MIRA
INFORM REPORT
|
Report Date : |
20.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SVS MARINE SERVICES PRIVATE LIMITED |
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Registered
Office : |
801, Raheja arcade, Sector11, CBD Belapur-400614, Navi Mumbai, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.07.1999 |
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Com. Reg. No.: |
11-121061 |
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CIN No.: [Company Identification
No.] |
U35110MH1999PTC121061 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service provided of Marine operations at captive ports on the coast of
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 530000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. 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) |
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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 : |
801, Raheja arcade, Sector11, CBD Belapur-400614, Navi Mumbai, |
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Tel. No.: |
91-22-67870000 |
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Fax No.: |
91-22-27574552 |
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E-Mail : |
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Website : |
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Head Office : |
7th &8th Floor, Raheja Arcade, Sector XI, CBD Belapur, Navi Mumbai
- 400 614 |
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Tel. No.: |
91-22-67870000 |
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Fax No.: |
91-22-27574552 |
DIRECTORS
As On : 29.09.2010
|
Name : |
Mr. Sarojkumar Sridhar Patro |
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Designation : |
Director |
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Address : |
10/1201, Seawoods Estate, NRI Complex, Sector-5, Nerul, Navi
Mumbai-400706, |
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Date of Birth/Age : |
15.12.1960 |
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Date of Appointment : |
29.07.1999 |
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DIN No : |
00037687 |
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Name : |
Mr. Suryaprasad Samitaappa Rao |
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Designation : |
Director |
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Address : |
RH. No.3, Samyukta CHS, Sector-10, Vashi, Navi Mumbai-400703, |
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Date of Birth/Age : |
20.06.1953 |
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Date of Appointment : |
01.01.2001 |
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DIN No : |
00011975 |
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Name : |
Mr. Ravikant Mohanlal Talwar |
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Designation : |
Director |
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Address : |
RH. No.10, Samyukta CHS, Sector-10, Vashi, Navi Mumbai-400703, |
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Date of Birth/Age : |
24.09.1953 |
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Date of Appointment : |
01.01.2001 |
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DIN No : |
00062419 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Suryavanshi Shipping Private Limited, |
|
7929900 |
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Mr. Sarojkumar Sridhar Patro |
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80100 |
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Total |
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8010000 |
AS ON 29.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service provided of Marine operations at captive ports on the coast of
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
Note :
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. Vaidyanathan and Company Chartered Accountant |
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Address : |
F-36, |
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Tel. No.: |
91-22-23430352 / 23430567 |
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E-Mail : |
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Related Party : |
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CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
8010000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.100
millions |
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Note : of the above 80,00,000 Equity shares were
issued on 22.03.2010 as fully paid up by way of Bonus Shares, by capitalization
of accumulated Revenue profits.
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 |
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|
|
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1] Share Capital |
80.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53.669 |
104.314 |
79.599 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
133.769 |
104.414 |
79.699 |
|
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LOAN FUNDS |
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|
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|
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1] Secured Loans |
60.706 |
52.486 |
32.735 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
60.706 |
52.486 |
32.735 |
|
|
DEFERRED TAX LIABILITIES |
1.613 |
0.161 |
0.078 |
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TOTAL |
196.088 |
157.061 |
112.512 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.155 |
9.156 |
0.694 |
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Capital work-in-progress |
0.000 |
23.088 |
0.000 |
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INVESTMENT |
31.786 |
23.987 |
24.504 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Sundry Debtors |
93.259
|
67.283 |
69.242 |
|
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Cash & Bank Balances |
56.381
|
54.472 |
47.918 |
|
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Loans & Advances |
87.088
|
77.301 |
51.702 |
|
Total
Current Assets |
236.728
|
199.056 |
168.863 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
60.221
|
43.391 |
38.689 |
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Other Current Liabilities |
0.038
|
0.038 |
0.038 |
|
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Provisions |
54.521
|
54.797 |
42.822 |
|
Total
Current Liabilities |
114.780
|
98.264 |
81.549 |
|
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Net Current Assets |
121.948
|
100.792 |
87.314 |
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MISCELLANEOUS EXPENSES |
1.200 |
0.000 |
0.001 |
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TOTAL |
196.088 |
157.061 |
112.512 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
531.836 |
506.934 |
287.546 |
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Other Income |
3.691 |
3.346 |
5.128 |
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TOTAL (A) |
535.526 |
510.280 |
292.675 |
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Less |
EXPENSES |
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|
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Direct Overheads |
14.681 |
22.642 |
12.393 |
|
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Personnel Costs |
457.655 |
440.924 |
245.463 |
|
|
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Administrative Expenses |
9.327 |
6.429 |
5.797 |
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TOTAL (B) |
481.663 |
469.995 |
263.653 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
53.863 |
40.285 |
29.022 |
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Less |
FINANCIAL
EXPENSES (D) |
5.957 |
3.186 |
2.937 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
47.906 |
37.099 |
26.085 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.519 |
0.120 |
0.084 |
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PROFIT BEFORE
TAX (E-F) (G) |
45.387 |
36.979 |
26.001 |
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Less |
TAX (H) |
16.033 |
12.263 |
9.321 |
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PROFIT AFTER TAX
(G-H) (I) |
29.354 |
24.716 |
16.680 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
104.314 |
79.599 |
67.918 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.000 |
0.000 |
0.000 |
|
|
|
Issue of Bonus Shares |
80.000 |
0.000 |
0.000 |
|
|
|
Dividend |
0.000 |
0.000 |
5.000 |
|
|
BALANCE CARRIED
TO THE B/S |
51.668 |
104.315 |
79.598 |
|
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|
Earnings Per
Share (Rs.) |
3.66 |
2471.60 |
1668.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.48
|
4.84 |
5.70 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.53
|
7.29 |
9.04 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.33
|
17.76 |
15.33 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.35 |
0.33 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
1.44 |
1.43 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
2.02 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
Note : The Registered
Office of the company has been shifted from Row House No.3, Plot No.14, Samykta
Cooperative Housing Society, Sector 10, Vashi, Nani Mumbai,
BUSINESS :
During the year the company made a turn over of Rs. 535.526 million
against 510.280 millions in the previous year. After meeting the administrative
overheads the net profit was Rs.45.388 millions before tax.
FORM 8
|
Corporate
identity number of the company |
U35110MH1999PTC121061 |
|
Name of the
company |
SVS MARINE
SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
804, Raheja arcade, Sector11, CBD Belapur-400614, Navi Mumbai, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Union Bank of India, Home Street Branch, Forbes Building, Charajit Rai
Marg, Fort, Mumbai-400001, Maharashtra, India |
|
Nature of
instrument creating charge |
TERM Loan
Agreement (Hypothecation of Movables) |
|
Date of
instrument Creating the charge |
11.06.2010 |
|
Amount secured by
the charge |
Rs.195.400
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 13.75% per annum
with monthly rests or at such other rates may be prescribed by the Bank from time
to time depending on the changes in the PTLR of the Bank or on the directives
of Reserve Bank of Terms of repayment Term Loan of
Rs.195.400 millions shall be repayable in 78 monthly installments of Rs.2.505
millions + Interest. Margin As per sanction
terms Extent and operation of the charge To secure Term
Loan facility of Rs.195.400 millions granted by the Bank to the Company. |
|
Short particulars
of the property charged (Including location of the property) |
The Borrower
hereby Hypothecates and Charges to the Bank by way of first Charge : 1) All those Machinery/ Plant / Vehicle/
Capital Goods/ Assets purchased by the Borrower out ofthis loan viz (a)
Twin
Screw Harbour Tug “Finoranta” bearing IMO No.9216872. (b)
Twin Screw
Steel Tug “QSA 9” bearing IMO No.9244324 (c)
Radio
Remote controlled Grabs (d)
Barges
to be purchased from soft shipyard Private Limited (e)
Clooateral
Security-VST Harbour Tug “Anukool” Bearing IMO No.8216643 whether installed
or not Where now lying
loose or in cases and now being or at any time hereafter during the
continuance of this Agreement brought into or upon or at any time in course
of transit to the premises / factory of the Borrower at 8th Floor,
Raheja Arcade Sector XI, CBD Belapur, and Finolex C Terminal Pawers Ratnagiri
whatsoever and where in the possession
or occupation of the Borrower. 2) All the Tangible Movable Machinery and Plant of the Borrower
together with spares, tools and accessories and other movables both present
and future whether lying loose or in cases, which are now lying or stored in
or about or shall be brought into or be stored or be in or upon or about the
Borrower’s premises or god owns or wherever else the same may be or be held
by any, party to the order or
disposition of the Borrower relating to or pertaining to the Borrowers
works at Finolex C Terminal Powers Ratnagiri. |
|
Charge
identification number of the charge to be modified |
10223252 |
|
Particulars of
the present modification |
The Original charge
Dated : 28.05.2010 for Rs.182.800 millions is hereby modified and enhanced to
Rs.195.400 millions and The Borrower hereby Hypothecates and Charges to the
Bank by way of First Charge : (a) (b) Twin Screw Steel Tug “QSA 9” bearing IMO No.9244324 (c) Radio Remote controlled Grabs |
FIXED ASSETS
- Buildings
- Electrical Installations
- Office Equipments
- Computer / Software
- Motor Cars
- Furniture and Fixtures
- Tugs
- Grab Equipments.
WEB SIDE DETAILS
PROFILE
Subject,
is a registered Company with ISO 9001:2000 accredited By LRQA. The Company was formed in
1999.
Objective
The objective was to provide quality and efficient marine related services with "integrity".
SVS
is managed by qualified and experienced Master Mariners, Chief Engineers and
Senior Officers having outstanding experience in leading Indian and foreign
shipping companies and Government Departments. This has contributed to
acquiring a wealth of knowledge and understanding of the Business and
Management practices in
Since
inception SVS has made successful forays and is steadily rising, thus helping
the marine industry to grow healthily. SVS has always been on the look out for
dedicated workers and gives them ample opportunity to work independently on
various projects thus giving them a sense of responsibility. SVS has carved a
niche for itself in its focused areas of ship management and manning.
Technical Management
The flagship
company of the SVS Group, Subject was incorporated in 1999 and is a ISO:
9001:2000 accredited by LRQA. The company operates in the field of Ship
Management, catering to the client's manpower as well as technical
requirements. In 2007, the company forayed into owning, chartering and supply
of marine crafts to ports. The company holds RSPL license issued by DG
Shipping.
SVS
Marine manages a roster of over 1000 officers and crewmembers, holding Indian
or Foreign Certificates of Competency. At any given time more than 40% of these
seafarers are onboard our managed vessels, with the remaining serving as backup
in our roster. The company manages various vessels, such as, Main Fleet
Vessels, Mini Bulk Carriers, Tugs (Harbour and Seagoing), Multi Purpose
Vessels, Dredgers, Platform Support Vessels, Offshore Supply Vessels etc.
They have
facilities at Mumbai, Belapur (Navi Mumbai), Surat and Vishakapatnam.
The company's core
clientele include:
- The Shipping Corporation of India
Limited
- Essar Shipping Limited
- Antariksha Dredging Private Limited
- Great Eastern Shipping Limited
- Finolex Industries Limited
- Achievements:
They are market leaders in the country for supply of manpower to offshore and coastal shipping industries.
Commercial
Management
The company started
its Chartering Division in April 2009 under the stewardship of Capt. K.G.
Bakshi, a stalwart in the filed of commercial operations
Milestones
Jul 1999
Subject, the flagship of SVS Group was established in 1999. The company
provides ship management services and is a market leader in the offshore and
coastal Ship Management segments of
April 2009
The Chartering
Division of Subject was set up.
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.