MIRA
INFORM REPORT
|
Report Date : |
06.01.2011 |
NOTE :
The registered
office address of the company has been shifted from 11th
Floor, C G House,
IDENTIFICATION DETAILS
|
Name : |
MAERSK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Empire Industrial Complex, 414, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.12.2009 |
|
|
|
|
Date of
Incorporation : |
26.10.1989 |
|
|
|
|
Com. Reg. No.: |
083789 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63090MH1989PTC083789 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM22907D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM7324G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Shipping Agent |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9796300 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. Company can be considered normal for business dealings at usual trade
terms and conditions. |
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Mitesh |
|
Designation : |
Accounts Department |
|
Date : |
04.01.2011 |
LOCATIONS
|
Registered Office : |
Empire Industrial Complex, 414, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66538000 |
|
Fax No.: |
91-22-66538131 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
201/202, prerna Arcade, 2nd Floor, Opposite Doctor House,
C.G. Road, Ahmedabad – 380006, Gujarat, India |
|
Tel. No.: |
91-79-33403700 |
|
Fax No.: |
91-79-33403760 |
|
|
|
DIRECTORS
AS ON 26.06.2010
|
Name : |
Mr. Soomar Sultanali Rizwan |
|
Designation : |
Managing Director |
|
Address : |
Sea |
|
Date of Birth/Age : |
01.06.1971 |
|
Date of Appointment : |
21.11.2008 |
|
|
|
|
Name : |
Mr. Trooijen Janvan Robbert |
|
Designation : |
Director |
|
Address : |
Al Safa 1, Street, 14C, Villa # 61, |
|
Date of Birth/Age : |
08.08.1964 |
|
Date of Appointment : |
21.11.2008 |
|
|
|
|
Name : |
Mr. Tushar Anil Trivedi |
|
Designation : |
Director and Whole Time Director |
|
Address : |
602 A, Harshavardhan, |
|
Date of Birth/Age : |
15.04.1968 |
|
Date of Appointment : |
11.06.2010 |
|
|
|
|
Name : |
Mr. Shannon Bradford Sawyer |
|
Designation : |
Director |
|
Address : |
Cluster 43, Villa 2, |
|
Date of Birth/Age : |
13.12.1978 |
|
Date of Appointment : |
11.06.2010 |
|
|
|
|
Name : |
Mr. Dinesh Lal |
|
Designation : |
Director |
|
Address : |
34, |
|
Date of Birth/Age : |
15.01.1952 |
|
Date of Appointment : |
10.16.2005 |
|
Date of Ceasing : |
14.01.2010 |
|
|
|
|
Name : |
Mr. Lars Ostergard Sorensen |
|
Designation : |
Director |
|
Address : |
Empire Industrial Complex, 414, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India |
|
Date of Birth/Age : |
11.01.1965 |
|
Date of Appointment : |
26.06.2008 |
|
Date of Ceasing : |
20.04.2009 |
|
|
|
|
Name : |
Mr. Subhasis Ghosh |
|
Designation : |
Additional Director |
|
Address : |
D-1504, Great Eastern Gardens, L.B.S. Marg, Kanjurmarg (W), Mumbai –
400078, |
|
Date of Birth/Age : |
14.11.1963 |
|
Date of Appointment : |
02.03.2010 |
|
Date of Ceasing : |
11.05.2010 |
|
|
|
|
Name : |
Mr. Ashish Kumar Jain |
|
Designation : |
Secretary |
|
Address : |
Flat No.3, Building No.15B, NNP Colony, Goregaon (East), Mumbai –
400063, |
|
Date of Birth/Age : |
14.05.1978 |
|
Date of Appointment : |
25.09.2008 |
|
Date of Ceasing : |
18.06.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Maersk West and Central Asia Limited, |
|
5999999 |
|
A.P. Moller Finance Sa, |
|
1 |
|
|
|
|
|
Total |
|
6000000 |
AS ON 26.06.2010
|
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 |
|
Bodies corporate |
0.00 |
|
Directors or relatives of Directors |
0.00 |
|
Other top fifty shareholders |
0.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Shipping Agent |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management. |
|
|
|
|
Bankers : |
HDFC Bank,Branch |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountant |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai – 400013, Maharashtra, India |
|
Tel No.: |
91-22-30440800 |
|
Fax No.: |
91-22-30440800 |
|
|
|
|
Ultimate Holding Company: |
A P Moller – Meerak A/S |
|
|
|
|
Holding Company : |
Maerak West and Central Asia Limited |
|
|
|
|
Associate Company : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.
60.000Millions |
|
|
|
|
|
Note :
- Of the above 4000000 equity shares were allotted as fully paid up
bonus shares by capitalization of general reserves
- All the above equity shares held by Maersk west and central Asia
Limited Bermuda, the holding company and its nominee
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
60.000 |
60.000 |
60.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2389.075 |
1800.738 |
1956.874 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2449.075 |
1860.738 |
2016.874 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2449.075 |
1860.738 |
2016.874 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1349.567 |
1156.241 |
1204.102 |
|
|
Capital work-in-progress |
6.034 |
11.183 |
47.485 |
|
|
|
|
|
|
|
|
INVESTMENT |
49.434 |
49.434 |
132.050 |
|
|
DEFERREX TAX ASSETS |
83.746 |
156.751 |
162.506 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.220
|
5.716 |
0.196 |
|
|
Sundry Debtors |
58.060
|
201.707 |
1529.650 |
|
|
Cash & Bank Balances |
275.551
|
1014.602 |
1123.283 |
|
|
Other Current Assets |
57.226
|
377.535 |
1.235 |
|
|
Loans & Advances |
1039.394
|
678.273 |
582.204 |
|
Total
Current Assets |
1436.451
|
2277.833 |
3236.568 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
351.566 |
864.186 |
NA |
|
|
Other Current Liabilities |
68.154
|
885.914 |
2743.302 |
|
|
Provisions |
56.437
|
40.604 |
22.535 |
|
Total
Current Liabilities |
476.157
|
1790.704 |
2765.837 |
|
|
Net Current Assets |
960.294
|
487.129 |
470.731 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2449.075 |
1860.738 |
2016.874 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3835.198 |
3126.400 |
2982.250 |
|
|
|
Other Income |
160.545 |
555.000 |
420.440 |
|
|
|
TOTAL (A) |
3995.743 |
3681.400 |
3402.690 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
2917.007 |
2369.880 |
2365.920 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
2917.007 |
2369.880 |
2365.920 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1078.736 |
1311.520 |
1036.770 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1078.736 |
1311.520 |
1036.770 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
148.582 |
(158.790) |
(159.720) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
930.154 |
1152.730 |
877.050 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
341.817 |
396.300 |
330.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
588.337 |
756.430 |
547.040 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1477.818 |
2466.020 |
2064.980 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
58.833 |
75.640 |
54.700 |
|
|
|
Dividend |
-- |
780.000 |
257.000 |
|
|
|
Tax on Dividend |
-- |
132.560 |
43.680 |
|
|
BALANCE CARRIED
TO THE B/S |
2007.322 |
1477.820 |
1709.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission |
380.988 |
|
|
|
|
|
Crewing Fees |
13.013 |
12.342 |
|
|
|
|
Recovery of expenses |
7.473 |
1.694 |
NA |
|
|
|
Freight and Brokerage |
70.867 |
276.656 |
|
|
|
|
Management Fees |
14.590 |
294.166 |
|
|
|
TOTAL EARNINGS |
486.931 |
1279.758 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
105.554 |
17.205 |
NA |
|
|
|
Stores & Spares |
8.212 |
13.630 |
NA |
|
|
TOTAL IMPORTS |
113.766 |
30.835 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
98.06 |
126.07 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
14.72
|
40.65 |
25.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.25
|
36.87 |
29.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.38
|
33.56 |
19.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.61 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.96 |
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.01
|
1.27 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Due to micro and small enterprise |
-- |
-- |
-- |
|
Due to others |
351.566 |
864.186 |
NA |
|
|
|
|
|
|
Total |
351.566 |
864.186 |
NA |
Fixed Assets :
- Intangible
Assets
- Goodwill
- Tangible
Assets
- Buildings
- Leasehold
Equipments
- Office
Equipments
- Data
Processing Equipments
- Motor
Vehicles
- Furniture and
Fixture
- Electrical
Installation
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. 45.20 |
|
|
1 |
Rs. 70.27 |
|
Euro |
1 |
Rs. 59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.