MIRA
INFORM REPORT
|
Report Date : |
11.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ORIENT EXPRESS SHIP MANAGEMENT LIMITED |
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Registered Office : |
4th Floor, Geet Mala Building, Next to Shah Industrial Estate, Deonar
Village Road, Govandi (E), Mumbai - 400088, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.06.1998 |
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Com. Reg. No.: |
11-115223 |
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Capital Investment / Paid-up Capital : |
Rs. 1.000 Million |
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CIN No.: [Company
Identification No.] |
U63090MH1998PLC115223 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Ship Management and Consultancy Services for Containerized
Vessels. |
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No. of Employees
: |
Information not divulged by the management |
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 11000 |
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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
to be 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Ashish Shide |
|
Designation : |
Accounts Manager |
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Date : |
09.06.2011 |
LOCATIONS
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Registered
Office : |
4th Floor, Geet Mala Building, Next to Shah Industrial Estate, Deonar
Village Road, Govandi (E), Mumbai - 400088, Maharashtra, India |
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Tel. No.: |
91-22-67536200 / 67253000 |
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Fax No.: |
91-22-67975213 / 67251500 |
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E-Mail : |
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Website : |
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Corporate Office
: |
1st Floor Sahayadris Geetmala Compl. |
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Tel. No.: |
91-22-67536200 |
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Fax No.: |
91-22-67975213 |
DIRECTORS
As on 21.09.2010
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Name : |
Mr. Leonard Basil Culas |
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Designation : |
Director |
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Address : |
P.O. Box No. 261036, Jebei Ali, |
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Date of
Birth/Age : |
30.04.1945 |
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Date of
Appointment : |
29.09.2007 |
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DIN No. : |
00434984 |
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Other
Directorship Held : |
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Name : |
Mr. Ramakrishnan Sivaswamy Iyer |
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Designation : |
Director |
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Address : |
12 A, Thakur Niwas, |
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Date of
Birth/Age : |
01.01.1961 |
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Date of
Appointment : |
04.06.1998 |
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DIN No. : |
00057637 |
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Name : |
Mr. Ramanarayan Varadharajan |
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Designation : |
Director |
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Address : |
Plot No. 3, |
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Date of
Birth/Age : |
22.05.1949 |
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Date of
Appointment : |
04.06.1998 |
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DIN No. : |
00057717 |
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Name : |
Mr. Mahesh Sivaswamy Iyer |
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Designation : |
Director |
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Address : |
Row House No. 11, Divya Sapna CHS Dr. C Gidwani Road, Chembur E,
Mumbai – 400074, Maharashtra, India |
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Date of
Birth/Age : |
25.07.1967 |
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Date of
Appointment : |
04.06.1998 |
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DIN No. : |
00057683 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2010
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Names of Shareholders |
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No. of Shares |
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Ramakrishanan Sivaswamy |
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10000 |
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Mrs. Geeta Ramakrishnan |
|
4990 |
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Iyer Mahesh Sivaswamy |
|
9990 |
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Mrs. Mala Mahesh |
|
48990 |
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Ramnarayan Vardharajan |
|
5010 |
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Mrs. Brinda Ramnarayan |
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10 |
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Mrs. K. M. Bhageerathi Iyer |
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10 |
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Shreyas Shipping and Logistics Limited ( |
|
15000 |
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Orient Express Ship Management, |
|
6000 |
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TOTAL |
|
100000 |
As on 21.09.2010
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Equity share breakup (percentage of total equity) |
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Category |
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Percentage of
Holding |
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Foreign Holdings |
|
6.00 |
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Bodies Corporate |
|
15.00 |
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Directors or Relatives of Directors |
|
79.00 |
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TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Providing Ship Management and Consultancy Services for Containerized
Vessels. |
GENERAL INFORMATION
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No. of Employees : |
Information not divulged by the management |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K.L. Murthy and Company Chartered Accountant |
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Address : |
3/7/14 - A, Navjivan Commercial Society, Dr. Dadasaheb Bhandarkar
Marg, Mumbai - 400008, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.462 |
2.462 |
2.462 |
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4] (Accumulated Losses) |
(0.695) |
(1.241) |
(1.374) |
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NETWORTH |
2.767 |
2.221 |
2.088 |
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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 |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.767 |
2.221 |
2.088 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.346 |
1.948 |
1.817 |
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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 |
1.571 |
1.478 |
1.129 |
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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 |
2.432
|
3.900
|
3.777 |
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Cash & Bank Balances |
0.368
|
22.003
|
15.281 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
8.464
|
8.049
|
6.511 |
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Total
Current Assets |
11.264
|
33.952
|
25.569 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.715
|
29.017
|
22.422 |
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Current Liabilities |
0.000
|
0.000
|
0.000 |
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Provisions |
7.699
|
6.140
|
4.005 |
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Total
Current Liabilities |
11.414
|
35.157
|
26.427 |
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Net Current Assets |
(0.150)
|
(1.205)
|
(0.858) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.767 |
2.221 |
2.088 |
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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 |
59.325 |
77.348 |
67.416 |
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Other Income |
0.644 |
2.374 |
0.508 |
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TOTAL (A) |
59.969 |
79.722 |
67.924 |
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Less |
EXPENSES |
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Administrative Expenses |
58.419 |
77.785 |
66.054 |
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Miscellaneous Expenses Written Off |
0.000 |
0.000 |
0.004 |
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TOTAL (B) |
58.419 |
77.785 |
66.058 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.550 |
1.937 |
1.866 |
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Less |
FINANCIAL
EXPENSES (D) |
0.016 |
0.032 |
0.022 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.534 |
1.905 |
1.844 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.614 |
0.746 |
0.726 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.920 |
1.159 |
1.118 |
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Less |
TAX (I) |
0.373 |
1.026 |
1.360 |
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PROFIT AFTER TAX
(G-I) (J) |
0.547 |
0.133 |
(0.242) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1.241) |
(1.374) |
(1.132) |
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BALANCE CARRIED
TO THE B/S |
(0.694) |
(1.241) |
(1.374) |
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Earnings Per
Share (Rs.) |
5.47 |
1.33 |
(2.42) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.91
|
0.17
|
(0.36) |
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Net Profit Margin (PBT/Sales) |
(%) |
1.55
|
1.50
|
1.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.29
|
3.23
|
4.08 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.52
|
0.54 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.12
|
15.83
|
12.66 |
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Current Ratio (Current Asset/Current Liability) |
|
0.99
|
0.96
|
0.97 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
|
Particulars |
31.03.2010 Rs. in Millions |
31.03.2009 Rs. in Millions |
31.03.2008 Rs. in Millions |
|
Creditors fro expenses |
2.375 |
6.616 |
4.230 |
|
Dues to principals |
0.423 |
20.505 |
16.997 |
|
Creditors for statutory dues |
0.917 |
1.896 |
1.195 |
|
Total |
3.715 |
29.017 |
22.422 |
Review of Operations:
The company had experienced ups and
downs during the current financial period in maintaining third party vessels.
The over all prospects of the company is extremely bright.
Change of Address:
The Registered Address of the company has
been shifted from Nariman Point, Mumbai – 400021,
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U63090MH1998PLC115223 |
|
Name of the
company |
ORIENT EXPRESS
SHIP MANAGEMENT LIMITED |
|
Address of the
registered office or of the principal place of business in |
4th Floor, Geet Mala Building, Next to Shah
industrial Estate, Deonar Village Road, Govandi (e), Mumbai - 400088,
Maharashtra, India |
|
Type of charge |
Book debts |
|
Particular of
charge holder |
Standard Chartered Bank, 90, |
|
Nature of
description of the instrument creating or modifying the charge |
Unattested Memorandum of Hypothecation |
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Date of
instrument Creating the charge |
23.04.2008 |
|
Amount secured
by the charge |
Rs. 3.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Non Funded Facilities interest / Commission - as Agreed By and
With The Bank Time to Time Terms of Repayment as Agreed By and With The Bank Time to Time Margin as Applicable, if any Extent and Operation of The Charge The Bank is Having First Charge On The
Security offered By The Company |
|
Short
Particulars of the Property or asset(s) charged (including complete address and
location of the property) |
Hypothecation of All Present and Future Book
Debts, Outstanding Moneys Receivables, Claims and Bills. |
FIXED ASSETS
- Computers
- Office Equipments
- Motor Vehicles
- Furniture and Fixtures
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 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. 72.93 |
|
Euro |
1 |
Rs. 64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
|
|
--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 |
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 |
YES |
|
--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.