|
Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRATIBHA SHIPPING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
1201/02, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.02.1995 |
|
|
|
|
Com. Reg. No.: |
11-085742 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.19.999 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35110MH1995PLC085742 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Service Provider of Cargo Shipping. |
|
|
|
|
No. of Employees
: |
Information denied by the management |
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 10200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. There
appears a dip in the turnover and profitability of the company which is due
to prevalent sluggish international and domestic freight market. However, networth of the company 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.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
This rating indicate that expectations of
default risk are currently low. The capacity for payment of financial commitments
is considered adequate. |
|
Date |
October 2011 – March 2012 |
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 DENIED
Management non Co-operative (91-22-22886002)
LOCATIONS
|
Registered Office : |
1201/02, Arcadia Building, 12th Floor, NCPA Road, Nariman
Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22886002 / 3 / 4 / 22822224 / 5 |
|
Fax No.: |
91-22-22886001 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 30.08.2011
|
Name : |
Mr. Sunil Anandrao Pawar |
|
Designation : |
Managing Director |
|
Address : |
501, Laxmi Gopal Co-operative Housing Society, Hatiskar Marg, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
28.05.1963 |
|
Qualification : |
Marine Engineer |
|
Date of Appointment : |
11.07.2007 |
|
PAN No.: |
AADPP7738D |
|
DIN No.: |
01195242 |
|
Profile : |
Mr. Sunil A Pawar is Director of the Company from incorporation of the Company i.e.20.02.1995. Mr. Sunil A Pawar was appointed as Chairman of the Company w.e.f.16.12.2002.Further, Mr. Sunil A Pawar was also appointed as Managing Director of the Company w.e.f.18.12.2002 by the members of Company at their Extra-ordinary General Meeting held on December 18, 2002 and subsequently he was re-appointed as Managing Director of the Company in the Annual General Meeting held on 24th August 2007 for a period of five years w.e.f. 11th July 2007. |
|
|
|
|
Name : |
Mr. Madan Anandrao Pawar |
|
Designation : |
Whole Time Director |
|
Address : |
At post Pawarwad, Phaltan, Satara - 415001, Maharashtra, India |
|
Date of Birth/Age : |
10.02.1957 |
|
Qualification : |
F.Y. BA |
|
Date of Appointment : |
21.11.2008 |
|
PAN No.: |
APNPP9535K |
|
DIN No.: |
02313436 |
|
|
|
|
Name : |
Mr. Nilkanth Balkrishna Vidwans |
|
Designation : |
Director |
|
Address : |
14, Marathi Asmita Co-operative Housing Society, 22 R.D.P I, Sector – II, Charkop, Kandivali West, Mumbai - 400067, Maharashtra, India |
|
Date of Birth/Age : |
12.01.1953 |
|
Qualification : |
B.Com. and LLB |
|
Date of Appointment : |
16.12.2002 |
|
PAN No.: |
AACPV7661A |
|
DIN No.: |
00181828 |
|
|
|
|
Name : |
Mr. Sachin Keshav Chavan |
|
Designation : |
Director |
|
Address : |
6, Kamala Niwas, Plot No.169B, Dr. Ambedkar Road, Dadar TT, Mumbai – 400014, Maharashtra, India |
|
Date of Birth/Age : |
31.07.1965 |
|
Qualification : |
CA |
|
Date of Appointment : |
16.12.2002 |
|
PAN No.: |
AACPC9617K |
|
DIN No.: |
00182226 |
|
|
|
|
Name : |
Mr. Suhas Anandrao Pawar |
|
Designation : |
Director |
|
Address : |
1194/24, Chintamani Apartments, Ghole Road, Shivajinagar, Pune - 411005, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1961 |
|
Qualification : |
HSC |
|
Date of Appointment : |
12.02.2009 |
|
PAN No.: |
ASOPP2999P |
|
DIN No.: |
02479867 |
|
|
|
|
Name : |
Mr. Suresh Anandrao Pawar |
|
Designation : |
Whole Time Director |
|
Address : |
1, Chintamani Apartments, Ghole Road, Shivajinagar, Pune - 411005, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1959 |
|
Qualification : |
B.Com. |
|
Date of Appointment : |
26.08.2010 |
|
PAN No.: |
AEDPP2194R |
|
DIN No.: |
01752226 |
KEY EXECUTIVES
|
Name : |
Mr. Vitthal Maruti Chavan |
|
Designation : |
Company Secretary |
|
Address : |
304, C Wing, Shivshakti Apartment, Above Sahakari Bhandar, Agar Bazar, Dadar (West) Mumbai - 400028, Maharashtra, India |
|
Date of Birth/Age : |
20.08.1984 |
|
Date of Appointment : |
16.07.2010 |
|
PAN No. : |
AHVPC3216G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Pratibha Madan Pawar |
|
1 |
|
Sunil Anandrao Pawar |
|
1099944 |
|
Suresh Anandrao Pawar |
|
499974 |
|
Madan Anandrao Pawar |
|
299984 |
|
Suhas Anandrao Pawar |
|
99995 |
|
Nilkanth Balkrishna Vidwans |
|
1 |
|
Sachin Keshav Chavan |
|
1 |
|
|
|
|
|
Total |
|
1999900 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.08.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Cargo Shipping. |
GENERAL INFORMATION
|
Customers : |
In the Indian Market ·
Indian
Oil Corporation ·
Bharat
Petroleum Corporation Limited ·
Hindustan
Petroleum Corporation Limited ·
Mangalore
Refinery and Petrochemicals Limited ·
Haldia
Petrochemicals Limited ·
Reliance
Industries Limited ·
ESSAR
Oil Limited In the World Market ·
VITOL
Energy ·
Iran
Petrochemical Commercial Company, ·
Winsway
International Petroleum and Chemicals Limited ·
Glencore
- Crude Oil and Oil Products ·
Abu
Dhabi National Oil Company ·
Chemoil ·
Hinchest
Energy Pte. Limited, ·
Galana
Petroleum ·
Shell
global ·
State
Trading Corporation – ·
Petrosummit ·
Mansel
Oil Limited, |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
Information denied by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Bank of India, Mid Corporate Branch, Bank of India Building, Mezzanine Floor, 70-80, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India ·
Corporation Bank, Overseas Branch, I Floor,
Earnest House, NCPA Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India
·
The Saraswat Co-operative Bank Limited, 1st
Floor, A Wing, Mittal Court, Mumbai – 400 021, Maharashtra, India ·
The Cosmos Co-Operative Bank Limited, Neelkanth
Society, 32/34, D L Vaidya Road, Dadar (West), Mumbai- 400028, Maharashtra,
India ·
State Bank of India ·
State Bank of Hyderabad ·
Axis Bank Limited, 209, Atlanta, Ground Floor,
Nariman Point,, Mumbai - 400021, Maharashtra, India ·
The Cosmos Co-Operative Bank Limited · Yes Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Note: (A) (Secured by mortgage of a specific ships and lien of Fixed Deposit) (B) Interest Accrued and due on term loans |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
L V Srinivasan and Associates Chartered Accountants |
|
Address : |
Building No. 38 Flat No. 106, Kripanilaya Co-Operative Society Limited, Tilak Nagar , Chembur, Mumbai – 400089, Maharashtra, India |
|
PAN No.: |
AAOPS6603F |
|
|
|
|
Fellow Subsidiary
Company : |
· Pratibha Logistics (S) Pte. Limited |
|
|
|
|
Subsidiary Company
: |
· Pratibha Marine Private Limited CIN No.: U35110MH1996PTC099344 · Pratibha Logistics Private Limited CIN No.: U63013MH2007PTC171848 · Pratibha Offshore Private Limited CIN No.: U61200MH2008PTC182874 · Pratibha Oil and Natural Gas Private Limited CIN No.: U11102MH2008PTC183901 · Chandrabhaga Sugar Private Limited CIN No.: U15425MH2008PTC183032 |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1999900 |
Equity Shares |
Rs.10/- each |
Rs.19.999 millions
|
|
|
|
|
|
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 |
19.999 |
19.999 |
19.999 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2550.542 |
2519.615 |
1969.493 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2570.541 |
2539.614 |
1989.492 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2627.658 |
2747.986 |
3071.910 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2627.658 |
2747.986 |
3071.910 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5198.199 |
5287.600 |
5061.402 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4652.366 |
4320.885 |
4677.300 |
|
|
Capital work-in-progress |
0.000 |
100.576 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
174.944 |
174.944 |
174.924 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
99.746
|
40.807
|
68.406 |
|
|
Sundry Debtors |
164.869
|
158.584
|
234.023 |
|
|
Cash & Bank Balances |
164.203
|
283.066
|
217.480 |
|
|
Other Current Assets |
7.298
|
6.564
|
11.716 |
|
|
Loans & Advances |
768.989
|
627.602
|
442.185 |
|
Total
Current Assets |
1205.105
|
1116.623
|
973.810 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
616.607
|
219.350
|
450.550 |
|
|
Other Current Liabilities |
192.349
|
193.229
|
305.080 |
|
|
Provisions |
25.260
|
12.849
|
9.002 |
|
Total
Current Liabilities |
834.216
|
425.428
|
764.632 |
|
|
Net Current Assets |
370.889
|
691.195
|
209.178 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5198.199 |
5287.600 |
5061.402 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
1911.077 |
|
|
|
Other Income |
|
|
26.304 |
|
|
|
TOTAL (A) |
|
|
1937.381 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
|
|
104.968 |
|
|
|
Manufacturing service costs |
|
|
611.479 |
|
|
|
Contract cost |
|
|
29.838 |
|
|
|
Employee related expenses |
|
|
298.803 |
|
|
|
Administrative selling other expenses |
|
|
90.676 |
|
|
|
TOTAL (B) |
|
|
1135.764 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
801.617 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
216.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
585.361 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
529.175 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
56.186 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
20.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
35.606 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFERRED TO
TONNAGE TAX RESERVE |
|
|
11.200 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
1636.700 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
3.500 |
|
|
|
Proposed Dividend |
|
|
4.000 |
|
|
|
Tax on Proposed Dividend |
|
|
0.700 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
1652.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
320.200 |
|
|
TOTAL EARNINGS |
|
|
320.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
17.80 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
|
2949.436 |
2829.876 |
|
|
|
Other Income |
|
50.836 |
21.988 |
|
|
|
Profit on |
|
0.000 |
0.000 |
|
|
|
TOTAL (A) |
|
3000.272 |
2851.864 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
|
1261.543 |
1173.905 |
|
|
|
Administrative and Other Expenses |
|
132.618 |
129.804 |
|
|
|
Drydock Expenses |
|
254.799 |
0.000 |
|
|
|
TOTAL
(B) |
|
1648.960 |
1303.709 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1351.312 |
1548.155 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST ON TERM
LOANS (D) |
|
278.645 |
308.605 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1072.667 |
1239.550 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
519.694 |
472.792 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
|
552.973 |
766.758 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
8.169 |
4.323 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
544.804 |
762.435 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENT |
|
9.998 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFERRED TO
TONNAGE TAX RESERVE |
|
110.594 |
153.351 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
1251.641 |
723.480 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
54.480 |
76.243 |
|
|
|
Proposed Dividend on Equity Shares |
|
4.000 |
4.000 |
|
|
|
Tax on Dividend |
|
0.680 |
0.680 |
|
|
BALANCE CARRIED
TO THE B/S |
|
1636.689 |
1251.641 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
723.500 |
750.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
272.42 |
381.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.84
|
18.16
|
26.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.94
|
18.75
|
27.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.96
|
10.17
|
13.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.22
|
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
1.25
|
1.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
2.62
|
1.27 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
Yes |
|
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 |
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE
The Registered Office of the company has been shifted from Nariman
Point, Mumbai – 400 021,
FINANCIAL
PERFORMANCE:
In the financial year ended March 31, 2011, the Company recorded a total income of Rs. 1937.300 Millions (Previous year Rs. 3000.200 Millions) and profit before tax of Rs. 56.100 Millions (Previous year Rs. 552.900 Millions). The profit after tax of the Company during the year was Rs. 35.600 Millions against Rs.5548 Millions for the previous year.
The prevalent sluggish international and domestic freight market has impacted the revenue and profitability of the Company. Further, due to drop in freight market internationally, local oil companies in comparison to same have sought considerable reduction on domestic/costal charter rates. The newly acquired vessel, MT Pratibha Bheema has undergone major repairs immediately after her acquisition; therefore MT Pratibha Bheema was not in operation in most part of the financial year 2010-11. The Directors believe that freight market will revive by end of this year and the Company will maintain the path of progress in the coming years.
INDUSTRY OUTLOOK
The shipping is a global industry and its prospects are closely tied to the level of economic activity in the world. The shipping market is cyclical in nature. Freight rates and earnings of the shipping companies are primarily a function of demand and supply in the markets. While demand drivers are a function of trade growth and geographical balance of trade, the supply drivers are a function of new ship building orders as well as scrapping of existing tonnage. Due to depressed market, the new delivery schedules of many vessels are delayed or cancelled. A little boost to the economy will push up demand for the tonnage and there will be recovery in the freight market. The Directors believe that freight market will revive by end of this year.
CONTINGENT
LIABILITIES
Guarantees given by Banks, counter guaranteed by the Company aggregating to Rs.1.254 Millions (Previous Year Rs. 1.212 Millions)
Guarantees of Rs. 990.000 Millions (Previous Year Rs. 790.000 Millions) given to Banks by the Company for securing loan availed by M/s. Pratibha Logistics Private Limited a wholly owned subsidiary of the Company.
Municipal Property Tax liability Rs. 12.148 Millions in respect of office premise as per the provisional invoices issued by the Society, however the matter is sub judice with Mumbai high court
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U35110MH1995PLC085742 |
|
Name of the
company |
PRATIBHA SHIPPING
COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
1201/02, Arcadia Building, 12th Floor, NCPA Road, Nariman
Point, Mumbai - 400021, Maharashtra, India E-mail: cs@pscl.org |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10351252 |
|
Type of charge |
Ship |
|
Particular of
charge holder |
Bank of India, Mid Corporate Branch, Bank of India Building, Mezzanine Floor, 70-80, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India |
|
Nature of
instrument creating charge |
Mortgage Deed
duly registered with MMD, Mumbai dated on 25.05.2012 |
|
Date of
instrument Creating the charge |
25.05.2012 |
|
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 4% over base rate
presently 14.75% p.a. with monthly rest Terms of
Repayment 54 monthly
installments of Rs.4.630 Millions commencing after initial moratorium of 6 months.
Door to door tenure will be 5 years. Interest to be paid/deposited as and
when applied. Margin 30.53% Extent and
Operation of the charge 1. First charge
on company's vessel MT Pratibha Neera 2. Second charge
on Company's vessel MT Pratibha Koyna 3. Second charge
on Company's vessel MT Pratibha Tapi |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
MT Pratibha Neera
bearing official no.3461, MT Pratibha Koyna bearing official no.3502 and MT
Pratibha Tapi bearing official no.3271 |
|
Particulars of
the present modification |
By this first
modification, the charge of Rs.250.000 Millions was further secured by
registration of first charge on vessel Pratibha Neera in favour of Bank of
India with the Mercantile Marine Department, Mumbai |
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.53.81 |
|
|
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
VRN |
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 |
6 |
|
--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 |
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.