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MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
BERNHARD SCHULTE SHIPPING (INDIA) PRIVATE LIMITED |
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Registered Office : |
401, Olympia, Hiranandani Gardens, Powai, Mumbai – 400 076,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.05.1997 |
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Com. Reg. No.: |
11-108257 |
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CIN No.: [Company
Identification No.] |
U63090MH1997PTC108257 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB10086G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The principal activities of the Company include ship management and
marine consultancy services, which are carried on by its operating division,
Eurasia International (India). |
RATING &
COMMENTS
|
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 880000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company and its profitability has improved. Trade relations are fair. Business is active. No complaints have been
heard from market sources. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Prakash Pawar |
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Designation : |
Accounts Executive |
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Date : |
11.11.2008 |
LOCATIONS
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Registered Office : |
401, Olympia, Hiranandani Gardens, Powai, Mumbai – 400 076,
Maharashtra, India |
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Tel. No.: |
91-22-40017300 |
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Fax No.: |
91-22-40017333 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rajaish Bajpaee |
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Designation : |
Director |
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Address : |
Flat No. 31-B, The Manhattan, 33 Tai Tam Road, Hong Kong, KCLSKG09,
Hong Kong |
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Date of Birth/Age : |
04.09.1951 |
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Date of Appointment : |
12.06.2000 |
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Name : |
Mr. Anil Harish |
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Designation : |
Director |
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Address : |
13, CCI Chambers, Dinshaw Wacha Road, Mumbai – 400 020, Maharashtra,
India |
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Date of Birth/Age : |
19.03.1954 |
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Date of Appointment : |
08.02.2000 |
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Name : |
Mr. Ravi Hansraj Budhraja |
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Designation : |
Director |
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Address : |
Flat No. B/402, Brent Wood Co-Operative Housing Society Limited, Main
Street, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India |
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Date of Birth/Age : |
24.09.1951 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. Atul Gupte |
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Designation : |
Director |
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Address : |
House C-6, Marina Cove 380, Hiram’s Highway, Sai Kung, Hong Kong |
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Date of Birth/Age : |
31.01.1967 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. Bodh Nath Prasad |
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Designation : |
Director |
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Address : |
Dharamshala Road, Kishanganj Bazar, Kishanganj – 855 108, Bihar |
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Date of Birth/Age : |
15.07.1953 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Deepak Kantilal Degadwala |
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Designation : |
Alternate Director |
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Address : |
72 Juhu Shangrila CHS Limited, Gulmohar Cros Road No. 11, Juhu, Mumbai
– 400 049, Maharashtra, India |
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Date of Birth/Age : |
18.04.1967 |
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Date of Appointment : |
30.09.2007 |
KEY EXECUTIVES
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Name : |
Mr. Lalit Sharma |
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Designation : |
Company Secretary |
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Address : |
H No. 9, Sangam Building, Gopi Tank Road, Shivaji Park, Dadar (West),
Mumbai, Maharashtra, India |
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Date of Birth/Age : |
28.10.1977 |
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Date of Appointment : |
16.06.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
|
Names of Equity Shareholders |
No. of Shares |
|
Bernhard Schutle GmbH and Company, Germany |
49999 |
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Harish Anil (As a nominee of Bernhard Schutle GmbH and Company,
Germany) |
1 |
|
Rama Holdings (India) Limited |
25000 |
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Total |
75000 |
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Names of Preference Shareholders |
No. of Shares |
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Bernhard Schutle GmbH and Company, Germany |
1080000 |
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Rama Holdings (India) Limited |
540000 |
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Total |
1620000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional investor(s), Foreign companie(s)
Foreign financial institution(s), Non-resident Indian(s) or Overseas
corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The principal activities of the Company include ship management and
marine consultancy services, which are carried on by its operating division,
Eurasia International (India). |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking Relations
: |
- |
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Auditors : |
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Name : |
·
Deloitte Haskins and Sells Chartered Accountant Address : 12 Dr. Annie
Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra,
India ·
Lodha and Company Chartered Accountan Address
:
6, Karim Chambers, 40, Ambalal Doshi Marg (Hamam Street), Mumbai – 400 023,
Maharashtra, India E-Mail
: mumbai@bdolodha.com |
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Associates : |
· Eurasia International (China) Limited ·
Eurasia International Labuan Limited ·
Eurasia International Norway ·
Eurasia International Singapore Private Limited ·
Eurasia Travel Services Private Limited · Euro-Asia Travel Inc. |
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Subsidiaries : |
·
Paramount Shipping and Management Private Limited CIN No.: U35110MH1992PTC066706 ·
Eurasia Maritime Management India Private Limited CIN No.: U61100MH2000PTC124110 |
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Holding Company : |
·
Bernhard Schutle GmbH and Company, Germany ·
Rama Holdings (India) Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 millions |
|
1620000 |
Preference Shares |
Rs.100/- each |
Rs.162.000 millions |
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Total |
|
Rs.169.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 millions |
|
1620000 |
8% Non-Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.162.000 millions |
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Total |
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Rs.169.500
millions |
Note
·
Of the above 1080000 shares are held by
Bernhard Schulte GmbH and Company KG, the holding company and 540000 shares are
held by Rama Holdings (L) Limited, an overseas company.
·
Of the above 150000 Preference Shares are
redeemable at par on or before 19th December 2010 and 1170000
preference shares are redeemable at par on or before 29th December
2012. 205000 Preference Shares are redeemable at par on or before 12th
November 2013 and 95000 Preference Shares are redeemable at par on or before 24th
February 2014.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
169.500 |
169.500 |
52.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.285 |
0.012 |
5.698 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
175.785 |
169.512 |
58.198 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.339 |
0.000 |
0.000 |
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TOTAL |
176.124 |
169.512 |
58.198 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
147.273 |
155.513 |
30.881 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.745 |
2.745 |
2.745 |
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DEFERREX TAX ASSETS |
0.000 |
4.993 |
1.445 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.043 |
0.086 |
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Sundry Debtors |
17.263
|
0.000 |
9.668 |
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Cash & Bank Balances |
40.683
|
13.232 |
25.027 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
19.211
|
10.977 |
7.903 |
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Total
Current Assets |
77.157
|
24.252 |
42.684 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
50.913
|
17.515 |
19.283 |
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Provisions |
0.138
|
0.476 |
0.274 |
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Total
Current Liabilities |
51.051
|
17.991 |
19.557 |
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Net Current Assets |
26.106
|
6.261 |
23.127 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
176.124 |
169.512 |
58.198 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Total Income |
54.834 |
29.279 |
60.899 |
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Profit/(Loss) Before Tax |
16.355 |
(8.342) |
(2.765) |
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Provision for Taxation |
10.082 |
(2.656) |
(0.596) |
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Profit/(Loss) After Tax |
6.273 |
(5.686) |
(2.169) |
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Earnings in Foreign Currency : |
4.107 |
3.739 |
0.000 |
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Expenditures : |
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Depreciation & Amortization |
8.306 |
5.850 |
2.149 |
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Other Expenditure |
30.173 |
31.771 |
61.515 |
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Total Expenditure |
38.479 |
37.621 |
63.664 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.44
|
(19.42) |
(3.56) |
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Net Profit Margin (PBT/Sales) |
(%) |
29.83
|
(28.49) |
(4.54) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.29
|
(4.64) |
(3.76) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
(0.05) |
(0.05) |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.11 |
0.34 |
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Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.35 |
2.18 |
LOCAL AGENCY
FURTHER INFORMATION
Company Background
Subject was incorporated in India on May 27, 1997 under the Indian Companies
Act 1956. The principal activities of the Company include ship management and
marine consultancy services, which are carried on by its operating division,
Eurasia International (India).
The company is subsidiary of Bernhard Schulte GmbH and Company KG,
Hamburg.
Operations
Presently the Company has four vessel from Indian Ship Owners under full
management and also act as marine consultants for new building and other
projects.
Future Prospects
and Plans
The Company is focusing on the management of Indian Flag vessels. The
marketing efforts done last year have enabled them to take full management of
three vessels. The company is also in Marine Consultancy wherein the Company
undertakes supervision and consultancy for Ship Building.
Notes to Accounts
·
Contingent liabilities not provided for Current year Rs.0.341 million.
·
A) Accounts of certain Creditors, Loans and Advances are subject to
confirmation, reconciliation and adjustments, if any, having consequential
impact on the profit for the year, assets and liabilities, the amounts whereof
are presently not ascertainable. However, the management does not expect any
materials difference affecting the current year’s financial statements.
·
B) In the opinion of the management, the current assets, loans and
advances are approximately of the value stated, if realized in the ordinary
course of business unless otherwise stated.
·
Sundry Creditors include Rs.47.699 millions which represents the amount outstanding
in relation to goods or provisions of services procured / provided in the
course of undertaking ship management business for and on behalf of the owners
from whom an amount of Rs.36.371 millions is recoverable.
·
A) On the basis of the information available, the Company does not owe
any amount to Small Scale Industrial Undertakings (SSI’S).
·
B) The Company has not any intimation from suppliers regarding their
status under the Micro, Small and Medium Enterprises Development Act, 2006 and
hence disclosures in this respect have not been given. This has been relied
upon by the auditors.
Fixed Assets
·
Office Premises
·
Office Equipments
·
Computers
·
Furniture and Fixtures
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.47.59 |
|
UK Pound |
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.60.57 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--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 |
|
45 |
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 |
|