MIRA
INFORM REPORT
|
Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WEST ASIA MARITIME LIMITED |
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|
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Registered Office : |
Buhari Towers, 6th Floor, No.4, Moores Road,
Chennai-600006, Tamil Nadu |
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Country : |
India |
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|
Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.10.1993 |
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Com. Reg. No.: |
026045 |
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CIN No.: [Company
Identification No.] |
U63032TN1993PLC026045 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEW00100C |
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|
Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in the business as Freight Forwarders,
Bulk Carriers and Ship Owners. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 19447000 |
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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 having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are 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 : |
Bhuharia Towers, Sixth Floor, Moores Road, Chennai – 600006, Tamilnadu |
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Tel. No.: |
91-44-28241431/41/51/61/42261400 |
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Fax No.: |
91-44-28266976 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory 1 : |
No. 8, Omprakash Areade, Best plot, Chembur (East), Mumbai |
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Tel. No.: |
91-22-32482037 |
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Fax No.: |
91-22-27812747 |
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Location : |
Rented |
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DIRECTORS
|
Name : |
Mr. B. S. Abdur Rahman |
|
Designation : |
Chairman |
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Date of Birth/Age : |
15.08.1928 |
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Name : |
Mr. S. M. Salahuddin |
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Designation : |
Managing Director |
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Date of Birth/Age : |
7.04.1942 |
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|
|
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Name : |
Mr. Khalid Al-Ghurair |
|
Designation : |
Director |
|
Date of Birth/Age : |
10.05.1958 |
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|
|
|
Name : |
Mr. R. Narayanan |
|
Designation : |
Director |
|
Date of Birth/Age : |
2.07.1929 |
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|
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Name : |
Mr. P. M. Abraham I. A. S. (Retired |
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Designation : |
Director |
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Name : |
Captain P. P. Radhakrishnan |
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Designation : |
Director |
|
Date of Birth/Age : |
10.06.1937 |
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|
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|
Name : |
Mr. Abdul Karim Noorul Haque |
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Designation : |
Director |
|
Date of Birth/Age : |
13.11.1948 |
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|
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|
Name : |
Mr. Khalid A. K. Buhari |
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Designation : |
Director |
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Date of Birth/Age : |
12.11.1957 |
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|
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Name : |
Mr. Abdul Qadir |
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Designation : |
Director |
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Date of Birth/Age : |
14.03.1965 |
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Experience: |
11Years |
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|
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|
Name : |
Mr. Nooru Haque |
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Designation : |
Director |
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Experience : |
22 Years |
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KEY EXECUTIVES
|
Name : |
Mr. Prema Parthasarathy |
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Designation : |
Company Secretary |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business as Freight Forwarders,
Bulk Carriers and Ship Owners. |
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|
|
PRODUCTION STATUS
|
Particulars |
|
|
|
Installed
Capacity |
|
Steam Coal |
|
|
|
1,211,328 |
|
Coking Coal |
|
|
|
1,330,281 |
|
Lime Stone |
|
|
|
402,692 |
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Others including Met, Coke, Iron Ore and Rock Phosphate |
|
|
|
445,901 |
|
Total |
|
|
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3,390,202 |
GENERAL
INFORMATION
|
No. of Employees : |
31 (in Office), 02 (In
Branches) Total: 33 |
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|
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Bankers : |
|
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|
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Banking
Relations : |
Good |
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|
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Auditors : |
|
|
Name : |
N C Rajagopal and Company (Chartered Accountant) |
|
Address : |
29 Krishnaswamy Avenue, Mylapore, Chennai-600004, Tamilnadu, India |
|
Tel. No.: |
91-44-24993056 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs.750.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31916707 |
Equity Shares |
Rs. 10/- each |
Rs.319.167
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
319.200 |
298.400 |
298.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2096.400 |
1638.700 |
882.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2415.600 |
1937.100 |
1180.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1473.800 |
316.100 |
344.600 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1473.800 |
316.100 |
344.600 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3889.400 |
2253.200 |
1525.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
1775.000 |
1063.500 |
1422.300 |
|
|
Capital work-in-progress |
58.300 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
184.000 |
137.600 |
35.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.300
|
8.600 |
6.000 |
|
|
Sundry Debtors |
150.500
|
87.000 |
180.800 |
|
|
Cash & Bank Balances |
1123.300
|
1071.400 |
344.900 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1033.000
|
306.800 |
118.300 |
|
Total
Current Assets |
2319.100
|
1473.800 |
650.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
239.800
|
155.500 |
463.500 |
|
|
Provisions |
207.200
|
266.200 |
118.900 |
|
Total
Current Liabilities |
447.000
|
421.700 |
582.400 |
|
|
Net Current Assets |
1872.100
|
1052.100 |
67.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3889.400 |
2253.200 |
1525.000 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1111.700 |
1610.200 |
3842.400 |
|
|
Other Income |
651.100 |
486.200 |
33.500 |
|
|
Total Income |
1762.800 |
2096.400 |
3875.900 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
515.700 |
990.200 |
395.200 |
|
|
Provision for Taxation |
76.700 |
63.400 |
29.200 |
|
|
Profit/(Loss) After Tax |
439.000 |
926.800 |
366.000 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
103.000 |
131.700 |
60.600 |
|
|
Salaries, Wages, Bonus, etc. |
67.600 |
26.300 |
47.400 |
|
|
Interest |
19.400 |
20.400 |
18.400 |
|
|
Power & Fuel |
60.000 |
80.000 |
60.000 |
|
|
Depreciation & Amortization |
88.700 |
148.100 |
158.500 |
|
|
Other Expenditure |
908.400 |
699.700 |
3135.800 |
|
Total Expenditure |
1247.100 |
1106.200 |
3480.700 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
24.90
|
44.21 |
9.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
46.39
|
61.49 |
10.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.89
|
37.02 |
18.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.51 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.79
|
0.38 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.19
|
3.49 |
1.12 |
LOCAL AGENCY
FURTHER INFORMATION
Company profile:
Subject was incorporated in October 1993 as a public limited company. It
owns one and one panamax dry bulk carriers. The company has acquired in year
2001 built 73879 DWT Panamax bulk converted the same as a self unloader.
WAM is an
ISO-9001-2000 certified Company (by DNV)
Subject has
ambitious plans to enter into transshipment operations, movement of coal for
Independent Power Producers in India apart from infrastructural development
like shore based unloading facility, provision of harbour tugs etc.
The company also
offers freight cover to major trading houses through its wholly owned
subsidiary West Asia Maritime Overseas Private Limited (WAMOPL), Singapore
by chartering vessels. The company charters over 50 vessels to meet its
contractual obligations.
Subject has
established a Ship Management Company in India called EC SHIP Management
Company Ltd ( EC SMC ), which manages ships of WAM and other clients. EC SMC
has got ISM certificate from Indian Port State Control as well as Det Norske
Veritas.
Promoters:
Subject had
been promoted by Emirates Trading Agency LLC, Dubai, (ETA) a member of ETA
ASCON Group - www.etaascon.com
Dubai through its wholly owned subsidiary, ETA West Asia Shipping Company Limited,
Mauritius.
ETA ASCON is a US$ 3 billion turnover group, promoted by the Al Ghurair Group
of Dubai and Amana Investments of Hong Kong during 1973. The group has varied
interests such as Contracting, General Trading, Ship Owning, Manufacturing, Retailing
and Distribution, Maintenance and Services. The group has its Head Office at
Dubai and offices spread over 21 countries. The group employs over
40,000 people worldwide.
The ETA Trading and Shipping Division (T&S Division) is the largest
contributor of revenue to the ETA Ascon Group. ETA T&S division transports
more than 15 million tons of cargo per annum under its trading activity. Over
and above the owned vessels (13 panamax vessels, 3 Tankers), the Division
charters over 200 vessels to service its transportation needs.
SISTER CONCERNS
Australian
Representative Office
WAM is pleased to announce the opening of West Asia Maritime Overseas Pvt Ltd,
Singapore’s (WAMOPL) Australian Representative Office from November 1, 2003.
The office is located in Melbourne and headed by Mr. Nigel Chaves, Executive
Vice President.
The Australian Office works closely with all cargo interests in Australia to
help the movement of raw materials, both full and part cargoes, into the
growing markets of the Middle East, Indian sub-continent and South East Asian
Regions.
Mr. Nigel Chaves brings to our team a wealth of experience gained in the
Australian and International Shipping markets. We are confident that WAM can
now provide an optimum service to all our Customers within the Australian
region.
CONTACT ADDRESS OF AUSTRALIAN REGION:
# 2, Small Street,
Hampton, Vic 3188
Melbourne, Australia
Off: +613 9521 0185(Dir) / +613 9533 5999
Fax: +613 9533 5944
Email: Nigel@wamopl.com/ chaves@bigpond.com
Mobile: +61417 379 234
Resident: +61395 895 909
BOARD OF DIRECTORS:
Dr. B. S. Abdur
Rahman
Chairman
Executive Vice
Chairman of ETA - ASCON Group,
Dubai
East Coast Construction Industries Limited
Mr. S. M.
Salahuddin
Director
salahuddin@eta-ascon.com
Managing Director of ETA-ASCON (www.etaascon.com)
Group of Companies.
Mr. R. Narayanan
Director
narayanan@vsnl.com
Former Chairman & Managing Director of Life Insurance Corporation of India
and
currently Chairman
of Orchid Pharmaceuticals-www.orchidpharma.com
.
Mr. P. M. Abraham
Director
pmatvm@yahoo.co.in
I.A.S (Retired),Former Secretary, Union Ministry Shipping and Transport (MOST)
Government of India.
Capt. P. P.
Radhakrishnan
Director
transact@bgl.vsnl.net.in
Former Chairman & Managing Director of Shipping Corporation of India
(Government Owned Shipping Company).
Mr. Noorul Haque
Director
haque@eta-ascon.com
Sr. Executive Director for Trading & Shipping Division of ETA-Dubai (www.etaascon.com).
Shipping
experience of 30 years.
Mr. Khalid A. K.
Buhari
Director
khalidak@vsnl.com
khalidak@wam.co.in
Managing Director
Chennai Citi Centre
Director-in-charge of Indian operations,
Emirates Trading Agency, LLC, Dubai.
Mr. Ameer Fizel
Director
faisal@etatns.com
Mr. Noohu Mohammed Ameer Fizel
Executive Director, Shipping Division of Emirates Agency LLC, Dubai
(ETA LLC), with 25 years of experience in Ship Chartering. He is also in
the Board of a few Shipping companies, worldwide
Mr. Abdul Qadir
Managing Director
abdul.qadir@wam.co.in
Managing Director and 15 years experience in Shipping and Project
implementation.
Mr. Abdul Qadir A.
R. Buhari
abdul.qadir@wam.co.in
Managing
Director
Over 15 years experience in shipping & project implementation.
Mr. R. Srinivasan
srinivasan@wam.co.in
Executive
Director
39 years of shipping finance experience in major shipping companies in Senior
Managerial position.
Mr. Subhash Anant
Joshi
joshi@wam.co.in
Chief
Operating Officer
33 years experience in Commercial and Chartering Department of well known
Shipping Companies in Senior Managerial positions.
Capt D. Bhatia
bhatia@wamopl.com
Vice
President - Commercial
A Master Mariner and MICS with 17 years of sea going experience and about 13
years experience in commercial Dept. of leading shipping companies.
Capt. Venkat
Padmanabhan
venkat@wamopl.com
Vice President - Commercial
A Master Mariner and MICS with 13 years of sea going experience and about 15
years experience in commercial Dept of shipping and commodity trading
Companies.
Capt. J.
Ravishankar
ravishankar@wamopl.com
Vice
President - Commercial
A Master Mariner with 32 years of experience.
Mr.
Rahim.E.Vayalakad
rahim@wam.co.in
Vice President - Technical
Over 23 years management experience in international shipping companies.
Mr. P.S. Eswaran
eswaran@ecsmc.com
General
Manager - Technical
Over 20 years management experience.
Mrs. Prema
Parthasarathy
prema@wam.co.in
Vice
President & Company Secretary
37
years of corporate experience, including 27 years as a Company Secretary.
Subject’s Bureau:
Chennai, May 3 West Asia Maritime Ltd (WAM), the
Chennai-based ship owning and operating subject, has signed a $110-million (Rs
440 crore) contract with Mitsubishi Corporation, Japan, for chartering two
handymax (around 55,000 dead weight tonnes) bulk carriers under ‘bare boat
charter’.
It will be a twelve-and-a-half year charter
period with WAM having the purchase option of the ships.
Under the ‘bare boat’ charter, the entity chartering a
vessel has complete possession and control of the ship, including the right to
appoint its crew. Two years ago, WAM signed a similar deal for $33 million with
another Japanese subject, Mitsui & Co, for a bulk carrier.
The two new ships are to be delivered by Mitsubishi during
the third quarter of 2012 and first quarter of 2013, Mr Abdul Qadir A. Rahman
Buhari, Managing Director, WAM, told newspersons.
‘bare boat’ charter
Under the bare boat charter, WAM will pay Mitsubishi an
upfront fee of 10 per cent of the total cost and the balance when the ships are
delivered. Mitsubishi will also arrange finance, identify the ship building yard,
and provide ships on charter to WAM, which can just focus on identifying
clients for the cargo, he said.
Promoted by the Dubai-based Emirate Trading Agency, WAM and
its Singapore-based subsidiaries own five handymax vessels, seven panamax dry
bulk carriers and four chemical tankers.
In 2009, it will time charter four new stainless steel
chemical tankers. For the fiscal ended March 2008, WAM and its subsidiaries
transported 12.77 million tonnes cargo.
As on December 2007, the subject’s revenues were $296
million (Rs 1,172 crore).
The
current market value of its owned and ‘b are boat’
chartered vessels, and the new contract was $677 million (Rs 2,708 crore), Mr
Buhari said
West Asia Maritime Limited
Buhari
Towers, 6th Floor,
No. 4, Moores Road,
Chennai - 600 006.
India
Phone: +91-44-42261400, 28241431 / 41 / 51 / 61
Fax: +91-44-28266976
General Enquiry: corporate@wam.co.in
Commercial Enquiry: commercial@wam.co.in / commercial@wamopl.com
Finance & Accounts Enquiry: finance@wam.co.in / finance@wamopl.com
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.42.23 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
----- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
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 |
|