MIRA
INFORM REPORT
|
Report Date : |
12.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
MERCATOR LIMITED (w.e.f. 12.04.1984) |
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Formerly Known
As : |
MERCATOR LINES PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, Mittal Tower, B – Wing, Nariman Point, Mumbai –
400021, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.11.1983 |
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Com. Reg. No.: |
11-031418 |
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Capital
Investment / Paid-up Capital : |
Rs.244.892 Millions |
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CIN No.: [Company Identification
No.] |
L63090MH1983PLC031418 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM20822E |
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PAN No.: [Permanent Account No.] |
AAACM5007A |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
The Company has directly
and/or through its subsidiaries diversified business verticals viz. Shipping
(tankers and dry bulkers), Dredging, Oil and Gas (EPCIC and E and P), Coal
(Mining, Procurement and Logistics). |
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No. of Employees
: |
101 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 27000000 |
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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 satisfactory track. There are losses recorded by the company during 2013. However, the rating also takes into consideration experienced
promoters and management, diversified revenue profile mitigating the risk of
downturn in any business segment. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered normal for business dealings at usual
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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term bank Facilities = A |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk |
|
Date |
07.01.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term bank Facilities = A |
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Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk |
|
Date |
07.01.2014 |
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-Cooperative. (Tel No.: 91-22-66373333)
LOCATIONS
|
Registered Office : |
3rd Floor, Mittal Tower, B – Wing, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Tel. No.: |
91-22-66373333 / 40373333 |
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Fax No.: |
91-22-66373333 / 40373333 |
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E-Mail : |
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Website : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr.
H. K. Mittal |
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Designation : |
Executive Chairman |
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Date of Birth/Age : |
63 Years |
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Qualification : |
Masters from the Indian Institute of Technology (IIT) |
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Name : |
Mr.
Atul J. Agarwal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
55 Years |
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Qualification : |
Chartered Accountant |
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Name : |
Mr.
Manohar Bidaye |
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Designation : |
Independent and Non-Executive Director |
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Date of Birth/Age : |
49 Years |
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Qualification : |
Master of Commerce (M.Com) from the University of Mumbai
and has a degree in Law (LLB - Gen.). |
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Name : |
Mr.
K. R. Bharat |
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Designation : |
Independent and Non-Executive Director |
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Date of Birth/Age : |
51 Years |
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Qualification : |
MBA |
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Name : |
Mr.
Kapil Garg |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
47 Years |
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Qualification : |
graduate in Chemical Engineering |
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Name : |
Mr.
M. M. Agrawal |
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Designation : |
Independent and Non-Executive Director |
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Date of Birth/Age : |
63 Years |
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Qualification : |
Bachelor of Engineering from Nagpur University |
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Name : |
Mr.
Shalabh Mittal |
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Designation : |
Managing Director and CEO - Mercator Lines (Singapore)
Limited |
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Date of Birth/Age : |
34 Years |
|
Qualification : |
Master of Commerce from the University of Mumbai |
KEY EXECUTIVES
|
Name : |
Capt.
Kowshik Kuchroo |
|
Designation : |
President – Shipping |
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Date of Birth/Age : |
49 Years |
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Qualification : |
Master Mariner with an HND from the UK. |
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Name : |
Mr.
K. S. Raheja |
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Designation : |
Country Head - Indonesia |
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Date of Birth/Age : |
43 Years |
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Qualification : |
B.Tech (Hons.) |
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Name : |
Mr.
Prasad Patwardhan |
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Designation : |
Chief Financial Officer |
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Date of Birth/Age : |
47 Years |
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Qualification : |
Group’s Chief Financial Officer |
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Name : |
Mr.
Atul Malhotra |
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Designation : |
Vice President - Coal and Logistics |
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Date of Birth/Age : |
41 Years |
|
Qualification : |
Commerce graduate |
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|
Name : |
Mr.
Ashutosh Kumar |
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Designation : |
Executive Vice President - Oil and Gas |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
Bachelor of Engineering in Electronics and
Telecommunication |
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|
Name : |
Capt.
Arun Nanda |
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Designation : |
Vice President - Tanker Operations |
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Date of Birth/Age : |
58 Years |
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Qualification : |
Master’s Foreign Going Certificate of Competency |
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|
Name : |
Mr.
Vikram Madane |
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Designation : |
Vice President - HR |
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Date of Birth/Age : |
42 Years |
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Qualification : |
BSC and a post graduate in Management |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category
of Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
80077816 |
32.70 |
|
|
18406250 |
7.52 |
|
|
98484066 |
40.22 |
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|
|
|
Total shareholding of Promoter and Promoter Group (A) |
98484066 |
40.22 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
78029 |
0.03 |
|
|
2008860 |
0.82 |
|
|
1000 |
0.00 |
|
|
34608079 |
14.13 |
|
|
0 |
0.00 |
|
|
36695968 |
14.98 |
|
|
|
|
|
|
18505004 |
7.56 |
|
|
|
|
|
|
72485294 |
29.60 |
|
|
12702504 |
5.19 |
|
|
6019237 |
2.46 |
|
|
2263498 |
0.92 |
|
|
169250 |
0.07 |
|
|
4536 |
0.00 |
|
|
306100 |
0.12 |
|
|
3275853 |
1.34 |
|
|
109712039 |
44.80 |
|
Total Public shareholding (B) |
146408007 |
59.78 |
|
Total (A)+(B) |
244892073 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
244892073 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and Promoter
Group
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Harishkumar Mittal |
4,66,54,200 |
19.05 |
|
Archana Mittal |
2,63,27,400 |
10.75 |
|
AHM Investments Private Limited |
1,84,06,250 |
7.52 |
|
Atul J Agarwal |
54,60,966 |
2.23 |
|
Manjuli Agarwal |
5,59,000 |
0.23 |
|
Shalabh Mittal |
3,61,250 |
0.15 |
|
Aayush Atul Agarwal |
3,17,500 |
0.13 |
|
Arooshi Atul Agarwal |
3,17,500 |
0.13 |
|
Adip Mittal |
80,000 |
0.03 |
|
Total |
9,84,84,066 |
40.22 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Lotus Global Investments Limited |
14229669 |
5.81 |
|
Cresta Fund Limited |
5650000 |
2.31 |
|
Albula Investment Fund |
5175644 |
2.11 |
|
Kotak Mahindra (International) Limited |
5132000 |
2.10 |
|
Total |
30187313 |
12.33 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Names of Shareholders |
No. of
Shares |
Percentage
of Holding |
|
Lotus Global Investments Limited |
14229669 |
5.81 |
|
Total |
14229669 |
5.81 |
BUSINESS DETAILS
|
Line of Business : |
The Company has
directly and/or through its subsidiaries diversified business verticals viz. Shipping
(tankers and dry bulkers), Dredging, Oil and Gas (EPCIC and E and P), Coal
(Mining, Procurement and Logistics). |
GENERAL INFORMATION
|
No. of Employees : |
101 (Approximately) |
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Bankers : |
·
State Bank of India ·
ICICI Bank Limited ·
Axis Bank ·
HDFC Bank Limited |
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Facilities : |
Notes: (i)
Security details a)
Debentures referred in (A) above are secured by
first mortgage on specified vessels of the Company on pari-passu basis with
other lenders and first pari- passu charge on the specified immovable
property. b)
External Commercial Borrowings referred in (B)
above are secured by exclusive charge on specified vessels of the Company of
which Rs.265.148 Millions (P.Y. Rs.255.783 Millions) additionally secured by
charge on loan extended to subsidiary as well as charge on cash flows of
specified vessels. c)
Term Loan referred in (C) above are secured by
first charge on specified vessels, on pari passu basis with other lenders and
includes Rs.1305.045 Millions (P.Y. Rs.1350.000 Millions lakhs) additionally
secured by charge on loan extended to subsidiary as well as charge on cash
flows of specified vessels. d)
Foreign Currency loan included in Term loans from
banks in (C) is secured by first charge on specified vessels of the Company
on pari passu basis with other lenders. (ii) Terms of repayment and interest are as follows:
* Applicable Rate of Interest as on 31.03.2013 Note: Working capital facilities from Scheduled Banks are secured by 1st
charge on all receivables and other current assets of the Company on
pari-passu basis and second charge on specified vessels. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Contractor, Nayak and Kishnadwala Chartered Accountants |
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Subsidiaries -
Fellow/ Step down subsidiaries : |
· Mercator International Pte Limited (MIPL) (Singapore) · Mercator Oil and Gas Limited (MOGL) (India) · Mercator Petroleum Limited (India) · Oorja Resources India Private Limited (India) · Mercator FPSO Private Limited (India) · Mercator Offshore Holdings Pte Limited (MOHPL) (Singapore) · Mercator Offshore (P) Pte Limited (Singapore) · Oorja Holdings Pte. Limited (OHPL) (Singapore) · Mercator Lines (Singapore) Limited (MLS) (Singapore) · Mercator Offshore Limited (Singapore) · Ivorene Oil Services Nigeria Limited (Singapore) · Varsha Marine Pte. Limited (Singapore) - Liquidated during the year with effect from Jan 11, 2013 · Vidya Marine Pte. Limited (Singapore) - Liquidated during the year with effect from Jan 11, 2013 · Mercator Lines (Panama) Inc · Chitra Prem Pte. Limited (Singapore) · Target Ship Management Pte. Limited (Singapore) - Ceased to be subsidiary from March 15, 2013 · Oorja 1 Pte. Limited (Singapore) · Oorja 2 Pte. Limited (Singapore) · Oorja 3 Pte. Limited (Singapore) · Oorja Mozambique Limitada (Mozambique) · MCS Holdings Pte. Limited (Singapore) · Oorja (Batua) Pte. Limited (Singapore) · PT Karya Putra Borneo · PT Indo Perkasa (IPK) · Oorja Indo Petangis Four (Indonesia) · Oorja Indo Petangis Three (Indonesia) · Oorja Indo KGS (Indonesia) · Broadtec Mozambique Minas Limitada (Mozambique) · PT Mincon Indo Resources (Jakarta) · Bima Gema Permata PT (Jakarta) · Nuansa Sakti Kencana PT (Jakarta) ·
Varsha Vidya Inc (Panama) |
|
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|
Enterprises over
which Key Management Personnel exercise significant control : |
·
AAAM Properties Private Limited ·
Ankur Fertilizers Private Limited ·
AHM Investments Private Limited · Mercator Healthcare Limited |
|
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|
|
Enterprises over
which Directors/ Relative of Directors/ Key Management Personnel /Relative of
Key Management
Personnel exercise significant
influence : |
·
MLL Logistics Private Limited ·
Zicom Electronic Security Systems
Limited ·
Vaitarna Marine Infrastructure Private
Limited · Rishi Holding Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Re.1/- each |
Rs.350.000 Millions |
|
20000000 |
Preference shares |
Rs.100/- each |
Rs.2000.000 Millions |
|
|
Total |
|
Rs.2350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
244892073 |
Equity Shares |
Re.1/- each |
Rs.244.892 Millions |
Reconciliation of the number of shares
|
Equity Shares |
Number of Shares
|
|
Number of shares
at the beginning of the year |
244892073 |
|
Add: Shares
issued during the |
-- |
|
Number of shares at the end of the year |
244892073 |
Terms/Rights
attached to Equity shares
The Company has
two class of shares referred to as equity shares having a par value of Re.1/- and
preference shares having a par value of Rs.100/-. Each holder of equity shares
is entitled to one vote per share.
The Company
declares and pays dividend in Indian rupees. The dividend whenever proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive any of the remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
For the period of
five years immediately preceding the date as at which the balance sheet is
prepared:
(i) No shares were
allotted pursuant to contracts without payment being received in cash.
(ii) No bonus
shares were issued.
(iii) No shares were bought back.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
H. K. Mittal |
46654200 |
19.05% |
|
Archana Mittal |
26327400 |
10.75% |
|
AHM Investments
Private Limited |
18406250 |
7.52% |
|
Lotus Global Investments Limited |
14229669 |
5.81% |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
244.892 |
244.892 |
244.892 |
|
(b) Reserves & Surplus |
6,454.309 |
8,491.129 |
9,758.928 |
|
(c) Money received against share
warrants |
0.000 |
259.600 |
259.600 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
6,699.201 |
8,995.621 |
10,263.420 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
6,817.635 |
9,220.571 |
10,576.887 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
73.553 |
467.148 |
365.684 |
|
(d) long-term provisions |
22.881 |
28.588 |
18.297 |
|
Total Non-current
Liabilities (3) |
6,914.069 |
9,716.307 |
10,960.868 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
280.981 |
429.694 |
1,136.333 |
|
(b) Trade payables |
790.655 |
886.163 |
6,152.030 |
|
(c) Other current
liabilities |
5,931.850 |
2,773.714 |
2,161.906 |
|
(d) Short-term provisions |
4.278 |
4.589 |
3.462 |
|
Total Current Liabilities
(4) |
7,007.764 |
4,094.160 |
9,453.731 |
|
|
|
|
|
|
TOTAL |
20,621.034 |
22,806.088 |
30,678.019 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6,988.668 |
16,348.293 |
16,996.893 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) assets held for
disposal |
5,346.245 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
35.548 |
42.549 |
46.218 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2,911.797 |
2,886.461 |
6,453.621 |
|
(e) Other Non-current
assets |
3.852 |
0.268 |
0.030 |
|
Total Non-Current Assets |
15,286.110 |
19,277.571 |
23,496.762 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
5.000 |
5.000 |
15.000 |
|
(b) Inventories |
95.573 |
174.089 |
234.864 |
|
(c) Trade receivables |
2,086.607 |
1,989.630 |
1,607.083 |
|
(d) Cash and cash
equivalents |
1,551.332 |
412.400 |
4,427.311 |
|
(e) Short-term loans and
advances |
1,595.417 |
826.895 |
803.000 |
|
(f) Other current assets |
0.995 |
120.503 |
93.999 |
|
Total Current Assets |
5,334.924 |
3,528.517 |
7,181.257 |
|
|
|
|
|
|
TOTAL |
20,621.034 |
22,806.088 |
30,678.019 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5,514.942 |
5,479.768 |
6,372.408 |
|
|
|
Other Income |
253.188 |
726.852 |
651.666 |
|
|
|
TOTAL (A) |
5,768.130 |
6,206.620 |
7,024.074 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Ship operating expenses |
4,039.674 |
4,335.896 |
5,018.447 |
|
|
|
Employee benefit expenses |
131.233 |
170.053 |
126.191 |
|
|
|
Impairment of assets |
811.800 |
0.000 |
0.000 |
|
|
|
Other expenses |
526.397 |
132.707 |
161.049 |
|
|
|
TOTAL (B) |
5,509.104 |
4,638.656 |
5,305.687 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
259.026 |
1,567.964 |
1,718.387 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1,326.909 |
1,529.693 |
1,492.513 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1,067.883) |
38.271 |
225.874 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,091.555 |
1,189.961 |
1,166.255 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(2,159.438) |
(1,151.690) |
(940.381) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.000 |
35.000 |
39.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(2,174.438) |
(1,186.690) |
(979.706) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(991.494) |
195.196 |
1174.903 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3165.932) |
(991.494) |
195.196 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Shipping Income |
935.578 |
717.013 |
NA |
|
|
|
Interest Income |
17.995 |
160.814 |
NA |
|
|
|
Dividend Income |
17.316 |
0.000 |
NA |
|
|
|
Other Income |
17.080 |
1.932 |
NA |
|
|
TOTAL EARNINGS |
987.969 |
879.759 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
153.915 |
71.863 |
NA |
|
|
|
Capital Goods (Including WIP) |
0.000 |
301.450 |
NA |
|
|
TOTAL IMPORTS |
153.915 |
373.313 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(8.88) |
(4.85) |
(4.12) |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
822.900 |
1112.100 |
1299.000 |
|
Total Expenditure |
682.500 |
779.200 |
869.900 |
|
PBIDT (Excl OI) |
140.400 |
333.000 |
429.100 |
|
Other Income |
63.100 |
34.000 |
4.900 |
|
Operating Profit |
203.600 |
367.000 |
434.000 |
|
Interest |
160.500 |
171.400 |
129.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
43.100 |
195.600 |
304.700 |
|
Depreciation |
162.200 |
170.700 |
168.800 |
|
Profit Before Tax |
(119.200) |
24.800 |
136.000 |
|
Tax |
2.600 |
0.600 |
1.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(121.700) |
24.200 |
134.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(121.700) |
24.200 |
134.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(37.70) |
(19.12) |
(13.95) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(39.16) |
(21.02) |
(14.76) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.17) |
(5.06) |
(3.07) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32) |
(0.13) |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.06 |
1.07 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76 |
0.86 |
0.76 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
244.892 |
244.892 |
244.892 |
|
Reserves & Surplus |
9758.928 |
8491.129 |
6454.309 |
|
Money received against share
warrants |
259.600 |
259.600 |
0.000 |
|
Net
worth |
10263.420 |
8995.621 |
6699.201 |
|
|
|
|
|
|
long-term borrowings |
10576.887 |
9220.571 |
6817.635 |
|
Short term borrowings |
1136.333 |
429.694 |
280.981 |
|
Total
borrowings |
11713.220 |
9650.265 |
7098.616 |
|
Debt/Equity
ratio |
1.141 |
1.073 |
1.060 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
6,372.408 |
5,479.768 |
5,514.942 |
|
|
|
(14.008) |
0.642 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
6,372.408 |
5,479.768 |
5,514.942 |
|
Profit |
(979.706) |
(1,186.690) |
(2,174.438) |
|
|
(15.37%) |
(21.66%) |
(39.43%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Debentures |
100.000 |
612.500 |
168.750 |
|
External commercial borrowings |
265.148 |
236.599 |
66.975 |
|
Term loans from banks |
347.633 |
1595.629 |
1496.462 |
|
Total |
712.781 |
2444.728 |
1732.187 |
|
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 |
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 |
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Working capital facilities from scheduled banks |
196.120 |
197.622 |
|
Total |
196.120 |
197.622 |
CORPORATE INFORMATION
Mercator Limited was
incorporated on November 24, 1983 as private limited company with name as
Mercator Lines Private Limited. It was converted into limited company vide ROC
approval dated April 12, 1984. The name was changed to Mercator Limited vide
ROC approval dated November 22, 2011. The Company has directly and/or through
its subsidiaries diversified business verticals viz. Shipping (tankers and dry
bulkers), Dredging, Oil and Gas (EPCIC and E and P), Coal (Mining, Procurement
and Logistics).
OPERATIONAL AND
FINANCIAL PERFORMANCE
Mercator Group has
diversified operations with its own fleet of Tankers, Bulk Carriers; Dredgers
and a Floating
Production Units
(FPU). Mercator also has coal mine licences in Indonesia and Mozambique.
Mercator has signed Production Sharing Contract with Government of India in
respect of two oil blocks in the Cambay basin in Western India awarded under
NELP-VII. Mercator, in consortium, has been awarded a contract by ONGC for
conversion of Mobile Offshore Drilling Unit (MODU) into Mobile Offshore
Production Unit (MOPU).
COAL MINING,
PROCUREMENT AND LOGISTICS:
Mercator has
economic interest in 3 coal mines in Indonesia and 1 in Mozambique. Mercator
has further established itself as a coal procurement and logistics provider and
has been considered as a preferred and reliable coal supplier from Indonesia.
During the year;
the new coal mine at Batuah, Indonesia commenced commercial operations. This
project was operationalised within 20 months Mercator has executed the entire
project including construction of about
26 KM haul road;
bridges; jetty; crushing and conveyor installations with its own team by
employing some
Innovative
solutions. Overall, Mercator sold 7.63 million MT (previous year 7.35 million
MT) of coal Total turnover of Rs.20070.000 Millions (previous year Rs.23170.000
Millions) was achieved. This contributed about 54% of the total operating
income (previous year 62%). Although volumes increased marginally, the fall in
the coal prices during the year affected sales realisations.
OIL AND GAS:
Offshore performance:
Mercator owns one
Mobile Offshore Production Unit (MOPU) and one Floating Storage Offloading Unit
(FSO) which are deployed at EBOK field in Nigeria under long term contract with
UK listed Afren Plc. Both these MOPU and FSO collectively called Floating
Production Unit (FPU) are performing well. MOPU has a processing capacity of
50,000 barrels oil per day whereas FSO has storage capacity of 1.2 million
barrels oil.
EPC project
awarded by ONGC Limited for conversion of their Mobile Offshore Drilling Unit
(“MODU”) ‘Sagar Samrat’ into a Mobile Offshore Production Unit (“MOPU”) is
progressing satisfactorily. The project completion timeline has been extended
due to changes in design and scope.
In this segment; Mercator
achieved total turnover of Rs.6100.000 Millions compared to Rs.1990.000
Millions in previous year. This has contributed about 16% of the total
operating income (previous year 5%).
Oil Blocks:
Mercator has
Production Sharing Contracts with the Government of India for exploration of
Petroleum in two blocks under the Seventh New Exploration Licensing Policy
round (NELP-VII). The “S-Type” blocks are situated onshore in the prolific
Cambay Basin, Gujarat, India and cover an area of about 180.22 Sq. Km. The
exploratory drilling programme has been finalised and is expected to commence
later this year.
Tanker (Wet Bulk)
performance:
Mercator’s tanker
fleet consists of a Very Large Crude Carrier (VLCC), Aframaxes, Product tankers
and Chemical tanker.
Mercator had 7 own
tankers of aggregate capacity of 740193 DWT at the beginning of the year and 1
in- chartered chemical tanker of 19,996 DWT. During the year; one aframax
tanker of 109,227 DWT that had met with an accident in the previous year; was
scrapped. A part of the insurance claim has been received from the insurers.
Consequently, at the end of the year Mercator had 6 own tankers of 630966 DWT
and 1 in-chartered tanker of 19,996 DWT. Of these; one VLCC of 299235 DWT was
sold to a subsidiary in Singapore and one aframax tanker of 90,607 was also
sold. Subsequent to year end; 1 MR tanker of about 36,032 DWT was acquired.
The proceeds of
the insurance claim received in respect of the Aframax tanker that met with
accident were used to prepay debt. The VLCC, which was funded by high cost INR
debt, was contracted to be sold to a step down subsidiary and the high cost
rupee debt was refinanced by a dollar denominated loan with extended tenor. As
a consequence, the company was able to substantially reduce the debt during the
year.
The tanker
business achieved a turnover of Rs.3330.000 Millions as compared to Rs.2900.000
Millions in the previous year. The numbers of operating days were reduced by about
5% to 2,479 days (previous year 2,618 days). The time charter equivalent (TCE)
at USD 15,898 was flat as compared to USD 15,884 in the previous year. Overall
contribution from the tanker division was 9% (previous year 8%) of the total
operating income.
Dry Bulk
performance:
Mercator’s bulk
carrier fleet comprises of geared and Gearless Panamaxes; Kamsarmaxes and a
Very Large Ore
Carrier (VLOC). At
the beginning of the year, there were 15 own bulk carriers with aggregate
tonnage of 1340510 DWT and 3 chartered-in bulk carriers with an aggregate
capacity of 2,78,340 DWT. One VLOC of 279022 DWT was sold. Further, two
chartered-in vessels with aggregate tonnage of 186,540 DWT were re-delivered
under early termination agreements as the cost of chartering the vessles was
higher than the earnings of these vessels.
Consequently, at
the end of the year; there were 14 own bulk carriers of aggregate capacity of
1061488 DWT and one chartered in vessel of 91,800 DWT. The proactive measures
of early termination of long term charters and sale of VLOC will have positive
impact on cash flows of the Company going forward.
During the year;
the new coal mine at Batuah, Indonesia commenced commercial operations. This
project was operationalised within 20 months Mercator has executed the entire
project including construction of about 26 KM haul road; bridges; jetty;
crushing and conveyor installations with its own team by employing some
innovative solutions.
Overall, Mercator
sold 7.63 million MT (previous year 7.35 million MT) of coal Total turnover of
Rs.20070.000 Millions (previous year Rs.23170.000 Millions) was achieved. This
contributed about 54% of the total operating income (previous year 62%).
Although volumes increased marginally, the fall in the coal prices during the
year affected sales realisations.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND NINE MONTHS ENDED 30TH DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
Income
from operations |
1299.003 |
1121.123 |
3234.037 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) Operating expenses |
467.121 |
378.028 |
1231.463 |
|
b) Bunker cost |
210.529 |
172.995 |
548.521 |
|
c) Vessel Hire charges |
57.969 |
108.570 |
221.575 |
|
d) Coal Operating expenses |
0.000 |
0.000 |
0.000 |
|
e) Employee benefits expense |
33.970 |
35.682 |
98.544 |
|
f) Other expenses |
39.067 |
31.880 |
102.490 |
|
g) Dry‐docking expenses |
60.061 |
37.840 |
113.599 |
|
Total expenses |
868.717 |
764.994 |
2316.192 |
|
Profit from operations before other income and financial
costs |
430.290 |
347.129 |
917.845 |
|
Depreciation and amortisation expense |
168.756 |
170.727 |
501.705 |
|
Impairment |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss) from ordinary activities before finance costs and
exceptional items |
261.534 |
176.402 |
416.139 |
|
Other Income |
|
|
|
|
a) Gain on foreign currency transactions (net) |
(1.197) |
(14.176) |
19.004 |
|
b) Profit/(loss) on sale of assets |
(0.017) |
(0.011) |
0.461 |
|
c) Profit/(loss) on sale of investments |
0.000 |
1.381 |
1.381 |
|
d) Other income |
4.926 |
32.665 |
65.860 |
|
Profit/(Loss) from ordinary activities before finance costs and exceptional items |
265.245 |
196.261 |
502.846 |
|
Finance costs (net) |
129.291 |
171.442 |
461.214 |
|
Profit/(Loss) from ordinary activities after finance costs but before
exceptional items |
135.954 |
24.819 |
41.632 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss) from ordinary activities before tax |
135.954 |
24.819 |
41.632 |
|
Tax expense |
|
|
|
|
Current |
1.591 |
0.632 |
4.787 |
|
Deferred |
0.000 |
0.000 |
0.000 |
|
Net Profit /(Loss) from ordinary activities after tax |
134.363 |
24.187 |
36.845 |
|
Extraordinary items |
0.000 |
0.000 |
0.000 |
|
Net Profit /(Loss) for the period |
134.363 |
24.187 |
36.845 |
|
Minority interest |
0.000 |
0.000 |
0.000 |
|
Net Profit /(Loss) after taxes, minority interest
and share of profit / (loss) of associates |
134.363 |
24.187 |
36.845 |
|
Paid ‐up equity share capital (Face Value Re. 1/‐ each) |
244.892 |
244.892 |
244.892 |
|
Reserve excluding Revaluation Reserves as
per balance sheet of previous accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) (of Re.1/each) (not
annualised) |
|
|
|
|
(a) Basic (Rs.) |
0.55 |
0.10 |
0.15 |
|
(b) Diluted (Rs.) |
0.55 |
0.10 |
0.15 |
|
Earnings
per share (after extraordinary items) (of Re.1 /‐
each) (not annualised): |
|
|
|
|
(a) Basic (Rs.) |
0.55 |
0.10 |
0.15 |
|
(b) Diluted (Rs.) |
0.55 |
0.10 |
0.15 |
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
146408007 |
146408007 |
146408007 |
|
- Percentage of shareholding |
59.78% |
59.78% |
59.78% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
|
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
98484066 |
98484066 |
98484066 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
40.22% |
40.22% |
40.22% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
0 |
||
|
Receiving during the quarter |
3 |
||
|
Disposed of during the quarter |
3 |
||
|
Remaining unreserved at the end of the quarter |
0 |
||
Notes:
1) These results reviewed by the Audit committee were taken on record by the Board of Directors at its meeting held on January 31, 2014.
2) The Statutory Auditors have performed a Limited Review of standalone financial results for the quarterlnine months ended December 31, 2013.
3) In response to the qualification in the Auditors' Report on the consolidated financial statements for the year ended on 31st March 2013, it is clarified that the said consolidated financial statements were based on the management accounts of some of the overseas subsidiaries. The audit of these subsidiaries has since been completed and there was no material difference between the audited financials and the management accounts considered for consolidation.
4) The Company has identified segments into Shipping (includes tanker, bulker and dredger), Offshore and Coal (includes mining, procurement and logistics). The ships are operating internationally. The performance of the segment is monitored on the basis of primary segment only.
5) The figures of the
previous period/ year have been rearranged / regrouped
wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10430978 |
22/07/2013 * |
508,750,000.00 |
Axis
Bank Limited |
CBB
Br. Axis House, Gr. Floor, Wadia Intl. Centre, |
B80748999 |
|
2 |
10427018 |
25/03/2013 |
2,992,800,000.00 |
State
Bank of India |
Overseas
Branch, 2nd Floor, 'The Arcade',, World |
B75507178 |
|
3 |
10333505 |
24/05/2012 * |
1,235,000,000.00 |
ICICI
BANK LIMITED |
ICICI
Bank Towers, Bandra Kurla Complex, Mumbai, Maharashtra - 400051, India |
B39897673 |
|
4 |
10294934 |
29/11/2012 * |
550,000,000.00 |
ICICI
BANK LIMITED |
ICICI
Bank Towers, Bandra Kurla Complex, Mumbai, Maharashtra - 400051, india |
B63069249 |
|
5 |
10263095 |
18/10/2012 * |
800,000,000.00 |
ICICI
BANK LIMITED |
ICICI
Bank Towers, Bandra Kurla Complex, Mumbai, Maharashtra - 400051, India |
B61852380 |
|
6 |
10193208 |
23/01/2014 * |
1,000,000,000.00 |
Axis
Trustee Services Limited |
Axis
House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,
Mumbai, Maharashtra - 400025, India |
B95491445 |
|
7 |
10192071 |
23/01/2014 * |
2,500,000,000.00 |
Axis
Trustee Services Limited |
Axis
House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,
Mumbai, Maharashtra - 400025, India |
B95491312 |
|
8 |
10139086 |
21/10/2013 * |
1,500,000,000.00 |
Axis
Trustee Services Limited |
Axis
House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,
Mumbai, Maharashtra - 400025, India |
B88348909 |
|
9 |
10131402 |
29/10/2009 * |
1,125,000,000.00 |
BANK
OF INDIA |
138,
Robinson Road,, #01-01, #02-01, # 03-00, The Corporate Office, Singapore, -
068906, Singapore |
A73466989 |
|
10 |
10037014 |
26/09/2013 * |
2,025,000,000.00 |
Axis
Bank Limited |
Axis
House, 2nd Floor, Bombay Dyeing Mill Compund, Pandurang Bhudkar Marg, Worli,,
Mumbai, Maharashtra - 400025, India |
B85905123 |
|
11 |
90229990 |
07/03/2011 * |
200,000,000.00 |
HDFC
BANK LIMITED |
HDFC
Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013,
India |
B08407660 |
|
12 |
90231204 |
16/03/2004 * |
300,000,000.00 |
UTI
BANK LIMITED |
Central
Office; Maker Tower-F, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
13 |
90232550 |
23/01/2003 * |
180,000,000.00 |
UTI
BANK LIMITED |
Central
Office; Maker Tower-F, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
14 |
90231108 |
22/04/2004 * |
120,000,000.00 |
UTI
BANK LIMITED |
Central
Office; Maker Tower-F, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
15 |
90232544 |
27/09/2002 * |
120,000,000.00 |
UTI
BANK LIMITED |
Central
Office; Maker Tower-F, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
16 |
90229504 |
26/02/2004 * |
50,000,000.00 |
UTI
BANK LIMITED |
Central
Office; Maker Tower-F, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
17 |
90229367 |
14/10/1998 * |
72,200,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI
TOWER; WTC COMPLEX, COLOBA, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
18 |
90226928 |
02/12/2011 * |
1,450,000,000.00 |
State
Bank of India |
Overseas
Branch, Cuff parade, Mumbai, Maharashtra - 400005, INDIA |
B27277490 |
|
19 |
90229081 |
15/05/2004 * |
5,000,000.00 |
STATE
BANK OF INDIA |
Overseas
Branch, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
20 |
90232485 |
03/02/1995 |
960,000.00 |
SYNDICATE
BANK |
Backbay
Reclamation Branch, Bombay, Maharashtra - |
- |
*Date of modification charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Software
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.60.70 |
|
|
1 |
Rs.100.69 |
|
Euro |
1 |
Rs.84.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--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.