MIRA
INFORM REPORT
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Report Date : |
14.03.2011 |
Note: The correct name of the company is SOUTH
WEST PORT LIMITED
IDENTIFICATION DETAILS
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Name : |
SOUTH WEST PORT LIMITED (w.e.f. 19.09.2003) |
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Formerly Known
As : |
NAVNEET SHUKLA AGM- COMMERCIAL SOEST PORT LIMITED |
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Registered
Office : |
1st Floor, Port User Complex Mormugao, Harbour-403803, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.06.1997 |
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Com. Reg. No.: |
24-002369 |
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CIN No.: [Company Identification
No.] |
U45203GA1997PTC002369 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA02993E |
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PAN No.: [Permanent Account No.] |
AACCA5270B |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Providing Port Services. |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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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 5200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
position of the company is under pressure. However, trade relations are fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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
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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. Ghodpade |
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Designation : |
Accounts Department |
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Date : |
11.03.2011 |
LOCATIONS
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Registered Office : |
1st Floor, Port User Complex Mormugao, Harbour-403803, |
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Tel. No.: |
91-8322-523000 |
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Fax No.: |
91-8322-523006 |
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E-Mail : |
DIRECTORS
As on 07.08.2010
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Name : |
Mr. Kantilal Narandas Patel |
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Designation : |
Director |
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Address : |
12 Yesho Mangal, 64B, |
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Date of Birth/Age : |
30.05.1951 |
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Date of Appointment : |
29.10.2005 |
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DIN No.: |
00019414 |
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Name : |
Mr. Nirmal Kumar Jain |
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Designation : |
Chairman Cum Managing Director |
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Address : |
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Date of Birth/Age : |
03.05.1946 |
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Date of Appointment : |
09.10.2005 |
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DIN No.: |
00019442 |
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Name : |
Mr. Vinod Kumar Nowal |
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Designation : |
Director |
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Address : |
P O Vidyanagar 583275, Torangallu, |
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Date of Birth/Age : |
08.12.1955 |
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Date of Appointment : |
15.11.2004 |
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DIN No.: |
00046144 |
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Name : |
Mr. Gerard Earnest Paul Da Cunha |
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Designation : |
Director |
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Address : |
House No. 166, Manyhats Torda Salvadordomund, P O Betim-403010, |
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Date of Birth/Age : |
10.02.1955 |
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Date of Appointment : |
29.10.2005 |
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DIN No.: |
00655253 |
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Name : |
Mr. Bhartula Venkata Jogi Kameshwar Sharma |
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Designation : |
Joint Managing Director |
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Address : |
1406 14th Floor, Mount Alps, A Wing, Bhakti Park, Near Imaz
Theater, Mumbai-400037, Maharashtra, India |
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Date of Birth/Age : |
01.01.1963 |
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Date of Appointment : |
11.08.2003 |
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Date of Ceasing: |
01.11.2009 |
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DIN No.: |
00017758 |
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Name : |
Mr. Krishan Deshika |
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Designation : |
Director |
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Address : |
Flat No. 201, Sarthi Apartments, 33 K M Munshi Marg, Chowpaty,
Mumbai-400007, |
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Date of Birth/Age : |
21.10.1955 |
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Date of Appointment : |
31.10.2008 |
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Date of Ceasing: |
04.05.2010 |
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DIN No.: |
00019307 |
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Name : |
Mr. Saket Kamleshkumar Agarwal |
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Designation : |
Director |
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Address : |
77th Floor, |
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Date of Birth/Age : |
07.05.1964 |
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Date of Appointment : |
26.06.1997 |
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Date of Ceasing: |
07.09.2009 |
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DIN No.: |
00162608 |
KEY EXECUTIVES
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Name : |
Mr. Ghodpade |
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Designation : |
Accounts Department |
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Name : |
Mr. Gazal Iqbal Qureshi |
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Designation : |
Secretary |
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Address : |
94 Kadari Building, |
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Date of Birth/Age : |
30.01.1975 |
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Date of Appointment : |
26.02.2007 |
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PAN No.: |
AACPQ7721L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.08.2010
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Names of Shareholders |
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No. of Shares |
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ABG Infralogistics Limited, |
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12011999 |
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Prafulla Kumar Sinha |
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1 |
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Dhamankhol Fintrade Private Limited, |
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8420000 |
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JSW Jaigarh Infrastructure Development Private Limited, |
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11000000 |
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Nalwa Fintrade Private Limited, |
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4524936 |
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KSN Shriram |
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1 |
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Garg V P |
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1 |
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Vanity Fintrade Private Limited, |
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10243062 |
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Total |
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46200000 |
Equity Share Breakup (Percentage of Total Equity)
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 Port Services. |
GENERAL INFORMATION
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No. of Employees : |
70 (Approximately) |
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Bankers : |
Not Available |
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Facilities : |
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Banking Relations
: |
-- |
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Financial Institute: |
Infrastructure Development Finance Company Limited, KRM Tower, 8th
Floor, No. 1, Harrington Road, Chetpet, Chennai-600031, Tamilnadu, India |
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Auditors : |
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Name : |
Shah Gupta and Company Chartered Accountant |
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Address : |
38, |
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Tel. No.: |
91-22-40851000 |
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Fax No.: |
91-22-40851015 |
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E-Mail : |
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Website: |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
67000000 |
Equity Shares |
Rs. 10/- each |
Rs. 670.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
46200000 |
Equity Shares |
Rs. 10/- each |
Rs. 462.000
Millions |
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 |
462.000 |
462.000 |
462.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
833.129 |
656.272 |
457.570 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1295.129 |
1118.272 |
919.570 |
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LOAN FUNDS |
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1] Secured Loans |
1400.000 |
1160.000 |
1116.672 |
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2] Unsecured Loans |
138.000 |
138.000 |
138.000 |
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TOTAL BORROWING |
1538.000 |
1298.000 |
1254.672 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2833.129 |
2416.272 |
2174.242 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1585.925 |
1730.436 |
1871.833 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
800.000 |
300.000 |
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 |
61.111
|
46.043 |
28.780 |
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Sundry Debtors |
290.792
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321.408 |
247.578 |
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Cash & Bank Balances |
36.132
|
29.376 |
68.327 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
147.039
|
97.528 |
104.746 |
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Total
Current Assets |
535.074
|
494.355 |
449.431 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
39.473
|
44.384 |
74.268 |
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Other Current Liabilities |
45.100
|
30.065 |
36.621 |
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Provisions |
3.297
|
34.070 |
36.133 |
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Total
Current Liabilities |
87.870
|
108.519 |
147.022 |
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Net Current Assets |
447.204
|
385.836 |
302.409 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2833.129 |
2416.272 |
2174.242 |
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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 |
931.300 |
958.675 |
933.606 |
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Other Income |
1.297 |
7.924 |
4.626 |
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TOTAL (A) |
932.597 |
966.599 |
938.232 |
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Less |
EXPENSES |
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Employees Remuneration and Benefits |
48.898 |
41.840 |
34.881 |
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Operating Expenses |
339.792 |
352.878 |
327.449 |
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General Administrative Expenses |
64.957 |
59.579 |
47.607 |
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TOTAL (B) |
453.647 |
454.297 |
409.937 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
478.950 |
512.302 |
528.295 |
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Less |
FINANCIAL
EXPENSES (D) |
202.514 |
134.516 |
114.220 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
276.436 |
377.786 |
414.075 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
155.458 |
152.974 |
145.681 |
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PROFIT BEFORE
TAX (E-F) (G) |
120.978 |
224.812 |
268.394 |
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Less |
TAX (H) |
[55.879] |
26.110 |
30.940 |
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PROFIT AFTER TAX
(G-H) (I) |
176.857 |
198.702 |
237.454 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
411.897 |
283.612 |
111.991 |
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Less |
APPROPRIATIONS |
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Transferred form Debentures Redemption
Reserve |
[244.375] |
0.000 |
0.000 |
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|
Transfer to Debenture Redemption Reserve |
0.000 |
70.417 |
65.833 |
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BALANCE CARRIED TO
THE B/S |
833.129 |
411.897 |
283.612 |
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EARNINGS IN
FOREIGN CURRENCY |
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Berth Hire Charges |
291.868 |
292.386 |
249.763 |
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Water Supply Services |
0.449 |
0.366 |
0.279 |
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TOTAL EARNINGS |
292.317 |
292.752 |
250.042 |
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IMPORTS |
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Stores & Spares |
14.748 |
18.797 |
27.120 |
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TOTAL IMPORTS |
14.748 |
18.797 |
27.120 |
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Earnings Per
Share (Rs.) |
3.83 |
4.30 |
5.14 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
18.96
|
20.56 |
25.31 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
12.99
|
23.45 |
28.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.70
|
10.10 |
11.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.20 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.26
|
1.26 |
1.52 |
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Current Ratio (Current Asset/Current Liability) |
|
6.09
|
4.56 |
3.06 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Outstanding dues of micro and small enterprises |
0.000 |
0.000 |
0.000 |
|
Others |
39.473 |
44.384 |
74.268 |
|
Total |
39.473 |
44.384 |
74.268 |
Financial Results:
The year saw a contraction in the export of Iron ore mine at Karnataka
form
The Company handled 90 vessels compared to 86 vessels In the previous
year. The increase in number of vessels did not reflect in the total cargo
handled and showed a marginal decrease. The total cargo handled during the
financial year was 4.32 Million Metric Tons (MMT) as against 4.63 MMT handled
during the previous year. The reduction in total cargo handled inspite of
higher number of vessels was due to lesser number of Coal and coke vessels
during the year. 60 vessels carrying Coal, Coke and limestone were handled in
the year compared to 69 in the previous year. 30 steel cargo vessels were
handled as against 17 in the previous year. 0.33 MMT of steel cargo was handled
as against 0.29 MMT in 2008-09.
Though the Company registered a decrease of 7% in the throughput,
revenues saw a decline of less than 4% over the previous year. The Berth Hire
Income was sustained at last year’s levels on account of higher number of
vessels handled during the year and was Rs. 291.900 Millions as against Re.
292.400 Millions in the previous year. Cargo related income saw a decrease of
4% to Rs. 639.400 Millions as against Rs. 666.300 Millions in 2008-09. EBIDTA
margin was lower at 52% compared to 53% in the previous year.
The Company ended the year with profit before tax of Rs.121.000 Millions
(Previous Year Rs.224.800 Millions) and Profit after tax of Rs 121.000 Millions
(Previous year Rs. 198.700 Millions). During the year your Company has taken
credit of Minimum Alternate Tax (MAT) amounting R. 55.800 Millions of the
earlier years.
EXPANSION PLANS
The Company is in discussion with Mormugao Port Trust for installation
of an In-Motion Wagon Loading System along with a Silo of capacity 3,500 MT.
The Company also plans to replace the existing
FINANCE
Industrial Development and Finance Company Limited (IDEC) has extended
financial assistance by re-financing the existing 1650 Secured Non convertible Redeemable
Debentures (NCD’s) of Rs, 1.000 Million each, outstanding as on date, Rs.
1375.000 Millions by way of ‘Rupee Term Loan’ of Rs.1500.000 Millions. Total
loan amount availed from the sanction till 31.3.2010 is Rs.1400.000 Millions.
Contingent Liabilities not provided for in respect of:
|
Particulars |
31.03.2010 Rs. in Millions |
|
a) Guarantees given by Banks on behalf of
company: |
|
|
i) Customs duty against EPCG obligation |
54.795 |
|
ii) Security deposit with Goa Electricity
Board |
3.850 |
|
iii) Customs for Bonded storage facility |
65.000 |
|
b) Contingent liability on account of Income
Tax liability for assessment year 2005-06, fully paid and matter is in appeal |
5.100 |
|
Total |
128.745 |
Fixed Assets:
·
·
Building, Berths and
Bunds
·
Railway Sidings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
31 |
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.