MIRA
INFORM REPORT
|
Report Date : |
20.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAFE AND SURE MARINE SERVICES PRIVATE LIMITED |
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Registered
Office : |
5 Sagar Building, G 327, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
29.01.2003 |
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Com. Reg. No.: |
11-138903 |
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CIN No.: [Company Identification
No.] |
U63012MH2003PTC138903 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Ship Management and Offshore Contractors. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 67000 |
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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 losses incurred in the current year. 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 casution. |
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 |
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Risk Category |
ECGC
Classification |
|
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 : |
5 Sagar Building, G 327, |
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Tel. No.: |
91-22-23442878 |
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Fax No.: |
91-22-23446116 |
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E-Mail : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Murtuza H Netterwala |
|
Designation : |
Director |
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Address : |
Flat No. 1, |
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Date of Birth/Age : |
11.11.1970 |
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Date of Appointment : |
27.01.2003 |
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Name : |
Mr. Raj A Bargir |
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Designation : |
Director |
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Address : |
1601, Dudhwal Complex, |
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Date of Birth/Age : |
01.01.1972 |
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Date of Appointment : |
27.01.2003 |
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Name : |
Mrs. Nafisa R Bargir |
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Designation : |
Director |
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Address : |
1601, Dudhwala Complex, |
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Date of Birth/Age : |
07.01.1982 |
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Date of Appointment : |
27.01.2003 |
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Name : |
Mr. Yusuf J Netterwala |
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Designation : |
Director |
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Address : |
Flat No. 1, |
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Date of Birth/Age : |
14.04.1983 |
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Date of Appointment : |
01.04.2004 |
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|
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Name : |
Mr. Tarique A Bargir |
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Designation : |
Director |
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Address : |
1601, Dudhwal Complex, |
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Date of Birth/Age : |
05.06.1975 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mrs. Maria M Netterwala |
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Designation : |
Additional Director |
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Address : |
Flat No. 1, |
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Date of Birth/Age : |
29.04.1976 |
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Date of Appointment : |
01.04.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Murtuza H Netterwala |
|
227495 |
|
Raj A Bargir |
|
181994 |
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Nafisa R Bargir |
|
45500 |
|
Gopal Bajaj |
|
1 |
|
Kishore Bajaj |
|
1 |
|
Raj Kumar Bajaj (HUF) |
|
1 |
|
Anita R Jain |
|
1 |
|
Ramesh Kumar Jain |
|
1 |
|
Ramesh Kumar Jain (HUF) |
|
1 |
|
Fatima Juzer Kapadia |
|
1 |
|
Harsh G Jeswani |
|
1 |
|
Pride Investments, Mumbai, |
|
1 |
|
Zainab Juzer Kapida |
|
1 |
|
Zainab K Poonawala |
|
1 |
|
Total |
|
455000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.99 |
|
Others |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Ship Management and Offshore Contractors. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute: |
SREI Equipment
Finance Private Limited, ‘VISHWAKARMA’, 86C, |
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Auditors : |
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Name : |
Malpani and Associates Chartered Accountant |
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Address : |
107, Chartered House, 297/299, Dr. Cawasji Hormasji Street, Near
Marine Line Church, Mumbai-400002, Maharashtra, India |
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Tel. No.: |
91-22-40311900 |
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Fax No.: |
91-22-40311901 |
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Website : |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
455000 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.550
Millions |
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 |
4.550 |
4.550 |
3.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.433 |
19.502 |
15.796 |
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4] (Accumulated Losses) |
0.00 |
0.000 |
0.000 |
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NETWORTH |
16.983 |
24.052 |
19.496 |
|
|
LOAN FUNDS |
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|
1] Secured Loans |
191.958 |
22.375 |
22.900 |
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2] Unsecured Loans |
32.135 |
35.894 |
18.852 |
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TOTAL BORROWING |
224.093 |
58.269 |
41.752 |
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DEFERRED TAX LIABILITIES |
1.094 |
0.000 |
0.000 |
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TOTAL |
242.170 |
82.321 |
61.248 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
155.002 |
23.947 |
24.845 |
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Capital work-in-progress |
76.434 |
0.000 |
0.000 |
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INVESTMENT |
0.090 |
0.090 |
0.090 |
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DEFERREX TAX ASSETS |
0.000 |
0.741 |
4.877 |
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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 |
13.538
|
16.973 |
22.740 |
|
|
Cash & Bank Balances |
[4.226]
|
[5.009] |
1.070 |
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|
Other Current Assets |
0.000
|
0.000 |
0.000 |
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|
Loans & Advances |
67.511
|
91.639 |
72.555 |
|
Total
Current Assets |
76.823
|
103.603 |
96.365 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
41.487
|
23.952 |
51.232 |
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Other Current Liabilities |
11.609
|
9.287 |
4.952 |
|
|
Provisions |
13.083
|
12.821 |
8.745 |
|
Total
Current Liabilities |
66.179
|
46.060 |
64.929 |
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|
Net Current Assets |
10.644
|
57.543 |
31.436 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
TOTAL |
242.170 |
82.321 |
61.248 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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|
SALES |
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|
|
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|
Contract/ Management Fees |
31.560 |
196.657 |
161.353 |
|
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|
Charter Hiring Charges |
30.037 |
0.000 |
10.161 |
|
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|
Other Income |
0.089 |
0.289 |
0.392 |
|
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|
TOTAL (A) |
61.686 |
196.946 |
171.906 |
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Crew and Ship Management Expenses |
19.498 |
138.846 |
112.497 |
|
|
|
Operation Expenses |
8.148 |
9.674 |
25.004 |
|
|
|
Other Administrative Expenses |
16.180 |
25.184 |
16.019 |
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TOTAL
(B) |
43.826 |
173.704 |
153.520 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.860 |
23.242 |
18.386 |
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Less |
FINANCIAL
EXPENSES (D) |
14.666 |
8.412 |
6.746 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.194 |
14.830 |
11.640 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.152 |
2.912 |
2.215 |
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PROFIT BEFORE
TAX (E-F) (G) |
[4.958] |
11.918 |
9.425 |
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Less |
TAX (I) |
2.097 |
8.212 |
1.144 |
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PROFIT AFTER TAX
(G-I) (J) |
[7.055] |
3.706 |
8.281 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.502 |
15.796 |
7.515 |
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|
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|
Less |
PRIOR PERIOD
ADJUSTMENT |
0.014 |
0.000 |
0.000 |
|
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|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
12.433 |
19.502 |
15.796 |
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|
|
Earnings Per Share
(Rs.) |
[15.50] |
8.15 |
22.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
[11.44]
|
1.88 |
4.82 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
[15.71]
|
6.06 |
5.84 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
[2.14]
|
9.34 |
7.78 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
[0.29]
|
0.50 |
0.48 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
17.09
|
4.34 |
5.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
2.25 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U63012MH2003PTC138903 |
|
Name of the
company |
SAFE AND SURE MARINE SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
5 Sagar Building, G 327, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
SREI Equipment Finance
Private Limited, ‘VISHWAKARMA’, 86C, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation (HL0026029) |
|
Date of
instrument Creating the charge |
22.03.2009 |
|
Amount secured by
the charge |
Rs. 120.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 19.03% p.a. Terms of
Repayment Amount repayable
in 47 nos. installment staring from 22.04.2009 and ending as on 22.02.2013 Margin Rs. 29.000
Millions Extent and
Operation of the charge As per Deed of
Hypothecation |
|
Short particulars
of the property charged |
1 No. Mini Bulk Carrier-
“M.V. Priyanka”, IMO No. 9266499 and Official No. 2769 (Within |
Fixed Assets:
·
Computer
·
Office Equipments
·
Telephone Systems
·
Furniture and Fixtures
·
Air Conditioners
·
Motor Car
·
Vessels
·
Electric Equipme3nts
·
Excavator
·
Office Premises.
AS PER WEBSITE
Profile:
The Safe and Sure is
renowned since 1989 mainly carrying Manning
and Allied offshore services, they are carrying out Manning Management
Offshore Supply Vessels and Mini Bulk Carriers of various reputed Shipping Companies
in India, they also undertake Air Diving up to 150’ Repair and Maintenance of
underwater Pipeline and Also Providing Man Power for Foreign and Coastal
Vessels for The Shipping Corporation of India Limited Currently they have 11
Offshore Supply Vessels and 3 Mini Bulk Carrier under the Management. They have
Manned 15 Offshore Supply Vessels of different operators and 11 Mini Bulk Carriers of different owners from past
Six years. They have a very experienced and certified seafarer (Officers and
Crews) in various Cadre, Who are competent to Mann Tankers, Containers, Bulk
Carriers, Offshore Supply Vessels and Mini Bulk Carrier. They have Dynamic and
Trained staff to provide all the ashore support.
They understand that shipping operation such as Maintenance Manning, Victualing
and good liaison with various seafarers are the integral part of marine work.
They also understand the complexities of such operations and the need to
provide best quality of personnel to cope with often difficult situation. The
experience and tried and tested management systems will ensure that the
services will meet principal expectations, thus leaving them free to
concentrate on the immediate professional concerns.
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 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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.