MIRA
INFORM REPORT
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Report Date : |
26.11.2008 |
IDENTIFICATION DETAILS
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Name : |
STEAMSHIPS SHIPPING AND LOGISTICS PRIVATE LIMITED |
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Registered Office : |
608, 6th Floor, Vindhya Commercial Premises Co-Operative
Society Limited, Plot No. 1, Sector – II, CBD Belapur, Navi Mumbai – 400 614,
Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.07.2005 |
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Com. Reg. No.: |
154882 |
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CIN No.: [Company
Identification No.] |
U63090MH2005PTC154882 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS48992G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in Offering integrated maritime services such as
Ship Brokering, Ship Management, Ship Manning etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established Shipping Agency business. The company is
doing well. It’s payments are usually correct and as per commitments. Trade relations are fair. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Jayesh |
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Designation : |
Accounts |
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Date : |
24.11.2008 |
LOCATIONS
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Registered Office : |
608, 6th Floor, Vindhya Commercial Premises Co-Operative Society
Limited, Plot No. 1, Sector – II, CBD Belapur, Navi Mumbai – 400 614,
Maharashtra, India |
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Tel. No.: |
91-22-27563520 / 27563756 / 27566924 |
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Fax No.: |
91-22-27563521 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft. (Approx) |
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Location : |
Rented |
DIRECTORS
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Name : |
Capt. Diveaya Rakesh Kumar Sehgal |
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Designation : |
Director |
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Address : |
6-Sunrise, |
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Date of Birth/Age : |
48 Years |
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Qualification : |
Master Marinar |
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Date of Appointment : |
19.07.2005 |
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Name : |
Mr. Kulwinder S Padda |
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Designation : |
Director |
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Address : |
104 – Silver Arch, |
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Date of Appointment : |
19.07.2005 |
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Name : |
Capt. Prafulla Ranjan |
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Designation : |
Director |
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Name : |
Mrs. Pratima Sehgal |
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Designation : |
Director |
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Date of Birth/Age : |
46 Years |
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Qualification : |
B.ED. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 24.05.2005)
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Names of Shareholders |
No. of Shares |
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Kulwinder S Padda |
3500 |
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Diveaya Rakesh Kumar Sehgal |
3500 |
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Capt. Prafulla Ranjan |
3000 |
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Total |
10000 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Offering integrated maritime services such as
Ship Brokering, Ship Management, Ship Manning etc. |
GENERAL INFORMATION
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No. of Employees : |
12 |
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Bankers : |
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajen Damani and Associates Chartered Accountants |
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Address : |
89/A, Mittal Chambers, 228, Nariman Point, Mumbai – 400 021, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.592 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.692 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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2.879 |
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TOTAL BORROWING |
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2.879 |
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DEFERRED TAX LIABILITIES |
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0.043 |
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TOTAL |
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3.614 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.600 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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6.186 |
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Cash & Bank Balances |
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3.537 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.842 |
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Total
Current Assets |
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10.565 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.215 |
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Provisions |
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0.361 |
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Total
Current Liabilities |
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8.576 |
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Net Current Assets |
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1.989 |
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MISCELLANEOUS EXPENSES |
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0.025 |
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TOTAL |
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3.614 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Income From Operation |
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19.660 |
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Other Income |
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0.189 |
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Total Income |
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19.849 |
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Profit/(Loss) Before Tax |
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0.997 |
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Provision for Taxation |
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0.405 |
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Profit/(Loss) After Tax |
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0.592 |
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Expenditures : |
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Agency expenses |
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17.591 |
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Administrative Expenses |
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1.136 |
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Finance Charges |
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0.009 |
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Prilimanary Expenses W/Off |
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0.006 |
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Depreciation & Amortization |
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0.110 |
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Total Expenditure |
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18.852 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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2.98 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.20 |
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Return on Investment (ROI) (PBT/Networth) |
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1.44 |
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Debt Equity Ratio (Total Liability/Networth) |
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16.55 |
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Current Ratio (Current Asset/Current Liability) |
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1.23 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Ispat Industries
Review of Operations
The company has been incorporated as on 19th
July, 2005 and has achieved a Turnover of Rs.20.296 millions and earned Net
Profit of Rs.0.854 million from Agency business and allied services after
Provision for Taxation of Rs.0.530 million. The Company has achieved reasonable
growth considering the first period of operation.
Fixed Assets
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Office Premises
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Furniture and Fixtures
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Air Conditions
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Electrical Equipments
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Office Equipments
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Computer Systems
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Web Details
Business
Subject has excelled in various aspects of
shipping, especially in ship management, including ship manning, chartering and
brokering agency related work, through experience.
They believe in
making maximum use of all the skills and technology at the disposal, just as in
the art of puppetry where a whole story unfolds at ones fingertips, through
sheer coordination and expert handling, within a given time frame.
The main
objectives are to provide quality oriented, reliable and efficient services
with sincerity and honesty at the most competitive rates.
They believe in
long term associations and in the process the understanding between the
Principals and them reaches a comfortable level and minimum communication is
required to explain the needs and the framework within which they all need to
work.
Services
"Over
a period of time they have developed good contacts with exporters and shippers
in
Advantages
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Technical Advice
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Economical Deals
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Documentation
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Convenience of Accounting
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Dry Docking Supervision and Negotiation
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Consultancy and Repair Supervision
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New Building and Conversion Site Supervision
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Preparation of Tanker Vessels
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Quality Assurance Implementation
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Temporary Lay-up Services
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Loss Prevention
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.97 |
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1 |
Rs.75.45 |
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Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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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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54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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