MIRA
INFORM REPORT
|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
TORM SHIPPING INDIA PRIVATE LIMITED (w.e.f 31.01.2008) |
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Formerly Known
As : |
ORINOCO MARINE CONSULTANCY INDIA PRIVATE LIMITED |
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Registered
Office : |
203, 2nd Floor, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
18.11.1996 |
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Com. Reg. No.: |
11-103985 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U63000MH1996PTC103985 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO01283C |
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PAN No.: [Permanent Account No.] |
AAACO1884D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Consultancy Services |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 607000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of multi-national Torm Shipping. It is a well
established company having good track. Financial position of the company
appears to be sound. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 DECLINED BY
|
Name : |
Mr. Ramesh Jain |
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Designation : |
Manager |
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Contact No.: |
91-22-66407351 |
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Date : |
26.03.2012 |
LOCATIONS
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Registered Office : |
203, 2nd Floor, |
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Tel. No.: |
91-22-66407200/ 40333777/ 66407350 |
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Fax No.: |
91-22-40333755/ 66407350 |
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E-Mail : |
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Website : |
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Worldwide Offices : |
Located at: v
v
Mumbai v
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DIRECTORS
As on 04.05.2011
|
Name : |
Mr. Jesper Denis Holmark |
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Designation : |
Director |
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Address : |
Moellegaardsvej – 4, |
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Date of Birth/Age : |
20.07.1966 |
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Date of Appointment : |
17.12.2007 |
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DIN No.: |
01749476 |
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Name : |
Mr. Claus Usen Knud Jensen |
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Designation : |
Director |
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Address : |
Falkenbergvej – 15, Alsgarde 3140 |
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Date of Birth/Age : |
02.04.1967 |
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Date of Appointment : |
28.09.2009 |
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DIN No.: |
02452860 |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh Jain |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.05.2011
|
Names of Shareholders |
|
No. of Shares |
|
OMI Holdings Limited, |
|
99999 |
|
Jesper Denis Holmark |
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1 |
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Total |
|
100000 |
As on 04.05.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Consultancy Services |
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GENERAL INFORMATION
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Pan No : |
AACFD4815A |
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Holding Company: |
OMI Holdings
Limited Address: |
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Ultimate Holding Company: |
TORM A/S |
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Fellow Subsidiary Companies: |
v
OMI Crewing Services Limited v
OMI Marine Services LLC |
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Subsidiary Companies : |
OMCI Marine
Services Private Limited CIN No.: U63032MH2001PTC131024 |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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|
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Note:
Of the above 99,999 Equity shares are held by OMI Holdings Limited, the
Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
150.791 |
144.583 |
139.327 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
151.791 |
145.583 |
140.327 |
|
|
LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
151.791 |
145.583 |
140.327 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
109.598 |
98.653 |
113.675 |
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Capital work-in-progress |
0.000 |
0.727 |
0.000 |
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INVESTMENT |
0.100 |
7.464 |
4.360 |
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DEFERRED TAX ASSETS |
3.842 |
0.825 |
1.408 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
31.409 |
23.713 |
19.872 |
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Cash & Bank Balances |
23.462 |
10.299 |
92.794 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
17.698 |
24.006 |
56.435 |
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Total
Current Assets |
72.569 |
58.018 |
169.101 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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Sundry Creditors |
21.893 |
7.144 |
129.481 |
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Other Current Liabilities |
0.436 |
2.377 |
2.428 |
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Provisions |
11.989 |
10.583 |
16.308 |
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Total
Current Liabilities |
34.318 |
20.104 |
148.217 |
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Net Current Assets |
38.251 |
37.914 |
20.884 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
151.791 |
145.583 |
140.327 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.12.2010 |
31.03.2010 |
31.03.2009 |
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SALES |
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Operating Income |
148.052 |
180.544 |
264.638 |
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Other Income |
2.826 |
17.376 |
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TOTAL |
150.878 |
197.920 |
264.638 |
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Less |
EXPENSES |
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Operational and Administration Expenses |
131.006 |
163.462 |
223.752 |
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TOTAL |
131.006 |
163.462 |
223.752 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
19.872 |
34.458 |
40.886 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
11.681 |
16.096 |
15.146 |
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PROFIT BEFORE
TAX |
8.191 |
18.362 |
25.740 |
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Less |
TAX |
1.983 |
13.107 |
11.067 |
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PROFIT AFTER TAX
|
6.208 |
5.255 |
14.673 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
53.169 |
47.914 |
33.241 |
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BALANCE CARRIED
TO THE B/S |
59.377 |
53.169 |
47.914 |
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EARNINGS IN
FOREIGN CURRENCY |
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Management Fees |
148.052 |
180.544 |
263.827 |
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TOTAL EARNINGS |
148.052 |
180.544 |
263.827 |
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Earnings Per
Share (Rs.) |
62.08 |
52.55 |
146.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.11 |
2.66 |
5.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.53 |
10.17 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.50 |
11.72 |
9.10 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.13 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.23 |
0.14 |
1.06 |
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Current Ratio (Current Asset/Current Liability) |
|
2.11 |
2.89 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.12.2010 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Total
outstanding dues of Micro Enterprises and Small Enterprises |
-- |
-- |
-- |
|
- Total
outstanding dues of Creditors other than Micro Enterprises and Small
Enterprises |
21.893 |
7.144 |
129.481 |
|
Total |
21.893 |
7.144 |
129.481 |
Note:
The Registered Office of the company has been shifted from M1, Leela
Business Park, Andheri-Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra
to the present address w.e.f. 13.09.2010.
OPERATIONS:
The results for
the period shows that the total income of the Company at Rs.150.878 millions
has decreased by 23.77% compared to the previous year's Rs.197.920 millions,
the Net Profit before Tax for the year at Rs.8.191 millions has decreased by
55.39% compared to the previous year's Rs.18.362 millions. After making
provision for Income-tax at Rs.1.983 millions compared to the previous year's
Rs.13.107 millions, the Net Profit After Tax at Rs.6.208 millions shows an
increase of 25.28% over that of the previous year at Rs.4.955 millions. The
current period provides details of 9 months from 1st April, 2010 to
31st December, 2010 pursuant to change in financial year from March
ending to December ending.
The declined in
the total income and increase in net profit during the period has been due to
very competitive market scenario in some of the key market areas. Further, the
contracts of the Company are priced on Cost-plus basis and cost efficiency
earned through various cost rationalization measures have reduced the base over
which price is determined. This has also benefited the Company in retaining its
customer base in a challenging global shipping industry. The Company has also
implemented various cost rationalization measures which yielded savings.
SUBSIDIARY:
This is the Third
year of operation of OMCI Marine Services Private Limited after it became the
Company's Wholly Owned Subsidiary.
HOLDING COMPANY:
The Company is a
100% subsidiary of OMI Holdings Limited, which is in turn subsidiary of TORM
A/S, a
FIXED ASSETS:
Tangible Assets:
v Office Premises
v Plant and Machinery
v Computers
v Office Equipment
v Furniture and Fixture
v Leasehold Improvements
Intangible Assets:
v Computer Software
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.50.90 |
|
|
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.