Business
information report
1. Summary Information
|
|
|
Country |
|
|
Company Name |
SHIPPING CORPORATION OF INDIA LIMITED |
Principal Name 1 |
Mr. S. Hajara |
|
Status |
Good |
Principal Name 2 |
Mr. Rajeev Gupta |
|
|
|
Registration # |
11-8033 |
|
Street Address |
Shipping House, 245, |
||
|
Established Date |
24.03.1950 |
SIC Code |
-- |
|
Telephone# |
91-22-22853556/22772163/22822041/22772168/22026666/22023463 |
Business Style 1 |
Providing all types of ship owner, operator services,
cargo liner, container services, passenger cum cargo services etc. |
|
Fax # |
91-22-228754790/22833772/22026905 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
3520 Approximately |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
2,646,128,700 |
Product Name 3 |
-- |
|
Shareholders |
Central Government / State Government(s)
63.75 % |
Banking |
State Bank of |
|
Public Limited Corp. |
-- |
Business Period |
60 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
A (63) |
|
Related
Company |
|||
|
Relation - Joint Venture |
Country
-- |
Company
Name |
Irano Hind Shipping Company Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
37,083,200,000 |
Current Liabilities |
12,858,600,000 |
|
Inventories |
832,100,000 |
Long-term Liabilities |
26,968,600,000 |
|
Fixed Assets |
45,068,100,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
39,827,200,000 |
|
Invest& other Assets |
20,213,800,000 |
Retained Earnings |
59,135,500,000 |
|
|
|
Net Worth |
63,370,000,000 |
|
Total Assets |
103,197,200,000 |
Total Liab. & Equity |
103,197,200,000 |
|
Total Assets (Previous Year) |
|
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
34,631,200,000 |
Net Profit |
3,769,100,000 |
|
Sales(Previous yr) |
41,666,400,000 |
Net Profit(Prev.yr) |
9,406,700,000 |
MIRA
INFORM REPORT
|
Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHIPPING CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
Shipping House, 245, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
24.03.1950 |
|
|
|
|
Com. Reg. No.: |
11-8033 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63030MH1950GOI008033 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s shares are listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Providing all types of ship owner, operator services, cargo liner,
container services, passenger cum cargo services etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 25480000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a Union Government Company. It is a well established and a
reputed company having fine track. Financial position of the company appears
to be sound. The creditors and the lenders can be confident of their
exposures in the company. Subject being a government company. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The 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 DENIED BY
The Management non cooperative (Name not Disclose)
LOCATIONS
|
Registered Office : |
Shipping House, 245, |
|
Tel. No.: |
91-22-22853556/22772163/22822041/22772168/22026666/22023463 |
|
Fax No.: |
91-22-228754790/22833772/22026905 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Technical and Offshore Division : |
Shipping House, 4th floor, 245, Tel. No.: 91-22-25701430 E-Mail : ec.rao@sci.co.in Fax No.: 91-22-25700824 250, Sudam Kalu Ahire Marg , Worli, Mumbai 400 02, Tel. No.: 91-22-24937484 E-Mail : jvs.rao@sci.co.in Fax No.:
91-22-24914728 |
|
|
|
|
Overseas Regional Office: |
Gati Coast-to-Coast building, No 99, Jawaharlal
Nehru Road, Delanipur, Post Box No 310, Port Blair Andaman Islands 744 102 |
|
Tel. No.: |
91-03192 – 233590 / 233347 |
|
Fax No.: |
91-03192 – 233778 |
|
|
|
|
Regional Offices : |
Located At: Chennai Kolkata |
DIRECTORS
As On 31.03.2010
|
Name : |
Mr. S. Hajara |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Vijay Chhibber |
|
Designation : |
Government Director |
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|
|
|
Name : |
Mr. Rajeev Gupta |
|
Designation : |
Government Director |
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|
|
|
Name : |
Mr. J. N. Das |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.04.1954 |
|
Qualification : |
|
|
Date of Appointment : |
24.12.2007 |
|
Expertise in specific functional areas : |
Vast experience
in shipping management, Bulk carrier, tankers, chemicals, LPG and LNG
operations, New Building and Offshore services. |
|
|
|
|
Name : |
T. S. Ganeshan |
|
Designation : |
Rear Admiral (Retd.) |
|
Date of Birth/Age : |
07.06.1949 |
|
Qualification : |
|
|
Date of Appointment : |
11.08.2010 |
|
Expertise in specific functional areas : |
Vast experience
in Naval Shipbuilding and Management of Public Sector Unit (PSU). |
|
|
|
|
Name : |
Mr. U. C. Grover |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kailash Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.12.1952 |
|
Qualification : |
|
|
Date of Appointment : |
20.07.2006 |
|
Expertise in specific functional areas : |
Vast experience in
light engineering, super thermal and hydroelectric power projects/power
utility, hospitality services, and mines and mineral sector in human
resources management/ development, industrial relations, administrative
support services, legal affairs, corporate communications and media affairs,
and related functions |
|
|
|
|
Name : |
Prof. Sushil Khanna |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.07.1951 |
|
Qualification : |
|
|
Date of Appointment : |
11.08.2010 |
|
Expertise in specific functional areas : |
Vast experience
as investment banker and as an academic in area of corporate
strategy, rganizational restructuring, finance and general management. |
|
Chairmanship/Directorship held in other public companies : |
1. OIL India Limited 2. Kerala Financial Corp. 3. Nicco Ventures Limited |
|
|
|
|
Name : |
Mr. B. K. Mandal |
|
Designation : |
Director |
|
Date of Birth/Age : |
09.05.1954 |
|
Qualification : |
|
|
Date of Appointment : |
11.11.2005 |
|
Expertise in specific functional areas : |
Vast experience
in Financial, Accounting and General Management area. |
|
|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.11.1952 |
|
Qualification : |
|
|
Date of Appointment : |
13.08.2007 |
|
Expertise in specific functional areas : |
Vast experience
in housing finance and is deeply interested in rural development, urban
issues, specially the development of modern cities and humanitarian causes. |
|
Chairmanship/Directorship held in other public companies : |
1. ABB Limited 2. Apollo Health Street Limited 3. Bharati AXA Life Insurance Company
Limited 4. Cummins India Limited 5. Tata Chemicals Limited 6. Unichem Laboratories Limited 7. Voltas Limited 8. Tata Motors Limited 9. Neptune Developers Limited 10.Development Credit Bank Limited 11. HDFC Limited. 12.Ambuja Cements Limited 13.Bharati AXA General Insurance Company Limited 14.Britannia Industries Limited |
|
|
|
|
Name : |
Capt. K. S. Nair |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Ramanathan |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.04.1949 |
|
Qualification : |
|
|
Date of Appointment : |
11.08.2010 |
|
Expertise in specific functional areas : |
Vast
experience in general and financial administration in Government and Public
Sector. |
|
Chairmanship/Directorship held in other public companies : |
1. United Stock Exchange of India Limited 2. Jenson and Nicholson Limited 3. JCT Electronics Limited 4. Indian Clearing Corp. Limited 5. Aluminimum Industries Limited |
|
|
|
|
Name : |
Mr. U. Sundararajan |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.06.1942 |
|
Qualification : |
Cost Accountant |
|
Date of Appointment : |
11.08.2010 |
|
Expertise in specific functional areas : |
Vast experience
in financial and general management areas. |
|
Chairmanship/Directorship held in other public companies : |
1. Bharat Oman Refineries Limited 2. Ennore Port Limited 3. IDFC Trustee Company Limited |
|
|
|
|
Name : |
Mr. S. C. Tripathi |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.01.1946 |
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Qualification : |
|
|
Date of Appointment : |
11.08.2010 |
|
Expertise in specific functional areas : |
Vast experience
in Public Administration and has held important positions in Governments of
Uttar Pradesh and |
|
Chairmanship/Directorship held in other public companies : |
1. Reliance Capital Asset
Management Company Limited 2. Indusind Bank Limited 3. IL and FS Energy Development Corporation Limited 4. IL and FS Infrastructure Development Corporation Limited 5. Gammon Infrastructure Projects Limited 6. Power Grid Corporation Limited |
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|
|
|
Name : |
Mr. Arun Kumar Verma |
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Designation : |
Director |
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Date of Birth/Age : |
28.06.1951 |
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Qualification : |
|
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Date of Appointment : |
11.08.2010 |
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Expertise in specific functional areas : |
Vast experience in areas concerning Accounts, Audit, Finance and Law. |
|
|
|
|
Audit Committee : |
Mr. Naseer Munjee Mr. U. Sundararajan Mr. Arun Ramanathan |
KEY EXECUTIVES
|
Name : |
Mr. Dipankar Haldar |
|
Designation : |
SVP (Legal Affairs) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.12.2010
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
|
|
As a % of
(A+B+C) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3,057 |
- |
|
|
296,939,920 |
63.75 |
|
|
296,942,977 |
63.75 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
296,942,977 |
63.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1,001,092 |
0.21 |
|
|
15,453,247 |
3.32 |
|
|
78,352,551 |
16.82 |
|
|
10,820,574 |
2.32 |
|
|
105,627,464 |
22.68 |
|
|
|
|
|
|
23,793,651 |
5.11 |
|
|
|
|
|
|
34,497,105 |
7.41 |
|
|
3,887,282 |
0.83 |
|
|
1,050,531 |
0.23 |
|
|
5,250 |
- |
|
|
897,357 |
0.19 |
|
|
147,924 |
0.03 |
|
|
63,228,569 |
13.57 |
|
Total Public shareholding (B) |
168,856,033 |
36.25 |
|
Total (A)+(B) |
465,799,010 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
465,799,010 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Providing all types of ship owner, operator services, cargo liner,
container services, passenger cum cargo services etc. |
GENERAL INFORMATION
|
Customers : |
|
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|||||||||||||||||||||||||||||||||||||||||||||
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No. of Employees : |
3520 Approximately |
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Bankers : |
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|||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
Rs. In Millions
|
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
P.S.D. and Associates Chartered Accountant |
|
Address : |
|
|
|
|
|
Name : |
S. Bhandari and Company Chartered Accountant |
|
|
|
|
Name : |
Khandelwal Jain and Company Chartered Accountant |
|
|
|
|
Name : |
Sarda and Pareek Chartered Accountant |
|
Address : |
Mumbai, |
|
|
|
|
Solicitors : |
Mulla and Mulla and Craigie Blunt and Caroe |
|
|
|
|
Joint Venture : |
|
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
450000000 |
Equity Shares |
Rs. 10/- each |
Rs.4500.000 Millions |
|
|
|
|
|
Issued, Subscribed:
|
No. of Shares |
Type |
Value |
Amount |
|
264612870 |
Equity Shares |
Rs. 10/- each |
Rs.2646.100 Millions |
|
|
*For consideration other than cash: |
|
|
|
158840765 |
Equity Shares |
Rs. 10/- each |
Rs.1588.400 Millions |
|
|
Total |
|
Rs.4234.500
Millions |
* Of the above, 14,11,51,215
equity shares of Rs. 10 each were allotted in FY 2008-09 as fully paid up bonus
shares in the ratio of 1:2 by way of capitalisation of Rs. 1411.500 millions
from General Reserve
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 |
4234.500 |
4234.500 |
2823.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
59135.500 |
57850.000 |
53498.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
63370.000 |
62084.500 |
56321.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
26968.600 |
24716.700 |
14542.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
26968.600 |
24716.700 |
14542.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
90338.600 |
86801.200 |
70863.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
45068.100 |
38279.100 |
26899.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
Assets under Construction |
18547.000 |
20998.500 |
20072.000 |
|
|
|
|
|
|
|
|
Assets held for disposal |
0.200 |
0.200 |
0.200 |
|
|
INVESTMENT |
1666.600 |
1114.600 |
414.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
832.100 |
633.400 |
900.700 |
|
|
Sundry Debtors |
3380.600 |
4294.500 |
3777.400 |
|
|
Cash & Bank Balances |
24064.600 |
26728.300 |
20912.000 |
|
|
Deposit with public financial institutions |
2700.000 |
1600.000 |
1650.000 |
|
|
Other Current Assets |
1391.200 |
1010.600 |
931.300 |
|
|
Amounts advanced to joint venture companies |
2348.300
|
2634.300 |
2658.900 |
|
|
Loans & Advances |
3198.500 |
3314.100 |
2981.800 |
|
Total
Current Assets |
37915.300 |
40215.200 |
33812.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7177.600 |
7751.400 |
6186.400 |
|
|
Other Current Liabilities |
2274.800 |
1984.700 |
2218.800 |
|
|
Provisions |
3406.200 |
4070.300 |
1929.700 |
|
Total
Current Liabilities |
12858.600 |
13806.400 |
10334.900 |
|
|
Net Current Assets |
25056.700 |
26408.800 |
23477.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
90338.600 |
86801.200 |
70863.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
34631.200 |
41666.400 |
37268.400 |
|
|
|
Other Income |
3734.000 |
3840.300 |
2770.800 |
|
|
|
TOTAL (A) |
38365.200 |
45506.700 |
40039.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
27710.100 |
28156.900 |
25943.500 |
|
|
|
Administrative Expenses |
2006.000 |
2055.900 |
1820.900 |
|
|
|
Other Expenses, Provisions etc |
161.100 |
609.900 |
391.700 |
|
|
|
TOTAL (B) |
29877.200 |
30822.700 |
28156.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8488.000 |
14684.000 |
11883.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
525.300 |
646.700 |
616.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7962.700 |
14037.300 |
11266.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3801.100 |
3238.800 |
3031.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
ITEMS RELATING TO EARLIER YEARS AND EXCEPTIONAL ITEMS |
4161.600 |
10798.500 |
8235.000 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENTS |
(63.600) |
36.700 |
226.800 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS
PROVISIONS/SUNDRY CREDIT BALANCES WRITTEN BACK |
661.700 |
101.500 |
577.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL ITEMS |
4759.700 |
10936.700 |
9039.400 |
|
|
|
|
|
|
|
|
|
Less |
PROVISION TOWARDS
LOSS OF SHIP / OTHER INCIDENTAL CHARGES |
-- |
214.000 |
-- |
|
|
|
|
|
|
|
|
|
Less |
PROVISION
TOWARDS NYSA |
-- |
176.800 |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4759.700 |
10545.900 |
9039.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
990.600 |
1139.200 |
900.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3769.100 |
9406.700 |
8139.000 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFERRED TO
TONNAGE TAX RESERVE U/S 115VT OF INCOME TAX ACT |
800.000 |
2000.000 |
1700.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5113.800 |
4603.900 |
5808.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Staff Welfare
Fund |
10.000 |
7.500 |
7.500 |
|
|
|
Corporate Social
Responsibility Reserve |
37.700 |
94.100 |
- |
|
|
|
Capital Reserve |
- |
75.000 |
28.200 |
|
|
|
General Reserve |
400.000 |
3500.000 |
4800.000 |
|
|
|
Interim Dividend |
- |
- |
1270.400 |
|
|
|
Tax on Interim
Dividend |
- |
- |
215.900 |
|
|
|
Proposed
Dividend |
2117.300 |
2752.400 |
1129.200 |
|
|
|
Tax on Proposed
Dividend |
351.600 |
467.800 |
191.900 |
|
|
BALANCE CARRIED
TO THE B/S |
5166.300 |
5113.800 |
4603.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.90 |
22.21 |
19.22 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2n
Quarter) |
|
Audited / UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
9065.200 |
8764.400 |
|
Total Expenditure |
6836.100 |
6750.800 |
|
PBIDT (Excl OI) |
2229.100 |
2013.600 |
|
Other Income |
1012.000 |
1917.700 |
|
Operating Profit |
3241.100 |
3931.300 |
|
Interest |
123.100 |
132.500 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
3118.000 |
3798.800 |
|
Depreciation |
1013.100 |
1032.500 |
|
Profit Before Tax |
2104.900 |
2766.300 |
|
Tax |
190.000 |
260.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
1914.900 |
2506.300 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
1914.900 |
2506.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.82
|
20.67 |
20.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.74
|
25.31 |
24.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.74
|
13.44 |
14.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.17 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
0.62 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.95
|
2.91 |
3.27 |
LOCAL AGENCY FURTHER INFORMATION
Appropriations
The working results of the Company for the year 2009-2010 after considering prior period adjustments show a profit of Rs.3769.100 millions. An amount of Rs.800.000 millions has been transferred to Tonnage Tax Reserve u/s 115VT of the Income Tax Act, 1960. After adding a sum of Rs.5113.800 millions (being balance in profit and loss account brought forward from the previous year), the amount available for disposal works out to Rs.8082.900 millions. The Directors propose to make the following appropriations from this amount:
1. General Reserve Rs. 400.000 millions
2. Staff Welfare Fund Rs. 10.000 millions
3. Corporate Social Responsibility Reserve Rs. 37.700 millions
Total Rs. 447.700 millions
MANAGEMENT
DISCUSSION AND ANALYSIS
The overall scenario under which the Shipping industry operated and
which impacted the various segments is
discussed below.
A) INDUSTRY
STRUCTURE AND DEVELOPMENTS
World Scenario
The global economy witnessed a 0.7% contraction in GDP during 2009 after
registering a moderate growth of round 3% in the previous year. The performance
of major economies / regions during 2009 indicated that, with he exception of
China and ‘Other Asia’ which recorded positive growths of 8.3% and 2.6%
respectively, the conomies of North America, OECD Europe and Japan shrunk by
2.5%, 3.9% and 5.4%, respectively.
Although global Dry Bulk trade contracted slightly during 2009, the year
witnessed a massive rebound in Chinese imports with around 50% increase and a
stronger than expected recovery in trade in other countries. Deliveries of
vessels were 40% below schedule and there was widespread port congestion.
Together, these developments contributed
to improvement in spot rates throughout the year.
The global Oil trade was characterised by very weak OECD demand, which
was off-set to some extent by a massive 12% increase in Chinese imports as also
by strong demand in rest of
Global ‘Dry Bulk’ imports were 2.9 billion tonnes witnessing a fall of 0.5%.
Global ‘Crude oil’ imports during 2009 were around 1.96 billion tonnes, 3.7%
lower than in 2008. ‘Products’ imports were 0.8 billion tonnes, declining
by 2.3% compared to its previous year’s level. The total ‘Oil’ trade
thus witnessed a decline of 3.3%. Global Container trade was in the region of
120 million TEUs, registering an unprecedented contraction of 7.7%. The share of ‘Oil’ trade in the total ‘Oil
and Dry bulk’ imports in 2009 declined marginally to 48.7% from 50% in the
previous year. The share of ‘Dry Bulk’ trade correspondingly increased slightly
to 51.3%.
Indian Scenario
As per the Advance Estimates of the Central Statistical Organisation
(CSO),
The total Cargo traffic handled by the Major Indian ports during 2009-10
was around 561 million tonnes, increasing by 5.7%. This comprised around 175
million tonnes of POL (Petroleum and Other Liquids) remaining constant at
previous year’s level, 189 million tonnes of major Dry Bulk cargoes (Iron Ore,
Fertilisers, Coal) which increased by 3.7%, 101 million tonnes of Container
traffic showing a substantial increase of 8.6% (however, in terms of TEUs, the
increase was around 4.3% indicating that heavy weight cargo was handled at
major ports) and 95 million tonnes of “Other Cargoes” (i.e. minor bulks,
breakbulk etc.), which declined by 21%.
The share of ‘Dry Bulk’ cargo in
OUTLOOK
With supply of dry bulk tonnage outpacing the expected growth in demand,
the shipping market in this sector is projected to weaken during 2010 with
average freight rates declining by more than 20% compared to their 2009 levels.
The anticipated deliveries of vessels would continue to exert downward pressure
on rates through the first half of 2012, and a recovery is expected to gain
momentum only in 2013.
In the tanker segment, crude tanker spot rates are likely to fall back
relative to their high levels in January 2010, however, they are expected to
remain above 2009 average levels through to 2012. Thereafter, the rates are
projected to witness an upturn during the next two years.
The Company has formulated its Ship Acquisition Programme for the 11th
Five Year Plan (2007-12) eriod reflecting the strategy of focusing on
value-adding businesses by building on its core ompetencies so as to realize
the objective of enhancing shareholder value. This Acquisition rogramme for
expansion / diversification/ modernisation of SCI’s fleet envisages acquisition
of 62 essels aggregating to over 2.5 million GT (4.5 million Dwt.) and includes
Bulk Carriers (Capesize / anamax / Handymax), Crude Tankers (VLCC / Suezmax /
Aframax, etc.), Product Tankers (LR–II / R), Offshore Vessels, etc. The Ship acquisition
programme is reviewed from time to time in order o sync it with the latest
trend of pricing and the conditions of charter market. During the last
financial year, the company acquired a resale MR Product tanker built in a
first class Korean Yard or US$ 32.9 illion (originally priced at US$ 45.2
million) from a Greek owner. The Company is lso on the look-out for suitable
iner vessels. The Company believes that in the wake of erstwhile eltdown,
opportunities for value buying in imited manner may come up and, the Company
will onsider these proposals.
BULK CARRIER and
TANKER
The Bulk Carrier and Tanker has been further sub-divided into two
segments viz. (I) Tanker and (II) Dry Bulk.
I) TANKER
A) INDUSTRY
STRUCTURE and DEVELOPMENTS
World Scenario
The global credit crisis and world economic downturn in 2008-09
dramatically undermined the prospects for onnage demand for all main ship
types; thus, the year 2009-10 opened amid far more negative sentiment than year earlier.
In the financial year 2009-10, the shipping industry faced rough weather
with tanker freight markets not being steady at all. There were huge declines
in spot earnings, both for clean and dirty tankers, mainly due to (i) poor oil
demand, particularly in the mature industrial economies, and resulting cuts in
rude imports (ii) increased oil output from US and Former Soviet Union (FSU);
in particular, a 0.58 b/d (million barrels per day) rise in its domestic crude
oil production made the US less dependent on imported supplies, (iii) far faster
net fleet growth (net fleet expansion was also compounded by fewer removals
from the fleet, as interest in buying ‘single-hulled’ ships for conversion (to
bulk carriers or FPSOs) had diminished significantly) (iv) relatively strict
adherence by OPEC members to the oil output cuts that had been enacted from
late 2008 onwards.
The fourth quarter of 2009-10 showed an upward trend in the tanker
freight market as a steady recovery in oil demand (mainly non-OECD), amid
bettering economic conditions, and rising offshore storage, pushed up the
demand for tonnage.
Indian Scenario
The oil and gas industry has been instrumental in fuelling the rapid
growth of the Indian economy. According to the Ministry of Petroleum,
Under New Exploration Licensing Policy (NELP VIII), 1.62 sq.km. of area
comprising 70 blocks was put up for bidding.
Production
By the end of the Eleventh Plan, the refinery capacity is expected to
reach 240.96 million metric tonnes per annum (mmtpa.).
• Crude oil production during 2009-10 was 33.68 mt. as compared to 33.50
mt. in 2008-09.
• Refinery production in terms of crude throughput was 160.03 mt. in
2009-10.
• The production of natural gas went up to 47.57 bcm. in 2009-10 from
32.84 bcm. in 2008-09.
Consumption
The sales/consumption of petroleum products during 2008-09 was 133.40
mt. (including sales through private imports) registering an increase of 3.45
per cent over sales of 128.94 mt. during 2007-08, according to the Ministry of
Petroleum.
FIXED ASSETS:
- Fleet
- Ownership
containers
- Freehold land
- Buildings
- Ownership
flats and residential buildings
- Furniture,
fittings and equipments etc
- Motor
vehicles
- Computer
software
Brief profile of
the directors of the company
Shri S. Hajara is Chairman and Managing Director since September
2005 before which he held the post of Director (Personnel and Administration).
He holds a Bachelor’s degree in Science - Chemistry and a Post Graduate Diploma
in Management from IIM, Kolkata. He also holds a degree in Law, diploma in
Professional Ship Management,
Shri Vijay Chhibber, Additional Secretary and Financial Advisor, Ministry
of Shipping, an ex-officio part-time Director of the Company was appointed on
Board of Directors in December 2008. Shri Chhibber, an I.A.S. Officer of the
Manipur Tripura cadre, holds a Graduate and Post Graduate Degree in History
from St. Stephen’s College,
Shri Rajeev Gupta, Joint Secretary (Shipping), Ministry of Shipping,
an exofficio part-time Director of the Company, was appointed on the Board of
Directors in June 2007. Shri Rajeev Gupta, an I.R.S.M.E. Officer, is a graduate
in both Mechanical and Electrical Engineering. He has had experience in
shipping, inland waterways, chartering, enterprise planning, vigilance, human
resource management among other subjects. He has held several posts in Central
Governments and was in the Railway Board and was involved in formulating the
Tenth Five Year Plan for Railways.
Shri J.N. Das is Director (Liner and Passenger Services) since
December 2007. He is a Marine Engineer from Marine Engineering Training College
(DMET), Kolkata and possesses First Class Engineer (MOTOR) Certificate of
Competency from MOT. He is a member of the
Rear Admiral (Retd.) T.S. Ganeshan is a part-time non-official Director
inducted on the Board in August 2010 and is the Chairman of the Remuneration
Committee. He is an electrical engineer. He has served in the Indian Navy for
over three decades. He has held various posts including that of Director (Ship
Production), Director (Naval Design) at Naval Headquarters and Project Director
(Electronics, Weapons and IT) for the nuclear submarine project (ATV). He has
vast experience in naval shipbuilding and management of Public Sector
Undertaking. He is the receipient of Nao Sena and Vishisht Seva medals and is
an alumni of the
Shri U.C. Grover is Director (Technical and Offshore Services) since
April, 2006. He is a Marine Engineer from Marine Engineering College (DMET),
Kolkata and possesses First Class Engineer (MOTOR) Certificate of Competency
from MOT. He has vast experience and knowledge in ship acquisitions, project
management, new business development, commercial operations in Liner and
Container Services, Marketing, Liner Conferences/ Bilateral Matters,
Stevedoring Operations, Bulk Carrier and Tanker Operations, Fleet Management,
etc. He also has the experience in Maritime Training, Safety and Marine
Environment Protection, development and implementation of the requirements of
ISM Code in the Company and fleet.
Shri Kailash Gupta is Director (Personnel and Administration) since
July 2006. He is a post graduate in Personnel Management from XLRI,
Prof. Sushil Khanna is a part-time non-official Director inducted on
the Board in August 2010 and is a member of the Remuneration Committee. He is
B.Sc. (major in Physics) and is a fellow of Indian Institute of Management,
Kolkata and has a post graduate diploma in management from IIM, Kolkata. He is
a professor of Strategic Management and Economics at the Indian Institute of
Management Kolkata. He has three decades of experience; first, as an investment
banker, and then as an academic in the areas of corporate strategy,
organizational restructuring, finance and general management. He has also
served as a consultant and advisor for large number of public and private
sector companies in
Shri B.K. Mandal is Director (Finance) since November 2005 and is a
post graduate in Management from the Indian Institute of Management, Ahmedabad,
and also a Fellow member of the
Shri Nasser Munjee is a part-time non-official Director inducted on
the Board in August 2007 and reappointed in August 2010 based on the fresh
nomination received from the Ministry of Shipping. He is the Chairman of the
Sub-Committee of the Board for raising finance and is also a member of the
Remuneration Committee. He is presently the Chairman of Development Credit Bank
(DCB) and was the former Managing Director and CEO of the IDFC. He holds a
Master’s degree from the London School of Economics, U.K. His journey in
creating financial institutions began with the HDFC (which he has been
assisting since its inception in 1978) and he joined the Board as an Executive
Director in 1993 with primary responsibility for resource mobilization,
research, publications, training, communication and managing the Centre for
Housing Finance. He has deep interest for rural development, housing finance,
urban issues, specially the development of modern cities and humanitarian
causes. Shri Munjee is also a Technical Advisor on the various Funds of the
World Bank and the memberships held by him include that of the Goa Planning
Board, Managing Committee of the Bombay Chamber of Commerce and Industry and
CII, Western Region. He is also on the Board of Governors of the NMIMS and a
Member and Honorary Distinguished Professor at IIT,
Capt. K.S. Nair is Director (Bulk Carrier and Tankers) since
November 2008. He has graduated in Commerce with specialization in banking from
Shri Arun Ramanathan is a part-time non-official Director inducted on
the Board in August 2010. He is a member of the Audit Committee and
Shareholders’/Investors’ Grievance Committee. He joined the IAS in July 1973.
Apart from holding post graduate degrees in Nuclear Physics, Business
Administration and Development Economics, he is also an Associate Member of the
Shri U. Sundararajan is a part-time non-official Director inducted on
the Board in July 2007 and reappointed in August 2010 based on the fresh
nomination received from the Ministry of Shipping. He is also the Chairman of
the Audit Committee of the Board and member of the Strategic Committee. He was
the former Chairman and Managing Director of BPCL. He is a Cost Accountant and
has vast experience and knowledge in financial management and general
management. He has also served as part time External Director on the Board of
several companies which include Gujarat State Petronet Limited and Larsen and
Toubro Limited.
Shri S.C. Tripathi is a part-time non-official Director inducted on
the Board in December 2007 and reappointed in August 2010 based on the fresh
nomination received from the Ministry of Shipping. He is an IAS and was the
former Secretary to Government of India and had rich experience in finance,
economics and in petroleum sector. Shri Tripathi, an M.Sc. (Physics-Specialisation
in Electronics), LL.B., PG Diploma in Development Studies (Cantab.), AIMA
Diploma in Management, started his career as Lecturer in Physics in 1964 and
joined the Indian Administrative Service in 1968 (Second Rank in the country).
He spent nearly 20 years in Finance and Industry sectors at Chief Executive /
Secretary levels at the State and Central Government and in representative
capacity at international levels. Shri Tripathi retired as Secretary, Ministry
of Petroleum and Natural Gas in the Government of India in December 2005.
Shri Arun Kumar
Verma is a part-time non-official Director inducted on the Board in August
2010 and he is a member of the Audit Committee and Shareholders’/Investors’
Grievance Committee. He is a practicing Chartered Accountant from Bhubaneshwar.
He is also a Law Graduate. He has vast experience in areas concerning Accounts,
Audit, Finance and Law.
AS PER WEB SITE
DETAILS:
PROFILE:
Subject was established on 02.10.1961, by the amalgamation of Eastern Shipping Corporation and Western Shipping Corporation.
Starting out as a marginal Liner shipping Company with just 19 vessels, the SCI
has today evolved into the largest Indian shipping Company. The SCI also has
substantial interests in various segments of the shipping trade. SCI’s owned
fleet includes Bulk carriers, Crude oil tankers, Product tankers, Container
vessels, Passenger-cum-Cargo vessels, Phosphoric Acid / Chemical carriers, LPG
/ Ammonia carriers and Offshore Supply Vessels. Sailing through for nearly five
decades, the SCI today has a significant presence on the global maritime map.
As the country’s premier shipping line, the SCI owns and operates around
one-third of the Indian tonnage, and has operating interests in practically all
areas of the shipping business; servicing both national and international
trades.
In view of the demand from Indian trade, the SCI has diversified into a large
number of areas. The SCI is today the only Indian shipping Company operating:
break-bulk services, international container services, liquid/dry bulk
services, offshore services, passenger services. In addition, the SCI mans and
manages a large number of vessels on behalf of various government departments
and organizations.
The SCI has immensely contributed to the growth of
Over the years, SCI has been a lifeline for the country in times of emergency
and distress, by ensuring continued and uninterrupted supply of crude oil,
which drives the country’s economy.
Liberalization and globalization of the Indian economy has presented the SCI
with a suite of growth and diversification opportunities. The SCI’s growth has
been additionally spurred on by the presence of a modern, young and diversified
fleet, operated by a large pool of well trained and experienced manpower, both
onshore and at sail.
As a profitable commercial venture of the Government of India, the SCI has an
excellent track record of profitability since its inception. The SCI’s annual
performance has consecutively been rated excellent for a record 18 times, under
the Memorandum of Understanding (MoU) signed with the Government of India.
The Government of India has conferred “Navratna” status to SCI on 01.08.2008 -
enhanced autonomy and delegation of powers to the Company towards capital
expenditure, formation of Joint Ventures, mergers, etc.
Continued profitability of the SCI is been due to a slew of innovative and
timely strategies and measures adopted by the SCI management. Amongst these
include, inter alia, judicious and optimal utilization of available tonnage, by
deploying it in the most remunerative sectors; commencement of new services in
niche markets; identification and expeditious disposal of value destroyers or
non-performing assets; forging alliances with leading market players to enhance
cargo; availability and apportioning of expenses; and administrative cost cutting.
The SCI takes pride in being a responsible and socially committed owner,
placing greater emphasis on the safety of life, vessels, cargo and the
environment it operates in. Today, the SCI has evolved into a highly quality
and safety conscious organization.
Not surprisingly, the SCI has received numerous awards and accolades from
various national and international organizations for excellence in customer
satisfaction, operational efficiencies, human resource training and emergency
preparedness.
In tune with the global trend for specialization and the premium placed on core
competencies, the SCI has charted a definitive course of action for the future.
Thrust areas for growth and diversification focus on energy transportation,
including a sunrise segment like transportation of LNG and containers. The SCI
forays into new thrust areas could either take the form of direct capital
investment or by forging strategic and symbiotic alliances with significant
market players in the market.
The SCI has heralded
The SCI possesses all the ingredients essential for emerging as a truly world
class international shipping Company. The endeavour of the management is to
facilitate the release of boundless energy and initiative streams, which will
be channelled for the growth and prosperity of the Company and the nation.
Joint Ventures
1. Irano Hind Shipping Company (P.J.S.)
Irano Hind Shipping Company (IHSC) is the first Joint
Venture Company co –promoted by SCI. The JVC was outcome of the MOU signed
between Indian and Iranian Government in year 1974 for economic tie – ups
between both the nations. SCI holds 49% stake in IHSC and Islamic Republic of
Iran Shipping Line (I.R.I.S.L) holds 51%. The JVC was incorporated in way back
in 1975 with registered office in
IHSC has proven track record of successfully operating
various types of vessels including tankers, bulk carriers and container
vessels. Currently, IHSC along with its four subsidiaries owns and operated seven
vessels of about 0.64 million dwt (as on 31.03.2010). All the vessels are
registered in
The financial performance of IHSC has been consistent and the JVC has good track record of repatriating dividends to its promoters.
2. SCI Forbes Limited
SCI along with two of the Shapoorji and Pallonji Group
companies’ viz. Forbes and Company Limited and Sterling Investment Private
Limited have co – promoted
SCI Forbes commenced its operations during the financial
year 2009–10 after the delivery of its four chemical tankers of about 13,000
dwt each. All the four vessels of SCI Forbes Limited are flagged in
3. Liquefied Natural Gas Transportation
• Liquefied Natural Gas (LNG) has been identified as
the fuel for
• SCI has identified carriage of LNG as one of its thrust and growth
areas, and has its presence in the Petronet LNG project (PLL).
India LNG Transport Company No.1and 2 Limited.
• SCI along with its consortium partners, viz. premier
Japanese shipping lines and a Qatari Shipping Company formed two Joint Venture
Companies (JVC) at Malta; i.e. India LNG Transport Co. No.1 Limited. and
• These vessels were
delivered on 09.01.2004 and 16.12.2004 respectively.
• SCI's equity stake in each of the JVC’s is 29.08%.
• SCI has taken over as manager for the technical and commercial
operations of the two ships with effect from 01.01.2009.
• Cargo Carried till 20.08.10 from inception is 30.28 MMT.
India LNG Transport Company No. 3 Limited.
• SCI with its consortium of Japanese Partners and a
Qatari Shipping Company has formed a JVC at
• The Time Charter Agreement will be for a period of 25 years, i.e. until 2034. This tanker will supply an additional 2.5 million metric tons of LNG per year to the Dahej Terminal of M/s Petronet LNG Limited.
• SCI's stake in the joint venture is 26%.
4. SAIL SCI Shipping Private Limited (SSSPL)
SCI and SAIL have enjoyed excellent commercial relationship
for over a decade and to foster this relationship further both the companies
have co- promoted a 50:50 shipping JVC “SAIL SCI SHIPPING PRIVATE LIMITED”
(SSSPL). The primary objective of the JVC is to provide various shipping
related services to SAIL for importing coking coal and other bulk material from
various countries to feed its steel plants located in
SSSPL was incorporated on 19.05.2010. The registered office of the company is located in Kolkata. Currently, SSSPL is in process of acquiring suitable bulk carriers which will carry SAIL’s cargo.
PRESS RELEASE:
CSR - Neonatal Intensive Care Unit
22 November 2010
Corporate Social Responsibility of SCI - Neonatal Intensive Care Unit
(NICU) at
The Shipping Corporation of India Limited (SCI) announces its collaboration
with the Thane Municipal Corporation (TMC) for upgrading the existing facility
of Neonatal Intensive Care Unit (NICU) from 20 to 30 beds and to establish a
separate Paediatric Intensive Care Unit at its
The project has been identified, evaluated and supported by SCI in response to
the proposal received from the Thane Municipal Commissioner’s office in the
month of September 2010. The upgraded NICU and PICU will cater to the steadily
increasing number of newborns requiring intensive care belonging to weaker
sections of the society. This initiative is part of the Corporate Social
Responsibility of SCI wherein the company has formulated a policy to earmark 1%
of its Net Profit After Taxes of the preceding year to such endeavours.
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.45.53 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs. 60.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE PROPRIETORY CONCERN
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.