MIRA
INFORM REPORT
|
Report Date : |
19.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
A S MARINE INUDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
AP 3/268 Aaroor, Alleppey-688534, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.12.1995 |
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Com. Reg. No.: |
09-009839 |
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Capital
Investment/ Paid-up Capital: |
Rs. 9.021
Millions |
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CIN No.: [Company Identification
No.] |
U05005KL1995PTC009839 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
TVDA00242E |
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PAN No.: [Permanent Account No.] |
AABCA6980H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporters of frozen seafood
including cuttlefish, ribbonfish, yellow fin tuna, skipjack, reef cod,
grouper, snappers, emperors and crabs. |
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No. of
Employees: |
Not available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 74000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
AP 3/268 Aaroor, Alleppey-688534, Kerala, India |
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Tel. No.: |
91-484-2232702 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office/ Factory : |
XVIII/265, Palluruthy Nada, Cochin-682006, Kerala, India |
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Tel. No.: |
91-484-2232702/ 2237278 |
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Fax No.: |
91-484-2237854 |
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E-Mail : |
DIRECTORS
As on 15.09.2011
|
Name : |
Mr. Sulaiman Kanisseril Esmail |
|
Designation : |
Managing Director |
|
Address : |
Kannisseril, Aroor, Alleppy-688534, Kerala, India |
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Date of Appointment : |
28.12.1995 |
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DIN No.: |
00649421 |
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Name : |
Mrs. Aysha Vattaparambil Hameedkutty |
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Designation : |
Director |
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Address : |
Kannisseril, Aroor, Alleppy-688534, Kerala, India |
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Date of Appointment : |
28.12.1995 |
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DIN No.: |
00649572 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010 )
|
Names of Shareholders |
|
No. of Shares |
|
K E Sulaiman |
|
422185 |
|
A K Mohammed Kuty |
|
4850 |
|
Ali Ashraf |
|
5100 |
|
V M Anzari |
|
5400 |
|
K H Makkar |
|
4650 |
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D K Shajimon |
|
6450 |
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E A Mazeer |
|
47350 |
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K K Momhammed Basheer |
|
6350 |
|
Siddique |
|
5800 |
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M A Anaz |
|
6050 |
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C K Natheer |
|
5600 |
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V M Najeeb |
|
6200 |
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K E Shahdul Hameed |
|
15500 |
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A C Thomas |
|
5550 |
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P A Pareeth |
|
6650 |
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K M Ismail |
|
5000 |
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V H Mohammed |
|
6650 |
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K S Shanavas |
|
5000 |
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Mariamma Thomas |
|
3950 |
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Anniee T K |
|
5850 |
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E S Muhammed |
|
6400 |
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V H Khadeeja |
|
6800 |
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George Thomas |
|
6300 |
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P A Kunjumoideen |
|
3850 |
Equity Share Breakup (Percentage of Total Equity)
(AS ON 30.09.2011 )
|
Category |
|
Percentage |
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|
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Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporters of frozen
seafood including cuttlefish, ribbonfish, yellow fin tuna, skipjack, reef
cod, grouper, snappers, emperors and crabs. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
·
The Federal Bank Limited, Aroor Branch,
Aroor-688534, Kerala, India ·
Standard Chartered Bank Limited ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute: |
·
Cholamandalam DBS Finance Limited ·
Indiabulls Financial Services Limited |
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Auditors : |
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Name : |
G Joseph and Associates Chartered Accountant |
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Address : |
37/2038, First Floor, Muttathil Lane, Kadavantara, Cochin-682020,
Kerala, India |
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PAN No.: |
AABFG8900C |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1000000 |
Equity Share |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
902100 |
Equity Share |
Rs.10/- each |
Rs. 9.021
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
9.021 |
5.780 |
5.780 |
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2] Share Application Money |
0.425 |
3.666 |
3.666 |
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3] Reserves & Surplus |
9.032 |
7.365 |
5.959 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.478 |
16.811 |
15.405 |
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LOAN FUNDS |
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|
1] Secured Loans |
6.967 |
2.226 |
0.573 |
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2] Unsecured Loans |
1.001 |
2.195 |
3.252 |
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TOTAL BORROWING |
7.968 |
4.421 |
3.825 |
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DEFERRED TAX LIABILITIES |
1.211 |
0.876 |
0.594 |
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TOTAL |
27.657 |
22.108 |
19.824 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.627 |
16.157 |
15.268 |
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Capital work-in-progress |
0.000 |
0.348 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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|
Inventories |
7.033
|
4.955 |
2.420 |
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|
Sundry Debtors |
0.000
|
0.000 |
0.003 |
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Cash & Bank Balances |
4.408
|
4.183 |
3.344 |
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|
Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.368
|
0.874 |
0.621 |
|
Total
Current Assets |
12.809
|
10.012 |
6.388 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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|
Sundry Creditor |
4.259
|
3.097 |
0.194 |
|
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Other Current Liabilities |
3.828
|
0.816 |
0.446 |
|
|
Provisions |
0.692
|
0.496 |
1.192 |
|
Total
Current Liabilities |
8.779 |
4.409 |
1.832 |
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Net Current Assets |
4.030
|
5.603 |
4.556 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.657 |
22.108 |
19.824 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
73.589 |
64.479 |
47.863 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
71.194 |
62.603 |
45.205 |
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Depreciation |
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Financial Charges |
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TOTAL |
71.194 |
62.603 |
45.205 |
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PROFIT BEFORE
TAX |
2.395 |
1.876 |
2.658 |
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Less |
TAX |
0.728 |
0.608 |
0.978 |
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PROFIT AFTER TAX
|
1.667 |
1.268 |
1.680 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
70.017 |
60.261 |
44.199 |
|
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TOTAL EARNINGS |
70.017 |
60.261 |
44.199 |
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Earnings Per
Share (Rs.) |
1.85 |
2.43 |
2.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.27
|
1.97 |
3.51 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.57
|
7.17 |
12.27 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.11 |
0.17 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.91
|
0.53 |
0.37 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
2.28 |
3.49 |
LOCAL AGENCY FURTHER INFORMATION
Performance:
The company has achieved an export turnover of Rs. 72.922 Millions
during the year and has made a net profit of Rs. 2.395 Millions before
taxation.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U05005KL1995PTC009839 |
|
Name of the
company |
A S MARINE INUDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
AP 3/268 Aaroor, Alleppey-688534, Kerala, India |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
90018745 |
|
Type of charge |
Immovable
Property Movable Property Floating Charge |
|
Particular of
charge holder |
The Federal Bank Limited, Aroor Branch, Aroor-688534, Kerala, India Email: arr@federalbank.co.in
|
|
Nature of
instrument creating charge |
1. Agreement for
export advances dated 29.09.2011 2. Agreement for hypothecation
of plant and machinery as additional
security dated 29.09.2011 2. Letter in lieu
of redeposit of title deed confirming according and giving oral assent on
29.09.2011 to hold the title deeds already deposited as collateral security
for the enhanced / additional limits sanctioned. |
|
Date of
instrument Creating the charge |
29.09.2011 |
|
Amount secured by
the charge |
Rs. 27.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate + 3.00%
p.a. for adhoc packing credit limit of
Rs. 5.000 Millions (Present rate of Interest being 13.25% p.a.) Terms of
Repayment On Demand Margin For Packing
credit Limit- 25%, for FDBP/ FUBP Limit- Nil Extent and
Operation of the charge Continuing |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
(first charge) whole of stock of RM
(Sea food), PM, Consumable spares, GIP (sea food) and FG (Sea Food) including
goods in transit belonging to the borrower wherever situated and shatsoever
in nature. Additional
security by way of hypothecation of plant and machinery installed/ to be
acquired situated at CC XVIII/263 Nadakkavu Road, Kochi 682006. EM by way of deposit
of title deeds as envisaged u/s 58(f) of Transfer of Property Act in respect
of 17.462 Cents of Property in Sy. No. 591/1 In Rameswaram Village, Kochi
Taluk |
|
Date of
instrument modifying the charge |
22.03.2010 |
|
Particulars of the
present modification |
Additional Adhoc
PCL limit of Rs. 5.000 Millions sanctioned by the bank for a period of 3
months in addition to the existing facilities. In addition to the existing
securities, Plant and Machinery is also taken as additional security of the
entire limit. Hypothecation charge and Equitable mortgage charge extended for
the adhoc limit also. |
Fixed Assets:
·
Land
·
Factory Building
·
Electrical Fittings
·
Plant and Machinery
·
Vehicles
·
Computer
·
Office Equipments
·
Furniture and Fixture
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.51.35 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.69.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.