MIRA
INFORM REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TARUN SHIPPING AND INDUSTRIES LIMITED |
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Registered
Office : |
Laxmi Building, 6 Shoorji Vallabhdas Marg, Ballard Estate,
Mumbai-400038, Maharashtra. |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.10.1994 |
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Com. Reg. No.: |
11-081811 |
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Capital
Investment / Paid-up Capital : |
Rs. 168.300 millions |
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CIN No.: [Company Identification
No.] |
U35110MH1994PLC081811 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT04479G |
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PAN No : |
AAACT1522D |
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Legal Form : |
A Closely Held Public Limited Company. |
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Line of Business
: |
Shipping Business |
RATING & COMMENTS
|
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 |
|
Maximum Credit Limit : |
USD 2000000 |
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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) |
|
|
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
|
Registered Office : |
Laxmi Building, 6 Shoorji Vallabhdas Marg, Ballard Estate,
Mumbai-400038, Maharashtra, India |
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Tel. No.: |
91-22-22663383 / 71 / 56350100 |
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Fax No : |
91-22-56350277 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 30.06.2010
|
Name : |
Mr. Jayant Manibhai Parekh |
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Designation : |
Director |
|
Address : |
6, Ajanta L. D. Ruparel Marg, Malabar Hill, Mumbai-400006,
Maharashtra, India |
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Date of Birth/Age : |
15.10.1927 |
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Date of Appointment : |
06.04.1996 |
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DIN No : |
00761047 |
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Name : |
Mr. Sumegh Praful Modi |
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Designation : |
Director |
|
Address : |
Ujamishi Bhuvan, 127, V. P. Road, Mumbai-400004, Maharashtra, India |
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Date of Birth/Age : |
20.12.1967 |
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Date of Appointment : |
21.04.2005 |
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DIN No : |
00761120 |
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Name : |
Mr. Harjinder Singh Kapila |
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Designation : |
Director |
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Address : |
301, Marigold Building, Sai Baba Vihar Complex, Thane-400607,
Maharashtra, India |
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Date of Birth/Age : |
15.02.1971 |
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Date of Appointment : |
02.01.2009 |
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DIN No : |
01284828 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2010
|
Names of Shareholders |
No. of Shares |
|
Varun Corporation Limited, India |
8409870 |
|
Varun Shipping Company Limited, India |
8400000 |
|
Sumegh Praful Modi |
10050 |
|
Sunbeam Talc Private Limited, India |
10050 |
|
Arun Muljibhai Mehta |
10 |
|
Jayant Manibhai Parekh |
10 |
|
Yuka Plantations Private Limited, India |
10 |
|
Total |
16830000 |
AS ON 30.06.2010
|
Category |
Percentage |
|
Bodies corporate |
99.94 |
|
Directors or relatives of Directors |
0.06 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Shipping Business. |
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Products : |
Operation of Ships. |
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Terms : |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Bankers : |
·
State Bank of India, Balard Estate Branch,
Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
·
IL and FS Financial Services Limited, Il and FS
Financial Centre Plot No. C-22, G Block, Bandra Kurla Complex, Bandra (East),
Mumbai-400051, Maharashtra, India |
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|
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Auditors : |
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Name : |
Sorab S Engineer and Company Chartered Accountant |
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Address : |
Ismail Building, 381, D.N. Road, Mumbai-400001, Maharashtra, India |
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Tel. No.: |
91-22-22041789 / 22040861 |
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Fax No.: |
91-22-22846319 |
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E-Mail : |
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Associates/Subsidiaries : |
·
Varun Corporation Limited (Formerly known as
Khatau International Limited) ·
Varun Shipping Company Limited ·
Realpoint (Mauritius) Limited ·
Sunbeam Talc Private Limited ·
Yuka plantations Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
32000000 |
Equity Shares |
Rs.10/- each |
Rs. 320.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
16830000 |
Equity Shares |
Rs.10/- each |
Rs. 168.300
Millions |
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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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|
|
|
|
1] Share Capital |
168.300 |
168.300 |
168.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
337.618 |
298.194 |
275.507 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
505.918 |
466.494 |
443.807 |
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|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
1000.000 |
589.500 |
394.000 |
|
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2] Unsecured Loans |
0.000 |
2.700 |
0.000 |
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TOTAL BORROWING |
1000.000 |
592.200 |
394.000 |
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|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
1505.918 |
1058.694 |
837.807 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1007.331 |
299.909 |
20.000 |
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Capital work-in-progress |
32.529 |
28.394 |
0.000 |
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INVESTMENT |
1266.095 |
710.326 |
736.593 |
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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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|
|
|
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|
Inventories |
0.000
|
0.000 |
0.000 |
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|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
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|
Cash & Bank Balances |
14.348
|
8.947 |
29.108 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
31.195
|
48.904 |
74.548 |
|
Total
Current Assets |
45.543
|
57.851 |
103.656 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
825.471
|
0.535 |
0.187 |
|
|
Other Current Liabilities |
11.521
|
15.427 |
1.122 |
|
|
Provisions |
8.588
|
21.824 |
21.133 |
|
Total
Current Liabilities |
845.580
|
37.786 |
22.442 |
|
|
Net Current Assets |
(800.037)
|
20.065 |
81.214 |
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
1505.918 |
1058.694 |
837.807 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
94.900 |
0.000 |
0.000 |
|
|
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Other Income |
208.265 |
139.218 |
130.006 |
|
|
|
TOTAL |
303.165 |
139.218 |
130.006 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative Expenses |
51.671 |
26.113 |
28.430 |
|
|
|
TOTAL |
51.671 |
26.113 |
28.430 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
251.494 |
113.105 |
101.576 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
127.930 |
88.118 |
66.918 |
|
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|
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
123.564 |
24.987 |
34.658 |
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|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
80.591 |
0.091 |
0.000 |
|
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|
|
|
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|
PROFIT BEFORE
TAX |
42.973 |
24.896 |
34.658 |
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|
|
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Less |
TAX |
3.550 |
0.240 |
0.154 |
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|
PROFIT AFTER TAX
|
39.423 |
24.656 |
34.504 |
|
|
|
|
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|
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|
Add |
SHIPPING
BUSINESS RESERVE WRITTEN BACK |
0.000 |
2.400 |
12.400 |
|
|
|
|
|
|
|
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|
Less |
SHORT PROVISION
OF TAX OF EARLIER YEARS |
0.000 |
0.000 |
0.114 |
|
|
|
|
|
|
|
|
|
Add |
PROVISION FOR
DEFERRED TAX LIABILITY WRITTEN BACK |
0.000 |
0.000 |
4.200 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
298.195 |
273.108 |
224.087 |
|
|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
1.683 |
1.683 |
|
|
|
Tax Thereon |
0.000 |
0.286 |
0.286 |
|
|
BALANCE CARRIED
TO THE B/S |
337.618 |
298.195 |
273.108 |
|
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|
|
|
|
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|
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|
Earnings Per
Share (Rs.) |
2.34 |
1.47 |
2.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.00
|
17.71 |
26.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
42.28
|
NA |
NA |
|
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.08
|
6.96 |
28.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.05 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.65
|
1.35 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.05
|
1.53 |
4.62 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
During the year, the Gross Profit of the company increased from Rs. 113.013
millions to 170.903 millions. Net Profit after tax increased to 39.424 millions
as against Net profit of Rs.24.656 millions during the preceding year. This is
due to charter hire received by the company from the vessles Neel Kamal and
Neel Akash which are given on BBC basis and also due to sale of investment.
During the year the Company has acquired one more vessel Namely
Dattatreya. The effect of this acquisition will be reflected in coming year in
the form of increase in profitability.
The company has plan to acquire some more vessels during the current
financial year so as to expand the shipping operation.
FORM 8
|
Corporate
identity number of the company |
U35110MH1994PLC081811 |
|
Name of the
company |
TARUN
SHIPPING AND INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Laxmi Building, 6 Shoorji Vallabhdas Marg, Ballard Estate,
Mumbai-400038, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Ship |
|
Particular of
charge holder |
IL and FS Financial Services Limited, Il and FS Financial Centre Plot
No. C-22, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051,
Maharashtra, India |
|
Nature of
instrument creating charge |
Deed
of statutory mortgage 04.08.2010 of ship maharshi shubhatreya ( official no.
3108) |
|
Date of
instrument Creating the charge |
04.08.2010 |
|
Amount secured by
the charge |
Rs. 1.035 |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 13.00% per annum would vary from time to time Terms of
repayment 48 months Margin Minimum cover of 1.33 times of the facilities outstanding Extent and operation
of the charge Facility
which were secured by way of the receivables book debts, cash flows,
Insurance Claims whatsoever nature and whatever present and future from
vessel namely "Maharashi Shubhatreya" including charge on Bank
account no. 000320110000541 in Bank of India to which receivables are
deposited are now further additionally secured by mortgage of Ship Maharshi
Shubhatreya (Official No. 3108) |
|
Short particulars
of the property charged (Including location of the property) |
Ship Maharshi Shubhatreya (Official No. 3108) |
|
Charge
identification number of the charge to be modified |
10234719 |
|
Particulars of
the present modification |
Now
vide this modification, facilities are further additionally secured by mortgage
of Company's ship maharshi shubhatreya ( official no. 3108) |
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.44.72 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.