MIRA
INFORM REPORT
|
Report Date : |
11.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
VINAYAK MARINE SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 11, Andheri CHS., V. P. Road, Andheri (West), Mumbai-400058,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation
: |
26.07.2006 |
|
|
|
|
Com. Reg. No.: |
11-163305 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.100 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63032MH2006PTC163305 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing shipping related services. |
|
|
|
|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 23000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The
management has failed to file its financials i.e. 2009-2010, 2010-2011 and 2011-2012
with the government department. Mr. Mahesh Operation Manager provided with us
all the information but the financials are not verified. However, trade
relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealing with some cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 PARTED BY
|
Name : |
Mr. Mahesh |
|
Designation : |
Operation Manager |
|
Contact No.: |
91-9869138329 |
|
Date : |
08.02.2013 |
LOCATIONS
|
Registered Office : |
Plot No. 11, Andheri CHS., V. P. Road, Andheri (West), Mumbai-400058,
Maharashtra, India |
|
Tel. No.: |
91-22-28504831 / 23731871 |
|
Mobile No.: |
91-9869138329 (Mr. Mahesh) |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Ravi Hansraj Kapoor |
|
Designation : |
Director |
|
Address : |
A-403, Jiten Co-operative Housing Society,
95A, Jayprakash Road, Andheri (West), Mumbai-400058, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1976 |
|
Date of Appointment : |
26.07.2006 |
|
DIN No.: |
02280464 |
|
|
|
|
Name : |
Mr. Shakti Hansraj Kapoor |
|
Designation : |
Director |
|
Address : |
PLOT-11, andheri Co-operative Housing Society,
V. P. Road, Andheri (West), Mumbai-400058, Maharashtra, India |
|
Date of Birth/Age : |
10.12.1983 |
|
Date of Appointment : |
26.07.2006 |
|
DIN No.: |
02716217 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh |
|
Designation : |
Operation Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Ravi Hansraj Kapoor |
|
5000 |
|
Shakti Hansraj Kapoor |
|
5000 |
|
Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2009
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing shipping related services. |
|
|
|
|
Terms : |
|
|
Selling : |
Depend on client |
|
|
|
|
Purchasing : |
Depend on client |
GENERAL INFORMATION
|
Customers : |
Others (Corporate) |
|
|
|
|
No. of Employees : |
30 (Approximately) |
|
|
|
|
Bankers : |
·
Union Bank of India, Sion Branch, Sunita
Apartments, 169/B, Sion (East), Mumbai - 400022, Maharashtra, India Tel. No.: 91-22-24072746 / 24074348 / 24091832 |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sandeep Jalan and Associates Chartered Accountants |
|
Address : |
301, Salasar Avenue, Near Nagar Bhavan, Phatak Road, Bhayander (West),
Mumbai- 401101, Maharashtra, India |
|
PAN No.: |
ADFPJ7984C |
CAPITAL STRUCTURE
As on 31.03.2009
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 |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.669 |
1.805 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.024) |
|
|
NETWORTH |
5.769 |
1.905 |
0.076 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3.170 |
6.358 |
0.030 |
|
|
TOTAL BORROWING |
3.170 |
6.358 |
0.030 |
|
|
DEFERRED TAX LIABILITIES |
0.172 |
0.035 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9.111 |
8.298 |
0.106 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.798 |
9.087 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
3.474
|
1.568 |
0.000 |
|
|
Cash & Bank Balances |
3.455
|
1.057 |
0.100 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.871
|
2.360 |
0.000 |
|
Total
Current Assets |
9.800
|
4.985 |
0.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.934
|
5.119 |
0.030 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
2.571
|
0.682 |
0.000 |
|
Total
Current Liabilities |
8.505
|
5.801 |
0.030 |
|
|
Net Current Assets |
1.295
|
(0.815) |
0.070 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.018 |
0.027 |
0.036 |
|
|
|
|
|
|
|
|
TOTAL |
9.111 |
8.298 |
0.106 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
17.166 |
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
17.166 |
10.972 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
0.024 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
11.276 |
8.426 |
0.024 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
5.890 |
2.546 |
(0.024) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.027 |
0.717 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
3.863 |
1.829 |
(0.024) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
386.30 |
182.90 |
(2.40) |
|
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
40.000 |
30.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs. 60.000 millions
The above information has been parted by Mr. Mahesh (Operation Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
22.50
|
16.67 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.47
|
18.09 |
24.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.02
|
1.34 |
(0.32) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.55
|
3.34 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
0.86 |
3.33 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
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 |
Yes / No |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2009 (Rs.
in Millions) |
31.03.2008 (Rs.
In Millions) |
|
From directors |
0.840 |
1.380 |
|
From shareholders |
2.330 |
4.978 |
|
Total |
3.170 |
6.358
|
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U63032MH2006PTC163305 |
|
Name of the
company |
VINAYAK MARINE
SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 11, Andheri CHS., V. P. Road, Andheri (West), Mumbai-400058,
Maharashtra, India Email: anil_raichura@yahoo.co.in
|
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Union Bank of
India, Sion Branch, Sunita Apartments, 169/B, Sion (East), Mumbai - 400022,
Maharashtra, India Email: cbssion@unionbankofindia.com
|
|
Nature of
instrument creating charge |
Term Loan
Agreement (Hypothecation of
Movables) |
|
Date of
instrument Creating the charge |
01.06.2010 |
|
Amount secured by
the charge |
Rs. 30.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 12.50% per annum
with monthly rests or at such other rate/s as may be prescribed by the Bank
from time to time depending on the changes in PTLR of the Bank or on directives
of RBI Terms of
Repayment Term Loan of
Rs.30.000 millions shall be repayable in 48 monthly installments of Rs. 0.625
millions Margin Extent and
Operation of the charge As per sanction
terms Others To secure Term Loan
facility of Rs.30.000 millions granted by the Bank to the Company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The Borrower
hereby Hypothecates and Charges to the Bank: A) All those
Machinery/Plant/Vehicles/Capital Goods/Assets purchased or to be purchased
out of thid loan viz. 1. Meenakshi O No.3375 AUSM Twin Screw Motor Ship and
2. New Ship VMS 3 whether installed or not and whether lying loose or in
cases and now being or at any time hereafter during the continuance of this
Agreement brought into or upon or at any time in course of transit to the
premises/factory of the Borrower at Mumbai/VMS 3 wherever in the possession
or occupation of the Borrower All the Tangible
Movable Machinery and Plant of the Borrower together with spares,tools and
accessories and other movables both present and future whether lying loose or
in cases which are now lying or stored in or about or shall be brought into
or be stored or be in or upon or about the Borrower's premises and godowns or
wherever else the same may be or be held by any party to the order or
disposition of the Borrower relating to or pertaining to the Borrower's works
at Mumbai or any where it is held |
FIXED ASSETS
·
Furnitures And Fixtures
·
Utility Boat
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 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.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.