MIRA INFORM REPORT
|
Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOLANI SHIPPING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
10-A, Bakhtawar, Nariman Point, Mumbai - 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.01.1974 |
|
|
|
|
Com. Reg. No.: |
11-017161 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.236.520 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U61100MH1974PLC017161 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00958G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT4127C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Shipping Services. |
|
|
|
|
No. of Employees
: |
50 (Appoximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 50000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an well established company having a satisfactory track
record. The financial for the year 2012 is not available. As per previous years, the financial position seems to be strong.
Liquidity postion is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Raman |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-66568989 |
|
Date : |
05.09.2013 |
LOCATIONS
|
Registered Office : |
10-A, Bakhtawar, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22926878 / 22026878 / 66568989 |
|
Fax No.: |
91-22-22870697 / 22870697 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 24.08.2012
|
Name : |
Mr. Nandlal Pribhdas Tolani |
|
Designation : |
Managing Director |
|
Address : |
1100, Prabhu Kutir, 15, |
|
Date of Birth/Age : |
15.02.1924 |
|
Qualification : |
PH.D (Agricultural) , M.S.(Agricultural Economics) |
|
Date of Appointment : |
19.11.2009 |
|
Experience : |
61 Years |
|
PAN No.: |
AAAPT9316N |
|
DIN No.: |
00006475 |
|
|
|
|
Name : |
Mr. Rohet Nandlal Tolani |
|
Designation : |
Director |
|
Address : |
55, |
|
Date of Birth/Age : |
19.12.1953 |
|
Qualification : |
Graduate in Electrical Engineering, MBA |
|
Date of Appointment : |
06.04.1978 |
|
DIN No.: |
00006313 |
|
|
|
|
Name : |
Ms. Sujata Arun Naik |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
16.10.1961 |
|
Qualification : |
M S (Otolaryngology) |
|
Date of Appointment : |
01.09.2009 |
|
DIN No.: |
00009393 |
|
|
|
|
Name : |
Mr. Naresh Chand Singhal |
|
Designation : |
Director |
|
Address : |
D 107, Poornima, 23, |
|
Date of Birth/Age : |
10.08.1936 |
|
Qualification : |
Master In Economics, Statistics and Public Administration |
|
Date of Appointment : |
18.09.2003 |
|
DIN No.: |
00004916 |
|
|
|
|
Name : |
Mr. Michael Philip Pinto |
|
Designation : |
Director |
|
Address : |
405, Shalaka, |
|
Date of Birth/Age : |
27.05.1943 |
|
Qualification : |
Master in Sociology and Public Administration |
|
Date of Appointment : |
17.07.2009 |
|
DIN No.: |
00021565 |
|
|
|
|
Name : |
Mr. Tahil Jagatra Reejhsinghani
|
|
Designation : |
Director |
|
Address : |
603, Prabhu Kunj, |
|
Date of Birth/Age : |
28.08.1920 |
|
Qualification : |
Engineering Graduate |
|
Date of Appointment : |
30.04.1982 |
|
DIN No.: |
00006426 |
|
|
|
|
Name : |
Mr. Manohar Prahlad Awati |
|
Designation : |
Director |
|
Address : |
Pavan Vinchurni, P.O Nirguti, Phaltan, Satara-415523, |
|
Date of Birth/Age : |
07.09.1927 |
|
Qualification : |
Attended Defence Service Staff College, Welington, Nilgiri and Royal College of Defence Studies, London |
|
Date of Appointment : |
04.11.1986 |
|
DIN No.: |
00007383 |
|
|
|
|
Name : |
Mr. Rammurthi Kumar |
|
Designation : |
Managing Director |
|
Address : |
A-303, Cascade Vasant Oscar, LBS Marg, Mulund (West), Mumbai-400080, |
|
Date of Birth/Age : |
17.01.1965 |
|
Qualification : |
B.COM, ACS, ACWA |
|
Date of Appointment : |
26.09.2007 |
|
Experience : |
26 Years |
|
PAN No.: |
AACPR7788Q |
|
DIN No.: |
00007415 |
|
|
|
|
Name : |
Mr. Seshadri Venkatachalam |
|
Designation : |
Whole Time Director |
|
Address : |
8/57, 1st Floor, Gemini CHS Limited, Road No.2, Pestom
Sagar, Opposite Glass Factory, Chembur, Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
17.09.1957 |
|
Qualification : |
M.COM, LLB, ACS |
|
Date of Appointment : |
28.09.2007 |
|
PAN No.: |
AAQPS7156K |
|
DIN No.: |
01815517 |
|
|
|
|
Name : |
Mr. Virendra Gharat |
|
Designation : |
Whole Time Director |
|
Address : |
D-1101, |
|
Date of Birth/Age : |
07.06.1955 |
|
Qualification : |
BE (Mechanical), Class I Marine Engineer |
|
Experience : |
34 Years |
|
Date of Appointment : |
26.09.2007 |
|
PAN No.: |
AKJPG8693A |
|
DIN No.: |
01815581 |
|
|
|
|
Name : |
Mr. Chunduri Venkata Veerabhadra Rao |
|
Designation : |
Director |
|
Address : |
502, |
|
Date of Birth/Age : |
01.07.1958 |
|
Qualification : |
Chartered Engineer and Class I Marine Engineer |
|
Experience : |
30 Years |
|
Date of Appointment : |
28.09.2007 |
|
PAN No.: |
AABPC6750G |
|
DIN No.: |
01815475 |
KEY EXECUTIVES
|
Name : |
Ms. Seeta Venkatraman Iyer |
|
Designation : |
Secretary |
|
Address : |
H-1203, |
|
Date of Birth/Age : |
01.04.1977 |
|
Date of Appointment : |
26.09.2007 |
|
PAN No.: |
AJTPM5628G |
|
|
|
|
Name : |
Mr. Raman |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.08.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Nandlal Pribhdas Tolani |
|
16987886 |
|
Nandlal Pribhdas Tolani HUF |
|
941218 |
|
Papu Nandlal Tolani |
|
1109597 |
|
Sujata Arun Naik |
|
2474788 |
|
Sujata Arun Naik |
|
2138500 |
|
Mihikaa Arun Naik |
|
5 |
|
Tolani Private Limited, |
|
1 |
|
Arun Chandrakant Naik |
|
5 |
|
Total
|
|
23652000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Nandlal Pribhdas Tolani |
|
200000 |
|
Total
|
|
200000 |
As on 24.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
0.01 |
|
Directors or relatives of Directors |
99.99 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Shipping Services. |
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Products : |
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Terms : |
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||||
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Selling : |
Cash and Credit |
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|
|
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|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||
|
|
|
|||||||||
|
No. of Employees : |
50 (Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
· Hsh Nordbank Ag, 3 Temasek Avenue, #33-00 Centennial Tower, Singapore – 039190 ·
The Royal Bank of Scotland Plc, Shipping Business
Centre, 4th Floor, 1 Princes Street, London EC2R 8PB, London - 28,
United Kingdom ·
The Bank of Nova Scotia Asia Limited, One Raffles
Quay, #20-01, North Tower, Singapore – 048583 · DBS Bank Limited, Credit Control Unit, 3rd Floor, Fort House, Dr. D.N.Road, Fort, Mumbai - 400001, Maharashtra, India ·
DNB Asia Limited, 8 Shenton Way, #48-02,
Singapore – 068811 · HDFC Bank Limited |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
|
|
|
|
Auditors : |
|
|
|
|
Name : |
Chandabhoy and Jasoobhoy Chartered Accountants |
||
|
Address : |
208, Phoenix House, 'A' Wing, 2nd Floor, 462 Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
||
|
PAN No.: |
AAAFC5274C |
||
|
|
|
|
|
|
Subsidiary Companies : |
· Tolani Bulk Carriers Limited CIN No.: U60300MH1991PLC062375 · Top Investments and Finance Private Limited CIN No.: U65990MH1976PTC019386 |
|
|
|
|
|
|
|
|
Associate Companies / Enterprises /Trust : |
· Tolani Private Limited · Tolani Shipping (Singapore) Pte Limited · Puni Gopal Shipping Pte. Limited · Parvati Shipping Pte. Limited · Tolani Engineers Private Limited · Tolani Education Foundation · Nandlal Tolani Charitable Trust |
|
|
CAPITAL STRUCTURE
After 24.08.2012
Authorised Capital : Rs. 650.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
486.520 Millions
As on 24.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
500000 |
Preference Shares |
Rs.500/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23652000 |
Equity Shares |
Rs.10/- each |
Rs.236.520
Millions |
|
200000 |
Preference Shares |
Rs.500/- each |
Rs.100.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.336.520 Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
500000 |
Preferences Shares |
Rs.500/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23652000 |
Equity Shares |
Rs.10/- each |
Rs.236.520
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 |
236.520 |
236.520 |
236.520 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12201.298 |
11368.243 |
10867.079 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12437.818 |
11604.763 |
11103.599 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5338.300 |
6288.386 |
6858.887 |
|
|
2] Unsecured Loans |
101.434 |
93.459 |
53.184 |
|
|
TOTAL BORROWING |
5439.734 |
6381.845 |
6912.071 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17877.552 |
17986.608 |
18015.670 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14399.080 |
15279.215 |
15225.112 |
|
|
Capital work-in-progress |
1832.284 |
39.684 |
17.845 |
|
|
|
|
|
|
|
|
INVESTMENT |
1453.446 |
2436.955 |
2555.087 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.145
|
77.771
|
19.300 |
|
|
Sundry Debtors |
118.426
|
35.470
|
158.724 |
|
|
Cash & Bank Balances |
2.433
|
2.177
|
2.315 |
|
|
Other Current Assets |
139.876
|
71.217
|
0.376 |
|
|
Loans & Advances |
174.767
|
334.292
|
356.649 |
|
Total
Current Assets |
458.647
|
520.927
|
537.364 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.298
|
152.372
|
167.731 |
|
|
Other Current Liabilities |
99.780
|
65.577
|
5.651 |
|
|
Provisions |
161.827
|
72.224
|
146.356 |
|
Total
Current Liabilities |
265.905
|
290.173
|
319.738 |
|
|
Net Current Assets |
192.742
|
230.754
|
217.626 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17877.552 |
17986.608 |
18015.670 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2700.178 |
1953.271 |
4356.677 |
|
|
|
Other Income |
177.324 |
197.888 |
30.122 |
|
|
|
TOTAL (A) |
2877.502 |
2151.159 |
4386.799 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing service costs |
381.044 |
230.696 |
|
|
|
|
Employee related expenses |
336.197 |
272.068 |
|
|
|
|
Administrative selling other expenses |
256.257 |
174.583 |
|
|
|
|
Prior period items |
0.000 |
0.253 |
|
|
|
|
TOTAL (B) |
973.498 |
677.600 |
1592.059 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1904.004 |
1474.599 |
2794.740 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
101.323 |
95.594 |
219.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1802.681 |
1378.965 |
2574.890 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
862.907 |
791.434 |
715.014 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
939.774 |
587.531 |
1859.876 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.997 |
17.417 |
46.527 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
901.777 |
570.114 |
1813.349 |
|
|
|
|
|
|
|
|
|
Less/ Add |
INCOME TAX OF
EARLIER YEARS |
-- |
-- |
0.013 |
|
|
|
DEPRECIATION OF
EARLIER YEARS |
0.000 |
0.000 |
9.659 |
|
|
|
|
|
|
|
|
|
Less/ Add |
TRANSFER TO
TONNAGE TAX RESERVE UNDER SECTION 115VT OF THE INCOME TAX ACT 1961 |
(160.000) |
(80.000) |
(406.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
TRANSFER FROM
TONNAGE TAX RESERVE (UTILISES) |
0.000 |
0.000 |
830.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9257.777 |
8893.713 |
6966.850 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
182.400 |
|
|
|
Dividend |
|
|
118.260 |
|
|
|
Tax on Dividend |
|
|
20.098 |
|
|
BALANCE CARRIED
TO THE B/S |
9838.832 |
9257.777 |
8893.713 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
38.86 |
24.09 |
76.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
31.34 |
26.50
|
41.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
34.80 |
30.08
|
42.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.33 |
3.72
|
11.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.05
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.44 |
0.05
|
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72 |
1.80
|
1.68 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
No |
CURRENT MATURITIES OF LONG TERM DEBTS : NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10400913 |
05/02/2013 |
956,638,200.00 |
THE ROYAL BANK
OF SCOTLAND PLC |
SHIPPING BUSINESS
CENTRE, 4TH FLOOR, 1 PRINCES STREET, LONDON EC2R 8PB, LONDON - 28, UNITED
KINGDOM |
B67219048 |
|
2 |
10400911 |
05/02/2013 |
1,807,540,313.00 |
THE ROYAL BANK
OF SCOTLAND PLC |
SHIPPING BUSINESS
CENTRE, 4TH FLOOR, 1 PRINCES STREET, LONDON EC2R 8PB, LONDON - 28, UNITED
KINGDOM |
B67218610 |
|
3 |
10357528 |
31/05/2012 |
1,414,600,075.00 |
HSH NORDBANK AG |
3 TEMASEK
AVENUE, #33-00 CENTENNIAL TOWER, SING |
B40320608 |
|
4 |
10316850 |
15/11/2011 |
1,044,339,346.00 |
THE BANK OF NOVA
SCOTIA ASIA LIMITED |
ONE RAFFLES
QUAY, #20-01, NORTH TOWER, SINGAPORE - 048583 |
B25002338 |
|
5 |
10296279 |
10/05/2013 * |
1,010,711,867.00 |
DNB ASIA LIMITED |
8 SHENTON WAY, #48-02,
SINGAPORE - 068811 |
B75848010 |
|
6 |
10204541 |
23/07/2010 * |
918,000,000.00 |
DBS BANK LIMITED |
CREDIT CONTROL
UNIT, 3RD FLOOR,, FORT HOUSE, DR. D.N.ROAD, FORT, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A90690082 |
|
7 |
10115685 |
12/08/2008 |
2,940,000,000.00 |
HSH NORDBANK AG |
3 TEMASEK
AVENUE, #33-00 CENTENNIAL TOWER, SINGAP |
A43016237 |
|
8 |
10112527 |
14/07/2008 |
2,990,400,000.00 |
HSH NORDBANK AG |
3 TEMASEK
AVENUE, #33-00 CENTENNIAL TOWER, SINGAPORE - 039190 |
A41311804 |
|
9 |
10111897 |
07/07/2008 |
3,018,400,000.00 |
HSH NORDBANK AG |
3 TEMASEK
AVENUE, #33-00 CENTENNIAL TOWER, SINGAPORE - 039190 |
A40965972 |
|
10 |
10073511 |
08/11/2007 |
1,178,700,000.00 |
THE ROYAL BANK
OF SCOTLAND PLC |
SHIPPING BUSINESS
CENTRE, 5-10 GREAT TOWER STREET, |
A25793266 |
|
11 |
10056148 |
19/06/2007 |
1,173,888,000.00 |
THE ROYAL BANK
OF SCOTLAND PLC |
SHIPPING
BUSINESS CENTRE, 5-10 GREAT TOWER STREET, |
A17045568 |
|
12 |
10041322 |
26/03/2007 |
1,528,100,000.00 |
HSH NORDBANK AG
SINGAPORE BRANCH |
3 TEMASEK
AVENUE, #33-00 CENTENNIAL TOWER, SINGA |
A12246658 |
*Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2011 (Rs.
in Millions) |
31.03.2010 (Rs.
In Millions) |
|
Loans directors unsecured |
16.950 |
21.550 |
|
Other debt unsecured |
84.484 |
71.909 |
|
Total |
101.434 |
93.459 |
OPERATIONS AND FUTURE
OUTLOOK
During the year, the Companys income from operations stood at Rs.2700.180 millions compared to Rs. 1953.270 million of the previous year. Net Profit after tax was Rs.919.18 million against Rs. 569.680 millions of the previous year. The addition of one bulk carrier to the Companys fleet acquired in the last quarter of the financial year 2009-2010 and improved freight receipts contributed to enhanced operating revenues. Viewed in the context of volatile freight market conditions, this is a significant achievement and reflects the Companys ability to withstand and perform in a challenging environment.
Consistent with its focus on larger ships with increased carrying capacity, the Company contracted to purchase three modern bulk carriers of 81,000 dwt each from a reputed Shipyard in Korea. The first two vessels are scheduled to be delivered in the second half of 2011 with the third vessel in first half of 2012. The new buildings will be financed to the extent of 60% of the contract price. The Companys financial discipline and fiscal prudence is reflected in the attractive margins at which the banks have agreed to finance the acquisitions.
The Company takes pride in its highly motivated and competent human resources who have contributed their best to bring the Company to its present heights. The Company realizes that skill upgradation through continuous training is imperative for higher productivity. The need for trained professionals with inter-disciplinary skills is imperative for sustainability and growth. In this regard, the Company has the privilege of working closely with the Tolani Maritime Institute for training its personnels to enhance their abilities for facing increasing challenges at sea.
Looking to the future, the Company with its sound financial strength, dedicated personnels and proven business strategy is poised for better times.
FIXED ASSETS
· Building
· Fleet
· Office Equipment
· Furniture and Fixtures
· Vehicles
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 records 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.66.04 |
|
|
1 |
Rs.103.11 |
|
Euro |
1 |
Rs.86.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.