MIRA
INFORM REPORT
|
Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
INNOVOCEAN MARITIME PRIVATE LIMITED |
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Registered
Office : |
206 A, Kilfire House, C-17 Dalia Industrial Area, New |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.01.2009 |
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Com. Reg. No.: |
11-189888 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.130 million |
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CIN No.: [Company Identification
No.] |
U11201MH2009PTC189888 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI08778A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Services provider of Marine Surveyors. |
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 1000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company establishing itself gradually. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business with some cautions. |
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 |
INFORMATION DECLINED BY
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Name : |
Mr. Sachin |
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Designation : |
Accountant |
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Date : |
16.06.2011 |
LOCATIONS
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Registered Office : |
206 A, Kilfire House, C-17 Dalia Industrial Area, New |
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Tel. No.: |
91-22-26732421 / 26732502 / 26730738 / 26732431 |
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Fax No.: |
91-22-26732384 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Sanjeev Rai |
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Designation : |
Director |
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Address : |
12 A, 04 Building No.21, A-Wing, Raheja Classique, |
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Date of Birth/Age : |
12.08.1968 |
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Date of Ceasing : |
20.09.2010 |
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DIN No : |
01758833 |
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Name : |
Mr. Tushar Arupkumar Gangoly |
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Designation : |
Director |
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Address : |
702, |
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Date of Birth/Age : |
21.08.1974 |
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Date of Appointment : |
20.09.2010 |
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DIN No : |
03302061 |
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Name : |
Mr. Manoj Kumar Sharma |
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Designation : |
Director |
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Address : |
H 901/2, 9th Floor, |
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Date of Birth/Age : |
01.06.1956 |
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DIN No : |
01758913 |
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Name : |
Ms. Gitanjali Hawoldar Rai |
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Designation : |
Director |
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Address : |
1304-A, Raheja Classique, |
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Date of Birth/Age : |
01.07.1967 |
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DIN No : |
01759178 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Geetanjali Rai |
8125 |
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Manoj Sharma |
1875 |
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Tushar Arup Gangoly |
1500 |
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Anil Raja Sreedharan |
375 |
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Hawa Singh Poonia |
563 |
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Yella Krishanaprasad |
562 |
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Total |
13000 |
AS ON 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
76.92 |
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Other top fifty shareholders |
23.08 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Services provider of Marine Surveyors. |
GENERAL INFORMATION
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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 : |
Sarawgi and Associates Chartered Accountant |
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Address : |
13/103, Indra Darshan II, New |
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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13000 |
Equity Shares |
Rs.10/- each |
Rs. 0.130
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.130 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.179 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.309 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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|
1.374 |
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TOTAL BORROWING |
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|
1.374 |
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DEFERRED TAX LIABILITIES |
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|
0.007 |
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TOTAL |
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1.690 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.071 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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1.367 |
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Cash & Bank Balances |
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|
0.535 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
0.668 |
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Total
Current Assets |
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2.570 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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|
0.400 |
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Other Current Liabilities |
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0.573 |
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Provisions |
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|
0.006 |
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Total
Current Liabilities |
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0.979 |
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Net Current Assets |
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1.591 |
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MISCELLANEOUS EXPENSES |
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0.028 |
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TOTAL |
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1.690 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
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SALES |
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Income |
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8.192 |
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Other Income |
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0.012 |
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TOTAL (A) |
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8.204 |
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Less |
EXPENSES |
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Personal Expenses |
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2.417 |
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Administrative Expenses |
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5.307 |
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Preliminary Expenses W/Off |
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0.007 |
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TOTAL (B) |
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7.731 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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0.473 |
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Less |
FINANCIAL
EXPENSES (D) |
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0.151 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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0.322 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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0.038 |
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PROFIT BEFORE
TAX (E-F) (G) |
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0.284 |
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Less |
TAX (I) |
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0.105 |
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PROFIT AFTER TAX
(G-I) (J) |
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0.179 |
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EARNING PER
SHARE |
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13.73 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
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PAT / Total Income |
(%) |
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2.18 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.75 |
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Return on Investment (ROI) (PBT/Networth) |
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0.92 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.64 |
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Current Ratio (Current Asset/Current Liability) |
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2.63 |
LOCAL AGENCY FURTHER INFORMATION
WEB SIDE DETAILS
PROFILE
Subject is a Marine Asset Management Company
set up in Mumbai with an eye on the globe. The company has a strong pedigree of
marine professionals at the helm and seeks positive growth in new vessel
acquisitions under its management.
Marine Asset Management scope:
- Technical
Management
- Manpower
Management
- Commercial
Management
Technical Management
Maintenance and up gradation of the vessel
Innovocean's dedicated team of marine
personnel, with their hands on experience in marine and offshore asset management,
excel at all the technical aspects of the business. The focus is well balanced
to ensure routine upkeep as well as planning for major repairs and dry-
dockings. Never neglecting costs, budget control, safety and quality.
Manpower Management
Officers and ratings
A dedicated team scouts for the best talent
pool of seafarers in the industry. Special efforts are made in building lasting
relations with competent crew by offering long term careers with the employers,
thus breeding good work ethics and attitudes on board. Leading to enhanced
productivity, better performance in vessels operation and turnaround time.
Commercial Management
Chartering and Hiring
Innovocean's past experience in hiring and chartering
marine assets for long term and short term contracts has sharpened it's
chartering team into an astute and keen player in the commercial employment of
all marine spreads involved in offshore - construction, oil and gas and port
development projects. With a strong network of vessel owners Innovocean is able
to source the right vessel for the right job at the right price, keeping owners
and charterers' best interests in mind.
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.44.90 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
1 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--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.