|
Report Date : |
30.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRATIBHA SHIPPING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
1201/02, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.02.1995 |
|
|
|
|
Com. Reg. No.: |
11-085742 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19.999 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35110MH1995PLC085742 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Service Provider of Cargo Shipping. |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
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 |
|
Maximum Credit Limit : |
USD 10200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Management has failed to file its latest financials of 2012 with the
government department. As per indirect sources, we found that the company is passing through
financial problems. The financial position of the company has been
deteriorating which has eventually resulted in stranding of all the ships
operated by the company, resulting in non-payment of salaries to the crew
employed by the management. Business is active. Payment terms are delayed. The company can be considered for business dealings on a fully 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.
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
This rating indicate that expectations of
default risk are currently low. The capacity for payment of financial
commitments is considered adequate. |
|
Date |
October 2011 – March 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative (91-22-22886002)
LOCATIONS
|
Registered Office : |
1201/02, Arcadia Building, 12th Floor, NCPA Road, Nariman Point,
Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22886002 / 3 / 4 / 22822224 / 5 |
|
Fax No.: |
91-22-22886001 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 30.08.2011
|
Name : |
Mr. Sunil Anandrao Pawar |
|
Designation : |
Managing Director |
|
Address : |
501, Laxmi Gopal Co-operative Housing Society, Hatiskar
Marg, Prabhadevi, Mumbai-400025, |
|
Date of Birth/Age : |
28.05.1963 |
|
Qualification : |
Marine Engineer |
|
Date of Appointment : |
11.07.2007 |
|
PAN No.: |
AADPP7738D |
|
DIN No.: |
01195242 |
|
Profile : |
Mr. Sunil A Pawar is Director of the Company from incorporation of the Company i.e.20.02.1995. Mr. Sunil A Pawar was appointed as Chairman of the Company w.e.f.16.12.2002.Further, Mr. Sunil A Pawar was also appointed as Managing Director of the Company w.e.f.18.12.2002 by the members of Company at their Extra-ordinary General Meeting held on December 18, 2002 and subsequently he was re-appointed as Managing Director of the Company in the Annual General Meeting held on 24th August 2007 for a period of five years w.e.f. 11th July 2007. |
|
|
|
|
Name : |
Mr. Madan Anandrao Pawar |
|
Designation : |
Whole Time Director |
|
Address : |
At post Pawarwad, Phaltan, Satara - 415001, Maharashtra, India |
|
Date of Birth/Age : |
10.02.1957 |
|
Qualification : |
F.Y. BA |
|
Date of Appointment : |
21.11.2008 |
|
PAN No.: |
APNPP9535K |
|
DIN No.: |
02313436 |
|
|
|
|
Name : |
Mr. Suhas Anandrao Pawar |
|
Designation : |
Director |
|
Address : |
1194/24, Chintamani Apartments, Ghole Road, Shivajinagar, Pune - 411005, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1961 |
|
Qualification : |
HSC |
|
Date of Appointment : |
12.02.2009 |
|
PAN No.: |
ASOPP2999P |
|
DIN No.: |
02479867 |
|
|
|
|
Name : |
Mr. Suresh Anandrao Pawar |
|
Designation : |
Whole Time Director |
|
Address : |
1, Chintamani Apartments, Ghole Road, Shivajinagar, Pune - 411005, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1959 |
|
Qualification : |
B.Com. |
|
Date of Appointment : |
26.08.2010 |
|
PAN No.: |
AEDPP2194R |
|
DIN No.: |
01752226 |
KEY EXECUTIVES
|
Name : |
Mr. Vitthal Maruti Chavan |
|
Designation : |
Company Secretary |
|
Address : |
304, C Wing, Shivshakti Apartment, Above Sahakari Bhandar, Agar Bazar, Dadar (West) Mumbai - 400028, Maharashtra, India |
|
Date of Birth/Age : |
20.08.1984 |
|
Date of Appointment : |
16.07.2010 |
|
PAN No. : |
AHVPC3216G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Pratibha Madan Pawar |
|
1 |
|
Sunil Anandrao Pawar |
|
1099944 |
|
Suresh Anandrao Pawar |
|
499974 |
|
Madan Anandrao Pawar |
|
299984 |
|
Suhas Anandrao Pawar |
|
99995 |
|
Nilkanth Balkrishna Vidwans |
|
1 |
|
Sachin Keshav Chavan |
|
1 |
|
|
|
|
|
Total |
|
1999900 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.08.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Cargo Shipping. |
GENERAL INFORMATION
|
Customers : |
In the Indian Market ·
Indian
Oil Corporation ·
Bharat
Petroleum Corporation Limited ·
Hindustan
Petroleum Corporation Limited ·
Mangalore
Refinery and Petrochemicals Limited ·
Haldia
Petrochemicals Limited ·
Reliance
Industries Limited ·
ESSAR
Oil Limited In the World Market ·
VITOL
Energy ·
Iran
Petrochemical Commercial Company, ·
Winsway
International Petroleum and Chemicals Limited ·
Glencore
- Crude Oil and Oil Products ·
Abu
Dhabi National Oil Company ·
Chemoil ·
Hinchest
Energy Pte. Limited, ·
Galana
Petroleum ·
Shell
global ·
State
Trading Corporation – ·
Petrosummit ·
Mansel
Oil Limited, |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
Information denied by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Bank of India, Mid Corporate Branch, Bank of India Building, Mezzanine Floor, 70-80, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India ·
Corporation Bank, Overseas Branch, I Floor,
Earnest House, NCPA Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India
·
The Saraswat Co-operative Bank Limited, 1st
Floor, A Wing, Mittal Court, Mumbai – 400 021, Maharashtra, India ·
The Cosmos Co-Operative Bank Limited, Neelkanth
Society, 32/34, D L Vaidya Road, Dadar (West), Mumbai- 400028, Maharashtra,
India ·
State Bank of India ·
State Bank of Hyderabad ·
Axis Bank Limited, 209, Atlanta, Ground Floor,
Nariman Point,, Mumbai - 400021, Maharashtra, India ·
The Cosmos Co-Operative Bank Limited · Yes Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Note: (A) (Secured by mortgage of a specific ships and lien of Fixed Deposit) (B) Interest Accrued and due on term loans |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
L V Srinivasan and Associates Chartered Accountants |
|
Address : |
Building No. 38 Flat No. 106, Kripanilaya Co-Operative Society Limited, Tilak Nagar , Chembur, Mumbai – 400089, Maharashtra, India |
|
PAN No.: |
AAOPS6603F |
|
|
|
|
Fellow Subsidiary
Company : |
· Pratibha Logistics (S) Pte. Limited |
|
|
|
|
Subsidiary Company
: |
· Pratibha Marine Private Limited CIN No.: U35110MH1996PTC099344 · Pratibha Logistics Private Limited CIN No.: U63013MH2007PTC171848 · Pratibha Offshore Private Limited CIN No.: U61200MH2008PTC182874 · Pratibha Oil and Natural Gas Private Limited CIN No.: U11102MH2008PTC183901 · Chandrabhaga Sugar Private Limited CIN No.: U15425MH2008PTC183032 |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1999900 |
Equity Shares |
Rs.10/- each |
Rs.19.999 millions
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19.999 |
19.999 |
19.999 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2550.542 |
2519.615 |
1969.493 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2570.541 |
2539.614 |
1989.492 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2627.658 |
2747.986 |
3071.910 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2627.658 |
2747.986 |
3071.910 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5198.199 |
5287.600 |
5061.402 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4652.366 |
4320.885 |
4677.300 |
|
|
Capital work-in-progress |
0.000 |
100.576 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
174.944 |
174.944 |
174.924 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
99.746
|
40.807
|
68.406 |
|
|
Sundry Debtors |
164.869
|
158.584
|
234.023 |
|
|
Cash & Bank Balances |
164.203
|
283.066
|
217.480 |
|
|
Other Current Assets |
7.298
|
6.564
|
11.716 |
|
|
Loans & Advances |
768.989
|
627.602
|
442.185 |
|
Total
Current Assets |
1205.105
|
1116.623
|
973.810 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
616.607
|
219.350
|
450.550 |
|
|
Other Current Liabilities |
192.349
|
193.229
|
305.080 |
|
|
Provisions |
25.260
|
12.849
|
9.002 |
|
Total
Current Liabilities |
834.216
|
425.428
|
764.632 |
|
|
Net Current Assets |
370.889
|
691.195
|
209.178 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5198.199 |
5287.600 |
5061.402 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
1911.077 |
|
|
|
Other Income |
|
|
26.304 |
|
|
|
TOTAL (A) |
|
|
1937.381 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
|
|
104.968 |
|
|
|
Manufacturing service costs |
|
|
611.479 |
|
|
|
Contract cost |
|
|
29.838 |
|
|
|
Employee related expenses |
|
|
298.803 |
|
|
|
Administrative selling other expenses |
|
|
90.676 |
|
|
|
TOTAL (B) |
|
|
1135.764 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
801.617 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
216.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
585.361 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
529.175 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
56.186 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
20.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
35.606 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFERRED TO
TONNAGE TAX RESERVE |
|
|
11.200 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
1636.700 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
3.500 |
|
|
|
Proposed Dividend |
|
|
4.000 |
|
|
|
Tax on Proposed Dividend |
|
|
0.700 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
1652.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
320.200 |
|
|
TOTAL EARNINGS |
|
|
320.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
17.80 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
|
2949.436 |
2829.876 |
|
|
|
Other Income |
|
50.836 |
21.988 |
|
|
|
Profit on |
|
0.000 |
0.000 |
|
|
|
TOTAL (A) |
|
3000.272 |
2851.864 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
|
1261.543 |
1173.905 |
|
|
|
Administrative and Other Expenses |
|
132.618 |
129.804 |
|
|
|
Drydock Expenses |
|
254.799 |
0.000 |
|
|
|
TOTAL
(B) |
|
1648.960 |
1303.709 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1351.312 |
1548.155 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST ON TERM
LOANS (D) |
|
278.645 |
308.605 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1072.667 |
1239.550 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
519.694 |
472.792 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
|
552.973 |
766.758 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
8.169 |
4.323 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
544.804 |
762.435 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENT |
|
9.998 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFERRED TO
TONNAGE TAX RESERVE |
|
110.594 |
153.351 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
1251.641 |
723.480 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
54.480 |
76.243 |
|
|
|
Proposed Dividend on Equity Shares |
|
4.000 |
4.000 |
|
|
|
Tax on Dividend |
|
0.680 |
0.680 |
|
|
BALANCE CARRIED
TO THE B/S |
|
1636.689 |
1251.641 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
723.500 |
750.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
272.42 |
381.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.84
|
18.16
|
26.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.94
|
18.75
|
27.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.96
|
10.17
|
13.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.22
|
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.02
|
1.08
|
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
2.62
|
1.27 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
||||||
|
Bench:-
Bombay |
|
|||||
|
Lodging No:- |
CPL/703/2013 |
Failing Date:- |
10/10/2013 |
|||
|
|
||||||
|
Petitioner:- |
MARS PETROCHEM PVT LTD |
Respondent:- |
PRATIBHA SHIPPING COMPANY LTD |
|||
|
Petn.Adv:- |
MR. SAHIL MAHAJAN |
|||||
|
District:- |
MUMBAI |
|||||
|
|
||||||
|
Bench:- |
SINGLE |
Category:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
|||
|
Status:- |
Pre-Admission |
Stage:- |
|
|||
|
Last Date:- |
17/10/2013 |
|
||||
|
Last Coram:- |
REGISTRAR(OS)/ PROTHONOTARY AND SR. MASTER |
|||||
|
|
|
|||||
|
Act:- |
Companies Act & Rules 1956 |
Under Section :- |
433 434 |
|||
NOTE
The Registered Office of the company has been shifted from Nariman Point,
Mumbai – 400 021,
FINANCIAL
PERFORMANCE:
In the financial year ended March 31, 2011, the Company recorded a total income of Rs. 1937.300 Millions (Previous year Rs. 3000.200 Millions) and profit before tax of Rs. 56.100 Millions (Previous year Rs. 552.900 Millions). The profit after tax of the Company during the year was Rs. 35.600 Millions against Rs.5548 Millions for the previous year.
The prevalent sluggish international and domestic freight market has impacted the revenue and profitability of the Company. Further, due to drop in freight market internationally, local oil companies in comparison to same have sought considerable reduction on domestic/costal charter rates. The newly acquired vessel, MT Pratibha Bheema has undergone major repairs immediately after her acquisition; therefore MT Pratibha Bheema was not in operation in most part of the financial year 2010-11. The Directors believe that freight market will revive by end of this year and the Company will maintain the path of progress in the coming years.
INDUSTRY OUTLOOK
The shipping is a global industry and its prospects are closely tied to the level of economic activity in the world. The shipping market is cyclical in nature. Freight rates and earnings of the shipping companies are primarily a function of demand and supply in the markets. While demand drivers are a function of trade growth and geographical balance of trade, the supply drivers are a function of new ship building orders as well as scrapping of existing tonnage. Due to depressed market, the new delivery schedules of many vessels are delayed or cancelled. A little boost to the economy will push up demand for the tonnage and there will be recovery in the freight market. The Directors believe that freight market will revive by end of this year.
CONTINGENT
LIABILITIES
Guarantees given by Banks, counter guaranteed by the Company aggregating to Rs.1.254 Millions (Previous Year Rs. 1.212 Millions)
Guarantees of Rs. 990.000 Millions (Previous Year Rs. 790.000 Millions) given to Banks by the Company for securing loan availed by M/s. Pratibha Logistics Private Limited a wholly owned subsidiary of the Company.
Municipal Property Tax liability Rs. 12.148 Millions in respect of office premise as per the provisional invoices issued by the Society, however the matter is sub judice with Mumbai high court
AS PER WEBSITE
DETAILS
News
TWO DIRECTORS
OF PRATIBHA SHIPPING FIRM HELD IN PUNE
March 7, 2013
A city police team arrested two directors of Mumbai-based Pratibha Shipping Company Limited, which owns the ill-fated MT Pratibha Cauvery vessel.
The ship was grounded off Elliots Beach here last October after it was caught in cyclone Nilam.
Six crew members who attempted to escape from the ship drowned.
Police sources said Madan Anand Rao Pawar (55) and Suresh Anand Rao Pawar (53), both residents of Shivaji Nagar in Pune, were arrested in Pune on Tuesday on charges of negligence, causing the death of the sailors.
Shastri Nagar police registered case under Section 174 (Police to inquire and report on suicide, etc) of CrPC, which was altered to Section 304 (ii) (culpable homicide not amounting to murder) of IPC and started a probe.
ROUGH SEA
The incident took place on October 31, 2012 when the rough sea and gusty winds due to the cyclone, made the ship run adrift even though its captain tried to take the vessel out to the deep sea.
Out of the 37 crew on board, 25 members tried to escape the rough seas on rescue boats.
While three abandoned the efforts and went back to the ship, 17 were rescued by fishermen, but one succumbed on the way to a city hospital. Five others who went missing in the sea drowned and their bodies were washed ashore.
On November 26, 2012, two employees of Sea World Shipping and Logistics Private Limited, the agency who dealt with the vessel, were arrested for failing to provide necessary assistance to the sailors who were stranded in the ship without supplies for over two weeks before the cyclone.
PRATIBHA SHIPPING, AN ALBATROSS AROUND MARINE DEPT’S NECK
March 24, 2013:
Gautam Chatterjee has two major tasks to complete before the onset of monsoon. The building that houses his office — headquarters of the country’s maritime administration — has been declared unsafe. He has to find another place in Mumbai city to accommodate around 200 people in the next two months.
Second, he will have to find a way out to remove five oil tankers held up for more than three months off the country’s coasts, both east and west. These ships, virtually abandoned by their bankrupt owners, could drift and potentially cause a disaster during heavy rain and bad weather.
GOING GETS TOUGH
As for the first challenge, Chatterjee, Director General of Shipping, appears to be half way through — he has short-listed a few premises. The problem is that he can pay only Government approved rent, which is much lower than the inflated rates of the city’s real estate lobby. But he is confident of shifting the office before the rains hit Mumbai.
The second challenge is tougher. The oil tankers, anchored 10-20 nautical miles off the coast of Mumbai, Goa, Chennai and Vizag, are owned by the Mumbai-based Pratibha Shipping. These vessels cannot sail as they lost their insurance cover and statutory licences, including seaworthiness certificate, as their owner failed to honour his financial and other commitments.
Some aggrieved parties have got court orders to arrest two of the vessels, but it may take time to sell or auction them. Apart from these five, the company has four more vessels. One of the tankers, MV Pratibha Cauvery, was in the news following the death of six sailors, who jumped out of the vessel when it was hit by cyclone off Tamil Nadu coast last October, and the subsequent arrest of two of the company’s directors earlier this month. The Cauvery is now berthed at Chennai port.
Of the other three tankers, two are at a Chinese yard and the third at a dry dock in Bahrain. The Chinese shipyard refused to allow these vessels to sail out until the repair dues were settled by the company.
Pratibha Shipping, owned by A.N. Pawar and family, has been in financial trouble for quite sometime now. The company has not been paying salaries regularly for more than a year. But no one shed a tear till the company’s vessels were held up, as shipping industry has been facing prolonged recession.
HUGE DEBT
It is understandable for a company in financial trouble to borrow as much as possible. But the case of Pratibha is unbelievable. A Mercantile Marine Department official said in the case of some ships, the company had borrowed several times the value of the ships, most of which are over 30 years old. It is learnt that against one or more ships, the company borrowed as much as Rs 1000.000 Millions, although the value could be a fourth of that. How the lenders agreed to such a high leverage is anybody’s guess.
Details of the bank loans could not be obtained. However, it is learnt that co-operative banks have the maximum exposure to Pratibha Shipping.
As on March 2011, the company had outstanding term loans of over Rs.2700.000 Millions from banks such as Cosmos Co-operative Bank, Saraswat Bank, Axis Bank, State Bank of India and Corporation Bank, according to data available with a rating agency, which had suspended its rating recently.
Pratibha’s Chairman and Managing Director Sunil Pawar still thinks he can revive the company if he gets support from the Government and oil companies.
“Several families depend on us, we cannot let them down. But we are not getting any support from the oil companies. In other countries, Government supports shipping lines in trouble, here we don’t have anything like that,” said Pawar.
PREPARING FOR
EMERGENCY
For Chatterjee, who took over as head of maritime administration in mid-October, Pratibha was one of the first major cases to deal with. In January, when he was told that the company’s entire fleet of nine tankers was stranded in India and abroad, the priority was to bring the crew back home safely. The crew on the ship that was in the Chinese yard reportedly had a harrowing time with cold weather and poor supply of provisions on board. Getting them back to India was a Herculean task, said an official of National Union of Seafarers of India, which took the lead in rescuing the stranded seamen.
With the support of seafarers’ union, Chatterjee won the first round of the battle, though he had to spend many a sleepless night. The second round is to remove the ships before the monsoon. The memories of the scare that the abandoned ships MV Wisdom and MV Pavit created when they ran aground Mumbai’s Juhu beach in 2011, still haunts the Mercantile Marine Department (MMD).
If the stranded Pratibha ships are left unattended, they will be a threat to coastal safety and headache to the maritime administrator. Chatterjee is trying to persuade the owners to move out the ships. But it may not be easy. On Friday, he summoned them to ascertain their plans. Apparently, they have promised to come out with a concrete plan next week.
Another worry for him is that MMD is not fully equipped to handle a disaster. It did not even have an emergency towing vessel. The Shipping Ministry is understood to have sanctioned two such vessels, but the department is yet to get the funds.
Despite all the limitations, Chatterjee is confident that he would be able to accomplish his tasks before the monsoon.
I SURVIVED ON ROTTEN
FOOD FOR WEEKS ON STRANDED SHIP
January 03, 2013
Pune: 30-year-old son returned home after being stuck on a stranded vessel for over two testing months. Mangesh Palkar worked as a second engineer on the Pratibha Indrayani ship that had to anchor in the Arabian Sea, barely 35 nautical miles from Mumbai.
Palkar and one of his colleagues were relieved following their medical condition. According to Palkar, the vessel was asked to anchor because the company - Pratibha Shipping Company - had violated the Det Norske Veritas rule. Narrating the ordeal, he said, "We were returning from Mundra in Gujarat. On October 29 we reached near Mumbai, but were not allowed to sail any further. We were clueless about the restriction, and soon a month had passed. We were later informed that the ship was arrested."
He added that a sense of fear prevailed on board, and everyone was scared with no sign of their return back to the shore. "I survived on rotten food, as the perishable and frozen food had started decaying. I and my other colleagues had lost our sleep and had become weak due to lack of proper food and water. Besides, the fuel stock too was getting over, and there was a fear of a blackout," said.
Palkar was overjoyed when he saw a Tuck boat coming towards the ship. "I somehow knew that soon I'd be out of here. The boat brought us to the coast on December 31, and I am glad to be with my loved ones in the New Year," he exclaimed. Palkar, who was hired by the company in June last year on a four-month contract, alleged that despite going through all the suffering, the company didn't even pay him his salary.
"The reason that was given to me was that the company is suffering losses." Palkar said the condition of 33 other employees, who are still stranded on the ship, was no different. Palkar's mother Madhumati said that the family had been calling the shipping company every single day to enquire about Palkar's well being, and had even travelled to Mumbai to meet the owners, but to no avail.
"There was no money left with Mangesh, and we had to top-up his phone so that we could be in touch with him," she said. Despite repeated attempts, Sunil Pawar, owner of Pratibha Shipping Company, remained unavailable for comments.
DGS, UNION, SHIP
OWNER MEET TO RESOLVE PRATIBHA SHIPPING ISSUE
Monday, January 07,
2013
Non- payment of wages and repatriation of seafarers of Pratibha Shipping a priority
A high level meeting under the Chairmanship of
Mr. Gautam Chatterjee, Director General of Shipping was convened to discuss regarding the issue of ships owned by Pratibha Shipping. Mr. Sunil Pawar, Managing Director and his team from Pratibha Shipping and other stakeholders from Maritime Administration, officials from Port authorities, Immigration, Senior Police Officials from Yellow Gate Police Station and representatives from the Department of Indian Coast Guard were present in the meeting.
“NUSI and MUI strongly indicated that our prime concern is the safety and repatriation of all the seafarers. The entire balance of wages for the pending months should be received by the seafarers which is due from Pratibha Shipping”, NUSI related stated.
“As responsible unions and for the well being of seafarers, it was also stressed by NUSI and MUI that together we will financially assist in the repatriation of seafarers and in supply of good quality provisions onboard”, the release futher stated.
“All this is the responsibility of Pratibha Shipping and since they are not able to fulfill the same, it was appreciated that NUSI and MUI have agreed to provide assistance to seafarers of Pratibha Shipping. The remaining five ships have been dealt on priority. It was also discussed that since Pratibha Shipping is a memberline of Indian National Shipowners Association (INSA), it is necessary that INSA should also provide assistance by bearing the bunker charges”, the release added.
Seafarers were represented by Mr. S.S. Khan, General Secretary, Mr. Sudhakar Dhuri, Asst. Secretary and Capt. D.H. Sawant, Advisor from the Maritime Union of India (MUI) and Mr. Abdulgani Y. Serang, General Secretary-cum-Treasurer, Mr. Maruti D. Rethrekar, Vice President and Mr. Shantaram Dhamapurkar, Organising Secretary from National Union of Seafarers of India (NUSI).
In a detailed release the Directorate General of Shipping has highlighted the issues faced by Pratibha Shipping Company Limited, Mumbai, its stranded crew members and actions being taken.
Pratibha Shipping Company Limited, Mumbai is incorporated under the provisions of Indian Company Act, 1956. This company is owning and managing 9 oil tankers which are registered by the Principal Officer, Mercantile Marine Department, Mumbai. These vessels are manned by Indian Crew as per the safe manning level prescribed by the Directorate General of Shipping, Mumbai. Reportedly, all these vessels are trading on the Coast of India engaged in the carriage of oil in bulk as cargo.
For the past couple of months, the financial position of the company has been deteriorating which has eventually resulted in the stranding of all the 9 ships presently reported to be either in ports or at anchorage or at the shipyards in Indian waters and overseas. All vessels’ statutory and mandatory certificates have expired.
The present poor financial health of the company has resulted in creating hardships for the crew on board these ships. The crew has been engaged by the ship owner under the provision of the Merchant Shipping Act, 1958 and the applicable Collective Bargaining Agreement (CBA) with the recognized Unions by the ship owner. The crew of these vessels has requested the owners to repatriate them to their hometown as their contractual agreement with the owners in most of the cases have come to an end or repatriation long is overdue. The owners also have failed to settle the account of wages of the crew as required by the applicable contract of employment and the applicable CBA.
Out of 9 ships which the company owns, 3 of them are overseas in the shipyards undergoing dry-dock repairs or completed such repairs. Remaining 6 ships are presently in Indian Waters awaiting instructions from the owners for commercial operations or decommissioning.
Considering the fact and the circumstance, the Directorate General of Shipping and its allied offices extended all possible assistance to the stranded crew in Indian waters and Overseas. A brief list is as under;
Motor Tanker (M.T.) Pratibha Koyna is at Bahrain, entire 34 crew was repatriated by Indian Mission at Government of India’s cost which is to be recovered from the ship owner. The vessel is under arrest for non-payment of dues.
M.T. Pratibha Chandrabhaga/ Narmada- These vessels are stranded in Chinese shipyard, the Directorate has requested the Indian mission to invoke section 161 of Merchant Shipping Act, 1958 for early repatriation of 13 trainee crew on board. Because of strict Chinese Regulations and non-payment of dues by the owner to the shipyard, the process of repatriation is getting delayed.
M.T. Pratibha Cauvery – after its refloatation at Chennai was directed by D.G. Shipping under the provision of section 411 of the Merchant Shipping Act, 1958, to berth in Chennai Port to carry-out temporary repairs for 2 days. The vessel is still in Chennai Port occupying a commercial berth without paying its port dues to the Port.
M.T. Pratibha Tapi/ Indrayani – the D.G. Shipping and Coast Guard have intervened in providing medical assistance to the ailing crew on board on account of food poisoning. These two vessels are anchored about 30 Nautical miles off Mumbai.
M.T. Pratibha Bheema - the D.G. Shipping and Coast Guard has intervened and provided medical assistance to the 2nd Engineer who has been repatriated to his home town in Kerala on medical grounds. This vessel is anchored off Goa Port.
M.T. Pratibha Warna - the D.G. Shipping has requested owner to disembark the master on compensate ground. The vessel is anchored off Chennai Port.
In view of the continuing deteriorating conditions of all vessels, inhabitable conditions on board, non-payment of wages to the crew, delay in repatriation, arrest of few vessels for non-payment of dues, enforcement of Maritime Lien by the creditors and poor physical and mental health of crew on board etc., the Director General of Shipping convened an emergency meeting with all the stakeholders today (i.e. 03/01/2013). The stakeholders includes the ship owner, the Indian Coast Guard, concerned Port, seafarers Unions, Ship Owner’s Association, Local Police , registrar of its ships etc., to take stock of the situation and find amicable solution to this problem. A brief of the outcome of the meeting is given below;
The owners confirmed repatriation of 17 crew of M.T. P. Chandrabhaga/ Narmada from China within 7 days. Skelton crew as per DGS minimum manning scale shall be placed on board these two ships by NUSI (seafarers union) and owners. The cost of repatriation and placement of the crew shall be borne by the NUSI. Supplies for the crew shall be made by the owners. Both vessels are being sold by the owner.
Owners have confirmed repatriation of entire 50 crew of M.T. P. Tapi / Indrayani from Mumbai anchorage latest by 05/01/2013. Skelton crew as per DGS minimum manning scale shall be placed on board these two ships by NUSI and owners. The logistic support shall be given by the owners for repatriation and placement of the crew. Supplies for the crew shall be made by the NUSI. M.T. P. Tapi is going for scrap whereas M.T.P. Indrayani is awaiting lifting of arrest order.
Owners have confirmed repatriation of entire 27 crew of M.T. P. Warna from Chennai anchorage latest by 10/01/2013. Skelton crew as per DGS minimum manning scale shall be placed on board this ship by the owners. The logistic support shall be given by the owners for repatriation and placement of the crew. Supplies including bunkers for the crew shall be made by the owners. The vessel is being sent for scrapping.
Owners have confirmed repatriation of entire 57 crew of M.T. P. Neera/Bhema from Vishakhapatnam /Goa anchorages latest by 10/01/2013 respectively. Skelton crew as per DGS minimum manning scale shall be placed on board these two ships by the owners either from existing crew or shall send a substitute as the case may be. The logistic support shall be given by the owners for their repatriation and placement of substituted crew. Supplies for the crew shall be made by the owner. After renewal of ship’s statutory certification, the owners proposes to reactivate the commercial operations of these two ships.
Owners propose to scrap M.T. P. Cauvery which is at present lying alongside berth of Chennai Port after completion of execution of Madras High court orders.
The owners propose to settle the outstanding wages of the crew through the sale proceeds of the vessels being scarped.
As per the request of the owners representative, Shri Sunil Pawar, Managing Director of the company, the seafarers’ union NUSI (for crew) and MUI (for officers) have come forward to assist the owners for next 30 days as an interim arrangement. The expenditure incurred by the unions shall be reimbersued to the unions by the ship owner through the sale proceeds of the vessels being scrapped.
The Directorate is closely monitoring the situation through the DG CommCentre, Indian Missions overseas and Indian Coast Guard including Local Administrations as the case may be. A review meeting on the execution of action plan given by the owner is being convened by the Director General of shipping early next week.
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.61.46 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
11 |
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.