|
Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SCORPIO MARINE MANAGEMENT ( |
|
|
|
|
Registered
Office : |
801 Alpha Main Street, Hiranandani Business Park, Powai, Mumbai –
400076, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.01.2009 |
|
|
|
|
Com. Reg. No.: |
11-189409 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.12.181 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63011MH2009PTC189409 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS62464D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAMCS6751R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Ship Management Services.
|
|
|
|
|
No. of Employees
: |
Not Divulged by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 84000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED BY
|
Name : |
Mr. Rahul |
|
Designation : |
Financial Manager |
|
Date : |
11.05.2012 |
LOCATIONS
|
Registered Office : |
801 Alpha Main Street, Hiranandani Business Park, Powai, Mumbai –
400076, Maharashtra, India |
|
Tel. No.: |
91-22-61504300 |
|
Fax No.: |
91-22-61504350 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Overseas Office: |
Located at ·
Monaco ·
New York ·
London ·
Singapore ·
Hamburg |
DIRECTORS
As on 19.09.2011
|
Name : |
Mr. Mukta Kumar |
|
Designation : |
Director |
|
Address : |
1003, Verona, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Appointment : |
06.01.2009 |
|
DIN No.: |
02427676 |
|
|
|
|
Name : |
Mr. Tarun Kumar |
|
Designation : |
Director |
|
Address : |
Flat No. 1003, Verona, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Appointment : |
06.1.2009 |
|
DIN No.: |
02427691 |
KEY EXECUTIVES
|
Name : |
Mr. Rahul |
|
Designation : |
Financial Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Inter and Occupation of the Allotee, Liberia |
|
972949 |
|
Tarun Kumar |
|
1 |
|
|
|
|
|
Total |
|
972950 |
Equity Share Break up (Percentage of Total Equity)
As on 19.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Ship Management Services.
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by Management |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rahul Gautam Divan and Associates Chartered Accountant |
|
Address : |
Midsnell, 134 Mittal Tower, C, Nariamn Pont, Mumbai- 400021, Maharashtra,
Inida |
|
PAN.: |
AADFR9025P |
|
|
|
|
Holding Company : |
·
Scorpio International
Corporation Limited, Liberia |
|
|
|
|
Group Company: |
·
Scorpio Commercial
Management S.A.M, Monaco ·
Scorpio Ship Management
S.A.M, Monaco ·
Scorpio Crewing Services
Pte. Limited, Singapore |
CAPITAL STRUCTURE
As on 19.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
972950 |
Equity Shares |
Rs.10/- each |
Rs. 9.730
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1218100 |
Equity Shares |
Rs.10/- each |
Rs.12.181
Millions |
|
|
|
|
|
Note: Of above 1,218,100 (Previous Years. 1,218,100)
equity shares are held by Scorpio International Corporation Limited., Liberia
and its nominees.
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 |
12.181 |
12.181 |
9.730 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.886 |
3.077 |
0.260 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
21.067 |
15.258 |
9.990 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.035 |
|
|
|
|
|
|
|
|
TOTAL |
21.067 |
15.258 |
10.025 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.359 |
8.057 |
0.521 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
4.429 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.761
|
3.833 |
0.000 |
|
|
Cash & Bank Balances |
10.981 |
2.373 |
4.670 |
|
|
Other Current Assets |
8.747 |
2.713 |
2.698 |
|
|
Loans & Advances |
8.760
|
2.490 |
0.796 |
|
Total
Current Assets |
29.249
|
11.409 |
8.164 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.016
|
0.532 |
0.604 |
|
|
Other Current Liabilities |
18.933
|
0.864 |
2.287 |
|
|
Provisions |
9.592
|
2.812 |
0.198 |
|
Total
Current Liabilities |
29.541
|
4.208 |
3.089 |
|
|
Net Current Assets |
(0.292)
|
7.201 |
5.075 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21.067 |
15.258 |
10.025 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
108.196 |
46.252 |
4.750 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
108.196 |
46.252 |
4.750 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative Expenses |
35.927 |
15.854 |
1.027 |
|
|
|
Personnel Expenses |
56.045 |
24.257 |
3.256 |
|
|
|
TOTAL (B) |
91.972 |
40.111 |
4.283 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.224 |
6.141 |
0.467 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.034 |
0.036 |
0.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.190 |
6.105 |
0.438 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.802 |
2.035 |
0.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.388 |
4.070 |
0.432 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.579 |
1.253 |
0.172 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.809 |
2.817 |
0.260 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.077 |
0.260 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8.886 |
3.077 |
0.260 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic Per Share |
4.77 |
2.31 |
0.27 |
|
|
|
Diluted Per Share |
4.77 |
2.39 |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.37
|
6.09 |
5.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.75
|
8.80 |
9.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.68
|
35.67 |
5.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.27 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.40
|
0.28 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
2.71 |
2.64 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Sundry Creditors for Expenses |
0.771 |
0.516 |
0.498 |
|
Sundry Creditors for Capital Expenses |
0.245
|
0.016 |
0.106 |
|
Total |
1.016
|
0.532 |
0.604 |
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
BUSINESS OPERATIONS
Subject is a wholly owned subsidiary company of Scorpio International Corporation Limited. Liberia.
Scorpio Marine Management, India through a service contract with Scorpio Commercial Management S.A.M, Monaco, currently provides services related to vessel operations, post fixture claims and agency management. Scorpio Commercial Management operates its managed ships by way of Pooling arrangements and Commercial Management contracts.
Scorpio Marine Management, India, through a service agreement with Scorpio Ship Management S.A.M. Monaco, provides Technical Management Services to ships that are under the Management of Scorpio Ship Management, Monaco.
Scorpio Marine Management, India, through a service agreement with Scorpio Crewing Services Pte Limited., recruits and places, duly certified seafarers on ships that are under the Management of Scorpio Crewing Services Pte Limited.
REVIEW OF OPERATION
The Company's Turnover for the year is Rs.108.196 Millions The directors have full confidence towards good progress in the coming years.
The company at present is focused on providing quality service to its subsidiary companies within the Scorpio group and at this moment it is not looking to engage with any other companies, outside the Scorpio Group.
CONTINGENT LIABILITY:
The Company has availed a bank guarantee for Rs. 1.000 Million (Previous Years Rs. 1.000 Million) from Axis Bank Limited. And pledged fixed deposit receipts of Rs. 1.000 Million (Previous Years Rs. 1.000 Million) against this bank guarantee.
FIXED ASSETS
·
Building (Lease hold)
·
Electrical Fittings
·
Books and Periodicals
(100%)
·
Furniture and Fixtures
·
Computer
·
Air Conditioner
·
UPS – Computer
·
Printer Other Than
Computer
·
Water Dispenser
·
Prox Reader (Access Card
Reader)
·
Projector
·
Vacuum Cleaner
·
Refrigerator
·
Telecommunication
Equipments
·
T.V Plasma / LCD
·
Camera
·
Coffee Machine
·
Cash Locker
·
Filing
·
Cabinet
·
Audio Equipment
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.