MIRA INFORM REPORT
|
Report No. : |
328559 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE SHIPPING CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
Shipping House, 245, |
|
Tel. No.: |
91-22-22026666 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
Date of
Incorporation : |
24.03.1950 |
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|
|
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Com. Reg. No.: |
11-008033 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4658.000
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63030MH1950GOI008033 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is engaged in the business of providing services for bulk carriers,
crude oil tankers, product tankers, container vessels, passenger–cum–cargo
vessels, phosphoric acid\ chemical carriers, LPG/ Ammonia carriers and
offshore supply vessels. |
|
|
|
|
No. of Employees
: |
2651 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 180000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behavior : |
Regular |
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|
|
Litigation : |
Exist |
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Comments : |
Subject is a Government of India Company. It is well established company incorporated during the year 1950. It
is engaged in the business of providing services of bulk carriers, crude oil
tankers, product tankers, container vessels, passenger–cum–cargo vessels,
phosphoric acid\ chemical carriers, LPG/ Ammonia carriers and offshore supply
vessels. Even though the company has incurred losses in the previous year but
the company good profitability margin and healthy operational activities
during this year, under a review. Further rating shows the company’s long track record in shipping
business and improvement in the financial risk profile along with decent net
worth of the company. Moreover, company gets good support from government department Trade relations are reported as fair. Business is active. Payments
terms are regular and as per commitments. In view of government company with long history of business
operations, the company can be considered 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Issuer Rating (AA-) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
September, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term debt Programme (A1) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
September, 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
31-03-2013.
INFORMATION DECLINED
Management non co-operative (91-22-22026666)
LOCATIONS
|
Registered
Office : |
Shipping House, 245, |
|
Tel. No.: |
91-22-22853556/ 22772163/ 22822041/ 22772168/ 22026666/ 22023463 |
|
Fax No.: |
91-22-22833772/ 22026905 |
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E-Mail : |
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|
Website : |
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|
Regional
Office – Chennai : |
" Jawahar Building", 17, Rajaji Salai, Chennai -
600001, Tamilnadu, India |
|
Tel. No.: |
91-44-25231401 (10 lines) |
|
Fax No.: |
91-44-25231218 |
|
|
|
|
Regional
Office - New Delhi : |
"Chandralok",
1st Floor, 36, Janpath, New Delhi - 110001, India |
|
Tel. No.: |
91-11-23322627/
23322604/ 23322675 |
|
Fax No.: |
91-11-23713755 |
|
|
|
|
Regional
Office - Kolkata : |
"Shipping House", 13, Strand Road, P.O. Box
No.2653, Kolkata - 700001, India |
|
Tel. No.: |
91-33-22482354 (18
Lines) |
|
Fax No.: |
91-33-22480377/ 22482035 |
|
|
|
|
Regional Office
- Port Blair : |
Gati Coast-to-Coast building, No 99, Jawaharlal Nehru
Road, Delanipur, Post Box No 310, Port Blair, Andaman Islands, Pin No. 744
102 |
|
Tel. No.: |
91-3192-233590/ 233347 |
|
Fax No.: |
91-3192-233778 |
|
|
|
|
Technical and Offshore
Division : |
Shipping House, 4th Floor, 245, Madame Cama Road, Mumbai - 400021, Maharashtra, India Tel. No.: 91-22-25701430 E-Mail : ec.rao@sci.co.in Fax No.: 91-22-25700824 250, Sudam Kalu Ahire Marg , Worli, Mumbai - 400002, Maharashtra, India Tel. No.: 91-22-24937484 E-Mail : jvs.rao@sci.co.in
Fax No.:
91-22-24914728 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Arun Kumar Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.12.1955 |
|
Qualifications : |
· Marine Engineer from Marine Engineering Training College, Kolkata · Member of Institute of Engineers · Fellow Member of Institute of Marine Engineers · Fellow Member of Narottam Morarjee Institute of Shipping |
|
Expertise in
Specific functional areas : |
Vast experience and knowledge in shipping management and technical
execution of projects. |
|
Date of Appointment
: |
25.10.2010 |
|
|
|
|
Name : |
Dr. (Ms.) T. Kumar |
|
Designation : |
Government Director |
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|
|
|
Name : |
Mr. M.C. Jauhari |
|
Designation : |
Government
Director |
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|
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|
Name : |
Rear Admiral (Retd.) T. S. Ganeshan |
|
Designation : |
Director |
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Date of Birth/Age : |
07.06.1949 |
|
Qualification : |
B. E. (Electrical) |
|
Expertise in Specific
functional areas : |
Vast experience in naval shipbuilding and management of Public Sector Undertaking. |
|
Date of Appointment : |
12.11.2013 |
|
DIN No.: |
00409241 |
|
|
|
|
Name : |
Shri Ashish Makhija |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.04.1966 |
|
Qualification : |
|
|
Expertise in
Specific functional areas : |
Over 25 years of experience in corporate law, bankruptcy, anti-money laundering, and litigation risk management, corporate governance. |
|
Date of Appointment : |
26.05.2014 |
|
DIN No.: |
00223811 |
|
|
|
|
Name : |
Captain S. Narula |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.07.1957 |
|
Qualification : |
Master Mariner |
|
Expertise in
Specific functional areas : |
More than 35 years of Maritime Experience both afloat and ashore. More than 7 years command experience on several types of ships including Tankers, Bulk Carriers, Cargo ships and Container ships. |
|
Date of Appointment : |
07.07.2014 |
|
DIN No.: |
06903085 |
|
|
|
|
Name : |
Shri Arun Ramanathan |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.04.1949 |
|
Qualification : |
|
|
Expertise in
Specific functional areas : |
Vast experience in general and financial administration in Government and Public Sector. |
|
Date of Appointment : |
12.11.2013 |
|
DIN No.: |
00308848 |
|
|
|
|
Name : |
Shri R. Santhanam |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.12.1947 |
|
Qualification : |
Post graduate degrees in Chemistry, Public Administration and Economics from the University of Madras and in Business Administration from the University of Hull, U.K. |
|
Expertise in
Specific functional areas : |
Served as Secretary to Government of Tamil Nadu in the Departments of Transport, Food & Cooperation, Planning & Development, Commercial Taxes and Finance. |
|
Date of Appointment : |
26.05.2014 |
|
DIN No.: |
06879551 |
|
|
|
|
Name : |
Captain B. B. Sinha |
|
Designation : |
Director |
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Date of Birth/Age : |
01.01.1958 |
|
Qualifications : |
· Diploma in Shipping Management · Master (FG) · Life Member Company of Master Mariners |
|
Expertise in
Specific functional areas : |
Vast experience and knowledge in Shipping management, Bulk
carrier, tankers, chemicals, LPG and LNG operations. |
|
Date of Appointment
: |
01.01.2013 |
|
Date of Appointment : |
01.01.2013 |
|
DIN No.: |
06477074 |
|
|
|
|
Name : |
Shri N. C. Sridharan |
|
Designation : |
Director |
|
Date of Birth/Age : |
13.05.1951 |
|
Qualification : |
|
|
Expertise in
Specific functional areas : |
25 years of experience handling all areas of Corporate Finance, Treasury, Project Finance, Accounts, Direct and indirect taxation, Auditing, Costing, Budgeting, Administration, materials & stores and Secretarial Legal. |
|
Date of Appointment : |
26.05.2014 |
|
DIN No.: |
00245905 |
|
|
|
|
Name : |
Captain Sunil Thapar |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.09.1955 |
|
Qualifications : |
· Master (FG) Certificate of Competency · Masters in Shipping Management from World Maritime University · Life Member of Company of Master Mariners“ |
|
Expertise in
Specific functional areas : |
Vast shipping experience and commercial and technical knowledge
of Bulk carriers, Tankers, Containers and Liners and Offshore vessels |
|
Date of Appointment
: |
11.01.2011 |
|
DIN No.: |
03039638 |
|
|
|
|
Name : |
Shri P. Umashankar |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.06.1953 |
|
Qualification : |
|
|
Expertise in
Specific functional areas : |
More than 3 decades of leadership experience in Government spanning revenue, law and order, rural infrastructure, finance, housing & urban development, industries, municipal affairs and relief. |
|
Date of Appointment : |
26.05.2014 |
|
DIN No.: |
00130363 |
|
|
|
|
Name : |
Professor Gopal V |
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Designation : |
Director |
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Date of Birth/Age : |
01.06.1960 |
|
Qualification : |
|
|
Expertise in
Specific functional areas : |
Vast experience in all areas of finance and accounts, cost management, strategic management, etc. |
|
Date of Appointment : |
26.05.2014 |
|
DIN No.: |
06872418 |
|
|
|
|
Name : |
Shri Arun Kumar Verma |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.06.1951 |
|
Qualification : |
|
|
Expertise in
Specific functional areas : |
Vast experience in areas concerning Accounts, Audit, Finance and Law. |
|
Date of Appointment : |
12.11.2013 |
|
DIN No.: |
03220124 |
|
|
|
|
Name : |
Mr. Dipankar Haldar |
|
Designation : |
Executive Director (Legal Affairs) |
KEY EXECUTIVES
|
Name : |
Mr. Dipankar Haldar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholder |
Total No. of Shares held in Dematerialized Form |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
3057 |
0.00 |
|
|
296939920 |
63.75 |
|
|
296942977 |
63.75 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
296942977 |
63.75 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
81500 |
0.02 |
|
|
7095581 |
1.52 |
|
|
79739447 |
17.12 |
|
|
9001098 |
1.93 |
|
|
136754 |
0.03 |
|
|
136754 |
0.03 |
|
|
96054380 |
20.62 |
|
|
|
|
|
|
12627112 |
2.71 |
|
|
|
|
|
|
42420497 |
9.11 |
|
|
13210991 |
2.87 |
|
|
4004878 |
0.93 |
|
|
5250 |
0.00 |
|
|
3569263 |
0.84 |
|
|
430265 |
0.09 |
|
|
100 |
0.00 |
|
|
72263478 |
15.63 |
|
Total Public
shareholding (B) |
168317858 |
36.25 |
|
Total (A)+(B) |
465260835 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
||
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
465260835 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing services for bulk
carriers, crude oil tankers, product tankers, container vessels,
passenger–cum–cargo vessels, phosphoric acid\ chemical carriers, LPG/ Ammonia
carriers and offshore supply vessels. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
2651 (Approximately) |
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Bankers : (31.03.2014) |
· State Bank of India · Oriental Bank of Commerce · Bank of Maharashtra · United Bank of India · Sbicap Trustee Company Limited · Sumitomo Mitsui Banking Corporation · Standard Chartered Bank · DVB Group Merchant Bank (Asia) Limited · State Bank of India Overseas Branch Mumbai · BNP Paribas · Nordea Bank Finland Plc Singapore Branch · The Bank of Nova Scotia Asia Limited |
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Facilities : |
Secured (31.03.2014)
|
|
Auditors 1 : |
|
|
Name : |
P.S.D. and Associates Chartered Accountants |
|
Address : |
Jaipur, Rajasthan, India |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Sarda and Pareek Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint Venture Companies : (31.03.2014) |
· Irano Hind Shipping Company Limited · India LNG Transport Company (No. 1) Limited · India LNG Transport Company (No. 2) Limited · India LNG Transport Company (No. 3) Limited · India LNG Transport Company (No. 4) Limited · SCI Forbes Limited ·
SAIL SCI Shipping Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 4658.000 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs. 10/- each |
Rs.10000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
465799010 |
Equity Shares |
Rs. 10/- each |
Rs. 4658.000
Million |
|
|
|
|
|
During the last five
years immediately preceding the balance sheet date, the company has issued,
141151215 as bonus shares in the year 2008-09 by capitalization of General
Reserve.
Reconciliation of
No. of Shares (Opening and Closing)
|
Opening Balance |
465799010 |
|
Add : Bonus Shares
Issued During the Year |
0.00 |
|
Add : Shares Issued
on Follow on Public Offer |
0.00 |
|
Closing Balance |
465799010 |
Details of
shareholders holdings more than 5% shares
|
Name of
Shareholder |
No.
of shares held |
Percentage
of Holding |
|
President of India |
296939920 |
63.75 |
|
Life Insurance Corporation of India |
65801520 |
14.13 |
Rights / Preference / Restriction attached to
Equity Shares
The Company has only one class of Equity shares having par value of Rs. 10.
Each shareholder of equity shares is entitled to one vote per share. In the
event of liquidation of the Company, the holder of equity shares will be
entitled to receive the remaining assets of the company after distribution of
all preferential allotment in proportion to their shareholding.
ABRIDGED
BALANCE SHEET
FINANCIAL DATA
[all figures are
in Rupees Million]
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4658.000 |
4658.000 |
4658.000 |
|
(b) Reserves & Surplus |
60678.000 |
58740.200 |
61503.500 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
65336.000 |
63398.200 |
66161.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
55699.400 |
65707.400 |
68226.400 |
|
(b) Deferred tax liabilities (Net) |
4.100 |
82.300 |
84.100 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1379.700 |
1242.800 |
1089.900 |
|
Total Non-current
Liabilities (3) |
57083.200 |
67032.500 |
69400.400 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
350.000 |
5845.400 |
4570.400 |
|
(b) Trade
payables |
12574.200 |
10774.900 |
8035.800 |
|
(c) Other
current liabilities |
16279.700 |
15023.700 |
11963.700 |
|
(d) Short-term
provisions |
425.700 |
473.000 |
761.600 |
|
Total Current
Liabilities (4) |
29629.600 |
32117.000 |
25331.500 |
|
|
|
|
|
|
TOTAL |
152048.800 |
162547.700 |
160893.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
114323.700 |
119107.400 |
115065.100 |
|
(ii)
Intangible Assets |
120.900 |
235.800 |
332.700 |
|
(iii) Assets Retired from Active use |
0.000 |
4.100 |
4.700 |
|
(iv)
Capital work-in-progress |
4909.300 |
628.800 |
1894.500 |
|
(v)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
130.600 |
130.600 |
1.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4447.200 |
9879.300 |
16718.500 |
|
(e) Other
Non-current assets |
121.500 |
44.600 |
51.100 |
|
Total Non-Current
Assets |
124053.200 |
130030.600 |
134068.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
770.800 |
1004.300 |
1176.900 |
|
(b)
Inventories |
919.300 |
1904.500 |
1834.600 |
|
(c) Trade
receivables |
7878.200 |
10202.000 |
8864.100 |
|
(d) Cash
and cash equivalents |
12561.600 |
10189.300 |
12647.800 |
|
(e)
Short-term loans and advances |
4840.600 |
7658.100 |
1472.700 |
|
(f) Other
current assets |
1025.100 |
1558.900 |
829.000 |
|
Total
Current Assets |
27995.600 |
32517.100 |
26825.100 |
|
|
|
|
|
|
TOTAL |
152048.800 |
162547.700 |
160893.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
41537.300 |
41551.700 |
41536.200 |
|
|
|
Other Income |
4338.900 |
3838.300 |
2809.200 |
|
|
|
TOTAL |
45876.200 |
45390.000 |
44345.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Services Rendered |
0.000 |
31123.400 |
32739.100 |
|
|
|
Employees Benefit Expenses |
4136.300 |
4146.500 |
4450.700 |
|
|
|
Other expenses |
29483.800 |
1163.100 |
2233.900 |
|
|
|
Extra Ordinary Items |
0.000 |
0.000 |
(2997.400) |
|
|
|
TOTAL |
33620.100 |
36433.000 |
36426.300 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
12256.100 |
8957.000 |
7919.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1793.200 |
2077.400 |
1618.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
10462.900 |
6879.600 |
6300.900 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
7701.600 |
8564.400 |
7605.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS) BEFORE
PRIOR PERIOD, EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
2761.300 |
(1684.800) |
(1304.300) |
|
|
|
|
|
|
|
|
|
Add |
INCOME / (EXPENSES)
PERTAINING TO PRIOR YEARS (NET) |
0.000 |
(529.100) |
619.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2761.300 |
(2213.900) |
(684.500) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
752.000 |
532.700 |
458.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2009.300 |
(2746.600) |
(1143.100) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.31 |
(5.90) |
(2.45) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
11016.700 |
8847.600 |
|
Cash generated from operations |
NA |
9704.800 |
8266.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
PAT / Total Income |
(%) |
4.84 |
(6.61) |
(2.75) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.51 |
21.56 |
19.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.88 |
(1.37) |
(0.43) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
(0.03) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86 |
1.30 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
1.01 |
1.06 |
STOCK
PRICES
|
Face Value |
Rs. 10/- |
|
Market Value |
Rs.49.20/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
4658.000 |
4658.000 |
4658.000 |
|
Reserves & Surplus |
61503.500 |
58740.200 |
60678.000 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
66161.500 |
63398.200 |
65336.000 |
|
|
|
|
|
|
long-term borrowings |
68226.400 |
65707.400 |
55699.400 |
|
Short term borrowings |
4570.400 |
5845.400 |
350.000 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
8847.600 |
11016.700 |
0.000 |
|
Total borrowings |
81644.400 |
82569.500 |
56049.400 |
|
Debt/Equity ratio |
1.234 |
1.302 |
0.858 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
41536.200 |
41551.700 |
41537.300 |
|
|
|
0.037 |
(0.035) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
41536.200 |
41551.700 |
41537.300 |
|
Profit |
(1143.100) |
(2746.600) |
2009.300 |
|
|
(2.75)% |
(6.61)% |
4.84% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
Yes |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|||||
|
CASE DETAILS BENCH: BOMBAY |
|||||
|
Presentation Date:- 09.06.2014 |
|||||
|
Stamp No.: CAFST/16009/2014 |
Filing Date: 18.06.2014 |
Reg.: CAF/2513/2014 |
Reg. Date:- 24.07.2014 |
||
|
Stamp No.: FAST/16008/2014 Main Matter |
|||||
|
Petitioner: THE BOARD OF
TRUSTEES OF THE PORT OF BOMBAY |
Respondent: M/S. MADANLAL SHAH AND COMPANY AND ANOTHER |
||||
|
Petn. Adv: M/S. MULLA AND MULLA AND CRAIGIE BLUNT AND CAROE (82) |
Resp. Adv: M/S. BHATT AND SALDANHA (0) |
||||
|
District: MUMBAI |
|||||
|
|
|||||
|
Bench: DIVISION Status: Admitted(Unready) Last Date:- 17.06.2015 Last Coram:- REGISTRAR(JUDICIAL II [FA]) |
Category: CONDONATION OF DELAY Stage:- FOR ORDERS |
||||
|
Act: CODE OF CIVIL PROCEDURE 1908 |
Under Section:- 96 |
||||
BRIEF ANALYSIS OF
FINANCIAL PERFORMANCE: (31.03.2014)
At an overall level SCI has incurred a loss of Rs. 2746.600 Million in the current year as against loss of Rs. 1143.100 Million in the preceding year. The financial performance of the Company continued to be impacted by the low levels of freight rates during the year. The Company rescinded nine shipbuilding contracts during the year due to default by the shipyard and this has resulted in foreign exchange gain and interest income upside to the Company by about Rs. 660.000 Million. However operationally, SCI has improved its performance as can be seen from the fact that their loss before items relating to earlier years, exceptional items & tax has reduced from Rs. 430 Million to Rs. 1680.000 Million. It may also be observed that the preceding year had a write back of Rs.3000.000 Million of borrowing cost.
OUTLOOK (31.03.2014)
As the global economy improves, it is expected that oil trade demand (both crude and product) will pick up in 2014, while fleet growth remains modest. This would allow the tanker market to remain buoyant over the coming year with rates and prices for both crude and product tankers moving up, on average compared to 2013. Most indicators are likely to stabilize in 2015 and from 2016-18, crude tanker indicators would hold steady over this period, while product tanker rates and prices are expected to fall back significantly due to excessive fleet growth.
In the dry bulk segment freight rates are expected to undergo severe volatility over the course of next five years i.e from 2014 to 2018. More specifically, freight rates for Cape, Panamax, and small bulkers are projected to increase in 2014 and in 2015 before coming down in 2016-18 due to surge in the fleet growth.
The main characteristic in liner markets was the sharp volatility in freight rates, particularly in the premier Asia- Europe (WB trade) – lane. Liner freight rates in 2013 averaged 6.5% below their 2012 levels. As regards to Liner freight restoration in 2014, market discipline would be critical for reinstating rates to higher levels, particularly in the main-haul trade of Asia- Europe.
FINANCIAL ANALYSIS
& IMPLICATIONS: (31.03.2014)
The company has 9 new offshore vessels, which include the higher capacity 120 Ton bollard pull AHTSVs and the sophisticated PSVs. These new vessels command higher charter rate in the market compared to the old offshore vessels. As compared to the previous year, profits have surged due to deployment of all these 9 vessels on charter throughout the year, compared to only 4 vessels which were available for deployment in the previous year.
Out of these 9 new vessels, 4 vessels are on ONGC’s long term charter compared to only 1 vessel that was on ONGC long term charter in the previous year.
AWARDS / ACCOLADES
(31.03.2014)
On 05th November’ 2013 at 14:38 IST, India’s maiden interplanetary mission, ISRO’s MARS ORBITER PSLV C25, rocketed towards Mars from Sriharikota in Andhra Pradesh, creating history for India. Two of their offshore vessels, “m.v. SCI Nalanda” and “m.v. SCI Yamuna” were chartered by Indian Space Research Organization (ISRO) w.e.f. 01st August, 2013 for a period of approx. 5 months for the prestigious mission. These vessels played a significant role in the collection of data and tracking of satellite after the rockets’ launch on 05.11.2013. The two offshore vessels had sailed from Visakhapatnam on 15.09.2013 to Fiji Islands after installation of satellite tracking and communication equipment by ISRO, DRDO and Indian Navy. These two ships also carried Scientists from ISRO, DRDO and Indian Navy personnel on-board for this special mission.
The efforts made by the ship staff of m.v. SCI Yamuna & m.v. SCI Nalanda and their SCI Offshore team who worked relentlessly supporting India’s ‘Mars Orbiter Mission’ launch was well appreciated and compliments poured in from Director ISRO and ISTRAC SDSC-SHAR, terming the scientific data collections from their vessel as ‘marvellous, unbelievable and undreamt support’. This is also the Company’s first ever contribution towards India’s adventure into the outer space.
The Technical & Offshore Services Division continued to reap in profits from offshore operations touching three digit figures in the year 2013-14.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans from Banks Repayable on demand |
NA |
2564.000 |
|
Total |
NA |
2564.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10510574 |
03/07/2014 |
13844019000 |
MIZUHO BANK (USA) |
1251 Avenue of the Americas, New York, - 10020, UNITED STATES OF AMERICA |
C12478350 |
|
2 |
10494962 |
22/05/2014 |
125402914 |
SUMITOMO MITSUI BANKING CORPORATION |
1-1-2, MARUNOUCHI,
CHIYODAKU, TOKYO - 1000005, |
C04612198 |
|
3 |
10475399 |
12/02/2014 * |
1490000000 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
C00769919 |
|
4 |
10474583 |
02/12/2013 |
1260000000 |
BNP PARIBAS |
16, Boulevard des Italiens, Paris, -75009, FRANCE |
B95078499 |
|
5 |
10433212 |
20/06/2013 |
4500000000 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B78036290 |
|
6 |
10425970 |
27/03/2013 |
9627822000 |
Sumitomo Mitsui Banking Corporation |
1-2-3 Otemachi, Chiyoda-Ku, Tokyo - 1000004, JAPAN |
B75214072 |
|
7 |
10410389 |
18/01/2013 |
1550000000 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B70244173 |
|
8 |
10395793 |
27/11/2013 * |
5232000000 |
Standard Chartered Bank |
5th Floor, 1 Basinghall Avenue, London, - EC2V5DD, UNITED KINGDOM |
B90815473 |
|
9 |
10393562 |
13/12/2012 |
1892240000 |
DVB Group Merchant Bank (Asia) Limited |
77 Robinson Road, #30-02, Singapore, - 068896, SINGAPORE |
B64735004 |
|
10 |
10393653 |
04/04/2013 * |
4734400000 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B75186965 |
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
i) Claim against
the company not acknowledged as debts - |
|
|
|
A) Claim made by M/s. Chokhani International Ltd. towards dry dock expenses pending before High Court, Chennai |
NA |
444.300 |
|
B) Cargo Loss, Freight, Demurrage, Slot Payments, Fuel Cost, other operational claims and Custom duty disputed demand. (As certified by the Management) |
NA |
592.700 |
|
C) Disputed demand of Statutory Dues (As certified by the Management) |
NA |
1875.300 |
|
a) Income Tax |
NA |
1851.600 |
|
b) Service Tax |
NA |
23.700 |
|
ii) Guarantees given by the Banks |
|
|
|
A) On behalf of the Company |
NA |
421.600 |
|
B) On behalf of the Joint Venture to the extent of the Company’s share. |
NA |
645.800 |
|
iii) Undertaking cum Indemnity given by Company |
NA |
100.000 |
|
iv) Cargo Claims not covered by P&I Club |
NA |
34.600 |
|
v) Bonds / Undertakings given by the Company to Customs Authorities |
NA |
1767.700 |
|
vi) Corporate Guarantees / Undertakings |
|
|
|
A) In respect of Joint Ventures |
NA |
Not Ascertainable |
|
B) Others |
NA |
545.700 |
FIXED ASSETS
· Fleet
· Ownership Containers
· Freehold Land
· Buildings
· Ownership Flats and Residential Buildings
· Furniture, Fittings and Equipments etc.
· Motor 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 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.63.61 |
|
|
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.71.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
TRS |
|
|
|
|
Report Prepared
by : |
DDD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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
unfavorable 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.