MIRA
INFORM REPORT
|
Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
WEST COAST MARINE YACHT SERVICES PRIVATE LIMITED |
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Registered
Office : |
11, Advent, 12-A, Foreshore Road, Nariman Point, Mumbai-400021,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.01.2008 |
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Com. Reg. No.: |
11-177655 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 million |
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CIN No.: [Company Identification
No.] |
U61100MH12008PTC177655 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter and Service Provider of Yacht
management, boat building and repairing, training, charter and brokerage services |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 49000 |
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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 was established as a proprietory concern in the name of “West Coast
Marine” and later it got converted in to Private Limited. It 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 – 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 |
LOCATIONS
|
Registered Office : |
11, Advent, 12-A, Foreshore Road, Nariman Point, Mumbai-400021,
Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
Colaba
Workshop Building, Jamshedji Bunder, Lala Nigam Road, |
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Tel. No.: |
91-22-22856127 / 2283 1495 |
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Fax No.: |
91-22-2282 9602 |
DIRECTORS
AS ON 24.09.2009
|
Name : |
Mr. Aashim Surinder Mongia |
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Designation : |
Director |
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Address : |
11, Advent, 12-A, Foreshore Road, Nariman Point, Mumbai-400021,
Maharashtra, India |
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Date of Birth/Age : |
07.08.1969 |
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Date of Appointment : |
10.01.2008 |
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DIN No : |
01434997 |
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Name : |
Ms. Bharti Aashim Mongia |
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Designation : |
Director |
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Address : |
11, Advent, 12-A, Foreshore Road, Nariman Point, Mumbai-400021,
Maharashtra, India |
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Date of Birth/Age : |
14.05.1971 |
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Date of Appointment : |
10.01.2008 |
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DIN No : |
01858267 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2009
|
Names of Shareholders |
No. of Shares |
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Aashim Surinder Mongia |
500 |
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Bharti Aashim Mongia |
500 |
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Total |
1000 |
AS ON 24.09.2009
|
Category |
Percentage |
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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 : |
Exporter and Service Provider of Yacht
management, boat building and repairing, training, charter and brokerage
services |
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 : |
Mukesh Advani and Company Chartered Accountant |
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Address : |
A-002, Pacific, 1st Cross Lane, Lokhandwala Complex,
Andheri (West), Mumbai-400053, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs.100/- each |
Rs. 0.100 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs.100/- each |
Rs. 0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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12.242 |
5.630 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
12.342 |
5.730 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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4.167 |
2.465 |
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TOTAL BORROWING |
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4.167 |
2.465 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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16.509 |
8.195 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.360 |
1.298 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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15.404 |
14.362 |
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Cash & Bank Balances |
|
3.638 |
(0.641) |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
10.470 |
4.262 |
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Total
Current Assets |
|
29.512 |
17.983 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
3.121 |
3.473 |
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Other Current Liabilities |
|
5.626 |
5.005 |
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Provisions |
|
5.640 |
2.640 |
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Total
Current Liabilities |
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14.387 |
11.118 |
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Net Current Assets |
|
15.125 |
6.865 |
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MISCELLANEOUS EXPENSES |
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0.024 |
0.032 |
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TOTAL |
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16.509 |
8.195 |
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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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67.931 |
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Other Income |
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TOTAL |
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67.931 |
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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 |
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57.590 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
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|
10.341 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
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0.374 |
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PROFIT BEFORE
TAX |
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9.967 |
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Less |
TAX |
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3.000 |
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PROFIT AFTER TAX
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6.967 |
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EXPORT VALUE |
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1.480 |
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Earnings Per
Share (Rs.) |
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|
696.70 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
10.25 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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32.28 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.81 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.50 |
2.37 |
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Current Ratio (Current Asset/Current Liability) |
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2.05 |
1.62 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
·
Xerox Machine
·
Air Conditioner
·
Furniture and Fixtures
·
Computer
·
Boat
WEBSITE DETAILS
PROFILE
Subject was created in 1994 with a view to service the fast
growing yachting industry in India. Since its inception, it has grown into a
fully integrated marine company handling a diverse portfolio of requirements
Managed by world class yachtsman Aashim Mongia, who has been honoured by the
Government of India with the Arjuna Award for Excellence in the Sport of
Yachting, the Company enjoys an enviable reputation in the market today
Subject
includes consultancy, boat building and repairs, yacht management services,
training, charters, brokerage services, water sports centers and marinas. Off
late it has spread its sails and established tie-ups with reputed shipyards in
U.A.E. Australia and China besides India. Subject has been dealing with major
refits of yachts and provides consultancy services for new constructions of
mega yachts, live aboard dive boats, commercial ferries, patrol boats and
interceptor crafts.
In
addition, West Coast Marine has two wholly owned subsidiaries, Viz. Sea Waif
and Colaba Workshop 2001. Sea Waif is the only exclusive, Yacht handling agency
in India.
Colaba
Workshop 2001 undertakes building of sports boats, sailing boats, cruisers /
RIB's up to 40 ft LOA.
NEWS
DAN FENDER – THE NEW NAME FOR FENDERS IN INDIA!
With
boats coming alongside constantly in Mumbai and Mandwa, having fenders on boats
are as important as life jackets on people onboard. It’s the only way of making
sure your boat doesn’t get damaged.
A
full range is now available with us now from DAN-FENDER, a brand backed by more
than 25 years of moulding high quality fenders and buoys. Rated among the best
and largest producers of fenders and buoys world-wide, Dan Fenders has a large
range to suit different needs.
Why Dan Fender?
Dan-Fender has chosen to have massive injection-moulded eyes that are strong
and durable.
• Instead of plastic valves, used in other brands, metal
valves are used which they make inflation easy and the air remains where it has
to be - in the fender/buoy.
• The production of fenders/buoys (rotation moulding) may
result in the presence of small invisible air holes in the material, as a
consequence of which the product cannot keep the air. In order to test this,
all products are tested under water, prior to being delivered to their
customers, as a guarantee of the fact that the products delivered will also
function as intended.
• They are customizable and you can get them in the same
paint scheme as the boat.
• Value-for-money.
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. 46.01 |
|
|
1 |
Rs. 75.42 |
|
Euro |
1 |
Rs. 66.69 |
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 |
6 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.