MIRA
INFORM REPORT
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Report Date : |
20.01.2011 |
IDENTIFICATION DETAILS
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Name : |
BHN SHIPPING COMPANY PRIVATE LIMITED |
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Registered
Office : |
104, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.08.2004 |
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Com. Reg. No.: |
11-148128 |
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CIN No.: [Company Identification
No.] |
U63032MH2004PTC148128 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB15853F |
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PAN No.: [Permanent Account No.] |
AACCB5447P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Company is in the business of shipping services. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 970 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
104, |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Asif Alvi Syed |
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Designation : |
Director |
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Address : |
55/59, |
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Date of Birth/Age : |
17.06.1966 |
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Date of Appointment : |
02.04.2007 |
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Name : |
Mr. Isbah Syed Habib |
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Designation : |
Director |
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Date of Appointment : |
20.08.2004 |
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Name : |
Mr. Amir Syed |
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Designation : |
Director |
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Date of Appointment : |
20.08.2004 |
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Name : |
Mr. Turan Syed |
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Designation : |
Director |
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Date of Appointment : |
20.08.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Isbah Syed Habib |
|
4000 |
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Sayed Amir |
|
3000 |
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Alvi Asif Syed |
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0 |
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Turan Syed |
|
3000 |
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Total |
|
10000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Company is in the business of shipping services. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P N Jhamar and Company Chartered Accountant |
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Address : |
Mumbai |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 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
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.300 |
0.300 |
0.300 |
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3] Reserves & Surplus |
0.000 |
0.000 |
1.598 |
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4] (Accumulated Losses) |
(0.157) |
(0.686) |
0.000 |
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NETWORTH |
0.243 |
(0.286) |
1.998 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1.335 |
0.256 |
0.656 |
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TOTAL BORROWING |
1.335 |
0.256 |
0.656 |
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DEFERRED TAX LIABILITIES |
0.030 |
0.027 |
0.000 |
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TOTAL |
1.608 |
(0.003) |
2.654 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.217 |
0.180 |
0.190 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.019 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
1.640
|
10.208 |
9.441 |
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Cash & Bank Balances |
1.992
|
2.645 |
1.446 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.224
|
6.467 |
2.564 |
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Total
Current Assets |
11.856
|
19.320 |
13.451 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.382
|
9.654 |
7.595 |
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Other Current Liabilities |
7.261
|
7.261 |
0.000 |
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Provisions |
1.822
|
2.588 |
3.411 |
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Total
Current Liabilities |
10.465
|
19.503 |
11.006 |
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Net Current Assets |
1.391
|
(0.183) |
2.445 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.608 |
(0.003) |
2.654 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
79.554 |
73.861 |
62.321 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
79.554 |
73.861 |
62.321 |
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Less |
EXPENSES |
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Operational Expenses |
73.243 |
68.912 |
41.623 |
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Administrative Expenses |
5.496 |
6.805 |
18.677 |
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Preliminary Expenses |
0.000 |
0.000 |
0.007 |
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TOTAL (B) |
78.739 |
75.717 |
60.307 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.815 |
(1.856) |
2.014 |
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Less |
FINANCIAL
EXPENSES (D) |
0.153 |
0.193 |
0.086 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.662 |
(2.049) |
1.928 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
0.105 |
0.086 |
0.086 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.557 |
(2.135) |
1.842 |
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Less |
TAX (I) |
0.028 |
0.149 |
0.734 |
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PROFIT AFTER TAX
(G-I) (J) |
0.529 |
(2.284) |
1.108 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.686) |
1.598 |
0.490 |
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BALANCE CARRIED
TO THE B/S |
(0.157) |
(0.686) |
1.598 |
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Earnings Per
Share (Rs.) |
52.9 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.66
|
[3.09] |
1.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.70
|
[2.89] |
2.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.61
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[10.95] |
13.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
2.29
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[7.47] |
0.92 |
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Debt Equity Ratio (Total Liability/Networth) |
|
48.56
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[69.09] |
5.84 |
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Current Ratio (Current Asset/Current Liability) |
|
1.13
|
0.99 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from 59, Vaju Kotak
Marg, Opposite GPO Fort, Mumbai-400001,
Performance and
Prospect:
This is the fifth year of the company. During the period company has achieved
its Total Revenues of Rs. 79.554 Millions which is quite satisfactory.
Company is in the business of shipping services and getting very good
responses and repeat order from clients and expects better performance in
coming soon year too.
Fixed Assets:
·
Computer and Printers
·
Mobile Instruments
·
Office Equipments
·
Air Conditions
·
Furniture and Fixture
AS PER WEBSITE
Profile:
BHN Group, provides professional services for the
management of ships and maritime assets, trading in bulk commodities, Port
Management. The Group has activity for all aspects of Chartering including
Vessels, Cargoes / Ship Management including technical management, purchasing,
maintenance, insurance, inspections, compliance with Flag, Class and other
mandatory requirements, and Trading in Commodities including Wheat , Sugar ,
Urea etc.
The commercial activities guided by a belief that the one-on-one relationship
with clients or partners is of prime importance and the quality of the
company's service is the strongest asset.
The dedication to quality is equaled and complimented by the excellent safety
management system and procedures, with the company ethos being centered on
service, safety and synergy.
Management staff has extensive experience in all facets of the Trading in
bulk commodities., Chartering, ship management, new build and conversion
project development and management, general marine engineering, crewing and
operations management, as well as hands on sea going experience in senior
ranks.
The sea staff are directly selected by the company and retained through the
dedicated crew management subsidiary, which focuses on consistency, training
and reliability. Shipping business has always been a well placed in the Indian
economy, using the advantageous geographical location and efficient.
With this strength behind us, BHN Group will continue to take the lead as a
well known ship management and chartering company. Forever striving to be the
world's most trusted carrier, BHN Group will stand firm against the challenges
of the shipping industry and continue to provide the best service to the
customers have come to expect. They always play an integral role between
ship-owners and charterers for finding the best solutions on fixings of
contracts.
Trust is the most important in the international shipping, they are aware of
this. Professional service precisely matched to the needs of the clients along
the entire transport chain.
Shipping has changed during the last decade, therefore they work more for the
future then the present prosperity and structure of the company has been
specially created to provide quality services with the highest grade of
professionalism. They pride themselves on the history and the excellent
reputation having been gained.
In closing they would like to assure that BHN Group will always continue to
keep its brand name and it's committed efforts to provide better service than
ever before to the esteemed clients.
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.45.38 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.61.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.