MIRA
INFORM REPORT
|
Report Date : |
18.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
WILHELMSEN SHIP MANAGEMENT (INDIA) PRIVATE LIMITED (w.e.f. 30.01.2008) |
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Formerly Known
As : |
BARBER SHIP MANAGEMENT ( |
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Registered
Office : |
31/32, Apple Heitage, Plot No 54-C, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.08.1982 |
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Com. Reg. No.: |
11-027931 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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CIN No.: [Company Identification
No.] |
U35110MH1982PTC027931 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider for Ship Management. |
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No. of Employees
: |
196 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 190000 |
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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 a well 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
Management Non Co-operative
LOCATIONS
|
Registered Office : |
31/32, Apple Heitageplot No 54-C, |
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Tel. No.: |
91-22-30882750 |
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Fax No.: |
91-22-26870977 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Branches : |
Located
At: ·
Chennai ·
Kochi ·
Kolkata ·
New Delhi |
DIRECTORS
As on 02.09.2011
|
Name : |
Ms. Mee Yin Soong |
|
Designation : |
Director |
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Address : |
Flat No. 8C-2-2, Enau Court, Loreng Enau, Kuala Lumpur 55100, Malaysia
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Date of Birth/Age : |
14.04.1999 |
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Date of Appointment : |
20.08.1966 |
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Din No.: |
00966518 |
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Name : |
Mr. Jaime Anslem Pereira |
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Designation : |
Director |
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Address : |
53, Cris Adel, C.S.M. Road, Vakola Bridge, Santacruz (East),
Mumbai-400055, Maharashtra, India |
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Date of Birth/Age : |
01.02.2007 |
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Date of Appointment : |
03.07.1965 |
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Din No.: |
01251292 |
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Name : |
Mr. Yashoverman Navin Sharma |
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Designation : |
Whole Time Director |
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Address : |
101, Ashok B, Panch Marg, Versova, Mumbai-400061, Maharashtra, India |
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Date of Birth/Age : |
24.04.2009 |
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Date of Appointment : |
07.12.1953 |
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Din No.: |
02624788 |
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Name : |
Mr. Carl Christian Schou |
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Designation : |
Additional Director |
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Address : |
Sutera Bukit Tunku, Unit No. A, 2-2, No. 20A, Jalan Tun Ismail, Bukit
Tunku, Kuala Lumpur-50480, Malaysia |
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Date of Birth/Age : |
20.06.2011 |
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Date of Appointment : |
16.01.1958 |
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Din No.: |
03552102 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.09.2011
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Names of Shareholders |
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No. of Shares |
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Wilhelmsen Ship Management Holding Limited (HK), Central Hong Kong |
|
49999 |
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Wilhelmsen Ship Management
Limited (HK), Central Hong Kong |
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1 |
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Total |
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50000 |
As on 02.09.2011
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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 : |
Service Provider for Ship Management. |
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Product: |
·
Manning Services ·
Trainings ·
Sourcing |
GENERAL INFORMATION
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No. of Employees : |
196 [Approximately] |
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Bankers : |
Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution: |
Housing Development Finance Corporation Limited, Ramon House, 169,
Backbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai-400028,
Maharashtra, India |
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Pan No.: |
AADFP9359C |
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Holding Company : |
Wilhelmsen Ship Management Holding Limited HK |
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 |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
47.684 |
49.533 |
32.031 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
48.184 |
50.033 |
32.531 |
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LOAN FUNDS |
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1] Secured Loans |
0.903 |
1.953 |
4.278 |
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2] Unsecured Loans |
88.709 |
91.870 |
106.546 |
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TOTAL BORROWING |
89.612 |
93.823 |
110.824 |
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DEFERRED TAX LIABILITIES |
5.211 |
4.922 |
4.856 |
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TOTAL |
143.007 |
148.778 |
148.211 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
108.035 |
116.514 |
125.681 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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
|
0.266
|
0.591
|
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Sundry Debtors |
13.918
|
12.112
|
7.012
|
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Cash & Bank Balances |
22.607
|
8.701
|
9.936
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
53.920
|
52.925
|
62.306
|
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Total
Current Assets |
90.445
|
74.004
|
79.845
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
8.017
|
13.576
|
22.271
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Other Current Liabilities |
13.923
|
13.780
|
23.637
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Provisions |
33.533
|
14.384
|
11.407
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Total
Current Liabilities |
55.473
|
41.740
|
57.315
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Net Current Assets |
34.972
|
32.264 |
22.530 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
143.007 |
148.778 |
148.211 |
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PROFIT & LOSS
ACCOUNT
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|
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 |
171.310 |
166.841 |
172.097 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
132.831 |
133.194 |
176.666 |
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Advertising Expenses |
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TOTAL |
132.831 |
133.194 |
176.666 |
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PROFIT / (LOSS)
BEFORE TAX |
38.479 |
33.647 |
(4.569) |
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Less |
TAX |
12.889 |
7.866 |
2.532 |
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PROFIT / (LOSS)
AFTER TAX |
25.590 |
25.781 |
(7.101) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.219 |
0.295 |
7.396 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
2.559 |
2.578 |
0.000 |
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Proposed Final Dividend |
23.608 |
7.100 |
0.000 |
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Tax on Proposed Final Dividend |
3.830 |
1.179 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
10.812 |
15.219 |
0.295 |
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Earnings /
(Loss) Per Share (Rs.) |
511.80 |
515.62 |
(142.00) |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.94
|
15.45 |
(4.13) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.39
|
17.66 |
(2.22) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.80
|
0.67 |
(0.14) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.01
|
2.71 |
5.17 |
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Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.77 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
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|
Micro and small
enterprises |
- |
- |
- |
|
-Other |
8.017
|
13.576
|
22.271
|
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
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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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U35110MH1982PTC027931 |
|
Name of the
company |
BARBER SHIP MANAGEMENT ( |
|
Address of the
registered office or of the principal place of business in |
31/32, Apple Heitageplot No 54-C, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Housing Development Finance Corporation Limited Ramon House, 169 Backbay Reclamation, H T Parekh Marg, Mumbai –
400020, |
|
Nature of description
of the instrument creating or modifying the charge |
Memorandum of
entry |
|
Date of
instrument Creating the charge |
22.06.2007 |
|
Amount secured by
the charge |
Rs. 6.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest ROI on the loan
is equipment to HDFC CPLR + 100 basis point. The said rate of interest is
payable monthly. Terms of
Repayment The loan is
payable in EMIs is due and payavke ib 31.07.2007. The tenure of loan is 24
months commencing form 01.07.2007 Extent and
Operation of the charge The charge
operates a security for the loan granted by HDFC to the company. |
|
Short particulars
of the property charged |
Non-residential
Premises bearing Unit No. 101 on the first floor admeasuring appx. 4000 sq.
ft. or thereabouts in the building known as Sigma situated at |
FIXED ASSETS:
- Computer
Software
- Office Premises
- Leasehold
Improvements
- Office
Equipments
- Computers
- Furniture and
Fixture
- Vehicles
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.54.87 |
|
|
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
no |
|
--LISTED |
YES/NO |
no |
|
--OTHER MERIT FACTORS |
YES/NO |
yes |
|
TOTAL |
|
49 |
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.