MIRA
INFORM REPORT
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Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ETA STAR-MARSOL INDIA PRIVATE LIMITED |
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Registered Office : |
No. 5, Moores Road, Chennai-600006, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.04.2006 |
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Com. Reg. No.: |
59524 |
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CIN No.: [Company
Identification No.] |
U35111TN2006PTC059524 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEE04101G |
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PAN No.: [Permanent
Account No.] |
AAPCE6048C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Ships Barges (Small Vessels) |
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 24000 |
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Status : |
Small Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Trade relations are fair. No
payment are available. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Haja Nasurudeen |
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Designation : |
Chief Accountant |
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Contact No.: |
91-9894943012 |
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Date : |
24.06.2008 |
LOCATIONS
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Registered Office : |
No. 5, Moores Road, Chennai-600006, Tamilnadu, India |
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Tel. No.: |
91-44-43099941/ 43099942 |
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Fax No.: |
91-44-43099943 |
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E-Mail : |
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Dubai Head Office : |
Marian Logestic Solution, L.L.C, Room No. 501, 5th Floor, Binsought
Building, P. O. No. 31966, Deira, Duabi, U.A.E. |
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Tel. No.: |
91-00-97142971912 |
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E-Mail : |
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Website : |
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Branches : |
Located at : 688, Anna Salai, Seethakathi Chambers, Chennai-600006, Tamilnadu,
India |
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Tel. No.: |
91-44-43099941 |
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Fax No.: |
91-44-43099943 |
DIRECTORS
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Name : |
Mr. Syed Mohammed Bukhari |
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Designation : |
Director |
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Date of Appointment : |
25.04.2006 |
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Name : |
Mr. Khalid A K Bukhari |
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Designation : |
Director |
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Date of Appointment : |
25.04.2006 |
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Name : |
Mr. Abdul Qudir Rahman Buhari |
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Designation : |
Director |
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Date of Appointment : |
25.04.2006 |
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Name : |
Mr. T S E Amir Ali |
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Designation : |
Director |
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Address : |
No. 78, Cathedral Road, Chennai-600086, Tamilnadu, India |
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Date of Birth/Age : |
01.02.1937 |
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Date of Appointment : |
18.04.2006 |
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Other Directorship : |
Buhari Builders And Contractors Private Limited U45210TN2005PTC058113 |
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Name : |
Mr. J. M. Hasan |
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Designation : |
Director |
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Address : |
5th Block, 5/190, Mogappair Webs, Chennai-600037,
Tamilnadu, India |
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Date of Birth/Age : |
05.09.1645 |
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Date of Appointment : |
18.04.2006 |
KEY EXECUTIVES
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Name : |
Mr. Haja Nasurudeen |
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Designation : |
Chief Accountant |
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Mobile No. : |
91-9894943012 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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T S E Amir Ali |
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9000 |
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J M Hasan |
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1000 |
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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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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Ships Barges (Small Vessels) |
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Exports : |
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Countries : |
Dubai |
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Imports : |
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Products : |
Machines |
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Countries : |
Canada |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Suppliers : |
Ø
A Ali Husein and Company, Chennai Ø
Essar Steel Limited, Chennai Ø
Burhani Iron and Steel Counter, Chenni Ø
Baseer and Company, Chennai Ø
J.S. W. Steel Limited, Karnataka |
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Customers : |
Wholesalers |
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No. of Employees : |
30 |
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Bankers : |
ICICI Bank, Nanganbakkam Branch, Chennai-600034, India |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
M/S N C Rajgopal and Company Chartered Accountant |
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Address : |
5 Moores Road, Chennai-600006, Tamilnadu, India |
CAPITAL STRUCTURE
As on 06.08.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Million |
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
Million |
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Total : |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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4.300 |
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3] Reserves & Surplus |
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0.448 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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4.848 |
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LOAN FUNDS |
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1] Secured Loans |
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0.603 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.603 |
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DEFERRED TAX LIABILITIES |
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0.094 |
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TOTAL |
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5.545 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.891 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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1.145 |
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Other Current Assets |
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0.019 |
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Loans & Advances |
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4.165 |
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Total
Current Assets |
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5.329 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.448 |
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Provisions |
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0.287 |
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Total
Current Liabilities |
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2.735 |
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Net Current Assets |
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2.593 |
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MISCELLANEOUS EXPENSES |
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0.061 |
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TOTAL |
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5.545 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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4.524 |
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Other Income |
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0.000 |
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Total Income |
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4.524 |
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Profit/(Loss) Before Tax |
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0.791 |
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Provision for Taxation |
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0.343 |
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Profit/(Loss) After Tax |
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0.448 |
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Expenditures : |
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Financial Charges |
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0.019 |
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Depreciation & Amortization |
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0.603 |
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Other Expenditure |
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3.111 |
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Total Expenditure |
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3.733 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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9.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
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17.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.62 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.68 |
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Current Ratio (Current Asset/Current Liability) |
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1.95 |
LOCAL AGENCY FURTHER
INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U35111TN2006PTC059524 |
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Name of the
company |
ETA STAR-MARSOL INDIA PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
No. 5, Moores Road, Chennai-600006, Tamilnadu, India |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
3i Infotech Trusteeship
Services Limited 3rd to
6th Floor, International Infotech Park, Tower No. 5, Vashi Railway
Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 06.03.2008 |
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Date of
instrument Creating the charge |
26.03.2008 |
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Amount secured by
the charge |
Rs. 63.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit -13.25% Term Loan -
13.25% Terms of
Repayment As per Credit
Arrangement Letter dated 29.02.2008 Margin Cash Credit -
25% Letter Loan -
30% Letter of
Credit-Cash Margin - 15% Bank
Guarantee - 15% Extent and
Operation of the charge Exclusive first
charge |
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Short particulars
of the property charged |
First charge in favour
of the Bank by way of Hypothecation of the company’s entire stocks of raw
materials, semi-finished and finished goods, consumable stores and spares
such other moveables including book-debts, bills whether documentary or
clean, outstanding monies, receivables, both present and future, in form and
manner satisfactory to the bank. First charge on
entire fixed assets of the company, both present and future. |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.34 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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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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28 |
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. |
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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