MIRA
INFORM REPORT
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Report Date : |
28.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
TORM SHIPPING INDIA PRIVATE LIMITED |
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Formerly Known As : |
ORINOCO MARINE CONSULTANCY INDIA PRIVATE LIMITED |
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Registered Office : |
M1, 1st Floor, Leela Business Park, Andheri-Kurla Road,
Andheri [East], Mumbai 400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.11.1996 |
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Com. Reg. No.: |
103985 |
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CIN No.: [Company
Identification No.] |
U63000MH1996PTC103985 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To Carry on the business of providing consultancy services relating to
personnel required by the international agencies, companies, corporate bodies
and other entities engaged in mercantile marine activities as shippers, ship
owners, shipping agents, ship brokers, ship managers, clearing and forwarding
agents, trading brokers, freight contractors, transport, cartage,
wharfingers, tugowners, lightermen, dock agents, ships and shores merchants, ships
husbands, ship chandlers, stevedores,
salvors and ship breakers |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 469000 |
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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 part of Multi National Torm Shipping. Available information indicates high
financial responsibility of the Company.
The Company is doing well. Its
payments are correct and as per commitments. The Company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
M1, 1st Floor, Leela Business Park, Andheri-Kurla Road,
Andheri [East], Mumbai 400059, Maharashtra, India |
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Tel. No.: |
91-22-66407200 |
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Fax No.: |
91-22-66407350 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Kathleen Cribbin Haines |
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Designation : |
Director |
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Address : |
453, E Putnam, Ave 4F, COS COB 06807 |
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Date of Birth/Age : |
28.02.1955 |
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Date of Appointment : |
13.08.2007 |
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Name : |
Mr. Purushottam Shankar Barve |
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Designation : |
Director |
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Address : |
Flat No. 271/A, 27th Floor, Naperol Tower, R. A. Kidwai
Road, Wadala, Mumbai 400031, Maharashtra, India |
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Date of Birth/Age : |
26.05.1933 |
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Date of Appointment : |
22.03.1997 |
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Name : |
Mrs. Neeta Shridhar Bharatan |
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Designation : |
Director |
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Address : |
2602, Odyssey-II, Hiranandani Gardens, Powai, Mumbai 400076,
Maharashtra, India |
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Date of Birth/Age : |
15.04.1961 |
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Date of Appointment : |
18.11.1996 |
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Name : |
Mr. Shridhar Maledath Bharatan |
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Designation : |
Director |
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Address : |
2602, Odyssey-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 : |
18.11.1996 |
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Name : |
Mr. Anil Harish Manshiramani |
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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 : |
22.03.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2004]
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Names of Shareholders |
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No. of Shares |
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Neeta Bharatan |
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1 |
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Leela Bharatan |
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1 |
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Shridhar Bharatan |
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49998 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Foreign Holdings |
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99.99 |
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Directors or relatives of the Directors |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To Carry on the business of providing consultancy services relating to
personnel required by the international agencies, companies, corporate bodies
and other entities engaged in mercantile marine activities as shippers, ship
owners, shipping agents, ship brokers, ship managers, clearing and forwarding
agents, trading brokers, freight contractors, transport, cartage,
wharfingers, tugowners, lightermen, dock agents, ships and shores merchants,
ships husbands, ship chandlers,
stevedores, salvors and ship breakers
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GENERAL INFORMATION
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No. of Employees : |
50 |
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Bankers : |
Not Available |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Deliotee Haskins and Sells Chartered Accountants |
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Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli,
Mumbai 400018, Maharashtra, India |
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Associates/Subsidiaries : |
CIN No.: U63032MH2001PTC131024
Tuborg Havnevej 18, DK-2900
Hellerup, Denmark Tel. No.: 45 39 17 92 00 Telefax:45 39 17 93 93 E-mail: mail@torm.com
Kirkegate 1, 4662
Kristiansand, Norway Tel.: 47 38 02 79 60 Telefax: 47 38 02 79 63 E-mail: Norway@torm.com
6 Battery Road #38-01B,
Singapore 049909, Singapore Tel.: +65 6534 3431 Telefax: +6534 4142 Telex: 62661 TSMSHIP E-mail: singapore@torm.com
One Station Place, Stamford,
CT 06902, USA Tel.: 1 (203) 602 6700 Telefax: 1 (203) 602 6711 E-mail: usa@torm.com
TSM House, 1747 Dian Street,
Palanan, Makati City, Manilla Philippines Tel. : 63 2 551 2808 Telefax: 63 2 551 3193 Telex: 62661 TSMSHIP E-mail: manila@torm.com |
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Holding Company: |
Omi Holding Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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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 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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116.414 |
4.688 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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117.414 |
5.188 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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117.414 |
5.188 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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95.759 |
7.672 |
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Capital work-in-progress |
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18.050 |
0.281 |
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INVESTMENT |
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5.786 |
5.320 |
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DEFERREX TAX ASSETS |
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3.552 |
3.565 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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12.835 |
0.375 |
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Cash & Bank Balances |
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63.128 |
92.064 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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100.304 |
14.995 |
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Total
Current Assets |
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176.267 |
107.434 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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170.993 |
111.728 |
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Provisions |
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11.007 |
7.356 |
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Total
Current Liabilities |
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182.000 |
119.084 |
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Net Current Assets |
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[5.733] |
[11.650] |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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117.414 |
5.188 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Total Income |
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123.553 |
56.942 |
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Profit/(Loss) Before Tax |
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37.018 |
11.002 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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37.018 |
11.002 |
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Expenditures : |
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Depreciation & Amortization |
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4.025 |
4.020 |
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Other Expenditure |
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82.510 |
41.920 |
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Total Expenditure |
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86.535 |
45.940 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
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29.96 |
19.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
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29.96 |
19.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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13.60 |
9.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31 |
2.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.55 |
22.95 |
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Current Ratio (Current Asset/Current Liability) |
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0.96 |
0.90 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE DETAILS:
PROFILE:
TORM is one of the world’s leading carriers of refined oil
products as well as being a significant participant in the dry bulk market.
TORM runs a fleet of over 130 modern vessels, principally through a pooling
corporation with other respected shipping companies who share TORM’s commitment
to safety, environmental responsibility and customer service.
TORM was founded in 1889. With headquarters in Copenhagen
and activities worldwide, TORM is listed on the Copenhagen Stock Exchange and
NASDAQ in New York.
Mission
Connecting the world via safe, responsible and efficient oceangoing transport
solutions.
Vision
To be the dominant, most profitable player in their core businesses through the
quality of their people, ships and practices.
Strategy
Their aim is profitable growth by significantly increasing the number of
earning days. They are increasing the capacity of their owned fleet by
supplementing it with chartered vessels.
Their emphasis is on building a best-in-class global
organisation by developing employee competencies and embracing new technologies
as they become available.
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 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 |
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UK Pound |
1 |
Rs. 80.54 |
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Euro |
1 |
Rs. 63.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
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 |
YES |
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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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63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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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