MIRA INFORM REPORT

 

 

Report Date :

06.08.2013

 

IDENTIFICATION DETAILS

 

Name :

THE GREAT EASTERN SHIPPING COMPANY LIMITED

 

 

Registered Office :

Ocean House, 134/A, Dr. Annie Besant, Worli, Mumbai – 400018, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

03.08.1948

 

 

Com. Reg. No.:

006472

 

 

Paid-up Capital :

Rs.1522.900 Millions

 

 

CIN No.:

[Company Identification No.]

L35110MH1948PLC006472

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMT10388A

MUMT09402B

MUMT09401A

MUMT00543E

 

 

PAN No.:

[Permanent Account No.]

AAACT1565C

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on Stock Exchange

 

 

Line of Business :

Engaged in Shipping Business.

 

 

No. of Employees :

Information denied by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (70)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 200000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having a good track record.

 

This company derives its strength through established experience of the company is shipping sector, experience and qualification of management comfortable liquidity position.

 

It is largest shipping company in India on tonnage basis financial position of the company appears to be strong.

 

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.

 

 

INDIAN ECONOMIC OVERVIEW

 

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Non Convertible Debenture

Rating Explanation

Highest degree of safety and lowest credit risk.

Date

05.10.2012

 

 

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 DECLINED

 

Management non co-operative [91-22-24922100]

 

 

LOCATIONS

 

Registered Office :

Ocean House, 134/A, Dr. Annie Besant, Worli, Mumbai – 400018, Maharashtra, India

Tel. No.:

91-22-66613000/24922100/2200

Fax No.:

91-22-24925900

E-Mail :

jayesh_trivedi@greatship.com

tanker@greatship.com

bc@greatship.com

snp@greatship.com

technical@greatship.com

purchase@greatship.com

fleet@greatship.com

hrd@greatship.com

corp_comm@greatship.com

dakshesh_vyas@greatship.com

Website :

http://www.greatship.com

 

 

The Great Eastern Institute of Maritime Studies :

54-56 Tungarli Village, Next to Perfect Engineering Works, Mumbai-Pune Express Highway, Lonavala – 410401, Maharashtra, India

Tel. No.:

91-2114-270166/67/68 / 22-66613239

 

 

Vasant J Sheth Memorial Foundation :

Energy House, 81, D. N. Road, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-66352283/84

Fax No.:

91-22-22672989

 

 

DIRECTORS

 

AS ON 31.03.2013

 

Name :

Mr. Kanaiyalal Maneklal Sheth

Designation :

Executive Chairman

 

 

Name :

Mr. Bharat Kanaiyalal Sheth

Designation :

Deputy Chairman and Managing Director

 

 

Name :

Mr. Ravi Kanaiyalal Sheth

Designation :

Executive Director

 

 

Name :

Mr. Asha Vasant Sheth

Designation :

Director

 

 

Name :

Mr. Cyrus Jamshed Guzder

Designation :

Director

 

 

Name :

Mr. Keki Minoo Mistry

Designation :

Director

 

 

Name :

Mr. Vineet Sohanlal Nayyar

Designation :

Director

Address :

5A, Old Friends Colony, Mathura Road, New Delhi – 110065, Delhi, India

 

 

Name :

Mr. Berjis Minoo Desai

Designation :

Director

 

 

Name :

Mr. Rajiv B. Lall

Designation :

Director

 

 

KEY EXECUTIVES

 

 

Name :

Mr. Jayesh M Trivedi

Designation :

Company Secretary

 

 

AUDIT COMMITTEE :

 

Name :

Mr. Keki Mistry, Chairman

Mr. Cyrus Guzder

Mr. Berjis Desai

 

 

SHAREHOLDER/INVESTORS’ GRIEVANCE COMMITTEE :

 

Name :

Cyrus Guzder, Chairman

Mr. Bharat K. Sheth

Ms. Asha V. Sheth

 

 

REMUNERATION COMMITTEE :

 

Name :

Mr. Cyrus Guzder CHAIRMAN

Mr. Berjis Desai

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.06.2013

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

41577656

27.35

http://www.bseindia.com/include/images/clear.gifBodies Corporate

3901512

2.57

http://www.bseindia.com/include/images/clear.gifSub Total

45479168

29.92

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

45479168

29.92

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

12541413

8.25

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

435381

0.29

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

10478

0.01

http://www.bseindia.com/include/images/clear.gifInsurance Companies

12487949

8.22

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

36734566

24.17

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1052

0.00

http://www.bseindia.com/include/images/clear.gifMultilateral & Bileteral Development Financial Institution

1052

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

62210839

40.93

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

7927029

5.22

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million

24640354

16.21

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 Million

10538733

6.93

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1197400

0.79

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1196116

0.79

http://www.bseindia.com/include/images/clear.gifForeign Nationals

60

0.00

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

1224

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

44303516

29.15

Total Public shareholding (B)

106514355

70.08

Total (A)+(B)

151993523

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

328561

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

328561

0.00

Total (A)+(B)+(C)

152322084

0.00

 

 

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”

 

Sl.
No.

Name of the Shareholder

Details of Shares held

 

 

No. of Shares held

As a % of
grand total
(A)+(B)+(C)

 

 

 

 

1

Bharat Kanaiyalal Sheth

1,58,37,490

10.40

2

Ravi Kanaiyalal Sheth

1,43,62,504

9.43

3

Laadki Trading and Investments Limited

31,24,981

2.05

4

Asha Vasant Sheth

21,24,081

1.39

5

Kanaiyalal Maneklal Sheth

20,58,133

1.35

6

Jyotsna Kanaiyalal Sheth

11,67,968

0.77

7

Sachin Mulji

11,60,659

0.76

8

Ketaki Vasant Sheth

9,89,980

0.65

9

Sangita Mulji

5,82,415

0.38

10

Gopali Mulji

4,50,000

0.30

11

Kabir Mulji

5,29,615

0.35

12

Rosaleen Mulji

4,32,000

0.28

13

Gopa Investments Company Private Limited

4,24,000

0.28

14

Purnima Sevantilal Sheth

3,23,526

0.21

15

Jyoti Bharat Sheth

1,37,796

0.09

16

Amita Ravi Sheth

1,83,808

0.12

17

Radhika Ghanshyam Sheth

2,28,203

0.15

18

Siddharth Ghanshyam Sheth

2,18,067

0.14

19

Ashadeep Investment Company Private Limited

2,03,444

0.13

20

Aarti Pankaj Pandey

2,64,488

0.17

21

Nisha Viraj Sheth

1,12,037

0.07

22

Nirja Bharat Sheth

1,05,317

0.07

23

Rahul Ravi Sheth

1,08,521

0.07

24

V J Share Trading and Investment Company Private Limited

1,00,832

0.07

25

Pradeep Shantaram Padgaokar

81,480

0.05

26

Anjali Ajay Nanavati

48,060

0.03

27

Arjun Ravi Sheth

50,040

0.03

28

Thakkar Trading Private Limited

44,655

0.03

29

Ghanshyam Sevantilal Sheth

10,468

0.01

30

Pankaj Ramsahai Pandey

11,000

0.01

31

A H Bhiwandiwalla Investments Private Limited

3,600

0.00

 

 

 

 

 

Total

4,54,79,168

29.86

 

 

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES

 

Sl.
No.

Name of the Shareholder

Details of Shares held

 

 

No. of Shares held

As a % of
grand total
(A)+(B)+(C)

 

 

 

 

1

Naland India Equity Fund Limited

10524139

6.91

2

Life Insurance Corporation of India

5972386

3.92

3

General Insurance Corporation of India

4651098

3.05

4

ICICI Prudential Life Insurance Company Limited

4554168

2.99

5

Fidelity Puritan Trust - Fidility Low - Priced Stock Fund

4360000

2.86

6

UTI Dividend Yield Fund

2826000

1.86

7

Franklin Templeton Investment Funds

3083700

2.02

8

First State Investments (Hong Kong) Limited A/c First State Asian Equity Plus Fund

2530571

1.66

9

ICICI Prudential Discovery Fund

2400000

1.58

10

ICICI Prudential Dynamic Plan

2441476

1.60

11

National Westminister Bank PLC as Depository of First State Asia Pacific Fund A Sub Fund of First State Investments ICVC

1555997

1.02

12

National Westminister Bank PLC as Depository of First State Indian Sub - Continent Fund A Sub Fund of First State Investments ICVC

1526971

1.00

 

 

 

 

 

Total

46426506

30.48

 

 

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY

 

Sl.
No.

Name of the Shareholder

Details of Shares held

 

 

No. of Shares held

As a % of
grand total
(A)+(B)+(C)

 

 

 

 

1

Naland India Equity Fund Limited

10524139

6.91

 

 

 

 

 

Total

10524139

6.91

 

 

BUSINESS DETAILS

 

Line of Business :

Engaged in Shipping Business.

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by the management.

 

 

Bankers :

Not Available

 

 

Facilities :

 

Secured Loan

Non Current Portion

Current Maturities

 

 

Rs. In Millions

 

 

As on 31.03.2013

 

As on 31.03.2012

 

As on 31.03.2013

 

As on 31.03.2012

 

LONG TERM BORROWINGS

 

 

 

 

Bonds/Debentures:

 

 

 

 

9.80% 2500 Redeemable Non-Convertible debentures of Rs.1000000 each redeemable on July 03, 2019

2500.000

2500.000

0.000

0.000

Term Loans from Banks

 

 

 

 

Foreign Currency Loans from Banks

15296.100

20038.400

5120.400

4127.100

TOTAL

17796.100

22538.400

5120.400

4127.100

 

 

 

 

 

Unsecured Loan

Non Current Portion

Current Maturities

 

 

Rs. In Millions

 

 

As on 31.03.2013

 

As on 31.03.2012

 

As on 31.03.2013

 

As on 31.03.2012

 

LONG TERM BORROWINGS

 

 

 

 

Bonds/Debentures:

 

 

 

 

Redeemable Non-Convertible Debentures of Rs. 1000000 each

 

 

 

 

(i) 9.70 % 1000 Debentures redeemable on January 18, 2023

1000.000

1000.000

0.000

0.000

(ii) 9.70 % 1000 Debentures redeemable on January 07, 2023

1000.000

1000.000

0.000

0.000

(iii) 9.70 % 500 Debentures redeemable on April 25, 2021

500.000

500.000

0.000

0.000

(iv) 9.70 % 1500 Debentures redeemable on April 15, 2021

1500.000

1500.000

0.000

0.000

(v) 9.70 % 1000 Debentures redeemable on February 02, 2021

1000.000

1000.000

0.000

0.000

(vi) 9.60 % 2000 Debentures redeemable on November 10, 2019

2000.000

2000.000

0.000

0.000

(vii) 9.75 % 2500 Debentures redeemable on August 20, 2019

2500.000

2500.000

0.000

0.000

(viii) 9.35 % 1000 Debentures redeemable on February 08, 2019

1000.000

1000.000

0.000

0.000

(ix) 9.40 % 1000 Debentures redeemable on January 06, 2019

1000.000

1000.000

0.000

0.000

(x) 9.19 % 1000 Debentures redeemable on December 24, 2018

1000.000

1000.000

0.000

0.000

(xi) 9.35 % 1000 Debentures redeemable on February 08, 2018

1000.000

1000.000

0.000

0.000

(xii) 9.40 % 1000 Debentures redeemable on January 06, 2018

1000.000

1000.000

0.000

0.000

Term Loans from Banks

 

 

 

 

Swap Adjustments

(686.500)

(1991.000)

(472.800)

(430.300)

TOTAL

13813.500

12509.000

(472.800)

(430.300)

 

NOTES:

 

(i) 9.80% 2500 Secured Redeemable Non-Convertible Debentures of Rs. 10,00,000 each, redeemable on July 03, 2019, are secured by exclusive charge on specified ships with 1.25 times cover on the book value of ships and additional security by way of mortgage on immovable property of the Company.

 

(ii) The Company maintains unencumbered assets (including cash and cash equivalents) of market value not less than outstanding face value amount of the Unsecured Debentures.

 

(iii) Foreign currency loans availed from banks carry interest rates of LIBOR plus 62 to 179 bps for USD loans and LIBOR plus 62 to 75 bps for JPY loans. Some loans are on fixed rates basis. The principal re-payments are due half yearly. These loans are secured by mortgage of specified ships and a financial covenant to maintain unencumbered assets.

 

(iv) The Company has swapped the loans taken in JPY currency into USD currency as a condition precedent to the loan agreements. Consequent thereto, the swap balances outstanding at the yearend are shown as an adjustment to the borrowings.

 

(v) The repayments are as under:

 

Particular

As on 31.03.2013

As on 31.03.2012

 

 

Rs. in Millions

 

PERIOD OF REPAYMENT

 

 

- between one to three years

8617.600

8664.600

- between three to five years

5830.900

5384.400

- over five years

17161.100

20998.400

TOTAL

31609.600

35047.400

 

(vi) The Company does not have any continuing default in repayment of loans and interest as at the reporting date.

 

 

 

 

Banking Relations :

--

 

 

Financial Institution :

IL and FS Trust Company Limited, IL and FS Financial Centre Plot No.22 G Block Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India

 

 

Auditors :

 

Name :

Kalyaniwalla and Mistry

Chartered Accountant

Address :

Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai-400001, Maharashtra, India

 

 

Subsidiaries :

·         The Great Eastern Shipping Company (London) Limited

·         The Greatship (Singapore) Pte. Limited

·         The Great Eastern Chartering L.L.C. (FZC)

 

Greatship (India) Limited and its subsidiaries:

- Greatship Global Holdings Limited, Mauritius

- Greatship Global Energy Services Pte. Limited, Singapore

- Greatship Global Offshore Services Pte. Limited, Singapore

- Greatship Subsea Solutions Singapore Pte. Limited, Singapore

- Greatship Subsea Solutions Australia Pty. Limited, Australia

- Greatship (UK) Limited, UK.

- Greatship Global Offshore Management Services Pte. Limited, Singapore

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

300000000

Equity Shares

Rs.10/- each

Rs.3000.000 Millions

200000000

Preferences Shares

Rs. 10/- each

Rs.2000.000 Millions

 

TOTAL

 

Rs.5000.000 Millions

 

Issued Capital :

No. of Shares

Type

Value

Amount

152708445

Equity Shares

Rs.10/- each

Rs.1527.100 Millions

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

152322084

Equity Shares

Rs.10/- each

Rs.1523.200 Millions

 

NOTES:

 

Reconciliation of the shares outstanding at the beginning and at the end of the financial year:

 

 

As on 31.03.2013

 

 

Nos.

Rs. in Millions

Subscribed and fully paid:

 

 

Balance as per the last financial statement

152289684

1522.900

Shares held in abeyance allotted during the period [see note (e) below]

32400

0.300

Closing balance

152322084

1523.200

 

(a)   Terms/Rights attached to Equity Shares:

 

The Company has only one class of equity shares having a face value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General meeting. Interim dividend is paid as recommended by the Board of Directors.

 

During the year ended March 31, 2013, the dividend per share (including interim dividend) recognized as distribution to equity shareholders was Rs. 7.50 (Previous Year Rs. 6.50 per share)

 

In the event of liquidation, the equity shareholders are eligible to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.

 

(b)   Details of Shareholders holding more than 5% equity shares in the Company:

 

 

As on 31.03.2013

 

 

Nos.

% Holding 

Equity Shares of Rs.10 each fully paid

 

 

Mr. Bharat Kanaiyalal Sheth

15837490

10.40%

Mr. Ravi Kanaiyalal Sheth

14362504

9.43%

Nalanda India Equity Fund Limited

10524139

6.91%

 

(c)      For the period of five years immediately preceding the date as at which the Balance Sheet is prepared:

 

(i)     No shares were allotted pursuant to contracts without payment being received in cash.

(ii)    No bonus shares have been issued.

(iii)  No shares have been bought back.

 

(d)     There are no securities convertible into equity/preference shares.

 

(e)     Under orders from the Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992, the allotment of 2,53,522 (Previous Year 2,85,922) rights equity shares of the Company have been kept in abeyance in accordance with section 206A of the Companies Act,1956 till such time as the title of the bonafide owner is certified by the concerned Stock Exchanges. During the year, the Company has allotted 32,400 shares out of these shares kept in abeyance. An additional 40,608 (Previous Year 40,608) shares have also been kept in abeyance for disputed cases in consultation with the Bombay Stock Exchange.

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1523.200

1522.900

1522.900

(b) Reserves & Surplus

48484.700

49782.200

53517.700

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

50007.900

51305.100

55040.600

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

31609.600

35047.400

31695.900

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

332.000

(d) long-term provisions

154.700

184.300

1674.500

Total Non-current Liabilities (3)

31764.300

35231.700

33702.400

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

1564.900

1125.500

923.300

(c) Other current liabilities

6124.300

5077.200

5240.000

(d) Short-term provisions

7991.800

6512.700

1176.500

Total Current Liabilities (4)

15681.000

12715.400

7339.800

 

 

 

 

TOTAL

97453.200

99252.200

96082.800

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

44893.000

47370.100

42586.600

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

195.100

2305.500

10595.100

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

17526.100

17160.200

16177.400

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d) Long-term Loan and Advances

98.200

170.000

88.000

(e) Other Non-current assets

0.000

0.000

165.100

Total Non-Current Assets

62712.400

67005.800

69612.200

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

19393.200

12477.900

0.000

(b) Inventories

739.700

705.000

570.600

(c) Trade receivables

1137.000

850.000

533.300

(d) Cash and cash equivalents

12604.500

16618.800

24875.300

(e) Short-term loans and advances

821.200

1397.500

427.400

(f) Other current assets

45.200

197.200

64.000

Total Current Assets

34740.800

32246.400

26470.600

 

 

 

 

TOTAL

97453.200

99252.200

96082.800

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

17351.900

17096.200

13818.400

 

 

Other Income

2986.000

3023.000

2802.200

 

 

TOTAL                                     (A)

20337.900

20119.200

16620.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Employee Benefit Expenses

1991.000

1974.700

2040.200

 

 

Other Expenses

11049.800

10331.900

6288.400

 

 

Reversal of Impairment

0.000

(209.800)

857.000

 

 

TOTAL                                     (B)

13040.800

12096.800

9185.600

 

 

 

 

 

Less

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

7297.100

8022.400

7435.000

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

2091.200

2797.800

1452.600

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

5205.900

5224.600

5982.400

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3633.300

3571.200

3030.300

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                (G)

1572.600

1653.400

2952.100

 

 

 

 

 

Less

TAX                                                                  (H)

110.000

220.000

287.500

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

1462.600

1433.400

2664.600

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

29226.200

29477.600

28867.300

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to Tonnage Tax Reserve

100.000

200.000

400.000

 

 

Transfer to General Reserve

150.000

145.000

270.000

 

 

Transfer to Debenture Redemption Reserve

150.000

200.000

0.000

 

 

Interim Dividend on Equity Shares

457.000

456.900

533.000

 

 

Proposed Dividend on Equity Shares

685.400

533.000

685.300

 

 

Dividend Distribution Tax

96.600

149.900

166.000

 

BALANCE CARRIED TO THE B/S

29049.800

29226.200

29477.600

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Freight and Charter Hire

7027.000

8347.600

NA

 

 

Profit on Sale of Ships

531.900

725.500

NA

 

 

Interest and Dividends

218.900

428.600

NA

 

 

Other Operating Income

26.400

43.100

NA

 

TOTAL EARNINGS

7804.200

9544.800

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

 

- Basic

9.60

9.41

17.50

 

- Diluted

9.58

9.39

17.46

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
7.19

7.12

16.03

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
9.06

9.67

21.36

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.97

2.07

4.25

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.03

0.03

0.05

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.63

0.68

0.57

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.22

2.54

3.61

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT:

 

Particulars

 

31.03.2013

[Rs. in millions]

31.03.2012

[Rs. in millions]

31.03.2011

[Rs. in millions]

 

 

 

 

Current Maturities of Long Term Debt

4647.600

3696.800

4462.300

 

 

 

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

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

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]

PAN of Proprietor/Partner/Director, if available

No

32]

Date of Birth of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10306207

18/05/2012 *

1,530,992,000.00

THE BANK OF NOVA SCOTIA ASIA LIMITED

ONE RAFFLES QUAY`, #20-01 NORTH TOWER, SINGAPORE,
- 048583, SINGAPORE

B39651922

2

10298568

08/07/2011

2,187,850,000.00

STANDARD CHARTERED BANK

5TH FLOOR, 1 BASINGHALL AVENUE, LONDON, - EC2V5D
D, UNITED KINGDOM

B17356577

3

10281977

28/03/2011

2,187,850,000.00

STANDARD CHARTERED BANK

5TH FLOOR,, 1 BASINGHALL AVENUE, LONDON, - EC2V5
DD, UNITED KINGDOM

B10737443

4

10182105

20/09/2011 *

2,500,000,000.00

IL & FS TRUST COMPANY LIMITED

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, MAHARASHTRA
, INDIA

B23016280

5

10160047

09/06/2009

1,685,970,000.00

KFW IPEX-BANK GMBH

PALMENGARTENSTRASSE 5-9,D60325, FRANKFURT AM MAI
N, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D603
25, GERMANY

A63213334

6

10151395

03/04/2009

1,923,975,000.00

SOCIETE GENERALE

17 COURS VALMY, 92800 PUTEAUX, FRANCE, - 92800,
FRANCE

A59483040

7

10131511

05/12/2008

3,743,000,000.00

KFW

PALMENGARTENSTRASSE 5-9, D60325,, FRANKFURT AM MA
IN, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D60
325, GERMANY

A51621852

8

10126384

03/11/2008

3,743,000,000.00

KFW

PALMENGARTENSTRASSE 5-9, D60325,, FRANKFURT AM MA
IN, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D60
325, GERMANY

A48925523

9

10071149

18/05/2012 *

1,556,100,000.00

THE BANK OF NOVA SCOTIA ASIA LIMITED

ONE RAFFLES QUAY, #20-01 NORTH TOWER, SINGAPORE,
- 048583, SINGAPORE

B39615869

10

10073063

18/03/2013 *

2,386,800,000.00

DNB ASIA LIMITED (FORMERLY KNOWN AS DNB NOR ASIA LIMITED)

8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SING
APORE

B70885140

 

* Date of charge modification

 

 

CORPORATE INFORMATION:

 

Subject is a public limited company registered in India under the provision of the Companies Act, 1913. Its shares are listed at Bombay Stock Exchange and National Stock Exchange in India and at the Luxembourg Stock Exchange. The Company is a major player in the Indian Shipping industry.

 

 

COMPANY PERFORMANCE:

 

In FY 12-13, the Company recorded total income of Rs. 20337.900 Millions (Previous year Rs. 20119.200 Millions) and earned a PBIDT of Rs. 7297.100 Millions (previous year Rs. 7812.600 Millions).

 

 

COMPANY PERFORMANCE:

 

The tanker business accounted for around 82% of the Company’s net revenues and 95% of the operating profits.

In FY 12-13, around 50% of the tanker earnings were derived from the period market. Crude tankers, inclusive of ‘spot’ and ‘period’, earned an average TCY of $17,700/day (previous year $19,000/day). Product carriers, inclusive of ‘spot’ and ‘period’, earned an average TCY of $15,000/day (previous year $15,300/day).

 

 

OUTLOOK FOR THE TANKER MARKET:

 

In view of the sluggish global macroeconomic environment, IEA has forecast oil demand growth of only 0.9% to 90.6 mn bpd. Muted demand from the EU countries and declining US oil imports are the key factors causing lower growth. With US turning out to be net exporter of distillates, the product tanker market has already started to witness a structural change in the trade pattern and the same impact is expected to continue going forward. Even though some positive signals like increase in scrapping activities are seen, excessive supply coupled with uncertain oil demand will keep the tanker markets volatile. The global tanker order book stands at about 53.9 mn dwt or 10.8% of the fleet at the end of March 2013.

 

 

DRY BULK BUSINESS:

 

 

MARKET TREND AND ANALYSIS:

 

Echoing the previous financial year, FY 12-13 also registered a steady supply of new vessels in the market which reflected in the subdued charter rates for dry bulk vessels. Although steady expansion in the demand was witnessed across all major commodities, excessive new fleet growth kept a lid on any potential improvement in the freight rates. Citing difficult operating environment, scrapping too picked up and a record 32.08 mn dwt got scrapped in FY 12-13. At the end of the FY 12-13, the world dry bulk fleet increased by 9.2% to 690.5 mn dwt as against 632.3 mn dwt at the end of FY 11-12.

 

 

COMPANY PERFORMANCE:

 

The dry bulk fleet contributed around 18% of the Company’s net revenues and 5% of the operating profits. In FY 12-13 the average TCY for dry bulk vessels, inclusive of ‘spot’ and ‘period’, was approximately $9,800/day as compared to $15,500/day in the previous year.

 

 

DRY BULK FLEET CHANGES:

 

As of 31st March 2013, the dry bulk fleet of your Company stood at 9 vessels aggregating 0.67 mn dwt, with an average age of 8.04 years as compared to 10 vessels aggregating 0.74 mn dwt with an average age of 7.9 years on 31st March 2012.

 

 

DURING THE YEAR, THE COMPANY SOLD AND DELIVERED:

 

Panamax bulk carrier ‘Jag Arnav’ in Mar-13 Subsequent to the year, the Company contracted to sell its 1997 built Handymax dry bulk carrier ‘Jay Ravi’. The vessel will be delivered to the buyers in Q1 FY 13-14.

 

 

OUTLOOK FOR THE DRY BULK MARKET:

 

Amidst the situation of new fleet overhang, the global commodity demand is expected to show some improvement in CY2013. Asian economies, largely China and India, will be the key for this commodity growth. However, any disruption in the demand from China can have a serious impact on the dry bulk trade. Going forward, slowing down of new deliveries in combination with world trade recovery should help in reducing the demand supply mismatch in this segment. The global dry bulk order book stands at about 127.3 mn dwt or 18.4% of the fleet at the end of March 2013.

 

 

SUBSIDIARIES

 

 

GREATSHIP (INDIA) LIMITED

 

Greatship (India) Limited (GIL) has successfully completed 7 years of operations. The Company, one of India’s largest offshore oilfield services provider, has recorded steady financial performance for this year, as in the last 6 years. GIL has recorded a profit after tax of Rs. 1663.300 Millions on a standalone basis and Rs. 4307.200 Millions on a consolidated basis for the year ended March 31, 2013 as compared to Rs. 901.900 Millions and Rs. 2202.300 Millions, respectively, for the year ended March 31, 2012. The consolidated net worth of GIL for financial year 2013 was Rs. 28896.300 Millions as compared to Rs. 24557.700 Millions for financial year 2012.

 

During the year, upon acquisition of shares of GIL from Mr. Ravi K. Sheth (jointly held with Mrs. Amita R. Sheth), GIL became a wholly owned subsidiary of your Company. Subsequent to the year, on April 2, 2013, GIL redeemed 1.45 crores Preference Shares with the dividend rate of 7.5% p.a. held by your Company at Rs. 40.90/- per share (including the redemption premium of Rs. 30.90 per share) in accordance with the terms of issue. As on date, the total share capital held by your Company in GIL comprises of 11.13 crores equity shares of Rs. 10 each totaling in value to Rs. 12980.900 Millions and Rs. 134.100 Millions preference shares of Rs. 10 each totaling in value to Rs. 4023.720 Millions. GIL, along with its subsidiaries, currently owns and operates twenty one vessels and three jack up drilling rigs. The operating fleet of twenty one vessels comprises of four Platform Supply Vessels (PSVs), nine Anchor Handling Tug cum Supply Vessels (AHTSVs), two Multipurpose Platform Supply and Support Vessels (MPSSVs) and six ROV (Remotely Operated Vehicle) Support Vessels (ROVSVs).

 

 

GIL has the following wholly owned subsidiaries:

 

a) Greatship Global Energy Services Pte. Limited, Singapore

 

b) Greatship Global Offshore Services Pte. Limited, Singapore

 

c) Greatship Global Holdings Limited, Mauritius

 

d) Greatship Subsea Solutions Singapore Pte. Limited, Singapore

 

e) Greatship Subsea Solutions Australia Pty Limited, Australia

 

f) Greatship (UK) Limited, United Kingdom

 

g) Greatship Global Offshore Management Services Pte. Limited, Singapore

 

 

Subsequent to the end of the year, Greatship Subsea Solutions Australia Pty Limited has made an application to Austrlian Securities and Investments Commission for voluntary deregistration of the company.

 

 

OTHERS SUBSIDIARIES:

 

APART FROM GIL AND ITS SUBSIDIARIES, YOUR COMPANY HAS THE FOLLOWING WHOLLY-OWNED SUBSIDIARIES:

 

a) The Great Eastern Shipping Co. London Limited

 

b) The Greatship (Singapore) Pte. Limited

 

c) The Great Eastern Chartering LLC (FZC)

 

d) The Great Eastern Chartering (Singapore) Pte. Limited (wholly owned subsidiary of The Great Eastern Chartering LLC (FZC) incorporated on April 17, 2013.)

 

 

AWARDS:

 

During the year 16 vessels of your Company were conferred award by United States Coast Guards in recognition of these vessels participation and contribution under their The Automated Mutual-Assistance Vessel Rescue System (AMVER). AMVER is a unique, computer-based, and voluntary global ship reporting system used worldwide by search and rescue authorities to arrange for assistance to persons in distress at sea. With AMVER, rescue coordinators can identify participating ships in the area of distress and divert the best-suited ship or ships to respond. AMVER’s mission is to quickly provide search and rescue authorities, on demand, accurate information on the positions and characteristics of vessels near a reported distress.

 

 

CONTINGENT LIABILITIES:

 

PARTICULARS

 

31.03.2013

[Rs. in millions]

31.03.2012

[Rs. in millions]

Claims against the Company, not acknowledged as debts:

 

 

(a) Sales Tax demands under BST Act, CST Act and VAT Act against which the Company has preferred appeals.

74.600

74.600

(b) Lease Tax liability in respect of a matter decided against the Company, against which the Company has filed a revision petition in the Madras High Court.

174.000

174.000

(c) Demand from the Office of the Collector and District Magistrate, Mumbai City and from Brihan Mumbai Mahanagar Palika towards transfer charges for transfer of premises not acknowledged by the Company.

43.400

43.400

(d) Demand for Custom Duty disputed by the Company [The Company has given bank guarantees amounting to Rs. 27.100 Millions (Previous Year Rs. ‘NIL’) against the said Custom Duty demand which are included under ‘Guarantees’ below]

65.000

5.700

(e) Demand for Service Tax disputed by the Company

47.500

47.500

(f) Demand for income tax for the Assessment Year 2008-09

119.800

0.000

Guarantees:

 

 

(a) Guarantees given by banks counter guaranteed by the Company.

32.400

6.000

(b) Guarantees by bank given on behalf of a subsidiary company.

0.000

21.600

(c) Guarantees given to banks on behalf of subsidiaries.

1088.000

1210.600

TOTAL

1644.700

1583.400

 

The Company has also provided performance guarantees in favour of parties which have contracted with its subsidiaries which would require it to assume the benefits and costs of these contracts in the event the subsidiaries are not able to fulfill the same, in which event, the Company does not expect any net liability or outflow of resources.

 

 

FIXED ASSETS:

 

  • Fleet
  • Plant and Machinery
  • Land
  • Ownership Flats and Building
  • Vehicles
  • Furniture, Fixtures and Office Equipments

 

PRESS RELEASE:

 

G E SHIPPING CONTRACTS TO BUILD 2 NEW BUILDING KAMSARMAX DRY BULK CARRIERS

 

25 JULY, 2013

 

The Great Eastern Shipping Company Limited (G E Shipping) has placed an order for 2 new building Kamsarmax dry bulk carriers with Tsuneishi Shipbuilding Company Limited, Japan. These vessels will be built at the yard’s facility in Philippines. The contracted ships, of about 81,600 dwt each, will be built according to the new eco design features which will result in greater fuel efficiency and be in compliance with Energy Efficiency Design Index requirements. Both the vessels are expected to join the Company’s fleet during H1FY16.

 

The Company’s current fleet stands at 28 vessels, comprising 20 tankers (8 crude carriers, 11 product tankers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.0 years aggregating 2.32 mn dwt.

 

G E SHIPPING CONTRACTS TO BUY A VERY LARGE GAS CARRIER

 

22 JULY, 2013

 

The Great Eastern Shipping Company Limited (G E Shipping) has signed contract to buy a Very Large Gas Carrier (VLGC) of about 49,300 dwt (73,800 cbm). The 1994 built vessel is expected to join the Company’s fleet during H1FY2015.

 

The Company’s current fleet stands at 28 vessels, comprising 20 tankers (8 crude carriers, 11 product carriers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.0 years aggregating 2.32 mn dwt.

 

“JAG LEELA” DELIVERED TO THE BUYERS

 

11 JULY, 2013

 

The Great Eastern Shipping Company Limited (G E Shipping) delivered its 1999 built Aframax crude carrier “Jag Leela” (about 105,000 dwt) to the buyers.

 

With the delivery of this vessel, the Company’s current fleet stands at 28 vessels, comprising 20 tankers (8 crude carriers, 11 product carriers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.0 years aggregating 2.32 mn dwt.

 

“JAG RAVI” DELIVERED TO THE BUYERS

 

6 JUNE, 2013

 

The Great Eastern Shipping Company Limited (G E Shipping) delivered its 1997 built Handymax dry bulk carrier “Jag Ravi” (about 45,300 dwt) to the buyers.

 

With the delivery of this vessel, the Company’s current fleet stands at 29 vessels, comprising 21 tankers (9 crude carriers, 11 product carriers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.2 years aggregating 2.43 mn dwt.

 

“JAG PREETI” DELIVERED TO THE BUYERS

 

4 JUNE, 2013

 

The Great Eastern Shipping Company Limited (G E Shipping) delivered its 1981 built General Purpose (GP) product carrier “Jag Preeti” (about 29,100 dwt) to the buyers.

 

With the delivery of this vessel, the Company’s current fleet stands at 30 vessels, comprising 21 tankers (9 crude carriers, 11 product carriers, 1 LPG carrier) and 9 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax, 1 Handymax) with an average age of 9.3 years aggregating 2.47 mn dwt.

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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.60.82

UK Pound

1

Rs.92.97

Euro

1

Rs.80.73

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

TPT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

70

 

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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.