MIRA
INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
CORLIM MARINE EXPORTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 25-32, Phase III Bsancoale, Industrial Estate, Mormugao, Goa
– 403601 |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.03.1993 |
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Com. Reg. No.: |
24-001339 |
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Capital
Investment / Paid-up Capital : |
Rs.14.800 Millions |
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CIN No.: [Company Identification
No.] |
U29191GA1993PTC001339 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter of Fish, Aqua Products, Canned
Food, Marine Products, Sea Food |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 136000 |
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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 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. 25-32, Phase III Bsancoale, Industrial Estate, Mormugao, Goa
– 403601, India |
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Tel. No.: |
91-832-2555510 / 2538151 |
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Fax No.: |
91-832-2555816 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Rajinder Singh Jari |
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Designation : |
Director |
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Address : |
H. No. 80, Plot No. C-5, Rangavi Estate, Dabholim, South Goa – 403801,
Goa, India |
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Date of Birth/Age : |
18.07.1951 |
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Date of Appointment : |
23.03.1993 |
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Din No.: |
0357754 |
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Name : |
Mrs. Priti Jari |
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Designation : |
Director |
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Address : |
H. No. 80, Plot No. C-5, Rangavi Estate, Dabholim, South Goa – 403801,
Goa, India |
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Date of Birth/Age : |
18.03.1962 |
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Date of Appointment : |
23.03.1993 |
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Din No.: |
00357773 |
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Name : |
Mr. Saleem Kandathil Hassinar |
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Designation : |
Director |
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Address : |
Naima Nivas, Near Bhagavathi Temple, Temple Road, Ullal, Mangalore –
574159, Karnataka, India |
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Date of Birth/Age : |
10.10.1949 |
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Date of Appointment : |
23.07.2001 |
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Din No.: |
00357826 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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|
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Jari Singh Rajinder |
|
36558 |
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Jari Priti |
|
37142 |
|
Tri Marine Private Limited, India |
|
3500 |
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Ahluwalia Neena |
|
3123 |
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Chang Ting Biu |
|
34377 |
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Jari Piyush |
|
3700 |
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H.S. Nissar |
|
29600 |
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|
|
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Total |
|
148000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
2.36 |
|
Directors or relatives of Directors |
52.30 |
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Other top fifty shareholders |
45.34 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of Fish, Aqua Products, Canned
Food, Marine Products, Sea Food |
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PRODUCTION STATUS (AS ON : 31.03.2010)
|
Particulars |
Unit |
Actual
Production |
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The Licensed Capacity |
34000 KGS Per
Day |
100% |
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Utilised Capacity |
7641 KGS Per Day |
22% |
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GENERAL INFORMATION
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Bankers : |
The South Indian
Bank Limited, Branch. Mormugao (Vasco-Da-Gama), Melquides Building, Fr.
Joseph Vaz Road, Vasco Da Gama, South Goa – 403802, Goa, INDIA |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
B.V. Kamat and Company Chartered Accountants |
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Address : |
1st Floor, Shivnery Behind The Saraswat Co-operative Bank
Limited, Mumbai, P.O. Box No. 169, Margao – 403601, Goa, India |
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Tel. No.: |
91-832-2713721 |
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Fax No.: |
91-832-2732686 |
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E-Mail : |
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PAN No.: |
AAACR9460L |
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
148000 |
Equity Shares |
Rs.100/-
each |
Rs.14.800
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
148000 |
Equity Shares |
Rs.100/-
each |
Rs.14.800
Millions |
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|
|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.800 |
14.800 |
14.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19.142 |
10.249 |
4.745 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.942 |
25.049 |
19.545 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
3.650 |
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2] Unsecured Loans |
0.000 |
0.403 |
0.300 |
|
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TOTAL BORROWING |
0.000 |
0.403 |
3.950 |
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DEFERRED TAX LIABILITIES |
0.472 |
0.515 |
0.575 |
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TOTAL |
34.414 |
25.967 |
24.070 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.814 |
16.900 |
17.780 |
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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 |
0.000 |
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.651
|
0.398 |
4.345 |
|
|
Sundry Debtors |
9.121
|
1.419 |
0.040 |
|
|
Cash & Bank Balances |
8.027
|
5.565 |
3.231 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.849
|
10.980 |
5.296 |
|
Total
Current Assets |
27.648
|
18.362 |
12.912 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.284
|
0.943 |
2.881 |
|
|
Other Current Liabilities |
1.271
|
3.573 |
3.368 |
|
|
Provisions |
7.493
|
4.779 |
0.373 |
|
Total
Current Liabilities |
16.048
|
9.295 |
6.622 |
|
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Net Current Assets |
11.600
|
9.067 |
6.290 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
|
TOTAL |
34.414 |
25.967 |
24.070 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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|
|
|
|
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Income |
216.714 |
224.869 |
116.519 |
|
|
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Other Income |
40.740 |
10.943 |
3.391 |
|
|
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TOTAL |
257.454 |
235.812 |
119.910 |
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Less |
EXPENSES |
|
|
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Office Expenses |
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Administrative Expenses |
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|
Advertising Expenses |
241.111 |
223.025 |
0.696 |
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Interest |
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Depreciation |
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|
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TOTAL |
241.111 |
223.025 |
119.214 |
|
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PROFIT BEFORE TAX
|
16.343 |
12.787 |
0.696 |
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Less |
TAX |
5.719 |
4.651 |
0.275 |
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PROFIT AFTER TAX
|
10.624 |
8.136 |
0.421 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export Earnings |
216.273 |
224.701 |
NA |
|
|
TOTAL EARNINGS |
216.273 |
224.701 |
NA |
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.072 |
0.055 |
0.004 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.34
|
5.42 |
0.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.54
|
5.68 |
0.59 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.38
|
36.26 |
2.26 |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.51 |
0.03 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
49.99
|
0.38 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.97 |
1.94 |
LOCAL AGENCY FURTHER INFORMATION
ACCOUNTS / OPERATION :
During the financial year company has achieved
a turnover of Rs. 216.714 millions. The company has successfully achieved the growth
despite of the general recession in the market. The operation during the year,
resulted in net profit of Rs. 16.343 millions. The company looks forward for
better performance during the year.
FORM : 8
|
Corporate
identity number of the company |
U29191GA1993PTC001339 |
|
Name of the
company |
CORLIM MARINE
EXPORTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No 25-32
Phase III Bsancoale Industrial, Estate Mormugao, Goa – 403601, INDIA |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
The South Indian Bank
Limited, Branch. Mormugao (Vasco-Da-Gama), Melquides Building, Fr. Joseph Vaz
Road, Vasco Da Gama, South Goa – 403802, Goa, INDIA |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation. |
|
Date of
instrument Creating the charge |
29.07.2011 |
|
Amount secured by
the charge |
Rs. 50.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest PCL : Base rate
+1.40% FBP : BR+1.4% (Two way
interchangeability between PCL and FBP to the tune of additional Rs. 20.000
millions over and above PCL/FBP Limits is allowed). Terms of repayment PCL : On Demand FBP : On Demand Margin PCL : 25% on
confirmed purchase order or LC from a prime bank. FBP : NA Extent and operation of the charge First charge on
all stock and all book debts including export receivables. First charge on
the machineries as appearing in the balance sheet as on 31.03.2010. Other Nil |
|
Short particulars
of the property charged (Including location of the property) |
All stock and all
book debts including export receivables of the company both present and
future. All the
machineries of the company both present and future. |
FIXED ASSETS :
·
Land
·
Building
·
Car
·
Electrical Installation
·
Vehicles
·
Furniture and Fixtures
·
Machinery
·
Electrical Equipment
·
Generator Set
·
Guest House
·
Motorcycle
·
Jeep
·
Computer
·
Kitchen Equipments
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. 49.02 |
|
|
1 |
Rs. 77.12 |
|
Euro |
1 |
Rs. 67.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.