MIRA
INFORM REPORT
|
Report Date : |
27.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
M PALLONJI SHIPPING PRIVATE LIMITED |
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Registered
Office : |
46/A, Vitraag Chambers, Cawasji Patel Street, Fort, Mumbai – 400001,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
26.10.2005 |
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Com. Reg. No.: |
11-157051 |
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Capital Investment
/ Paid-up Capital : |
Rs.16.820 Millions |
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CIN No.: [Company Identification
No.] |
U63032MH2005PTC157051 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM28367D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
They are engaged into Shipping activity. |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6300000 |
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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. The
company has incurred a loss in the current year. However, Net worth appears
to be satisfactory. 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.
INFORMATION PARTED BY (GENERAL INFORMATION)
|
Name : |
Mr. Baraga |
|
Designation : |
Finance Manager |
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Contact No.: |
91-22-66100000 |
|
Date : |
24.02.2012 |
LOCATIONS
|
Registered Office : |
46/A, Vitraag Chambers, Cawasji Patel Street, Fort, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-66100000/ 22855308/22/ 2042432/ 2854218/ 2853058/ 2853080 |
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Fax No.: |
91-22-22855325/ 2152998 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Mehli Kersasp Mistry |
|
Designation : |
Director |
|
Address : |
902, Bakhtavar Opposite Post Office, Colaba, Mumbai – 400005,
Maharashtra, India |
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Date of Birth/Age : |
28.03.1960 |
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Date of Appointment : |
26.10.2005 |
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DIN No.: |
00344555 |
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Name : |
Mr. Pheroze Kersasp Mistry |
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Designation : |
Director |
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Address : |
901, Bakhtavar Opposite Post Office, Colaba, Mumbai – 400005,
Maharashtra, India |
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Date of Birth/Age : |
30.12.1962 |
|
Date of Appointment : |
26.10.2005 |
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DIN No.: |
00344590 |
KEY EXECUTIVES
|
Name : |
Mr. Baraga |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
Equity Shares
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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|
Pheroze Kersasp Mistry |
|
10000 |
|
Mehli Kersasp Mistry |
|
10000 |
|
M. Pallonji and Company Private Limited, India |
|
10000 |
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Total |
|
30000 |
Preference Shares
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
M. Pallonji and Company Private Limited, India |
|
1652000 |
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Total |
|
1652000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
33.33 |
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Directors or relatives of Directors |
66.67 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
They are engaged into Shipping Activity. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Retailer and End Users |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sethy and Company Chartered Accountants |
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Address : |
63, Swatik Plaza, V. L. Mehta Road, Juhu Scheme, Next to Kala Niketan,
Villeparle (West), Mumbai – 400049, Maharashtra, India |
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Tel. No.: |
91-22-66938927 |
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Tele-Fax No.: |
91-22-26170821 |
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PAN.: |
AEDPS2742Q |
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Group Companies : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.50.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000 |
Equity Shares |
Rs.10/- each |
Rs.0.300
Million |
|
1652000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.16.520
Millions |
|
|
Total |
|
Rs.16.820 Millions |
Note:
1) During the year ended 31st March 2011, the company redeemed
30000 (Previous Year NIL) Non Cumulative Redeemable Preference Shares of
Rs.10/- each at Premium of Rs.90/- each.
2) During the year ended 31st march 2011, the company issued NIL
(Previous Year 80000) Non Cumulative Redeemable Preference Shares of Rs.10/-
each at premium of Rs.90/- each. The redeemable preferences shares are
redeemable at the discretion of the company not later than 10 years from the
date of allotment, by giving notice to the shareholders.
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 |
16.820 |
19.820 |
19.020 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1550.479 |
1947.412 |
1695.552 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
1567.299 |
1967.232 |
1714.572 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2090.993 |
601.199 |
363.913 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2090.993 |
601.199 |
363.913 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
3658.292 |
2568.431 |
2078.485 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
820.317 |
1551.853 |
1644.434 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
194.234 |
143.316 |
79.591 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
18.372
|
32.284 |
139.264 |
|
|
Cash & Bank Balances |
55.367
|
130.614 |
47.719 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2661.895
|
785.447 |
287.154 |
|
Total
Current Assets |
2735.634
|
948.345 |
474.137 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
65.623 |
53.982 |
|
|
|
Other Current Liabilities |
0.000
|
0.000 |
106.463 |
|
|
Provisions |
26.270
|
21.101 |
13.214 |
|
Total
Current Liabilities |
91.893
|
75.083 |
119.677 |
|
|
Net Current Assets |
2643.741
|
873.262 |
354.460 |
|
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
3658.292 |
2568.431 |
2078.485 |
|
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 |
831.972 |
1348.548 |
1357.169 |
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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 |
1199.015 |
1099.539 |
1034.516 |
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PROFIT BEFORE
TAX |
(367.043) |
249.009 |
322.653 |
|
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|
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Less |
TAX |
NA |
4.349 |
4.446 |
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PROFIT AFTER TAX
|
NA |
244.660 |
318.207 |
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TOTAL EARNINGS |
825.030 |
1257.607 |
606.322 |
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Earnings Per
Share (Rs.) |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
18.14 |
23.45 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.32)
|
9.96 |
15.23 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.23)
|
0.13 |
0.19 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
0.34 |
0.28 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
27.77
|
12.63 |
3.96 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry
Creditors for Supply and Expenses |
|
|
|
|
Sundry Creditors |
65.623 |
53.982 |
NA |
|
Total |
65.623 |
53.982 |
NA |
|
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 |
-- |
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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 |
-- |
Performance:
The Company has incurred a loss of Rs.367.043
Millions during the current Financial Year 2010-2011 as against a profit of
Rs.249.009 Millions during the previous year. The Board is Hopeful of a better
performance during the ensuring financial year 2011-2012.
Form 8:
|
Corporate identity number of the company |
U63032MH2005PTC157051 |
|
Name of the company |
M PALLONJI SHIPPING PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
46/A, Vitraag Chambers, Cawasji Patel Street, For, Mumbai – 400001,
Maharashtra, India E-mail : mail@mpallonjigroup.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Ship |
|
Particular of charge holder |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India E-mail : akshat.tandon@hdfcbank.com
|
|
Nature of instrument creating charge |
Hypothecation Letter dated 03.09.2011 |
|
Date of instrument Creating the charge |
03.09.2011 |
|
Amount secured by the charge |
Rs.250.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As per Agreement Terms of Repayment As per Agreement Margin As per Agreement Extent and Operation of the charge Hypothecation of goods, implements, tools and book debts, receivables
and claims of M P Panamax 3 to the extent of Rs.250.000 Millions only. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
goods, implements, tools and book debts, receivables and claims of M P
Panamax 3 to the extent of Rs.250.000 Millions only. |
Fixed Assets:
·
Computer
·
Telephone Instruments
·
Xerox Machine
·
Motor Car
·
Ships
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.49.07 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
50 |
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.