MIRA
INFORM REPORT
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Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SEACREST MARINE SERVICES PRIVATE LIMITED (w.e.f.22.02.2011) |
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Formally Known
As : |
EMS SEACREST MARINE SERVICES PRIVATE LIMITED |
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Registered
Office : |
F-401/402, Remi Bizcourt, Plot No.9, Shah Industrial Estate, Off Veera
Desai Road, Andheri (West), Mumbai-400053, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.10.1996 |
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Com. Reg. No.: |
11-103685 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 million |
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CIN No.: [Company Identification
No.] |
U61200MH1996PTC103685 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS51512B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Providing Shipping Services. |
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No. of Employees
: |
Not divulged by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 1000 |
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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 records. There
appears some losses being incurred by the company in the current year i.e. 2009-2010.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Manoj Patil |
|
Designation : |
General Manager |
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Date : |
09.06.2011 |
LOCATIONS
|
Registered Office : |
F-401/402, Remi Bizcourt, Plot No.9, Shah Industrial Estate, Off Veera
Desai Road, Andheri (West), Mumbai-400053, Maharashtra, India |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Naren C Bhatt |
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Designation : |
Director |
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Address : |
1001, a, Arshie Complex, Yari Road, Andheri (West), Mumbai-400061,
Maharshtra, India |
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Date of Birth/Age : |
08.07.1957 |
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Date of Appointment : |
06.09.2001 |
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DIN No : |
00714948 |
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Name : |
Mr. Prasad M Tendulkar |
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Designation : |
Director |
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Address : |
B2-6, Runwal Nagar, Khopat, Thane (West), Maharashtra, India |
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Date of Birth/Age : |
31.08.1957 |
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Date of Appointment : |
06.09.2001 |
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DIN No : |
00939158 |
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Name : |
Mr. Amitabhkumar Jha |
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Designation : |
Director |
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Address : |
Flat No.10, New Madhvendra, 16th Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
13.05.1961 |
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Date of Appointment : |
01.07.2002 |
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DIN No : |
00645825 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
CTS Navigation and Trading Limited, Bermuda |
9982 |
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David Rourke Nominee of CTS Navigation and Trading Limited |
18 |
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Total |
10000 |
AS ON 30.09.2010
|
Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Shipping Services. |
GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management. |
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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 : |
Alladi Krishnan and Kumar Chartered Accountant |
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Address : |
4, Marshal, Mogal Lane, Mahim, Mumbai-400016, Maharashtra, India |
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Tel. No.: |
91-22-24305528 |
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Fax No.: |
91-22-24310815 |
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Holding Company : |
·
Eitzen Maritime Services Asa Norway |
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Associates : |
·
Eitzen Logistics Services (India) Private Limited ·
Eitzen Group ·
EMS Ship Management ·
EMS Ship Support |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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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 |
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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 |
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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 |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.176 |
11.544 |
13.351 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.276 |
11.644 |
13.451 |
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LOAN FUNDS |
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1] Secured Loans |
15.706 |
13.841 |
14.645 |
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2] Unsecured Loans |
14.616 |
11.276 |
9.744 |
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TOTAL BORROWING |
30.322 |
25.117 |
24.389 |
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DEFERRED TAX LIABILITIES |
0.333 |
0.378 |
0.373 |
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TOTAL |
30.931 |
37.139 |
38.213 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.916 |
9.230 |
10.177 |
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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 |
0.000 |
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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 |
23.690
|
20.547 |
14.160 |
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Cash & Bank Balances |
22.672
|
23.930 |
21.596 |
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Other Current Assets |
4.279
|
3.760 |
5.123 |
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Loans & Advances |
40.295
|
26.117 |
28.175 |
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Total
Current Assets |
90.936
|
74.354 |
69.054 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
31.812
|
24.281 |
13.520 |
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Other Current Liabilities |
36.109
|
10.409 |
15.743 |
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Provisions |
0.000
|
11.755 |
11.755 |
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Total
Current Liabilities |
67.921
|
46.445 |
41.018 |
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Net Current Assets |
23.015
|
27.909 |
28.036 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.931 |
37.139 |
38.213 |
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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 |
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Other Income |
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TOTAL |
51.389 |
60.087 |
64.548 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
58.116 |
61.889 |
52.711 |
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Financial Expenses |
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Deprecation |
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TOTAL |
58.116 |
61.889 |
52.711 |
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PROFIT BEFORE
TAX |
(6.727) |
(1.802) |
11.837 |
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Less |
TAX |
5.126 |
0.005 |
4.279 |
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PROFIT AFTER TAX
|
(11.853) |
(1.807) |
7.558 |
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EARNINGS IN
FOREIGN CURRENCY |
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Agency Income |
13.016 |
10.305 |
13.685 |
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Commission Earnings |
0.000 |
0.670 |
2.213 |
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Global Grab |
5.533 |
18.083 |
17.714 |
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Stevedoring Income |
0.000 |
0.000 |
6.157 |
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TOTAL EARNINGS |
18.549 |
29.058 |
39.769 |
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Earnings Per
Share (Rs.) |
(1185.30) |
(180.70) |
755.800 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(23.06)
|
(3.01) |
11.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(6.81)
|
(2.16) |
14.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
(24.37)
|
(0.15) |
0.88 |
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Debt Equity Ratio (Total Liability/Networth) |
|
357.16
|
6.18 |
4.89 |
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Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.60 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
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Creditors For Expenses |
4.590 |
8.156 |
3.453 |
|
Sundry Creditors |
27.222 |
16.125 |
10.067 |
|
Total |
31.812 |
24.281 |
13.520 |
Note : Registered Office
of the company has been shifted from C-103/104, Remi Bizcourt Plot No.9, Shah
Industrial Estate off Veera Desai Road, Andheri, Mumbai-400053, Maharashtra,
India to the present address w.e.f.26.01.2011
FINANCIAL RESULTS
AND OPERATIONS:
There has been amarginal reduction in the turnover of the company for
the year ended on 31.03.2010 as compared to previous year. The directors had also
taken certain steps for reduction of expenses. The directors would take
necessary steps to improve the activities of the company.
FIXED ASSETS
·
Office Building
·
Temp Fittings
·
Air Conditioner
·
Computers
·
Electric Fittings
·
Pager
·
Telex
·
Refrigerator
·
Fax
·
Mobile
·
Copier Machine
·
Typewriter
·
Television
·
Office Equipments
·
Furniture and Fixture
·
Motor Car
CONTINGENT LIABILITIES:
|
PARTICULAR |
31.03.2010 (Rs. In Millions) |
|
For Guarantees given by the bank on behalf
of the Company |
3.705 |
|
Bonds/ Undertakings given by the Company to
Customs Authorities |
0.150 |
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.44.61 |
|
|
1 |
Rs.73.28 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
|
--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 |
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 |
|
28 |
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.