MIRA
INFORM REPORT
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Report Date : |
28.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOODEARTH MARITIME LIMITED |
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Registered Office : |
2 North Crescent Road, T Nagar, Chennai – 600017, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.05.2000 |
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Com. Reg. No.: |
061232 |
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CIN No.: [Company
Identification No.] |
U63020TN2000PLC061232 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEGO2396C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Shipping Transport Operations. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 69630472 |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and condition. CITI Bank may not have sanctioned project finance to the company as we
could make it from the discussion with various staff including Mr.
Gopalkrishnan and Mr. Madan who remained non-cooperative. In the meantime, Mr. Hrichikesh Narasiman (91-9866170127) confirmed
that CITI Bank has done Due Diligence recently. Financial assistance from State Bank of India, Canara Bank, UCO Bank,
Punjab National Bank, Indian Bank. (Shipping Division – Cash rich – No fund
needed, Ship Yard Division – will go for funding as and when needed with
equity and debt mixtures) |
LOCATIONS
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Registered Office : |
2 North Crescent Road, T Nagar, Chennai – 600017, Tamilnadu, India |
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E-Mail : |
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Website : |
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Factory : |
TVH Phase II, 5th Floor, Block No.94, Beliciaa Tower, MRC
Nagar, Chennai – 600028, Tamilnadu, India |
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Tel. No.: |
91-44-43033444 |
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Fax No.: |
91-44-43033555/ 28156797 |
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E-Mail : |
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Corporate Office 1: |
32-D, North Crescent Road, T Nagar, Chennai – 600017, Tamilnadu, India |
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Corporate Office 2: |
Green Park, Plot No. 113/114, Tagore Road, Sector 8, Gandhidham – 370 201, Gujarat, India |
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Tel. No.: |
91-2836-233841/234259 |
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Fax No.: |
91-2836-255449/233400 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Location : |
Residential and Commercial |
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Head Office/ Corporate Office 3: |
Haveli No. 2 (Old No. 32-A), North Cresent, T. Nagar, Chennai – 600 017, Tamilnadu |
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Tel. No.: |
91-44-28153479/81/28154060/28150496/28254661 |
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Fax No.: |
91-44-2815679728258508 |
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E-Mail : |
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Website: |
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Area : |
Owned |
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Branches : |
Jakhau Port, Jakhau Village, Taluka Absada, District Kutch, Gujarat |
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Tel. No.: |
91-2536-286397 |
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Area : |
Leased |
DIRECTORS
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Name : |
Mr. Panduruti Brahma Anandham |
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Designation : |
Chairman |
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Address : |
9 Giri Road T. Nagar, Chennai – 600 017, Tamilnadu, India |
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Tel No. : |
91-44-28154060/28150496 |
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Email : |
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Date of Birth/Age : |
01.12.1938 |
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Qualification : |
B.Com |
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Experience : |
40 years |
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Date of Appointment : |
11.05.2000 |
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Name : |
Mr. Sundararajan Madhan |
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Designation : |
Managing Director |
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Address : |
188-B S Marys
Road, R.A., Puram Vidyatheerth Nagar Chennai – 600 008, Tamilnadu, India |
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Tel No. : |
91-44-28254060/28254661 |
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Email : |
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Date of Birth/Age : |
06.05.1956 |
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Qualification : |
B.Com |
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Experience : |
20 years |
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Date of Appointment : |
11.05.2000 |
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Name : |
Mr. Pandurti Ranjit |
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Designation : |
Director |
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Address : |
21, Giri Road, T.
Nagar, Chennai – 600 017, Tamilnadu, India |
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Date of Birth/Age : |
11.02.1974 |
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Date of Appointment : |
29.01.2008 |
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Name : |
Mr. Pendurti Pramila |
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Designation : |
Director |
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Address : |
9, Giri Road, T.
Nagar, Chennai – 600 017, Tamilnadu, India |
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Date of Birth/Age : |
01.03.1950 |
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Date of Appointment : |
11.06.2004 |
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Name : |
Mr. Luis Miranda |
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Designation : |
Nominee Director |
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Address : |
801 B, Deepali, St. Cyril Road, Bandra (West), Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
21.09.1961 |
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Date of Appointment : |
29.01.2008 |
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Nominee Company : |
IDFC Private Equity Fund II |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Panduruti Brahmanadan |
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400400 |
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Mr. Panduruti Ranjit |
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300100 |
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Mr. S. Madan |
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100 |
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Mr. K. Jaishankar |
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100 |
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Mr. Panduruti Ravi |
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300000 |
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Mr. Panduruti Anandam |
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800000 |
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Jakhavu Salt Company Private Limited |
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780000 |
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Archean Granites Private Limited |
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1562200 |
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Total |
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4142900 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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57.00 |
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Directors or relatives of directors |
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43.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Shipping Transport Operations. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
600 |
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Bankers : |
Ahmebadad, Gujarat, India
Overseas Branch, 770-A, Anna Salai, Spencer Town, Chennai – 600 002, Tamilnadu
Overseas Branch, World Trade Centre, Cuffe Pardade, Mumbai-400005, India
Mount Road Branch, 212 Mount Road, Chennai – 600002, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. Chandrashekharan and Associates Chartered Accountants |
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Address : |
Kalpataru Complex, 1st Floor, 44, C. P.
Ramashwamy Road, Alwarpet, Chennai – 600 018, Tamilnadu |
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Tel No.: |
91-44-24970279/24662576 |
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Fax No.: |
91-44-24662576 |
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Associates/Subsidiaries : |
32-D, North Crescent Road, T. Nagar, Chennai- 600017, India
32-D, North Crescent Road, T. Nagar, Chennai- 600017, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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61000000 |
Equity Shares |
Rs. 10/- each |
Rs.610.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8285800 |
Equity Shares |
Rs.10/- each |
Rs.82.858 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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 |
82.858 |
41.429 |
41.429 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1574.760 |
1300.236 |
894.015 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1657.618 |
1341.665 |
935.444 |
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LOAN FUNDS |
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1] Secured Loans |
1681.661 |
837.834 |
649.342 |
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2] Unsecured Loans |
1967.190 |
1532.425 |
295.406 |
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TOTAL BORROWING |
3648.851 |
2370.259 |
944.748 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5306.469 |
3711.924 |
1880.192 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
633.122 |
722.326 |
602.485 |
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Capital work-in-progress |
4220.225 |
2544.867 |
954.255 |
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INVESTMENT |
0.013 |
1.337 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
28.002
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32.163 |
41.970 |
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Sundry Debtors |
123.099
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294.192 |
277.238 |
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Cash & Bank Balances |
407.540
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297.957 |
281.054 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
25.539
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57.197 |
53.341 |
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Total
Current Assets |
584.180
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681.509 |
653.603 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
117.260
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238.171 |
330.273 |
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Provisions |
13.811
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0.000 |
0.000 |
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Total
Current Liabilities |
131.071
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238.171 |
330.273 |
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Net Current Assets |
453.109
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443.338 |
323.330 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.056 |
0.112 |
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TOTAL |
5306.469 |
3711.924 |
1880.192 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1285.847 |
1719.631 |
2087.353 |
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Other Income |
45.570 |
14.015 |
15.400 |
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Total Income |
1331.417 |
1733.646 |
2102.753 |
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Profit/(Loss) Before Tax |
321.982 |
411.556 |
636.382 |
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Provision for Taxation |
6.030 |
5.334 |
(23.743) |
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Profit/(Loss) After Tax |
315.952 |
406.222 |
660.125 |
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Expenditures : |
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Consumption of stores and spares parts |
91.370 |
79.663 |
79.139 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
150.955 |
161.187 |
114.833 |
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Managerial Remuneration |
2.400 |
2.400 |
0.540 |
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Payment to Auditors |
0.145 |
0.137 |
0.083 |
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Interest |
22.677 |
22.661 |
33.768 |
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Insurance Expenses |
44.135 |
49.426 |
22.040 |
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Power & Fuel |
160.327 |
315.936 |
242.430 |
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Depreciation & Amortization |
124.069 |
55.030 |
33.984 |
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Other Expenditure |
413.357 |
635.650 |
939.554 |
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Total Expenditure |
1009.435 |
1322.090 |
1466.371 |
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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 |
(%) |
24.18
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23.43 |
30.26 |
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Net Profit Margin (PBT/Sales) |
(%) |
25.04
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23.93 |
30.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
26.45
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29.32 |
50.66 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
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0.31 |
0.68 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.28
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1.94 |
1.36 |
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Current Ratio (Current Asset/Current Liability) |
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4.46
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2.86 |
1.98 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject is incorporated with the object to acquire, take on lease, build, modify, hire jetty, decks, where and piers, ports and to own, build, provide, operate material handling facility and stock yard, shipping transport, charter bare boats, etc.
Its income from operations includes Shipping Operations, Port, Operations, Freight Income, Foreign Currency Income, etc.
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U63020TN2000PLC061232 |
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Name of the
Company |
GOODEARTH
MARITIME LIMITED |
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Address |
2 North Crescent Road, T Nagar, Chennai – 600017, Tamilnadu, 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 |
Canara Bank 770A Anna Salai,
Chennai – 600002, Tamilnadu, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Deed of Hypothecation
Dated 11th September, 2006 Extention of 1st
charge on vessels M V Good Day Light and M V Good Trade Dated 11th September, 2006 |
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Date of the
instrument creating or modifying the charge |
11.09.2006 |
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Amount secured by
the charge |
Rs.80.500 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 10.25% Terms of
Repayment: To be repaid in
12 Quarterly Installment each of Rs.6.709 Millions commencing from 11.12.2006 Margin: 30% of the cost
of the Dry Dock Expenses Extent and
operation of the charge: To meet the dry
dock expenses for the ship M V Good Trade |
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Short particulars
of the property charged (including location of the property) |
Extention of 1st
charge on vessels M V Good Trade, M V Good Light and M V Good Day as
Collateral Security. |
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Particular of the
present modification |
NA |
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Name of the company |
GOODEARTH MARITIME LIMITED |
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Presented
By |
GOODEARTH
MARITIME LIMITED INDIAN OVERSEAS
BANK, NEHRU PARK BRANCH 872, POONAMALLEE HIGH ROAD, CHENNAI –600084 |
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1) Date and description of instrument creating the change |
Term loan agreement of financing ship building dated 21.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
And interest, costs charges and expenses which may be debited to account from time to time. Sub limit term loan : Letter of credit on 180 days DA terms for import of machines, components etc. USD 20.00 millions (Rs. 900.000 millions @ USD 1 = Rs. 45/-) Bank Guarantee for availing Buyers credit either from overseas branches of IOB or other (not exceeding three years inclusive of dale period as above as per FEMA guidelines) USD 20.00 (Rs. 900.000 millions @ USD 1 = Rs. 45/-) Outstanding under a + b above to exceed USD 20.00 millions (Rs. 900.000 millions @ USD 1 = Rs. 45/-) and overall exposure including part disbursement of term loan not to exceed Rs. 1050.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by way of first charges in favour of the bank 53000 DWT Diamond series ship costing Rs. 1315.000 millions to be constructed by Hindustan ship yard limited including all fitting, fixture, furniture, tools and accessories and parts whatsoever and all replacements of or additional made to the hypothecated machinery from time to time. Assignment of borrower rights under the ship building contract entered with Hindustan ship yard limited. Assignment of insurance receivable of the said ship Hypothecation of all receivable relating to the ship including freight charges and other charges collected by the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest: BPLR – 1% p.a. Margin : 20 % Repayable in 71 equal monthly installment Rs. 875.000 millions upto 2012-13 and the last installment of Rs. 4.288 millions as one shot installments in 72nd month in 2013-14 a under with moratorium during the construction period and holiday period thereafter i.e. repayment to commence not later than April 2008. The yearly repayments commitment would be as under:
Monthly interest should be served as and when debited gurantee facility shall be treated as term loan liability with risk and responsibility being that of the borrower company for the exchange fluctuation of conversion of the foreign currency liability in Indian Rupee. Other terms and conditions as per the sanction letter an agreements executed on 21.05.2005 |
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5) Name and Address and description of the person entitled to the charge. |
INDIAN OVERSEAS BANK NEHRU PARK BRANCH 872 POONAMALLEE HIGH ROAD, CHENNAI –600084 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Website Details
Profile:
The ever-increasing need to charter a wide range of vessels
for their group companies led to the founding of subject. With an initial
investment in a dry bulk carrier, more followed…a second vessel being of the
33,000 DWT class. As their business and opportunities kept expanding the
company embarked into the maritime business of owning ships that cater to not
just the group’s businesses but also to the requirements of other companies
across the world as a full-fledged business activity.
Subject owns and operates a fleet of six ships, professionally managed and
supported by well-trained and skilled staff. The company places highest premium
on timely movement and safe delivery of cargo to any port across the world.
With a view to expanding its capabilities and to capitalize on the boom in the
global freight market, the company has entered an allied maritime activity,
namely building new vessels. Subject has entered into a 15 year ship-building
agreement with India’s premiere ship building company, Hindusthan Shipyard
Limited at Vizag, India. In the first phase the company has ordered a series of
four 30,000 DWT and six 53,000 DWT vessels. The total capital outlay is
estimated to be at Rs.12000.000 Millions (USD 266 Millions) with the first
batch of ships scheduled to be delivered by the end of year 2006.
Fixed Assets
- Land
- Building
- Ships, Tugs and Barges
- Plant and Machinery
- Other Fixed Assets
- Furniture and Fixture and Office Equipments
- Vehicles
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.40.15 |
|
UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|