MIRA
INFORM REPORT
|
Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SYCAMORE MARINE PRIVATE LIMITED |
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Registered
Office : |
Flat F 12 A 04, Raheja Classique, Building No. 2A, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.02.2006 |
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Com. Reg. No.: |
11-160024 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U35112MH2006PTC160024 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS52332A |
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PAN No.: [Permanent Account No.] |
AAJCS7600N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Services related to Pipeline Inspection and Offshore
Operations, Geo-technical Investigation etc. |
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 15000 |
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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 a relatively small company having moderate track. It’s
scale of activities are very limited. 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.
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
|
Name : |
Mr. Sachin |
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Designation : |
Accountant |
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Date : |
13.06.2011 |
LOCATIONS
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Registered Office : |
Flat F 12 A 04, Raheja Classique, Building No. 2A, |
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Tel. No.: |
91-22-26732421 |
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Fax No.: |
91-22-26732384 |
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E-Mail : |
DIRECTORS
As on 01.09.2010
|
Name : |
Mr. Sanjeev Dilbagh Rai |
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Designation : |
Director |
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Address : |
12 A 04, Raheja Classique, |
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Date of Birth/Age : |
12.08.1968 |
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Date of Appointment : |
24.02.2006 |
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DIN No.: |
01758833 |
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Name : |
Mrs. Geetanjali Sanjeev Rai |
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Designation : |
Director |
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Address : |
13 04A, Raheja Classique, |
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Date of Birth/Age : |
01.07.1967 |
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Date of Appointment : |
24.02.2006 |
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DIN No.: |
01759178 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Sanjeev Dilbagh Rai |
|
5000 |
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Geetanjali Sanjeev Rai |
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5000 |
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Total |
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10000 |
As on 01.09.2010
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Services related to Pipeline Inspection and Offshore
Operations, Geo-technical Investigation etc. |
GENERAL INFORMATION
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Customers : |
·
Redwood Offshore Private Limited ·
Coastal Marine Construction and Engineering
Limited |
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Bankers : |
·
ICICI Bank Limited ·
Axis Bank, Andheri (West), Lokhandwala Branch ·
City Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N R Goradia and Company Chartered Accountant |
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Address : |
211-A, A-Wing, Goyal Shopping Centre, Opp. Railway Station, Borivali
(West), Mumbai – 400 092, Maharashtra, India |
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Associates/Subsidiaries : |
·
Rai’s Coastal Survey and Consultancy Services
Private Limited ·
Coastal Marine Construction and Engineering
Limited ·
Deodhar Shipping Private Limited ·
Redwood Offshore Private Limited |
CAPITAL STRUCTURE
As on 01.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 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 |
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 |
3.646 |
3.550 |
3.486 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.746 |
3.650 |
3.586 |
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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 |
3.746 |
3.650 |
3.586 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.109 |
1.109 |
1.109 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.000 |
1.000 |
1.000 |
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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 |
1.107
|
1.535 |
1.599 |
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Cash & Bank Balances |
0.535
|
0.313 |
0.287 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.747
|
5.376 |
5.097 |
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Total
Current Assets |
7.389
|
7.224 |
6.983 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.502
|
3.488 |
3.365 |
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Other Current Liabilities |
0.229
|
0.220 |
0.201 |
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Provisions |
2.030
|
1.986 |
1.952 |
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Total
Current Liabilities |
5.761
|
5.694 |
5.518 |
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Net Current Assets |
1.628
|
1.530 |
1.465 |
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PRELIMINARY EXPENSES |
0.009 |
0.011 |
0.012 |
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TOTAL |
3.746 |
3.650 |
3.586 |
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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 |
|
0.535 |
1.986 |
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Other Income |
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TOTAL |
0.804 |
0.535 |
1.986 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
0.664 |
0.437 |
0.881 |
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PROFIT BEFORE
TAX (E-F) |
0.140 |
0.098 |
1.105 |
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Less |
TAX |
0.045 |
0.034 |
0.407 |
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PROFIT AFTER TAX
(G-H) |
0.095 |
0.064 |
0.698 |
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Earnings Per Share
(Rs.) |
9.50 |
64.42 |
110.00 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.82
|
11.96 |
35.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.65
|
1.18 |
13.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.03 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
1.56 |
1.54 |
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Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.27 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE AND
FUTURE PROSPECTS
During the year the performance of the company was satisfactory. The
turnover was Rs.0.400 million compared to Rs.0.160 million in the previous
year. The net profit of the company stand at Rs.0.141 million (Previous year
0.098 million). All efforts are being made to improve the performance of the
company.
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.44.93 |
|
|
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
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--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%)