|
Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARCADIA SHIPPING LIMITED (w.e.f. 26.04.1991) |
|
|
|
|
Formerly Known
As : |
ARCADIA SHIPPING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
222, Tulsiani Chambers, Nariman Point, Mumbai – 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.01.1981 |
|
|
|
|
Com. Reg. No.: |
11 – 023672 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 144.650 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U61100MH1981PLC023672 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19160B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA5034H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Providing Shipping and Transportation Services. |
|
|
|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Hitesh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-22831549 |
LOCATIONS
|
Registered Office/ Head Office : |
222, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, |
|
Tel. No.: |
91-22-66580300 / 22831540 / 22831549 |
|
Fax No.: |
91-22-66301084 / 22872664 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located at:
|
DIRECTORS
AS ON 16.09.2011
|
Name : |
Mr. Mukesh Navinchandra Shah |
|
Designation : |
Managing Director |
|
Address : |
601, RNA Classic, |
|
Date of Birth/Age : |
12.12.1949 |
|
Date of Appointment : |
01.08.1983 |
|
DIN No.: |
00081965 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U51910MH1982PTC028093 |
NEW WINCO IMPEX PRIVATE
LIMITED |
Managing director |
28/08/1982 |
28/08/1982 |
- |
Active |
NO |
|
2 |
U61100MH1981PLC023672 |
ARCADIA SHIPPING LIMITED |
Managing director |
01/10/2009 |
01/08/1983 |
- |
Active |
NO |
|
3 |
U63090MH1982PTC028368 |
TRI-STAR SHIPPING PRIVATE
LIMITED |
Director |
04/06/1984 |
04/06/1984 |
- |
Active |
NO |
|
4 |
U26999GJ1992PTC018258 |
MULTICHEM RETREADS PRIVATE
LIMITED |
Director |
08/09/1992 |
08/09/1992 |
- |
Strike off |
NO |
|
5 |
U61100MH1987PTC044462 |
EXCEL MARINE SERVICES PVT
LTD |
Director |
12/09/1992 |
12/09/1992 |
05/07/2011 |
Active |
NO |
|
6 |
U65990MH1994PTC075936 |
NAVDHENU HOLDINGS AND
PROPERTIES P LTD |
Director |
07/04/1994 |
07/04/1994 |
- |
Strike off |
NO |
|
7 |
U45200MH1994PLC079147 |
SUPREME OFFSHORE
CONSTRUCTION AND TECHNICAL SERVICES LIMITED |
Director |
08/10/1996 |
08/10/1996 |
- |
Active |
NO |
|
8 |
U40200MH2007PLC167678 |
NPCC ENGINEERING LIMITED. |
Nominee director |
09/02/2007 |
09/02/2007 |
- |
Active |
NO |
|
9 |
U74900MH2007PLC173183 |
CCC (Arcadia) Subsea
Limited |
Nominee director |
17/08/2007 |
17/08/2007 |
- |
Strike off |
NO |
|
Name : |
Mr. Harshvadan Navinchandra Shah |
|
Designation : |
Whole Time Director |
|
Address : |
401, 4th Floor, Tulsi Villa, |
|
Date of Birth/Age : |
30.04.1944 |
|
Date of Appointment : |
01.08.1983 |
|
DIN No.: |
00082052 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U51910MH1982PTC028093 |
NEW WINCO IMPEX PRIVATE
LIMITED |
Director |
11/03/1983 |
11/03/1983 |
10/02/2012 |
Active |
NO |
|
2 |
U61100MH1981PLC023672 |
ARCADIA SHIPPING LIMITED |
Whole-time director |
01/10/2009 |
01/08/1983 |
10/02/2012 |
Active |
NO |
|
3 |
U61100MH1987PTC044462 |
EXCEL MARINE SERVICES PVT
LTD |
Director |
15/09/1992 |
15/09/1992 |
08/08/2011 |
Active |
NO |
|
4 |
U65990MH1994PTC075936 |
NAVDHENU HOLDINGS AND
PROPERTIES P LTD |
Director |
07/04/1994 |
07/04/1994 |
- |
Strike off |
NO |
|
5 |
U45200MH1994PLC079147 |
SUPREME OFFSHORE
CONSTRUCTION AND TECHNICAL SERVICES LIMITED |
Managing director |
08/10/1996 |
08/10/1996 |
10/02/2012 |
Active |
NO |
|
6 |
U40200MH2007PLC167678 |
NPCC ENGINEERING LIMITED. |
Nominee director |
09/02/2007 |
09/02/2007 |
10/02/2012 |
Active |
NO |
|
7 |
U74900MH2007PLC173183 |
CCC (Arcadia) Subsea
Limited |
Director |
09/06/2011 |
09/06/2011 |
- |
Strike off |
NO |
|
Name : |
Mr. Vinit Navinchandra Shah |
|
Designation : |
Whole Time Director |
|
Address : |
201, 2nd Floor, Tulsi Villa, 40, TPS – 1, Santacruz (West),
Mumbai – 400054, Maharashtra, |
|
Date of Birth/Age : |
07.05.1962 |
|
Date of Appointment : |
28.04.1990 |
|
DIN No.: |
00082012 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U63090MH1982PTC028368 |
TRI-STAR SHIPPING PRIVATE
LIMITED |
Director |
04/06/1984 |
04/06/1984 |
- |
Active |
NO |
|
2 |
U61100MH1981PLC023672 |
ARCADIA SHIPPING LIMITED |
Whole-time director |
01/10/2009 |
28/04/1990 |
- |
Active |
NO |
|
3 |
U45200MH1994PLC079147 |
SUPREME OFFSHORE
CONSTRUCTION AND TECHNICAL SERVICES LIMITED |
Whole-time director |
24/04/2000 |
24/04/2000 |
- |
Active |
NO |
|
4 |
U51910MH1982PTC028093 |
NEW WINCO IMPEX PRIVATE
LIMITED |
Director |
10/02/2012 |
10/02/2012 |
- |
Active |
NO |
|
Name : |
Mr. Anjan Navinchandra Shah |
|
Designation : |
Whole Time Director |
|
Address : |
502, 5th Floor, Wind
-Ermere, |
|
Date of Birth/Age : |
29.07.1948 |
|
Date of Appointment : |
15.02.1996 |
|
DIN No.: |
00081928 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U61100MH1981PLC023672 |
ARCADIA SHIPPING LIMITED |
Whole-time director |
01/10/2009 |
15/02/1996 |
- |
Active |
NO |
|
2 |
U45200MH1994PLC079147 |
SUPREME OFFSHORE
CONSTRUCTION AND TECHNICAL SERVICES LIMITED |
Whole-time director |
24/04/2000 |
24/04/2000 |
- |
Active |
NO |
|
Name : |
Mr. Lavanya Navinchandra Shah |
|
Designation : |
Whole Time Director |
|
Address : |
95-B, Saket, 101, 1st Floor, |
|
Date of Birth/Age : |
17.10.1951 |
|
Date of Appointment : |
01.03.2004 |
|
DIN No.: |
00082082 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U61100MH1981PLC023672 |
ARCADIA SHIPPING LIMITED |
Whole-time director |
01/10/2009 |
01/03/2004 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mukesh Navinchandra Shah |
|
6113500 |
|
Harshvadan Navinchandra Shah |
|
951467 |
|
Vinit Navinchandra Shah |
|
875166 |
|
Anjan Navinchandra Shah |
|
286500 |
|
Lavanya Navinchandra Shah |
|
280500 |
|
Mrinal Shah |
|
52500 |
|
Anand Harshvadan Shah |
|
43000 |
|
Neha Anjan Shah |
|
24500 |
|
Kushal Anjan Shah |
|
36500 |
|
Purnima Anjan Shah |
|
85700 |
|
Sumati Harshvadan Shah |
|
34000 |
|
Pranay Lavanya Shah |
|
40600 |
|
Bharati Lavanya Shah |
|
36700 |
As on 16.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
14.25 |
|
Directors or relatives of Directors |
85.75 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Shipping and Transportation Services |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
70 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Corporation Bank, Mumbai Overseas Branch, 1st
Floor, Earnest House, Nariman Point, Mumbai – 400021, Maharashtra, India ·
State Bank of India ·
Abu Dhabi Commercial Bank ·
HDFC Bank Limited ·
Axis Bank ·
Canara Bank |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dilip B. Desai and Company Chartered Accountant |
|
Address : |
33/ B, |
|
Tel. No.: |
91-22-23857208 |
|
PAN.: |
AAIPD6187H |
|
|
|
|
Subsidiaries : |
CIN
No.: U65990MH1994PTC075936)
CIN
No.: U74900MH2007PLC173183)
CIN
No.: U45200MH1994PLC079147) |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14464986 |
Equity Shares |
Rs.10/- each |
Rs. 144.650 Millions |
Note:
Of the above 7296400 Equity Shares of Rs. 10/-
each issued as fully paid Bonus shares by Capitalising Revaluation Reserve.
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 |
|
|
|
|
|
1] Share Capital |
144.650 |
144.650 |
144.650 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
779.713 |
696.900 |
639.888 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
924.363 |
841.550 |
784.538 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2206.782 |
918.000 |
476.260 |
|
|
2] Unsecured Loans |
66.160 |
70.099 |
46.181 |
|
|
TOTAL BORROWING |
2272.942 |
988.099 |
522.441 |
|
|
OTHER
LIABILITIES |
|
|
|
|
|
Against Keymen Polices |
30.619 |
25.667 |
25.532 |
|
|
CCSDL facility against FDR’s |
109.090 |
361.954 |
182.025 |
|
|
Advance Charter Hire Received |
0.000 |
0.000 |
334.434 |
|
|
TOTAL
LIABILITIES |
139.709 |
387.621 |
541.991 |
|
|
TOTAL |
3337.014 |
2217.270 |
1848.970 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2668.906 |
1383.864 |
1322.899 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
142.088 |
204.753 |
239.089 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
200.049
|
183.984
|
32.453 |
|
|
Cash & Bank Balances |
375.967
|
555.358
|
594.490 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
60.977
|
70.112
|
68.044 |
|
Total
Current Assets |
636.993
|
809.454
|
694.987 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
69.759
|
123.828
|
332.835 |
|
|
Other Current Liabilities |
5.614
|
16.973
|
50.170 |
|
|
Provisions |
35.600
|
40.000
|
25.000 |
|
Total
Current Liabilities |
110.973
|
180.801
|
408.005 |
|
|
Net Current Assets |
526.020
|
628.653
|
286.982 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3337.014 |
2217.270 |
1848.970 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
769.974 |
843.876 |
881.305 |
|
|
|
Other Income |
142.964 |
64.913 |
91.605 |
|
|
|
TOTAL (A) |
912.938 |
908.789 |
972.910 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
430.464 |
482.742 |
531.983 |
|
|
|
Administration and Other Expenses |
48.028 |
44.860 |
55.428 |
|
|
|
TOTAL (B) |
478.492 |
527.602 |
587.411 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
434.446 |
381.187 |
385.499 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
96.372 |
66.434 |
79.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
338.074 |
314.753 |
306.309 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
234.661 |
242.741 |
240.771 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
103.413 |
72.012 |
65.538 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
20.600 |
15.000 |
14.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
82.813 |
57.012 |
51.538 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
528.400 |
471.388 |
419.850 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
611.213 |
528.400 |
471.388 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.73 |
3.94 |
3.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.07
|
6.27
|
5.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.43
|
8.53
|
7.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.13
|
3.28
|
3.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.09
|
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.58
|
1.39
|
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.74
|
4.48
|
1.70 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
CURRENT OPERATIONS:
During the current year, company could achieve
turnover of Rs. 912.900 Millions (previous year Rs. 908.800 Millions) and profit
of Rs.82.800 Millions (previous year Rs.57.100 Millions).
The Directors are pleased to inform that
during the year the company continued its regular activities i.e. Shipping,.
Ship Owning/Chartering, Lighterage, Transportation, Offshore/Technical Support
and Marine /Project Support for Overseas Offshore Fabrication and Installation
Contractors. The Company provides all Project and Technical Support to NPCC,
Abu Dhabi, Valentine Maritime (Gulf) LLC, Abu Dhabi and Valentine Maritime
(Mauritius) Limited, Mauritius and other Indian Companies for their various
Offshore Contracts towards Construction of Oil and Gas production/process
Platforms and Pipelines at Mumbai High and other Offshore Sites for ONGC and
other Indian/Foreign Companies. The company is qualified to bid as approved
Offshore Project Contractor for ONGC, MDL, LandT, EIL, HHI, etc for Topside
Work and Maintenance / Painting of Offshore Platforms.
The Company also continued to provide
technical and commercial support to M/s. Winco Maritime Limited, London for
Inspection, Acquisition and Technical and Commercial Management of their
vessels although presently they have sold all their old vessels and are looking
to acquire younger tonnage for which company is providing technical support.
OFFSHORE ACTIVITIES:
The Company provided Marine and Project
Support to it's subsidiary Company M/s. Supreme Offshore Construction and
Technical Services Limited, to execute Prestigious Sub Contract for Modification
works of MHN-Pipeline/Modification Project and B-46 Project of ONGC through
Valentine, Abu Dhabi who are the main contractor. The main Contracts included
Engineering, Procurement, Fabrication and the offshore installation.
Further the Company also provided Project
Support etc to Valentine Maritime Limited, Abu Dhabi for SPM for HMPL and
ONGC/MHN-Pipeline Project and B-46 Pipe Line as subcontractor. The works for
all the above projects were executed to the satisfaction of clients.
With the support of the Company, it's valued
Principals, M/s.NPCC, Abu Dhabi secured 1 (One) more prestigious Project of
B-46 Platform / Pipeline from ONGC in International Competitive Bidding which
will be executed Post-Monsoon 2011 Season.
EXPANSION AND DIVERSIFICATION:
In future, the Directors intend to concentrate
more on the Company's core area of activities viz. Shipping (Ship Owing /
Operation of Ships), Technical and Marine Support to Offshore Oil and Gas
Projects. The Offshore Division, in addition to its Project Support to Oil
Sector, intends to diversify further into Owning/Operating Tugs and Barges for
Offshore Constructions Works.
The Company has recently acquired Geared
Modern Handymax Vessel mv Navdhenu Puma (Ex.mv King Helo) and New Offshore Tug
mv Navdhenu Sana with FCTL from Corporation Bank and it's own accruals and sold
it's old Panamax bulk carrier mv Arcadia Progress)
The Company has also inspected several Modern
Geared Bulk Carriers (45/75,000 DWT), few Modern Container Vessels (1700/2500
TEU vessels) and Aframex Tankers (90/95000 DWT) for the purpose of expansion of
Company's fleet
(a) The Directors are pleased to inform you
that the company has established Joint Venture Company ("NPCC Engineers
Limited") with Internationally reputed EPC Company M/s. National Petroleum
Constructions Company (NPCC), Abu Dhabi in India for Design and Engineering
activities to Cater to the needs of Oil and Gas Industry. The company has 26%
stake in the new JV company and the balance is held by NPCC, who are professionally
managing the Company. NPCC Engineering Limited, since inception have carried
out several Engineering Contracts for Offshore Oil and Gas Project of British
Gas, ONGC, Great Offshore Limited, Dolphine Offshore, Supreme Offshore and
NPCC, Abu Dhabi
(b) Similar Joint Venture Company with NPCC,
Abu Dhabi for Fabrication and Installation of Offshore Structures and Pipe
Coating in India is presently under discussion with NPCC for which Company is
in process of Identifying Water Front location on West Coast India.
Form 8:
|
Corporate
identity number of the company |
U61100MH1981PLC023672 |
|
Name of the
company |
ARCADIA SHIPPING
LIMITED |
|
Address of the
registered office or of the principal place of business in |
222, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra,
India E-Mail : mns@arcadiashipping.com
|
|
This form is for |
Modification
of Charge |
|
Charge identification
(ID) number of the charge to be modified |
10038758 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Corporation Bank, Mumbai Overseas Branch, 1st Floor, Earnest
House, Nariman Point, Mumbai – 400021, Maharashtra, India E-mail : vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Letter ref No.
OR/OVS/ADV/585/2011-12 dated 09.12.2011, issued by Corporation Bank. |
|
Date of
instrument Creating the charge |
09.12.2011 |
|
Amount secured by
the charge |
Rs.2350.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest as may be
stipulated by the bank from time to time. Terms of
Repayment Working Capital
facility shall be repayable On Demand. Term Loan shall
be repayable in suitable installments. Margin As may be
stipulated by Bank from time to time. Extent and
Operation of the charge Consequent to
closure of FCTL of Rs.196.000 Millions, the overall charge stands modified
upto Rs. 2350.000 Millions and also the Bank has released Vessel M. V.
Navdhenu Sana from the preview of its Security. However the charge created on Stocks, Book
Debts and Vessels Namely: M. V. Navdhenu Sun, M. V. Navdhenu Purna etc., as
specified in item No.15, shall continue to secure the said reduced limit of
Rs.2350.000 Millions. Others NIL |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Date of
instrument modifying the charge |
16.12.2010 |
|
Particulars of
the present modification |
The Bank has
released Vessel M. V. Navdhenu Sana
from the preview of Bank's security. Consequent upon repayment of FCTL of Rs.
196.000 Millions, the charge in favour of the Bank shall now stand reduced
upto Rs.2350.000 Millions against the security of following Vessels, viz :
M.V. Navdhenu Sun, M.V. Navdhenu Purna and
first charge on Stocks, Book Debts and Other Current Assets of the
Company. |
Fixed Assets:
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.51.99 |
|
|
1 |
Rs.83.53 |
|
Euro |
1 |
Rs.68.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.