MIRA
INFORM REPORT
|
Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TEBMA SHIPYARD
LIMITED |
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Registered
Office : |
3rd Floor,
Khaleeli Centre, 149 Montieth Road, Egmore, Chennai - 600 008, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
1984 |
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Com. Reg. No.: |
10994 |
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CIN No.: [Company Identification No.] |
L27209TN1984PLC010994 |
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TAN No.: [Tax Deduction & Collection Account No.] |
CHET00687B |
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PAN No.: [Permanent Account No.] |
AAACT1281B |
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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 is engaged
in carrying out repairs to ships, ferries and tugs. |
RATING &
COMMENTS
|
MIRA’s Rating
: |
Ba |
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 500000 |
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Status : |
Good |
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Payment
Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
and reputed company having satisfactory track. Trade relations are fair.
Financial position is satisfactory. Payments are usually correct and as per
commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
3rd Floor,
Khaleeli Centre, 149 Montieth Road, Egmore, Chennai - 600 008, Tamilnadu,
India |
|
Tel. No.: |
91-44-28271009/3638/3118/28553040/42 |
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Fax No.: |
91-44-28257475/28553655 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
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Location : |
Leased |
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Corporate
Office : |
3rd Floor,
Khaleeli Centre, 149 Montieth Road, Egmore, Chennai - 600 008, Tamilnadu,
India |
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Shipyard : |
Temba Shipyard,
Harbour III Complex, Chennai, Tamilnadu (Repair Yard) |
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Shipyard : |
No. 7, Pazhamathur
Village, Madurantakam Taluk, Chengalpet, Tamilnadu, India No.6, S.N. Chetty
Street, Fishing Harbour Complex, New Washermanpet, Chennai-600081, Tamilnadu,
India |
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Branches : |
10, Old S. B. Colony
Main Road, Chennai - 600 045, Tamilnadu, India |
DIRECTORS
|
Name : |
Mr. P. K. Balan |
|
Designation : |
Managing Director |
|
Address : |
816/817,
Poonamalee High Road, Kilpauk, Chennai – 600 010, Tamilnadu |
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Date of
Birth/Age : |
28/12/1951 |
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|
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|
Name : |
Cdr. Dr. S.
Subramanian |
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Designation : |
Whole Time
Director |
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Address : |
10 Bharathi
Nagar, Second Street, T. Nagar, Chennai – 600 017, Tamilnadu |
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Date of
Birth/Age : |
15/12/1949 |
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|
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|
Name : |
Mr. Eapen Chacko |
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Designation : |
Managing Director |
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Address : |
Old No. 32, New
No. 50, 53rd Street, Ashok Nagar, Chennai – 600 083, Tamilnadu |
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Date of
Birth/Age : |
24/09/1943 |
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|
|
|
Name : |
Mr. P V Krishna |
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Designation : |
Director |
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Date of
Birth/Age : |
52 years |
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Qualification
: |
B.com.,C.A.I.I.B |
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Expertise : |
1. Financial Planning & Management 2. Project Management 3. Legal Matters |
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Other
Directorships : |
Dharti Dredging and Construction Limited – Director |
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Name : |
Col. Vinod George
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Designation : |
Director |
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Name : |
Mr. A G Krishnan |
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Designation : |
Director |
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Date of
Birth/Age : |
51 years |
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Qualification
: |
B.Sc., ACA, GRAD
CWA, ACS |
|
Expertise : |
1. Fiancial
planing & Budgetary control 2. Fund
Management. 3. Accounts
& Auditing. 4. Taxation. 5. Secretarial
Matters. 6 System Implementation & MIS. |
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|
|
|
Name : |
Mr. G Sriram |
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Designation : |
Director |
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Date of
Birth/Age : |
53 years |
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Qualification
: |
B. Tech. |
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Expertise : |
1. Project Management
and Engineering 2. Analysis and
Optimisation of Operations 3. Financial
Analysis of Project & Operation 4. Quality
System Management 5. Environment & Safety Management |
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Other
Directorships : |
Bhavani
Distilleries & Chemicals Limited |
|
|
|
|
Name : |
Mr. Hendrikus Van
Berk |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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PROMOTERS HOLDING |
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Promoters |
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-- Indian |
2124349 |
40.76 |
|
-- Foreign |
510474 |
9.80 |
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Persons acting in Concert |
1270365 |
24.38 |
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Sub
Total |
3905188 |
74.94 |
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NON – PROMOTERS HOLDING |
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Institutional Investors |
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|
-- Mutual Funds and
UTI |
4834 |
0.09 |
|
-- Banks,
Financial Institutions, Insurance Companies (Central and State Government
Institutions/ Non Government Institutions) |
-- |
-- |
|
-- Flls |
-- |
-- |
|
Sub
Total |
4834 |
0.09 |
|
OTHERS |
|
|
|
-- Private Corporate
Bodies |
20183 |
0.39 |
|
-- Indian Public |
819051 |
15.72 |
|
-- NRIs/ OCBs |
-- |
-- |
|
-- Any Other |
462124 |
8.87 |
|
Sub
Total |
1301358 |
24.97 |
|
GRAND TOTAL |
5211380 |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
The company is
engaged in carrying out repairs to ships, ferries and tugs. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Dregers |
Nos. |
4 |
NA |
NA |
|
Steel Boats |
Nos. |
5 |
NA |
NA |
|
Material Handling
Equipment/ Floating Crane |
Nos. |
5 |
NA |
NA |
|
Tugs |
Nos. |
5 |
NA |
4 |
GENERAL
INFORMATION
|
No. of Employees
: |
About 20 |
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Bankers : |
Ř
Canara Bank,
Teynampet Branch, Chennai - 600 018, Tamilnadu Ř
ICICI Bank
Limited, Nungambakkam, Chennai – 600 034, Tamilnadu Ř
State Bank
of Mauritius Limited Ř
State Bank
of India Ř
The
Dhanalakshmi Bank Limited Ř
Andhra Bank Ř
Syndicate
Bank Ř
State Bank
of Hyderabad |
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Facilities : |
Secured Loans (Rs. In millions) :
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Banking
Relations : |
Satisfactory |
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Auditors : |
V. Pichaikutty
and Associates, Chartered
Accountants, T. Nagar,
Chennai- 600 017, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60,00,000 |
Equity Shares |
Rs.10/- |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
52,11,380 |
Equity Shares |
Rs. 10/- |
Rs. 52.114 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
52.114 |
52.114 |
52.100 |
|
|
2] Reserves &
Surplus |
71.408 |
36.276 |
15.100 |
|
|
3] (Accumulated
Losses) |
0.000 |
(3.932) |
0.000 |
|
NETWORTH
|
123.522 |
84.458 |
67.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
69.930 |
0.000 |
0.000 |
|
|
2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL BORROWING
|
72.472 |
0.496 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
2.542 |
0.496 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
195.994 |
84.954 |
67.200 |
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|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block]
|
44.518 |
10.953 |
8.200 |
|
Capital work-in-progress
|
118.685 |
31.304 |
0.000 |
|
|
|
|
|
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INVESTMENT
|
2.185 |
4.299 |
16.800 |
|
|
|
|
|
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
34.821
|
1.696
|
3.100 |
|
|
Sundry Debtors
|
269.863
|
13.556
|
21.900 |
|
|
Cash & Bank Balances
|
237.186
|
128.755
|
165.400 |
|
|
Other Current Assets
|
13.072
|
9.717
|
0.000 |
|
|
Loans & Advances
|
22.268
|
29.173
|
57.600 |
|
|
Deferred Revenue Expenditure
|
4.863 |
2.037 |
0.000 |
Total Current Assets
|
582.073
|
184.934
|
248.000 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
538.634
|
145.518
|
207.600 |
|
|
Provisions
|
12.833
|
1.847
|
0.300 |
Total Current Liabilities
|
551.467
|
147.365
|
207.900 |
|
Net Current Assets
|
30.606
|
37.569
|
40.100 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.829 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
195.994 |
84.954 |
67.200 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Total Income |
892.964 |
443.084 |
282.100 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
52.506 |
19.709 |
3.700 |
|
|
Provision for Taxation |
7.500 |
2.557 |
1.600 |
|
|
Profit/(Loss) After Tax |
45.006 |
17.152 |
2.100 |
|
|
|
|
|
|
|
|
Total Earnings |
368.428 |
76.937 |
NA |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
595.959 |
249.590 |
NA |
|
Total Imports |
595.959 |
249.590 |
22.652 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
94.815 |
48.853 |
|
|
|
Raw Material Consumed |
672.045 |
337.568 |
|
|
|
Salaries, Wages, Bonus, etc. |
27.628 |
9.750 |
|
|
|
Loss on sale of asset |
0.240 |
0.060 |
278.465 |
|
|
Financial Charges |
20.184 |
10.064 |
|
|
|
Know how fees written off |
0.829 |
1.252 |
|
|
|
Depreciation & Amortization |
4.482 |
0.887 |
|
|
|
Other Expenditure |
20.235 |
14.941 |
|
|
Total Expenditure |
840.458 |
423.375 |
278.465 |
|
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.34 |
0.00 |
0.11 |
|
Long Term Debt-Equity Ratio |
0.34 |
0.00 |
0.11 |
|
Current Ratio |
1.09 |
1.22 |
1.31 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
18.63 |
15.75 |
10.88 |
|
Inventory |
48.02 |
177.79 |
138.15 |
|
Debtors |
6.18 |
24.04 |
7.85 |
|
Interest Cover Ratio |
3.60 |
2.38 |
1.58 |
|
Operating Profit Margin(%) |
8.81 |
5.84 |
4.71 |
|
Profit Before Interest And Tax Margin(%) |
8.30 |
5.62 |
4.42 |
|
Cash Profit Margin(%) |
5.65 |
3.05 |
1.19 |
|
Adjusted Net Profit Margin(%) |
5.13 |
2.84 |
0.90 |
|
Return On Capital Employed(%) |
51.74 |
27.63 |
13.17 |
|
Return On Net Worth(%) |
42.49 |
13.70 |
2.83 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.2.85/- |
|
Low |
Rs.2.85/- |
LOCAL AGENCY
FURTHER INFORMATION
Biodata
In 1984, the Dutch company, Hydromeer, chose Tebma Marine Private Limited
to manufacture its amphibian dredgers in India. Tebma Marine was established in
1978 as a ship repairing unit. The new company, Tebma Engineering Private
Limited, was thus formed in 1984 to provide dredging services on an intergrated
basis covering manufacture, supply, operation and maintenance of portable
cutter suction dredgers. Tebma is an acronym formed from the initials of its
five original promoters -- K A Thomas, Eapen Chacko, P K Balasubramanian, Biren
Mukherjee and A K Singh. It has been renamed Tebma Shipyards to reflect the
nature of its activities.
The company commenced commercial production of dredgers in 1987 and has been
almost the sole dredger manufacturer in the country. Its activities were
initially confined to building small harbour crafts, amphibian dredgers (which
dredge upto 6 mtr) and conventional dredgers, with technical assistance from
Degroot Nijkerk, one of the biggest dredger builders in the world. Tebma has
diversified into building medium-range sea-going vessels such as tugs, pilot
launches, etc.
Inspite of the recession faced by the ship building industry, the company's
profit for the year 1999-2000 was Rs.9.577 millions as against Rs.8.085
millions in the previous year.
FINANCIAL PERFORMANCE
During the year under
review, the Company has achieved a post tax profit of Rs.45.006 millions for
the operational period from 01.04.2005 to 31.03.2006 as against Rs. 17.152
millions after tax for the earlier period.
Income rose from
Rs.443.084 millions to Rs.892.964 millions resulting in an yield of Rs.52.506
millions of profit before tax as against Rs.19.709 millions recorded in the
previous period.
During the financial
year 2005-06 the company has received a repeat order for construction of 4 Nos.
Platform Supply Vessels
valued at over Rs. 1024.3 Millions and with deliveries to be completed by
December, 2008. Further, tenders have been submitted to various Port Trusts and
other Government bodies. Hence the outlook for the current financial year is
good.
PRESENT ENGAGEMENTS
The company is
presently engaged in the deliveries of the vessels for which orders were
secured in the last
financial year.
One No. 57 Tonnes
Bollard Pull Tug for M/s. Gudami International was delivered in October, 2005,
followed by 2 Nos. 32 T Bollard Pull Tugs for Mumbai Port Trust in January and
March, 2006.
One No. 45 Tonnes
Bollard Pull Tug for M/s. Tuticorin Port Trust is planned for delivery in May,
2006 and one No. 50 Tonnes Bollard Pull Tug for Kandla Port Trust is planned
for delivery in August, 2006.
FUTURE OUTLOOK
The Company has
submitted offers to various authorities in the Navy and the Government
Departments in addition to foreign owners for Tugs, Dredgers and other offshore
vessels. The company is confident of securing further orders shortly in this
financial year to keep the production yards occupied in the coming years and
also commence operations from Malpe during the financial year 2006-07.
DIVIDEND
The Directors
recommend the payment of a Dividend of 10% for the year ended 31s1 March, 2006,
which is subject to the approval by the Shareholders at the ensuing Annual
General Meeting and approval from State Bank of India and State Bank of
Hyderabad as per the loan agreements entered into with them.
The company fixed
assets of important value includes Land, Building, Compound wall, Plant and
Machinery, Furniture and Fittings Office Equipments, Vehicles, Miscellaneous
Assets and Air Conditioner.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The
Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|