MIRA
INFORM REPORT
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Report Date : |
16.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
LOIRE MARINE SERVICES PRIVATE LIMITED |
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Registered Office : |
Delphi, A-201/202, Hiranandani Business Park, Powai, Mumbai-400007,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
08.06.2004 |
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Com. Reg. No.: |
11-146832 |
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CIN No.: [Company
Identification No.] |
U63032MH2004PTC146832 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML05519D |
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PAN No.: [Permanent
Account No.] |
AAACL9895K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provides shipping services. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 10000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company meeting its smaller commitments
timeously. Trade relations are fair. Business is active. The concern can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Das |
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Designation : |
Head in Accounts |
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Date : |
05.06.2008 |
LOCATIONS
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Registered Office : |
Delphi, A-201/202, Hiranandani Business Park, Powai, Mumbai-400007,
Maharashtra, India |
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Tel. No.: |
91-22-25712104 |
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E-Mail : |
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Website : |
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Area : |
5000 sq ft (Rented) |
DIRECTORS
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Name : |
Mr. Shivanandan Madhav Halbe |
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Designation : |
Director |
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Address : |
501, Shivanil, 6, Union Park, Chembur, Mumbai-400071, Maharashtra,
India |
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Date of Birth/Age : |
26.07.1957 |
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Date of Appointment : |
22.01.2005 |
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Name : |
Mr. Satishchandra Kesava Rao |
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Designation : |
Director |
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Address : |
B-201, Great Eastern Gardens, Kanur Marg (West), Mumbai-400078,
Maharashtra, India |
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Date of Birth/Age : |
18.07.1954 |
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Date of Appointment : |
22.01.2005 |
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Name : |
Mr. Atul Jitendra Agarwal |
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Designation : |
Director |
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Address : |
Flat No. 4-A, Saker Apartment CHS, Pochkhanwala Road, Worli,
Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
26.07.1958 |
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Date of Appointment : |
16.08.2005 |
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Name : |
Mr. Anil Harish |
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Designation : |
Director |
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Address : |
13, C.C.I. Chambers, 1st Floor, Dinshaw Wacha Road,
Mumbai-400020, Maharashtra, India |
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Date of Birth/Age : |
19.03.1954 |
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Date of Appointment : |
22.03.2005 |
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Name : |
Mr. Shridhar Maldath Bharatan |
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Designation : |
Director |
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Address : |
2602, ODSYSSEY-II, Hiranandani Gardens, Powai, Mumbai-400076,
Maharashtra, India |
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Date of Birth/Age : |
05.08.1956 |
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Date of Appointment : |
22.01.2005 |
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Name : |
Mr. Poneet Balraj Gupta [Son of Mr. Balraj Gupta] |
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Designation : |
Director |
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Address : |
35, Pushtikar Society, Jogeshwari [West], Mumbai – 400102, Maharashtra, India |
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Date of Birth/Age : |
16.12.1965 |
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Date of Appointment : |
08.06.2004 |
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Date of Ceasing: |
22.03.2005 |
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Name : |
Mrs. Hema Poneet Gupta |
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Designation : |
Director |
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Address : |
35, Pushtikar Society, Jogeshwari [West], Mumbai – 400102, Maharashtra, India |
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Date of Birth/Age : |
25.10.1973 |
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Date of Appointment : |
08.06.2004 |
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Date of Ceasing: |
22.03.2005 |
KEY EXECUTIVES
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Name : |
Mr. Das |
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Designation : |
Head in Accounts |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Poneet Balraj Gupta |
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5000 |
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Hema Poneet Gupta |
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5000 |
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Total |
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10000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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37.50 |
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Other top fifty (50) shareholders (other than Public Limited Liability
Company. Company's Shares are Listed on the Stocks Exchange above) |
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62.50 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Provides shipping services. |
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Terms : |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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No. of Employees : |
145 |
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Bankers : |
Axis Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gupta Verma and Assciates Chartered Accountant |
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Address : |
A/103, Rajeshree Accord, Telly Gully Cross Lane, Andheri (West),
Mumbai-400069, Maharashtra, India |
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Name : |
Prajapati and Associates Chartered Accountant |
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Address : |
Office No. 9, Panchvati, 1st Floor, Corner of S.V. Road and
Bjaj Road, Kandivali (West), Mumbai-400067, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.160
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
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|
31.03.2008 |
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Sales Turnover |
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40.000 |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.160 |
0.160 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.060 |
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3] Reserves & Surplus |
1.899 |
0.814 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.070] |
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NETWORTH |
2.059 |
0.974 |
0.090 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.145 |
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TOTAL |
2.059 |
0.974 |
0.235 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.208 |
6.788 |
9.070 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.896 |
0.367 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
1.959
|
0.615 |
0.066 |
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Cash & Bank Balances |
5.582
|
6.166 |
0.137 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.208
|
3.109 |
1.600 |
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Total
Current Assets |
10.749
|
9.890 |
1.803 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.276
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14.819 |
10.653 |
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Provisions |
1.528
|
1.268 |
0.007 |
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Total
Current Liabilities |
13.804
|
16.087 |
10.660 |
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Net Current Assets |
[3.055]
|
[6.197] |
[8.857] |
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MISCELLANEOUS EXPENSES |
0.010 |
0.016 |
0.022 |
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TOTAL |
2.059 |
0.974 |
0.235 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
28.484 |
25.693 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
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28.484 |
25.693 |
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Profit/(Loss) Before Tax |
|
1.771 |
1.340 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.771 |
1.340 |
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Expenditures : |
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Total Expenditure |
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26.713 |
24.353 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.22
|
5.22 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
6.22
|
5.22 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.84
|
8.03 |
- |
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Return on Investment (ROI) (PBT/Networth) |
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0.86
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1.38 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
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6.70
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16.51 |
118.44 |
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Current Ratio (Current Asset/Current Liability) |
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0.78
|
0.61 |
0.17 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
[They provide services to their owners
Germany Loire Marine is Subsidiary Company]
As per Web Details
:
Profile:
Loire Marine Services commenced operation in Mumbai in January
2005 with management of Chemical Tankers. The purpose was to create a world
class Ship Management company, which gave great attention to detail and ensured
compliance with rules/regulations in their right spirit.
They believe that the industry does not require more rules, but better
compliance with existing ones. This, naturally requires a great deal of
committment from the top management to provide support to our ship's staff.
After all, they are only as strong as the smallest management unit - The Ship!
The Loire Team brings together vast amount of experience in Technical, Crewing
and Operations and is fully equipped to cater to the needs and challenges of an
ever demanding shipping industry.
Services
Technical ship Management
LMS believes that the vessel is the most dynamic link in the
management circle. The role of the office, thus, is to provide support and
guidance to the vessel for efficient and effective operation. Safety and
environment protection are paramount. They are proud to state that in this
short span of our existence, 3 of our vessels have already been registered in
USCG's Qualiship 21 programme.
They lay great emphasis on cost control, and effective use of inventory
management electronically, is one of the tools used. Shore and Shipboard
management team decide together the maintenance plan and requirements to bring
it into practice. This ensures that the owners get value for money, and the
ship -consequently the ship's staff- is maintained and ready for all
requirements- be it Oil major vetting or Port State control.
New Building and conversions
Due to our association with owners with a large new building
programme, they have inhouse expertise and resources available to supervise and
negotiate as well as recommend the best deal for the owners.
Dry Docking and repairs
They have close liaision with major dockyards in various
regions and can recommend and negotiate the best deal to the satisfaction of
the owners.
Quality Management Systems
LMS is certified for compliance with ISM code by DNV and
they hold a DOC for Oil and Chemical tankers. They are working towards
certifying our systems to ISO 14000.
Crew Management
They believe that they owe our success to the quality of our
seagoing staff. Thus, their selection, training, retraining and nurturing is
our responsibility. They take this seriously.
Related Industry
Link :
> International Maritime Organization
> Society of Gas Tankers and terminal operators
> International Association of Independent Tanker
Operators
> Baltic and International Maritime Council
> Directorate General of shipping
> International Association of classification
authorities
> Australian Maritime Safety Authority
> Chemical distribution Institute
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.42.90 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
|
36 |
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 |
|