MIRA
INFORM REPORT
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Report Date : |
05.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRATIBHA SHIPPING COMPANY LIMITED |
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Registered Office : |
1201-1202, Arcadia Building, 12th Floor, NCPA Road, Nariman
Point, Mumbai – 400 021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
20.02.1995 |
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Com. Reg. No.: |
11-85742 |
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CIN No.: [Company
Identification No.] |
U35110MH1995PLC085742 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP08330A |
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PAN No.: [Permanent
Account No.] |
AAACP7179E |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Subject is engaged in operations of ships and vessels of
all types and carrying out ship related activities including owning of ships
and supplying vessels, chartering and hiring of ships and vessels, ship
manning and management. |
RATING &
COMMENTS
|
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 6200000 |
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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 an old established company having fine track. Directors are
reported as experienced, respectable and resourceful businessmen. Their trade
relations are fair. Payments are usually 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 : |
1201-1202, Arcadia Building, 12th Floor, NCPA Road, Nariman
Point, Mumbai – 400 021, Maharashtra, India |
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Tel. No.: |
91-22-22886002 / 3 / 4 / 2282 2224 / 5 |
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Fax No.: |
91-22-22886001 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sunil Anandrao Pawar |
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Designation : |
Managing Director |
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Address : |
501, Laxmi Gopal Building, Hatiskar Marg, Prabhadevi, Mumbai – 400
025, Maharashtra, India |
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Date of Birth/Age : |
28.05.1963 |
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Date of Appointment : |
16.12.2002 |
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Name : |
Mr. Madan Anandrao Pawar |
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Designation : |
Director |
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Address : |
Chintamani Apartment, 119A/24, Ghole Road, Shivaji Nagar, Pune,
Maharashtra, India |
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Date of Birth/Age : |
10.02.1957 |
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Date of Appointment : |
16.12.2002 |
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Name : |
Mr. Sachin Keshav Chavan |
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Designation : |
Director |
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Address : |
4-2596, MHB Building, No. 36, Veer S K Hadkar Marg, Abhyudaya Nagar,
Kalachowki, Mumbai – 400 033, Maharashtra, India |
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Date of Birth/Age : |
31.07.1965 |
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Date of Appointment : |
16.12.2002 |
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Name : |
Mr. Nilkanth Balkrishna Vidwans |
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Designation : |
Director |
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Address : |
14 Marathi Asmita, 22 RDP – 1, Sector – 2, Charkop, Kandivli, Mumbai –
400 067, Maharashtra, India |
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Date of Birth/Age : |
12.01.1953 |
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Date of Appointment : |
16.12.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 24.08.2007)
|
Names of Shareholders |
No. of Shares |
|
Anandrao Pawar |
1 |
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Sunil Pawar |
1099944 |
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Madan Pawar |
299984 |
|
Suresh Pawar |
499974 |
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Suhas Pawar |
99995 |
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Nilkanth Vidwans |
1 |
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Sachin Chavan |
1 |
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Total |
1999900 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Other top fifty (50) shareholders |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in operations of ships and vessels of
all types and carrying out ship related activities including owning of ships
and supplying vessels, chartering and hiring of ships and vessels, ship manning
and management. |
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Products : |
Shipping |
GENERAL
INFORMATION
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Customers : |
In the Indian
market ·
Indian Oil
Corporation ·
Bharat
Petrolium Corporation Limited ·
Hindustan
Petrolium Corporation Limited ·
MRPL ·
Haldia Petro
Chemicals Limited ·
Reliance
Industrise Limited ·
ESSAR Oil
Limited In The World Market ·
VITOL Energy ·
Chemoil ·
Winsway
Singapore ·
Hinchest
Energy Pte. Limited, Singapore ·
Petrosummit ·
Galona
Petroleum |
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Bankers : |
·
Axis Bank Limited Central Office, Capital Markets, Maker Towers,
“F”, 13th Floor, Colaba, Mumbai – 400 005, Maharashtra, India ·
The Saraswat Co-operative Bank Limited Overseas Branch, Kimatrai Building, 77-79,
Maharshi Karve Road, Marine Lines, Mumbai – 400 002, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L V Srinivasan and Associates Chartered Accountants |
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Address : |
Building No. 38, A Wing, Flat No. 106, Kripalaya CHS, Tilak Nagar,
Chembur, Mumbai – 400 089, Maharashtra, India |
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Associates : |
Pratibha Marine Private Limited |
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Subsidiaries : |
Pratibha Logistics Private Limited CIN No.:
U63013MH2007PTC171848 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1999900 |
Equity Shares |
Rs.10/- each |
Rs.19.999
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.999 |
19.999 |
19.999 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1211.737 |
805.551 |
450.908 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1231.736 |
825.550 |
470.907 |
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LOAN FUNDS |
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1] Secured Loans |
1754.962 |
1793.935 |
610.722 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1754.962 |
1793.935 |
610.722 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2986.698 |
2619.485 |
1081.629 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2479.475 |
2466.582 |
917.234 |
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Capital work-in-progress |
28.270 |
49.316 |
0.000 |
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INVESTMENT |
170.425 |
0.325 |
0.300 |
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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 |
55.270
|
19.342 |
31.459 |
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Sundry Debtors |
101.613
|
55.675 |
23.140 |
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Cash & Bank Balances |
193.176
|
181.089 |
177.203 |
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Other Current Assets |
22.509
|
7.706 |
6.176 |
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Loans & Advances |
297.999
|
84.447 |
46.731 |
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Total
Current Assets |
670.567
|
348.259 |
284.709 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
329.960
|
237.496 |
124.731 |
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Provisions |
32.079
|
7.501 |
4.485 |
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Total
Current Liabilities |
362.039
|
244.997 |
129.216 |
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Net Current Assets |
308.528
|
103.262 |
155.493 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
8.602 |
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TOTAL |
2986.698 |
2619.485 |
1081.629 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
1709.331 |
1551.572 |
1002.552 |
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Other Income |
217.277 |
10.743 |
6.034 |
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Total Income |
1926.608 |
1562.315 |
1008.586 |
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Profit/(Loss) Before Tax |
438.266 |
362.975 |
214.599 |
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Provision for Taxation |
27.173 |
3.426 |
2.777 |
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Profit/(Loss) After Tax |
411.093 |
359.549 |
211.822 |
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Earnings in Foreign Currency : |
724.290 |
306.286 |
0.000 |
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Imports : |
823.300 |
2083.600 |
0.000 |
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Expenditures : |
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Consumption of stores and spares parts |
103.305 |
83.974 |
130.569 |
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Salaries, Wages, Bonus, etc. |
200.351 |
139.230 |
103.583 |
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Managerial Remuneration |
0.105 |
0.070 |
2.550 |
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Payment to Auditors |
0.180 |
0.180 |
0.176 |
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Interest |
223.146 |
130.455 |
84.610 |
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Insurance Expenses |
30.142 |
26.726 |
22.690 |
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Power & Fuel |
355.369 |
172.970 |
170.201 |
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Depreciation & Amortization |
305.156 |
211.631 |
121.382 |
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Other Expenditure |
270.588 |
434.104 |
158.226 |
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Total Expenditure |
1488.342 |
1199.340 |
793.987 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
21.34
|
23.01 |
21.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
25.64
|
23.39 |
21.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.91
|
12.90 |
17.85 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.44 |
0.46 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
2.47 |
1.57 |
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Current Ratio (Current Asset/Current Liability) |
|
1.85
|
1.42 |
2.20 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U35110MH1995PLC085742 |
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Name of the
company |
PRATIBHA SHIPPING COMPANY LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
1201-1202, Arcadia Building, 12th Floor, NCPA Road, Nariman
Point, Mumbai – 400 021, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
Ship |
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Particular of
charge holder |
Axis Bank Limited Central Office, Capital Markets, Maker Towers, “F”, 13th Floor,
Colaba, Mumbai – 400 005, Maharashtra, India |
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Nature of
instrument creating charge |
Form No. 11 for
creation of Mortgage on vessel “M. T. Pratibha Koyna” alongwith Mortgage Deed
(To Secure Principal sum and interest) to secure the facilities availed by
the company aggregating USD 22.5 Mn. |
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Date of
instrument Creating the charge |
16.10.2008 |
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Amount secured by
the charge |
Rs.1012.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of interest LIBOR+3.45% over the outstanding principal facility amount ·
Terms of
repayment The repayment of the Loan in ninety successive monthly installments
starring from the date falling six Months after the Utilisation Date ·
Margin Nil ·
Extent and
operation of the charge First charge on ship ‘M.T. Pratibha Konya’ in favout of Axis Bank
Limited (security trustee) to secure principal sum and interest of the
facilities availed by the captioned company aggregating USD 22.5 Mn. |
|
Particulars of
the property charged |
M. T. Pratibha
Koyna off. No. 3502 |
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Particulars of
the present modification |
The facilities of
USD 22.5 Mn. Availed by the company are further secured by first charge by way
of mortgage of ship Pratibha Koyna already registered with M M D as per the
Form 11. |
The Company has increased its authorized share capital from Rs.20.000
millions to Rs.250.000 millions by passing an Ordinary Resolution at its Extraordinary
General Meeting held on 21st March 2007. However, the corresponding
changes in the Articles of Association are yet to be incorporated.
During the year the Company acquired 100% Share Capital of M/s Pratibha
Logistics Private Limited and accordingly M/s Pratibha Logistics Private
Limited has become subsidiary of Pratibha Shipping Company Limited. The Company
has sold one of its fleet to M/s Pratibha Logistics Private Limited for a
consideration of Rs.320.000 millions and the resultant profit of Rs.199.300
millions is recognized in the Profit and Loss account.
Financial
Performance
The financial performance of the Company was good. The income from
operation has increased from Rs.1552.900 millions to Rs.1717.500 millions
registered the growth of 10.6%. The operating expenses have increased from
Rs.1199.300 millions to Rs.1487.200 millions. The Management is confident of
maintaining the path of progress in the current year.
Acquisition of
Pratibha Neera
The Company has acquired on 9th April 2008 the vessel viz.
Pratibha Neera (ex MT Yevgeniy Titov).
Fixed Assets
·
Ships
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Vehicles
·
Electrical Installation
Web Details
Background
·
The Company was incorporated on 20th February 1995 by young technocrats
from shipping and financial institution
·
It is a closely held public limited company registered under the Indian
Companies Act, 1956.
·
Initially, the Company was owned by BT Shipping London, Anders
Wilhelmsen Group, Norway and Indian promoters.
·
Since Dec 2002, the ownership of the Company is with the A. N. PAWAR
Family.
·
The Company is headed by technocrat Mr. Sunil A. Pawar as Chairman and
Managing Director (CMD) and assisted by the Board of Directors.
·
Board of Directors are representing different fields and possess
shipping, technical and financial background.
·
Day to day function of the Company is carried out by the CMD alongwith
the strong team of professional managers and controlling all the affairs of the
Company efficiently and deligently.
·
The Company has total strength of 35 young people in the office and 400
on the Ships owned by the Company
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.48.62 |
|
UK Pound |
1 |
Rs.76.71 |
|
Euro |
1 |
Rs.61.30 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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 |
|