MIRA
INFORM REPORT
|
Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SIVA BULK LIMITED |
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Formerly Known
As : |
CROSSBRIDGE SHIPPING SINGAPORE LIMITED AIWO LIMITED |
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Mumbai Corporate
Office : |
Dr. Annie Basanth Road, Decchand House 5F, Sue Sagar Estate Worli
Mumbai Maharashtra |
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Country : |
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Year of
Establishment : |
2009 |
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Com. Reg. No.: |
200312317M |
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Capital Investment
/ Paid-up Capital : |
Not Divulged |
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Legal Form : |
Foreign Registry Company. |
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Line of Business
: |
Providing Freight Services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Not Registered in India |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Mr. Shailesh (7738897315), Chartering Executive has confirmed the subject
is not registered in India. It is registered in Singapore. He confirmed that the company has a corporate office in India and it
is engaged in the business of providing Shipping Services. He denied further
details. As per indirect source we found that the company was established in
early 2009 and it operates from Mumbai and Singapore. Payment terms are unknown. The company can be considered for business dealings on a sage and
secured 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Shailesh |
|
Designation : |
Chartering Executive |
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Contact No.: |
91-7738897315 |
|
Date : |
02.07.2013 |
LOCATIONS
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Registered Office : |
91-8 Temasek Boulevard, # 22-02 Suntec Tower Three,
Singapore – 038988 |
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Tel. No.: |
+65 6835 9008 |
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Fax No.: |
+65 6835 9558 |
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Website : |
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Mumbai Corporate
Office : |
91-Devchand House – 5th Floor, Opposite Nehru Centre, Shivsagar Estate,
Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-67663300 |
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Fax No.: |
91-22-67663310 |
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Overseas Office : |
Dubai Office P. O. Box 293600, 3rd Floor, No. 316, 4EA DAFZA, Dubai Tel: +91 22 6766 3334 Oslo office Stortingsgaten 2, N-0158 Oslo, Norway Tel: +47 2203 0000 Fax: +47 2203 0010 Houston Office 2551 South Shore Blvd. Suite A, League City, Texas 77573 Tel: +281-538-3250 Fax: +281-538-3621 |
MANAGEMENT
|
Name : |
Sanjeev Buckshee |
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Designation : |
Chief Operating Officer |
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Tel No.: |
91-22-6766 3334 |
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Mobile No.: |
91-9820517573 |
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Email : |
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COMMERCIAL |
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|
Name : |
Suyash Lalwani |
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Designation : |
Senior Chartering Manager, SIVA Bulk |
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Tel No.: |
91 22 6766 3312 |
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Mobile No.: |
91 90046 88407 |
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Email : |
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Name : |
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Designation : |
Senior Chartering Manager, SIVA Bulk |
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Tel No.: |
91 44 2830 8381 |
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Mobile No.: |
91 98402 58090 |
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Email : |
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Name : |
Manoj S |
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Designation : |
Senior Chartering, SIVA Bulk |
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Tel No.: |
91 22 6766 3344 |
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Mobile No.: |
91 90043 90430 |
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Email : |
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Name : |
Hemant Kumar Tiwari |
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Designation : |
Senior Chartering Manager, SIVA Bulk |
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Tel No.: |
91 22 6766 3320 |
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Mobile No.: |
91 77380 14410 |
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Email : |
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Name : |
Sanjoy Banerjee |
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Designation : |
Assistant Chartering Manager, SIVA Bulk |
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Tel No.: |
91 22 6766 3311 |
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Email : |
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Name : |
Sachin Pawar |
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Designation : |
Senior Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3342 |
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Mobile No.: |
91 77380 64481 |
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Email : |
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Name : |
Satheesh J. |
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Designation : |
Senior Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3315 |
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Mobile No.: |
91 77380 05370 |
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Email : |
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Name : |
Shailesh Dewan |
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Designation : |
Chartering Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3342 |
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Mobile No.: |
91 77388 97315 |
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Email : |
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LEGAL AND CLAIMS
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Name : |
Rajiv Bhatia |
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Designation : |
Lawyer, Legal and Claims, SIVA Bulk |
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Tel No.: |
91 22 6766 3325 |
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Mobile No.: |
91 77380 64500 |
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Email : |
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OPERATIONS
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Name : |
Chivukula Muralikrishna |
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Designation : |
Vice President, SIVA Bulk |
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Tel No.: |
91 22 6766 3323 |
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Mobile No.: |
91 99875 25766 |
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Email : |
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Name : |
Devendra Pathak |
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Designation : |
Assistant Manager, SIVA Bulk |
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Tel No.: |
91 22 6766 3317 |
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Mobile No.: |
91 90046 88307 |
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Email : |
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Name : |
Divya Peri |
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Designation : |
Senior Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3344 |
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Mobile No.: |
91 77380 28654 |
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Email : |
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Name : |
Vikram Kakkar |
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Designation : |
Senior Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3318 |
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Mobile No.: |
91 77386 15343 |
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Email : |
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Name : |
Sharatchandra Nambiar |
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Designation : |
Senior Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3313 |
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Mobile No.: |
91 77389 59949 |
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Email : |
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Name : |
Ranjeeth Subramaniam |
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Designation : |
Senior Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3343 |
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Mobile No.: |
91 99873 56789 |
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Email : |
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Name : |
Merylanne Alvares |
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Designation : |
Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3345 |
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Mobile No.: |
91 77388 97316 |
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Email : |
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Name : |
Sridhar Krishnan |
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Designation : |
Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3345 |
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Mobile No.: |
91 90044 25570 |
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Email : |
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FINANCE
AND ACCOUNTING |
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|
Name : |
Shekhar Shetty |
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Designation : |
Deputy Manager, SIVA Bulk |
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Tel No.: |
91 22 6766 3353 |
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Mobile No.: |
91 77380 09428 |
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Email : |
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Name : |
Shwetank Mishra |
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Designation : |
Senior Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3339 |
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Mobile No.: |
91 77380 64486 |
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Email : |
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Name : |
Ganesh Patil |
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Designation : |
Senior Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3319 |
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Mobile No.: |
91 77388 97320 |
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Email : |
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|
Name : |
Ankit Joshi |
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Designation : |
Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3355 |
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Mobile No.: |
91 77380 64489 |
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Email : |
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Name : |
Mohit Mehta |
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Designation : |
Executive, SIVA Bulk |
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Tel No.: |
91 22 6766 3355 |
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Mobile No.: |
91 77386 74722 |
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Email : |
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MAJOR SHAREHOLDERS/ SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Providing Freight Services. |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
Not Divulged |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
Not Divulged |
CAPITAL STRUCTURE
Authorised Capital : Not
Divulged
Issued, Subscribed & Paid-up Capital : Not Divulged
FINANCIAL DATA
[all figures are
in Rupees Millions]
NOT DIVULGED
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
No |
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8] |
No. of employees |
No |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact person |
Yes |
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11] |
Turnover of firm for last three years |
No |
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12] |
Profitability for last three years |
No |
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13] |
Reasons for variation <> 20% |
----- |
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14] |
Estimation for coming financial year |
No |
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15] |
Capital in the business |
No |
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16] |
Details of sister concerns |
No |
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17] |
Major suppliers |
No |
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18] |
Major customers |
No |
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19] |
Payments terms |
No |
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20] |
Export / Import details (if applicable) |
No |
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21] |
Market information |
----- |
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22] |
Litigations that the firm / promoter
involved in |
----- |
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23] |
Banking Details |
No |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking account |
----- |
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26] |
Buyer visit details |
----- |
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27] |
Financials, if provided |
No |
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28] |
Incorporation details, if applicable |
Yes |
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29] |
Last accounts filed at ROC |
No |
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30] |
Major Shareholders, if available |
No |
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31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
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32] |
PAN of Proprietor/Partner/Director, if
available |
No |
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33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
WEBSITE DETAILS
SIVA BULK
”The gateway to India”
Subject was established in early 2009 and has quickly become a respected freight provider in the dry bulk commodities sector. The company operates out of offices in Mumbai and Singapore and the main activity is India focused freight services, solving challenges and trading in India is their day to day job. Apart from being India driven the dry bulk portfolio is also focused on other main commodities both in Asia Pacific and the Atlantic basin.
Today, SIVA Bulk is ranked as the fourth largest carrier of coal into India carrying about 7.5 million tons of cargo. In 2011 SIVA Bulk also carried about 7.5 % of the Chinese FOB grain imports. In 2012 SIVA Bulk’s combined forward book is in excess of 5 million tons of cargo. SIVA Bulk is a major carrier for reputed charterers like Marubeni, CHS, Tai Power, Noble, San Miguel, NYK, JSW and Maeshwari Bros.
The SIVA Bulk Senior management team of all offices with a diversified company background are able to provide customized and creative freight solutions and services to any client or joint venture partner with a view to access India business. The forward SIVA Bulk cargo book in excess of 5 million ton, as well the Senior management background and global reach, makes it possible to offer commercial management services, fleet management, Pool service with then already established forward cover.
COMPANY INFORMATION
SIVA entered the shipping business in 2008, through the acquisition of JB Ugland Shipping an Oslo based shipping company;
2008, Offshore operation was established when 2 x PSVs were ordered.
2009, Bulk operation “Crossbridge” was established, now renamed SIVA Bulk, with a vision to be the gateway to India on any import/export business.
2010 SIVA Shipping acquired a 22.75% stake in Nordic Tankers AS, a Copenhagen listed chemical and product Tanker Company.
2011 Joint “Nordic SIVA Pool” was established for the 19.800 tdw chemical tankers.
SIVA Shipping with head quarter in Singapore, are today involved in 5 business segments in Worldwide operation,
SIVA Bulk (employs at any given time around 30 vessels for spot and short term TC),
SIVA Chemical (11 x 19-33.000 tdw stainless steel vessels on mainly long term TC in and ownership),
SIVA Offshore (2 x AHTS and part ownership of a USD 200 mill derrick pipe-laying barge),
SIVA Tankers (participate in TC and ownership of 7 vessels (MR, LR1 and Afraxmax Tankers)
SIVA Gas (2 x 7,200 + 3 x 10.000 cbm on long term TC and BB).
SIVA Shipping operates out of own offices in Singapore, Mumbai, Dubai, Oslo and Houston, and employs a land based staff of approximately 50 employees worldwide. SIVA Shipping Senior Management have held management positions with Western Bulk, Noble, JO Tankers, Norsk Hydro, IMC, amongst others.
SIVA Shipping has formed JVs and contracts with leading industry players like Marubeni, Bocimar, Marinvest, Unigas, Swiber, Nordic Tankers and enjoys a close relationship with trading houses, customers and owners in especially Japan, India and China.
With clear strategies for each of the business units, SIVA Shipping offers access to unique business opportunities and attractive prospects to potential investors and business partners.
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.59.41 |
|
|
1 |
Rs.90.38 |
|
Euro |
1 |
Rs.77.61 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
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|
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|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
14 |
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.