MIRA
INFORM REPORT
|
Report Date : |
30.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASHAPURA SHIPPING LIMITED |
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Registered
Office : |
Eucharistic |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.01.1991 |
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Com. Reg. No.: |
11-05827 |
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Capital
Investment / Paid-up Capital : |
Rs.16.690
Millions |
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CIN No.: [Company Identification
No.] |
U61100MH1991PLC059827 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA06451E |
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PAN No.: [Permanent Account No.] |
AADCA2714R |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Providing Chartering, Freight Brokerage and Ship Management Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 210000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge dip in the turnover of the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Eucharistic |
|
Tel. No.: |
91-22-22843035/22828676 |
|
Fax No.: |
91-832-5641261 91-22-22872458/22885401 |
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E-Mail : |
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Website: |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Faizal Ahamed |
|
Designation : |
Director |
|
Address : |
PO Box No. 24770, |
|
Date of Birth/Age : |
30.09.1974 |
|
Date of Appointment : |
30.12.2004 |
|
Din No.: |
01557479 |
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|
|
|
Name : |
Mr. Anthony Nasimento Lobo |
|
Designation : |
Director |
|
Address : |
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|
Date of Appointment : |
01.01.1999 |
|
Din No.: |
00095965 |
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|
|
|
Name : |
Mr. Vijay Shrikisan Birla |
|
Designation : |
Director |
|
Address : |
A 101, Sainath Apartments, NA Vghar X Road, Mulund East,
Mumbai-400081, Maharashtra, India |
|
Date of Birth/Age : |
21.10.1953 |
|
Date of Appointment : |
01.09.2009 |
|
Din No.: |
00117656 |
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|
|
|
Name : |
Mr. Yaseen Mohammed |
|
Designation : |
Director |
|
Address : |
PO Box No. 30, 232 |
|
Date of Appointment : |
07.05.2009 |
|
Din No.: |
03049824 |
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|
|
|
Name : |
Mr. Ibrahim Mohammed Malik Abbas |
|
Designation : |
Director |
|
Address : |
Old Door No. 27, New 52, |
|
Date of Appointment : |
07.05.2009 |
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Din No.: |
02696535 |
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|
|
|
Name : |
Mr. Pradeep Vakharia |
|
Designation : |
Director |
|
Address : |
Purab Apartment, 10th Floor, Flat No. 30, |
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Date of Appointment : |
22.06.1991 |
|
Date of Ceasing: |
01.10.2009 |
|
Din No.: |
00097027 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dina C Shah |
|
20 |
|
Chaitali C Shah |
|
10 |
|
Panna P Vakharia |
|
10 |
|
Piyush A Vora |
|
10 |
|
Mohideen Mohmed Sheikh Dawood (NRI) |
|
666642 |
|
Praddep Vakharia and Panna Vakharia |
|
10 |
|
Aamna Shipping Limited, |
|
1002286 |
|
|
|
|
|
Total |
|
1668988 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Other
top fifty shareholders |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Chartering, Freight Brokerage and Ship Management Services. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sanghvi and Company Chartered Accountant |
|
Address : |
Bulbul 1st Floor, Crescent Road, Bhavnagar-364001, |
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|
|
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Holding Company: |
Amana Shipping Limited |
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|
|
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Associates / Subsidiary: |
Ashapura Shipping UAE FZE |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1668988 |
Equity Shares |
Rs.10/- each |
Rs.16.690
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.690 |
16.690 |
16.690 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.572 |
39.590 |
34.860 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
53.262 |
56.280 |
51.550 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
1.200 |
1.000 |
|
|
TOTAL BORROWING |
0.000 |
1.200 |
1.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
53.262 |
57.480 |
52.550 |
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|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
1.693 |
2.570 |
3.287 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
31.236 |
31.736 |
31.737 |
|
|
DEFERREX TAX ASSETS |
0.452 |
0.566 |
0.437 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.349 |
0.000 |
|
|
Cash & Bank Balances |
1.473
|
0.247 |
0.999 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.418
|
32.582 |
25.467 |
|
Total
Current Assets |
22.891
|
33.178 |
26.466 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.060
|
0.218 |
0.109 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
2.950
|
10.352 |
9.268 |
|
Total
Current Liabilities |
3.010
|
10.570 |
9.377 |
|
|
Net Current Assets |
19.881
|
22.608 |
17.089 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
53.262 |
57.480 |
52.550 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5.799 |
20.353 |
20.032 |
|
|
|
Other Income |
0.066 |
2.557 |
2.494 |
|
|
|
TOTAL |
5.865 |
22.910 |
22.526 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operational, Administrative and Other Expenses |
8.075 |
14.479 |
11.861 |
|
|
|
Transferred From Shipping Reserve |
0.000 |
0.000 |
(0.865) |
|
|
|
TOTAL |
8.075 |
14.479 |
10.996 |
|
|
|
|
|
|
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|
PROFIT
/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION |
(2.210) |
8.431 |
11.530 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.555 |
0.993 |
1.080 |
|
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|
PROFIT / LOSS
BEFORE TAX |
(2.765) |
7.438 |
10.450 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(2.647) |
2.708 |
3.289 |
|
|
|
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|
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|
|
|
PROFIT / LOSS
AFTER TAX |
(0.118) |
4.730 |
7.161 |
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.964 |
3.234 |
0.216 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1.800 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
0.340 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
2.003 |
|
|
BALANCE CARRIED
TO THE B/S |
7.846 |
7.964 |
3.234 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.07) |
2.83 |
4.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(2.01)
|
20.65 |
31.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(47.68)
|
36.54 |
52.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.25)
|
20.81 |
35.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
0.13 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.06
|
0.21 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.60
|
3.14 |
2.82 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year the company earned revenue from the activities of
technical handling of the ships, crew manning and chartering brokerage. The company
has handled three cargo ships during part of the year 2009-10.
After experiencing 5 years of a supercharged cycle (2003-08), the dry
bulk business witnessed a slump not seen in a long time in the third quarter of
FY 09. In an environment characterized by extreme global economic uncertainty
and fear of an impending flood of new building deliveries, FY 10 performance
was very poor on a yearly average basis, freight rates were around 40-50% lower
than those seen in FY 09. For most of the calendar year 2009, international
iron ore and coal prices were lower than domestic prices.
OUTLOOK FOR THE
DRY BULK MARKET:
The Baltic Dry index (BDI) during the period was ranging between 1466
and 2998 points. The management is of the opinion that there is no scope of
much recovery till the year 2011 in view of decrease in existing old vessels
and delay is supply of new vessels.
FIXED ASSETS:
|
ASSETS |
NET BLOCK 31.03.2010 [Rs. in Millions] |
|
Vehicles |
0.929 |
|
Office Equipments |
0.329 |
|
Furniture and Fixtures |
0.435 |
|
TOTAL |
1.693 |
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 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.45.87 |
|
|
1 |
Rs.75.15 |
|
Euro |
1 |
Rs.66.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.