MIRA INFORM REPORT
|
Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARAMOUNT SHIPPING SERVICES PRIVATE LIMITED |
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|
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Registered
Office : |
No.163, 3rd Floor, ”Harinivas Towers”, Thambu Chetty Street, Chennai - 600 001, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
25.02.2008 |
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Com. Reg. No.: |
18-066600 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
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CIN No.: [Company Identification
No.] |
U63090TN2008PTC066600 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Shipping Transportation Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 340000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record.
There appears slight dip in sales during 2012. However, general financial position seems to be good. Trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
No.163, 3rd Floor, ”Harinivas Towers”, Thambu
Chetty Street, Chennai - 600 001, Tamilnadu, India |
|
Tel. No.: |
91-44-42248888 / 42061130 / 35 |
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Fax No.: |
91-44-42061136 |
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E-Mail : |
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Website : |
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Branch Office : |
Located At
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DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Aroli Vettil Vijayakumar |
|
Designation : |
Director |
|
Address : |
14, 5th Cross Street, Sastry Nagar, Chennai – 600020,
Tamilnadu, India |
|
Date of Birth/Age : |
10.05.1961 |
|
Date of Appointment : |
25.02.2008 |
|
DIN No.: |
02070172 |
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|
|
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Name : |
Mr. Rathna Kumar Krishnan |
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Designation : |
Director |
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Address : |
45, 2nd Pooja Street, Kalyani Nagar, Chennai – 600041,
Tamilnadu, India |
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Date of Birth/Age : |
3.10.1974 |
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Date of Appointment : |
25.02.2008 |
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DIN No.: |
01975687 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
Note: Major Shareholders are not available
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Shipping Transportation Services. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ramaswamy and Murali Associates Chartered Accountants |
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Address : |
No: 3, Errabalu Chetty Street, Parrys, Chennai – 600001, Tamilnadu,
India |
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PAN.: |
AAEFR8375B |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
75.474 |
52.281 |
28.611 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
85.474 |
62.281 |
38.611 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.906 |
16.448 |
0.000 |
|
|
2] Unsecured Loans |
237.287 |
247.170 |
268.396 |
|
|
TOTAL BORROWING |
249.193 |
263.618 |
268.396 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
334.667 |
325.899 |
307.007 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
233.936 |
227.920 |
226.559 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.146 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
90.489
|
62.767 |
48.559 |
|
|
Cash & Bank Balances |
9.133
|
13.458 |
14.601 |
|
|
Other Current Assets |
10.295
|
27.689 |
50.721 |
|
|
Loans & Advances |
26.904
|
37.803 |
12.388 |
|
Total
Current Assets |
136.821
|
141.717 |
126.269 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.465
|
7.723 |
5.945 |
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Other Current Liabilities |
0.104
|
0.000 |
12.225 |
|
|
Provisions |
28.667
|
36.015 |
27.759 |
|
Total
Current Liabilities |
40.236
|
43.738 |
45.929 |
|
|
Net Current Assets |
96.585
|
97.979 |
80.340 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.108 |
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|
|
|
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TOTAL |
334.667 |
325.899 |
307.007 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
|
|
|
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Income |
909.589 |
963.454 |
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Other Income |
0.594 |
0.483 |
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|
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TOTAL |
910.183 |
963.937 |
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Less |
EXPENSES |
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Administrative Expenses |
855.826 |
819.488 |
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Advertising Expenses |
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TOTAL |
855.826 |
918.488 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
54.357 |
45.449 |
NA |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.590 |
1.696 |
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PROFIT BEFORE
TAX |
51.767 |
43.753 |
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Less |
TAX |
NA |
NA |
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PROFIT AFTER TAX |
NA |
NA |
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Earnings Per
Share (Rs.) |
NA |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
5.69
|
4.54 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.96
|
11.84 |
NA |
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.70 |
NA |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
2.92
|
4.23 |
6.95 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.40
|
3.24 |
2.75 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two 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 |
No |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term
Borrowing |
|
|
|
Loans and
Advances from Related Parties |
|
|
|
A.V. Vijayakumar – Current A/C |
148.555 |
149.833 |
|
Rathnakumar - Current A/C |
88.732 |
0.400 |
|
Other Loans and Advances |
0.000 |
96.937 |
|
Total |
237.287 |
247.170 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U63090TN2008PTC066600 |
|
Name of the
company |
PARAMOUNT
SHIPPING SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.163, 3rd Floor, ”Harinivas Towers”, Thambu Chetty Street, Chennai - 600 001, Tamilnadu, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10190730 |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Bank Limited, Corporate Banking Branch, Karumuthu Nilayam, No.192 Anna Salai, Chennai - 600002, Tamilnadu, India |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation. |
|
Date of
instrument Creating the charge |
21.12.2012 |
|
Amount secured by
the charge |
Rs.35.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As Stipulated by
the Bank from time to time. Terms of Repayment As Stipulated by
the Bank from time to time. Margin As Stipulated by the
Bank from time to time. Extent and Operation of the charge Exclusive Charge
by way of Hypothecation of Entire Receivables of the Company (both present
and future) and Movable Fixed Assets of the Company as a Continuing Security
for Credit Facilities of Rs.35.000 Millions along with interest, penal
interest, expenses, charges, etc. Others Facilities Existing Enhanced (Rs. In
Millions) Cash Credit 20.000 35.000 Total 20.000 35.000 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of Entire Receivables of the Company (both present and future). Hypothecation of Movable Fixed Assets of the Company. |
|
Date of
instrument modifying the charge |
04.07.2011 |
|
Particulars of
the present modification |
By the Present
Modification, The Credit Facilities Extended to the Company has now been enhanced
from Rs.20.000 Millions to Rs.35.000 Millions and Hypothecation of Entire
Receivables of the Company (both present and future) and Movable Fixed Assets
of the Company |
FIXED ASSETS
- Air
Conditioner
- Camera
- CCTV System
- Colour TV
- Computer
- Electrical
Fitting
- Generator
- Furniture and
Fitting
- Labtop
- Mobile
- Vehicle
- Telephone
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report Prepared by
: |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.