MIRA
INFORM REPORT
|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASP SHIP MANAGEMENT INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Atrium 215, A Wing, Unit 201-203, Andheri Kurla Road, Andheri (E),
Mumbai-400093, Maharashtra. |
|
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|
Country : |
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|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
23.05.2000 |
|
|
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|
Com. Reg. No.: |
11-126695 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.0.200 Million |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999MH2000PTC126695 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV07627E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCV3134C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Providing a complete range of integrated marine services. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 42000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track. There appears
slight dip in the sales turnover and profitability. However, trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Narayan Parab |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-66029000 |
|
Date : |
16.10.2012 |
LOCATIONS
|
Registered Office : |
Atrium 215, A Wing, Unit 201-203, Andheri Kurla Road, Andheri (E),
Mumbai-400093, Maharashtra, India. |
|
Tel. No.: |
91-22-66029015 / 66029000 / 67041240 / 41 / 42 |
|
Fax No.: |
91-22-66029049 |
|
E-Mail : |
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|
Website : |
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Overseas office : |
152 Beach Road, #05-01-04 Gateway East, Tel No.: +65 6576 5700 Fax No.: +65 6576 5702 E-mail Id : rwalker@aspships.com 2nd Floor, Tel No.: +63 2 524 0818 Fax No.: +63 2 524 7517 E-mail Id : manila@crewships.com |
DIRECTORS
As on 22.07.2011
|
Name : |
Mr. David John Borcoski |
|
Designation : |
Director |
|
Address : |
85A |
|
Date of Birth/Age : |
02.10.1963 |
|
Date of Appointment : |
06.05.2002 |
|
DIN No.: |
00055433 |
|
|
|
|
Name : |
Mr. Girish Jagadish Phadnis |
|
Designation : |
Managing Director |
|
Address : |
Flat No.107. 50A, Darpan Purandas Road, Kolkata – 700029, West Bengal,
India |
|
Date of Birth/Age : |
27.10.1958 |
|
Date of Appointment : |
24.02.2010 |
|
DIN No.: |
00210683 |
|
|
|
|
Name : |
Mr. Adrian John Whatley |
|
Designation : |
Additional Director |
|
Address : |
41, Wordsworth Street, St Kilda, Victoria 3182 |
|
Date of Birth/Age : |
20.12.1972 |
|
Date of Appointment : |
08.06.2011 |
|
DIN No.: |
02709849 |
|
|
|
|
Name : |
Mr. Robert Alexander Bird |
|
Designation : |
Additional director |
|
Address : |
24B, Alexander Road, Warrandyte, Victoria 3113, Melbourne |
|
Date of Birth/Age : |
04.03.1954 |
|
Date of Appointment : |
08.06.2011 |
|
DIN No.: |
03538361 |
KEY EXECUTIVES
|
Name : |
Mr. Narayan Parab |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
ASP Holdings Limited, British Virgin |
|
15000 |
|
ASP Holdings Limited and David John Borcoski |
|
5000 |
|
Total |
|
20000 |
As on 22.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing a complete range of integrated marine services. |
GENERAL INFORMATION
|
Bankers : |
Canara Bank,
Vartak Nagar Branch, Thane-400606, |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Joshi and Kulkarni Chartered Accountant |
|
Address : |
S.No.124/6-A, Dr. Srikar Rao Path, Girija Vishwanath Apartments,
Erandawane, Pune-411004, |
|
Tel. No.: |
91-20-25464901 / 25464913 |
|
Fax No.: |
91-20-25412018 |
|
E-Mail : |
|
|
Pan No.: |
AAAFJ9692D |
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|
|
|
Holding Company : |
ASP Holdings Limited, Australia |
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 |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200
Million |
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 |
0.200 |
0.200 |
0.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.404 |
13.197 |
12.370 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.604 |
13.397 |
12.570 |
|
|
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 |
0.104 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10.604 |
13.501 |
12.570 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.529 |
6.687 |
2.061 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.087 |
0.000 |
0.097 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
9.922
|
1.921 |
2.106 |
|
|
Cash & Bank Balances |
28.327
|
41.544 |
46.618 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
112.275
|
137.415 |
130.750 |
|
Total
Current Assets |
150.524
|
180.880 |
179.474 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.011 |
9.297 |
4.446 |
|
|
Other Current Liabilities |
137.525
|
164.769 |
155.904 |
|
|
Provisions |
0.000
|
0.000 |
8.712 |
|
Total
Current Liabilities |
145.536
|
174.066 |
169.062 |
|
|
Net Current Assets |
4.988
|
6.814 |
10.412 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10.604 |
13.501 |
12.570 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Management Fees |
|
76.418 |
65.252 |
|
|
|
Other Income |
|
0.432 |
5.846 |
|
|
|
TOTAL |
65.180 |
76.850 |
71.098 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Cost |
|
26.247 |
20.824 |
|
|
|
Employee Remuneration and benefits
|
|
25.654 |
23.981 |
|
|
|
Administrative and Other Expenses |
|
14.485 |
13.617 |
|
|
|
Prior Period Adjustment |
|
0.000 |
(4.127) |
|
|
|
TOTAL |
60.260 |
66.386 |
54.295 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.920 |
10.464 |
16.803 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.410 |
0.884 |
0.864 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.510 |
9.580 |
15.939 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.100 |
3.150 |
5.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.410 |
6.430 |
10.079 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.947 |
11.269 |
9.856 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.660 |
1.150 |
1.100 |
|
|
|
Dividend |
4.460 |
4.851 |
6.467 |
|
|
|
Tax on Dividend |
NA |
0.751 |
1.099 |
|
|
BALANCE CARRIED
TO THE B/S |
7.490 |
10.947 |
11.269 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
24.876 |
35.875 |
28.225 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
121.00 |
321.00 |
504.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.70 |
8.41 |
14.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
12.54 |
24.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.72 |
1.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
14.20 |
12.99 |
13.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.04 |
1.06 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITOR
DETAILS:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
8.011 |
9.297 |
4.446 |
|
Sr. No. |
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 involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
The registered office of the company has been shifted from 571, 7th
Floor, Building No.5, Solitaire Corporate Park, Andheri, Mumbai – 400 093,
Maharashtra, India to the present address w.e.f. 01.02.2010
FINANCIAL RESULTS:
The Company was taken over by ASP Holdings Limited, British Virgin Islands, during the year 2001 - 2002. Thereafter with effect from May 2002, the operations of Ship Management and Crew Management commenced. During the year ended on 31st March, 2011 the company has achieved a Gross Income of Rs.65.180 Millions from its operations and has made a Net Profit before Tax of Rs.3.510 Millions.
FIXED ASSETS:
- Computers
- Office
Equipment
- Motor Car
- Furniture and
Fittings
- Leasehold
Improvements
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 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.52.82 |
|
|
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.