group. Trade relations are fair. Business is active. General
financial position is satisfactory. Payments are reported as usually correct
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
46/A, Vitraag Chambers, Cawasji Patel Street, For, Mumbai – 400001,
Maharashtra, India |
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Tel. No.: |
91-22-66100000/ 22855308/22/ 2042432/ 2854218/ 2853058/ 2853080 |
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Fax No.: |
91-22-22855325/ 2152998 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Mehli K Mistry |
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Designation : |
Director |
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Address : |
902, Bakhtavar, Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
28.03.1960 |
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Date of Appointment : |
26.10.2005 |
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Name : |
Mr. Pheroze K Mistry |
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Designation : |
Director |
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Address : |
901, Bakhtavar, 9th Floor, Shahid Bhagatsingh Road, Colaba,
Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
30.12.1962 |
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Date of Appointment : |
26.10.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Category |
|
Percentage |
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Bodies corporate (not mentioned above) |
|
66.67 |
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Directors or relatives of directors |
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33.33 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemical, Fertiliser Factories, Petroleum Refineries,
Offshore Oil and Gas Platform etc. |
GENERAL
INFORMATION
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Bankers : |
36-38 A, Nariman Bhavan 227 D, Nariman Point, Mumbai – 400021,
Maharashtra, India
A R Street Branch, 176/180, Bhagat Mansion, 1st, 2nd
and 3rd Floor, Abdul Rehman Street, Mumbai – 400003, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sethy and Company Chartered Accountant |
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Address : |
Swatik Plaza, V L Mehta Road, Villeparle (West), Mumbai – 400049,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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50000 |
Equity Share |
Rs.10/- each |
Rs.0.500 Million |
|
5000000 |
Preference Share |
Rs.10/- each |
Rs.50.000 Millions |
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Total |
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Rs.50.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
30000 |
Equity Share |
Rs.10/- each |
Rs.0.300
Million |
|
3825000 |
Preference Share |
Rs.10/- each |
Rs.38.250
Millions |
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Total |
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Rs.38.550 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
26.10.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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38.550 |
0.100 |
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2] Share Application Money |
|
114.300 |
0.000 |
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3] Reserves & Surplus |
|
611.612 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
764.462 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
|
624.991 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.020 |
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TOTAL BORROWING |
|
624.991 |
0.020 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1389.453 |
0.120 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1144.621 |
0.000 |
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Capital work-in-progress |
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71.099 |
0.000 |
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INVESTMENT |
|
109.653 |
0.000 |
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DEFERREX TAX ASSETS |
|
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 |
|
5.252 |
0.000 |
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Cash & Bank Balances |
|
57.786 |
0.109 |
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Other Current Assets |
|
3.128 |
0.000 |
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Loans & Advances |
|
0.000 |
0.000 |
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Total
Current Assets |
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66.166 |
0.109 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.122 |
0.005 |
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Provisions |
|
1.964 |
0.000 |
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Total
Current Liabilities |
|
2.086 |
0.005 |
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Net Current Assets |
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64.080 |
0.104 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.016 |
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TOTAL |
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1389.453 |
0.120 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
|
|
411.031 |
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Other Income |
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|
0.000 |
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Total Income |
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|
411.031 |
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Profit/(Loss) Before Tax |
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269.068 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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269.068 |
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Expenditures : |
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Interests |
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|
14.971 |
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Depreciation |
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25.408 |
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Other Expenditure |
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|
101.584 |
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Total Expenditure |
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141.963 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2007 |
26.10.2006 |
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PAT / Total Income |
(%) |
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65.46 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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65.46 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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22.22 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.35 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.82 |
0.25 |
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Current Ratio (Current Asset/Current Liability) |
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31.72 |
21.80 |
LOCAL AGENCY
FURTHER INFORMATION
Profile:
|
Corporate
identity number (CIN) Foreign company registration number |
U63032MH2005PTC157051 |
|
Name of the
Company |
M PALLONJI SHIPPING PRIVATE LIMITED |
|
Address |
46/A, Vitraag Chambers, Cawasji Patel Street, For, Mumbai – 400001,
Maharashtra, India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Ship |
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Particulars of
the charge holder |
Kotak Mahindra Bank Limited 36-38 A, Nariman Bhavan 227 D, Nariman Point, Mumbai – 400021,
Maharashtra, India L65110MH1985PLC038137 |
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Nature or
description of the instrument(s) creating or modifying the charge |
Annexure to From
11 Statutory Mortgage |
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Date of the
instrument creating or modifying the charge |
10.04.2007 |
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Amount secured by
the charge |
Rs.517.680
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: As per Sanction Terms of
Repayment: As per Sanction Margin: 20% Extent and
operation of Charge: Mortgage of all
the 10 shares of the shipping vessel MP Panamax 3 covering the loan of USD
12000000 (translating in
to INR 517680000) |
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Short particulars
of the property charged (including location of the property) |
Mortgage of all
the 10 shares of the shipping vessel MP panamax3 |
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Particular of the
present modification |
NA |
Profile:
Subject is the Flagship Company of their
group. It is primarily engaged in contracting and has site offices all over
India. With industrial coating and painting as their forte, they have
undertaken major contracts for power generating stations (hydroelectric and
thermal), chemical and fertiliser factories, petroleum refineries, offshore oil
and gas platforms, etc.
Their company is the pioneer contractor in India, which has
successfully executed platform-based underwater marine growth removal from ONGC
structures at the Bombay High offshore field on a turnkey basis. They own and
operate platform-based diving and cleaning equipment to man three separate
locations independently. Their platform-based diving technology has been
adopted for offshore structures in the North Sea as well.
Subject is one of the select groups of contractors in India
which has undertaken:
- Internal and
external epoxy lining/coating of urea prilling towers in fertiliser
plants, having a diameter of 24-28 metres and a height of over 100 metres.
- Turnkey
painting/coating for ONGC offshore platforms.
- Internal and
External speciality coatings of large penstocks carrying water to
hydro-electric power stations.
- Repairs and
gunniting of concrete marine jetty structures, Electric Transmission
Towers and similar offshore foundations.
- Complete
Blasting and Painting works for integrated ship repair yards.
They are registered with various national and international
consultants and have completed a number of turnkey contracts through them. The
national consultants are Engineers India Limited, Udhe India Limited.,
Engineering Projects India Limited, Bridge and Roof Company (India)Limited,
Hindustan Dorr-Oliver Limited, DCM Consultants Ltd. and Tata Consulting
Engineers among others. The leading international consultants are Bechtel
Corporation, Stone and Webster, Brown and Root, Snam Progetti SPA., Technip,
Toyo Engineering Corporation, Humphreys and Glasgow and Chiyoda, among others.
They are Patron Members of The Steel
Structures Painting Council, U.S.A. and Bronze Corporate Sponsor of NACE International, U.S.A.
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.39.98 |
|
UK Pound |
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.62.25 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
|