MIRA
INFORM REPORT
|
Report Date : |
19.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
EAGLE MARITIME PRIVATE LIMITED |
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Registered Office : |
17 C, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.04.1999 |
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Com. Reg. No.: |
11-119292 |
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CIN No.: [Company
Identification No.] |
U63090MH1999PTC119292 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04659E |
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PAN No.: [Permanent
Account No.] |
AACE653F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Shipping Agents Clearing And Forwarding Agents |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Financial Position of the company can be regarded as moderate having
accumulated losses. It’s payments are reported as slow. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
17 C, Mogul Building 285 Shahid Bhagat Singh Marg, Fort,
Mumbai-400001, Maharashtra, India |
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Tel. No.: |
91-22-2618021 / 22 / 23 / 24 |
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Fax No.: |
91-22-2618237 |
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E-Mail : |
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Website : |
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Corporate Office : |
Super Bazar, Satation Road, Morbad-24400,India |
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Tel. No.: |
91-44-208591887 |
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Fax No.: |
91-44-2085919955 |
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Branch Office: |
B/12, Shivmangal Co-operative Society, Mohili Village, A G Link Road,
Andheri (East), Mumbai-400072, Maharashtra, India |
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Tel. No.: |
91-22-25139448 |
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Fax No.: |
91-22-25139447 |
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Mobile No.: |
91-9820193918 |
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E Mail: |
DIRECTORS
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Name : |
Mr. Darshrath Patade |
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Designation : |
Director |
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Address : |
605, Shri Santoshi Mata CHS Bhatwadi, Ghatkopar (West), Mumbai-400084,
Maharashtra,India |
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Date of Birth/Age : |
23.02.1956 |
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Date of Appointment : |
07.04.1999 |
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Name : |
Mr. Harishg Shirodkar |
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Designation : |
Director |
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Address : |
5/5, Sahajivan Society, Kajupada, Bhatwadi, Ghatkopar (West),
Mumbai-400084, Maharashtra, India |
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Date of Birth/Age : |
06.10.1950 |
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Date of Appointment : |
07.04.1999 |
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Name : |
Mrs. Bhavana Dashrath Patade |
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Designation : |
Director |
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Address : |
605, Shri Santoshi Mata CHS Bhatwadi, Ghatkopar (West), Mumbai-400084,
Maharashtra,India |
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Date of Birth/Age : |
23.10.1963 |
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Date of Appointment : |
19.10.2000 |
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Name : |
Mrs. Madhuri Harish Shirodkar |
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Designation : |
Director |
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Address : |
5/5, Sahajivan Society, Kajupada, Bhatwadi, Ghatkopar (West),
Mumbai-400084, Maharashtra, India |
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Date of Birth/Age : |
25.06.1965 |
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Date of Appointment : |
19.10.2000 |
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Name : |
Mr. Pradumna Kumar Gupta |
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Designation : |
Director |
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Address : |
21, Pushpanjali Kanth Road, Ramganga Vihar, Moradabad-244001, Uttar
Pradesh, India |
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Date of Birth/Age : |
01.07.1955 |
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Date of Appointment : |
19.10.2000 |
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Name : |
Mr. Amit Kumar Gupta |
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Designation : |
Director |
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Address : |
MIG –B Ganga Vihar, Civil Lines, Moradabad-244001, Uttar Pradesh,
India |
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Date of Birth/Age : |
07.05.1970 |
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Date of Appointment : |
19.10.2000 |
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Name : |
Mr. Asit Kumar Gupta |
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Designation : |
Director |
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Address : |
MIG –B Ganga Vihar, Civil Lines, Moradabad-244001, Uttar Pradesh,
India |
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Date of Birth/Age : |
02.07.1976 |
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Date of Appointment : |
19.10.2000 |
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Name : |
Mr. Swapnil Gupta |
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Designation : |
Director |
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Address : |
21, Pushpanjali Kanth Road, Ramganga Vihar, Moradabad-244001, Uttar
Pradesh, India |
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Date of Birth/Age : |
08.07.1981 |
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Date of Appointment : |
21.12.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Dashrath Yashwant Patade |
|
678 |
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Harish Jagannath Shirodkar |
|
678 |
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Bhavna Dashrath Patade |
|
452 |
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Madhuri Harish Shirodkar |
|
452 |
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Pradumna Vishmbhar Gupta |
|
565 |
|
Aftabl Alam Abdul Khan |
|
565 |
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Amit Shiv Kumar Gupta |
|
565 |
|
Asit Shiv Gupta |
|
565 |
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Total |
|
4520 |
As on 25.10.2007
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List of Allottees |
|
No. of Shares Allotted |
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Dashrath Patade |
|
480 |
As on 30.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Shipping Agents Clearing And Forwarding Agents |
GENERAL INFORMATION
|
Suppliers : |
Ø
Emu Lines Private Limited Ø Maersk India Limited Ø Nivedia Shipmanagement Private Limited Ø Greenways Shipping Agencies Private Limited Ø
Red Eagle Shipping Agencies Private Limited |
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|
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Customers : |
Ø
Merchant and Sons Ø Heena Shipping Agency Ø Link Shipping Agencies Private Limited Ø
ICF Shipping Private Limited |
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No. of Employees : |
80 |
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Bankers : |
·
Bharat Co-Operative Bank ·
Vijaya Bank, Gandhi Nagar, Moradabad-244001,
Uttar Pradesh, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R Agarwal Chartered Accountant |
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Address : |
28. ‘A’ Khandke Building No. 9, R K Vaidya Road, Near Plaza, Dadar
(West), Mumbai-400028, Maharashtra, India |
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Name : |
Meena and Company Chartered Accountants |
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Address : |
10, Om Buddhi Chs., Seven Bunglows, Off J. P. Road,
Andheri (West), Mumbai – 400 053, Maharashtra, India |
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Tel. No.: |
91-22-26302387 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4520 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.452
Million |
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 |
0.452 |
0.452 |
0.452 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[1.499] |
[2.669] |
0.000 |
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NETWORTH |
[1.047] |
[2.217] |
0.452 |
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LOAN FUNDS |
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1] Secured Loans |
0.763 |
0.653 |
0.403 |
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2] Unsecured Loans |
8.494 |
8.552 |
9.293 |
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TOTAL BORROWING |
9.257 |
9.205 |
9.696 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.210 |
6.988 |
10.148 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.563 |
2.922 |
1.794 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.864 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
30.310
|
26.838 |
29.514 |
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Cash & Bank Balances |
3.226
|
2.468 |
5.244 |
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Other Current Assets |
0.464
|
0.455 |
0.000 |
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Loans & Advances |
4.383
|
3.849 |
1.825 |
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Total
Current Assets |
38.383
|
33.610 |
36.583 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
33.600
|
29.544 |
30.297 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
33.600
|
29.544 |
30.297 |
|
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Net Current Assets |
4.783
|
4.066 |
6.286 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.068 |
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TOTAL |
8.210 |
6.988 |
10.148 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
137.695 |
165.345 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
137.695 |
165.345 |
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Profit/(Loss) Before Tax |
|
0.296 |
[0.600] |
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Provision for Taxation |
|
[0.874] |
0.000 |
|
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Profit/(Loss) After Tax |
|
1.170 |
[0.600] |
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Expenditures : |
|
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Depreciation & Amortization |
|
0.849 |
0.613 |
|
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Other Expenditure |
|
136.550 |
165.332 |
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Total Expenditure |
|
137.399 |
165.945 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.85
|
[0.00] |
NA |
|
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Net Profit Margin (PBT/Sales) |
(%) |
0.21
|
[0.36] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.72
|
[1.56] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.28]
|
[1.33] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
[40.93]
|
88.48 |
88.48 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.21 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
Dividend:
In absence of adequate profit the directors regret their inability to
declare dividend.
Operations:
The period is the Eighth year
since incorporation, the Company’s Turnover were Rs. 137.695 Millions as compared
to the previous year of Rs. 165.345 Millions and the company has earned a net
profit of Rs. 1.170 Millions as compared to the loss of Rs. 0.600 Million in
previous year.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U63090MH1999PTC119292 |
|
Name of the
company |
EAGLE MARITIME PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
17 C, Mogul Building 285 Shahid Bhagat Singh Marg, Fort,
Mumbai-400001, Maharashtra, India |
|
Type of charge |
Others |
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Particular of
charge holder |
Vijaya Bank, Gandhi Nagar, Moradabad-244001, Uttar
Pradesh, India |
|
Nature of description
of the instrument creating or modifying the charge |
CC (OD) Agreement
dated 19.03.2008 |
|
Date of
instrument Creating the charge |
19.03.2008 |
|
Amount secured by
the charge |
Rs. 3.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest ROI on over Draft
facility of Rs. 3.000 Millions will be BPLR + 2.00% p.a. or such other rates
as may be fixed by by bank from time to time on daily balances. Terms of
Repayment Repayable on 19th
day of September 2009 or at any later date as permitted by Bank or on Demand. Margin As per Agreement
Enclosed Extent and
Operation of the charge Charge operates
in favour of Vijaya Bank, Gandhi Nagar, Moradabad (UP) as security against
the repayment of OD Limit of Rs. 3.000 Millions and it extends on the whole
of the security (Demand Promissory note of Rs. 3.000 Millions) as mentioned
in the Agreement attached herewith. Others As per agreement
enclosed. |
|
Short particulars
of the property charged |
Demand Promissory
Note of Rs. 3.000 Millions as security in favour of Vijaya Bank |
Fixed Assets:
·
Computer
·
Printer
·
Furniture
·
Fax
·
Mobile
·
Water Purifier
·
Air Conditioner
·
Xerox
·
Computer software
·
Toyoto Car
·
Alto Car
·
Wagon
·
Honda City
·
EPBAK
·
Typewriter
·
Fridge
·
Generator
·
Electrical Appliances
·
Invertor
AS PER WEBSITE
Profile:
Subject was incorporated in 1999. Since then the company has
continuously evolved to meet the changing customer needs and flourishing universal
business opportunities. The principle of the company is 'QUALITY MUST NEVER BE
COMPROMISED'. The reputation for providing the highest standard of service
reflects in its long list of customers. The company's objective is to maintain
its professional identity and principles. While the company welcomes constant
growth, it continues to maintain close contact with its customers.
Growing from its initial registered office in Mumbai the company has
established its branches in other 13 cities in India including Agra, Chennai,
Jaipur, Jodhpur, Jalandhar, Kochi, Kolkatta, Ludhiana, Moradabad, Mumbai, New
Delhi, Panipat, Saharanpur and Varanasi. Apart from its well established
network within 14 cities in India the company has spread its wings globally as
well with 3 overseas offices in UK, USA & CANADA.
Management:
EAGLE MARITIME GROUP was formally formed in India way back in 1999
merging the strengths of ICF Shipping India & GCF India, since then the
company has seen a constant growth.
The chairman of the group Mr. Dashrath Patade ventured into the Freight
business as challenge in 1981. His policy is to keep the work as simple and run
the show in most professional manner, while maintaining a high level of ethical
standards. To expand and strengthen the company further Mr. Pradumna Kumar
Gupta joined hands as Managing Director who is having a vast experience in the
freight industry and consolidation.
The Group employs a team of thorough professionals including operation
management personnel to consultants, working day and night to provide better
efficient services. The company has 4 regional head-quarters around the world
i.e. New York, London, New Delhi & Mumbai.
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.49.68 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.62.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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 |
|