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MIRA
INFORM REPORT
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Report Date : |
19.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
OCEAN GLOBE CONTAINERS SERVICES (INDIA) LIMITED |
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Registered Office : |
7, Kumpta Street, Ballard Estate, Mumbai-400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.05.1982 |
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Com. Reg. No.: |
11 - 27149 |
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CIN No.: [Company
Identification No.] |
L28100MH1982PLC027149 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO02805F |
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PAN No.: [Permanent
Account No.] |
AAAC0086H |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Repair and Refurbishment of all types of Marine, Tank and Refer
Containers, as well as Ship Repair. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 13951 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track.
Trade relations are fair. Business is active. 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
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Registered Office : |
7, Kumpta Street, Ballard Estate, Mumbai-400 001, Maharashtra, India. |
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Tel. No.: |
91-22-23449567 |
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Fax No.: |
91-22-23449569 |
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E-Mail : |
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Website: |
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City Office : |
104, Joshi Chambers, Ahmedabad Street, Masjid (East), Mumbai-400 009,
India |
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Tel. No.: |
91-22-23480567 / 68 |
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Fax No.: |
91-22-23480569 |
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E-Mail : |
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Factory : |
Plot No. A-4, MIDC, Taloja Industrial Estate, Dist. Raigad,
Maharashtra, India |
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Tel. No.: |
91-22-2741 2634 / 2740 2579 |
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Fax No.: |
91-22-2741 2634 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Behram Bomanji Dubash |
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Designation : |
Director |
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Address : |
Benzer Terraces, 95-A, A. Gaffar Khan Road, Mumbai-400 018,
Maharashtra, India. |
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Date of Birth/Age : |
29.10.1936 |
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Date of Appointment : |
13.11.1982 |
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Name : |
Mr. Darab Bomanji Dubash |
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Designation : |
Director |
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Address : |
89 B Hasman Bunglow, Bhulabhai Desai Road, Mumbai-400 026,
Maharashtra, India. |
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Date of Birth/Age : |
28.06.1938 |
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Date of Appointment : |
13.11.1982 |
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Name : |
Mr. Jehangir Phiroz Dubash |
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Designation : |
Director |
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Address : |
Sorrento ,12, Mount Pleasant Road, Mumbai-400 006, Maharashtra, India |
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Date of Birth/Age : |
14.07.1931 |
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Date of Appointment : |
13.11.1982 |
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Name : |
Mr. Arvind Darab Dubash |
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Designation : |
Director |
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Address : |
89-B, Hasman Bungalow, Bhulabhai Desai Road, Mumbai-400 026,
Maharashtra |
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Date of Birth/Age : |
10.02.1970 |
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Date of Appointment : |
07.03.1998 |
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Name : |
Mr. Krishnamoorthy Srinivasan |
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Designation : |
Director |
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Address : |
71 Maker Tower-H, Cuffe Parade Colaba, Mumbai-400 005, Maharashtra |
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Date of Birth/Age : |
03.08.1950 |
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Date of Appointment : |
07.03.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Darab B Dubash |
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1 |
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Shri. Behram B Dubash |
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1 |
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Mr. Jehangir P Dubash |
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1 |
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Mr. Srinivasan Krishnamoorthy |
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1 |
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WG. Or. N L Pramanik |
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1 |
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Mr. Viraf Aspi Irani |
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1 |
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Mr. Adhi Jehangir Gandhi |
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1 |
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M/S Transocean Shipping Agency Private Limited |
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24000 |
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Mr. Darab B Dubash and M/S. Transocean Shipping Agency Private Limited |
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58665 |
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Mr. Behram B Dubash and Transocean Shipping Agency Private Limited |
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58665 |
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Mr. Jehangir P Dubash and Transocean Shipping Agency Private Limited |
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58663 |
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Mr. Arvind Dubash Family Trust |
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100000 |
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Mr. Tushar Dubash Trust |
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100000 |
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Total |
400000 |
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Percentage of
Holding |
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Bodies Corporate(not mentioned above) |
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98.00 |
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Directors or relatives of directors |
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2.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Repair and Refurbishment of all types of Marine, Tank and Refer Containers,
as well as Ship Repair. |
GENERAL
INFORMATION
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Bankers : |
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Financial Institution: |
GE Capital, Transportation Financial Services Limited, New Delhi-110
014. |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Vinod Suri and Company Chartered Accountant |
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Address : |
Bhatia Trust Building, 1st Floor, 97/99, Bora Bazar Street,
Fort, Mumbai-400 001, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- Each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- Each |
Rs.4.000Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
30.879 |
34.772 |
28.651 |
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4] (Accumulated Losses) |
(0.000) |
(0.000) |
(0.000) |
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NETWORTH |
34.879 |
38.772 |
32.651 |
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LOAN FUNDS |
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1] Secured Loans |
0.599 |
2.082 |
5.992 |
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2] Unsecured Loans |
5.256 |
6.741 |
6.846 |
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TOTAL BORROWING |
5.855 |
8.823 |
12.838 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.040 |
0.000 |
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TOTAL |
40.734 |
47.635 |
45.489 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
32.282 |
38.985 |
36.363 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.500 |
0.204 |
1.096 |
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Sundry Debtors |
15.340 |
16.081 |
20.282 |
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Cash & Bank Balances |
1.251 |
1.807 |
0.812 |
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Other Current Assets |
0.099 |
0.059 |
0.042 |
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Loans & Advances |
3.858 |
4.823 |
3.378 |
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Total
Current Assets |
21.048
|
22.974 |
25.610 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.907 |
12.223 |
15.029 |
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Provisions |
1.699 |
2.111 |
1.465 |
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Total
Current Liabilities |
12.606 |
14.334 |
16.494 |
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Net Current Assets |
8.442 |
8.640 |
9.116 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.734 |
47.635 |
45.489 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
39.156 |
42.313 |
48.618 |
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Other Income |
0.048 |
6.604 |
0.000 |
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Total Income |
39.204 |
48.917 |
48.618 |
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Profit/(Loss) Before Tax |
4.314 |
8.533 |
1.076 |
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Provision for Taxation |
0.000 |
0.000 |
0.565 |
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Profit/(Loss) After Tax |
4.314 |
8.533 |
0.511 |
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Expenditures : |
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Raw Material Consumed |
4.508 |
3.988 |
4.654 |
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Salaries, Wages, Bonus, etc. |
6.767 |
6.698 |
7.191 |
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Payment to Auditors |
0.051 |
0.050 |
0.000 |
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Interest |
0.231 |
0.451 |
0.520 |
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Insurance Expenses |
0.560 |
0.643 |
0.000 |
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Power & Fuel |
1.488 |
0.996 |
0.000 |
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Other Expenditure |
21.285 |
27.558 |
0.000 |
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Manufacturing, Administration and Selling
Expenses |
0.000 |
0.000 |
31.563 |
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Total Expenditure |
34.890 |
40.384 |
43.928 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.00
|
17.44 |
1.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.01
|
20.16 |
2.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.49
|
37.14 |
4.20 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.22 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.36
|
0.36 |
0.50 |
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Current Ratio (Current Asset/Current Liability) |
|
0.77
|
0.70 |
0.60 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
Ocean Globe
Container Services (India) Private Limited |
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Presented By |
Ocean Globe
Container Services (India) Private Limited |
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1) Date and description of instrument creating the change |
Master Security
and Loan Agreement dated 30.01.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
1 No. side left Truck Ecl 06-03 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
GE Capital
Transportation Financial Services Limited 4, Link Road,
Janspura extension, New Delhi-110 014. |
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6) Date and brief description of instrument modifying the charge |
- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
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Fixed Assets:
- Plant and Machinery
- Lease Hold Land
- Building
- Motor Vehicle
- Office Furniture
- Office Equipment
- Electrical Instal.
- Office Premises
- Forklift/Sidelifter
- Computer
As per Web
Details:
They belong to DBC group of Companies wherein all types of
shipping activities are undertaken under one roof.
Subject was created in the group companies for undertaking
repair/refurbishment of all types of marine containers belonging to foreign
companies. This also includes reefer containers and tank containers used for
carrying perishable and chemical cargo in and out of India. In the year 1987,
they have diversified theirselves for manufacture of un-fired pressure vessels
after obtaining permanent license from chief Controller of Explosives, Nagpur.
The above job is carried out under the inspection of classification societies
like Bureau Veritas etc.
In the year 1989, they have gone for a joint
venture with one of the renowned reefer containers revamping and maintenance
companies i.e. M/s Smith Holland, based at Spikennes, Rotterdam to handle all
types of refrigeration machinery fitted on board ships as well as reefer containers
used for carrying perishable cargo.
In the year 1995, their management decided to
diversify into petrochemical works, specially for subject offshore projects.
Based on their previous capabilities since the establishment of their company
in 1981, they were technically qualified in the tender for annual rate contract
for piping renewal/repair of ONGC (SH 40,SH 80,SH SH 160) and were awarded the
contract on 2nd August, 2005.
During the above periods they have
satisfactorily completed all the work orders like fabrication works, renewal of
pipelines etc.issued for all the rigs like Sagar Jyoti, Sagar Kiran, Sagar
Pragati, Sagar Uday, Sagar Samrat, Sagar Bhushan etc. They had also undertaken
two lay off repair jobs of ONGC off-shore stimulation vessel Samudhra Nidhi at
BPT Docks during the period of 2000 - 2001 mainly for undertaking structural as
well as stainless steel piping job onboard the vessel.
During the period 1993 - 1996, subject was
authorized by M/s. Black Sea Shipping Company, Odessa, Ukraine, to carry out
repair of their ships calling at JNPT and BPT.
During the above period, they have carried out repair, fabrication jobs like
complete structural steel renewal, piping etc. on board ships. This was mainly
carried out under the supervision of the Registrar of Shipping, U.S.S.R.
They also have been approved by HSL as their
approved contractor for Repair jobs onboard ships, offshore rigs, platforms and
new constructions. As regards ship repairs, their company is registered with
HSL mainly for ship repair works i.e. "fabrication of hull works, general
engineering works, A/C refrigeration, chipping and painting, sand-blasting and
hydraulic works etc."
Recently, they have been awarded major hull
plate and piping renewal job onboard subject rig Sagar Pragathi presently at
HSL dry dock. They have also undertaken repair and maintenance of Horten sphere
used for storing LPG at ONGC Hazira under Engineers India Limited. during their
5 year periodic testing and inspection.
They have their workshop situated at Plot no.
A-4, MIDC Taloja, having approx. area of 20000 sq. mtrs., out of which 950
sq.mtrs is covered space. Their workshop is situated 30 Kms from JNPT and 50
Kms from BPT. They have a Custom bonded Store facility adjacent to their workshop.
Their workshop is fully equipped to carry out all sorts of fabrication works
and is backed up with maximum number of engineers having offshore / ship repair
experience including skilled / unskilled working hands.
Subject has been certified by M/s Bureau Veritas as an ISO 9001:2000 company.
"repair, maintenance, cleaning and periodic testing of all types of
iso/imo containers including tank containers and reefers.
"Subject boasts its excellent Engineering
Staff and Managerial Personnel, Technical Strength, Superior Equipment and Rich
Experience in Works."
"Subject firmly adheres to the principle of respect, understanding and
co-ordination and emphasizes the communication and co-ordination with her
clients"
Oceanglobe offers the following services:
Offshore
Rig/Platform Services:
- Pipeline renewal/repair of offshore rigs like Sagar Jyoti, Sagar
Kiran, Sagar Uday, Sagar Pragati, Sagar Ratna, Sagar Bhushan, etc. Lay of
jobs of ONGC offshore stimulation vessel Samudhra Nidhi at Mumbai Dock.
- Structural as well as stainless steel piping job on board vessel as
per the work order of Schlumberger and DRIPL.
Ship Repair Services:
- Pipeline
renewal/repair of vessels as also deck and machinery renewal jobs, etc. on
above water level.
Fabrication jobs like complete structural steel renewal, piping etc. - Fabrication of hull works, general engineering works, A/C refrigeration, chipping and painting, sand blasting and hydraulic works etc.
- The above services were carried out on vessels of M/s Black Sea Shipping Company, Odessa, Hindustan Shipyard Limited, etc.
- Manufacture of un-fired pressure vessels.
Container
Services:
Oceanglobe Container Services heralds the dawn on a new era in containerization
in India. As a pioneer venture, it offers the first most comprehensive
"One Stop Shop" Container Service in the country.
·
OGCS undertakes repair, maintenance and
refurbishing of all types of ISO/IMO Marine Containers including dry van,
reefer and tank containers, all under one roof.
- Repair/maintenance of the LPG Horten Sphere at ONGC, Hazira with
periodic testing and inspection.
Manufacture of LPG bullet for transportation as per IS standard under the certification of Bureau Veritas.
Offshore Projects:
Consequent upon attaining adequate experience in offshore
activities, the management decided to give a separate identity to this branch
of engineering and so a company named OCEANGLOBE OILFIELD and OFFSHORE SERVICES
(I) PRIVATE. LIMITED. was formulated and registered under Corporate Laws Act
1956. This is a company wholly owned by the same Dubash Group under the
principal management.
Plans of the Company:
In addition to the general structural/piping work the company plans to actively
participate in other offshore/onshore activities viz: -
~ Architectural engineering related to fire rated living quarters.
~ HVAC systems/Fire and Gas Control Systems/Safety System in Hazardous areas
like Oil and Gas Installations/Chemical plants/Process plants etc.
~ Executing turnkey projects for Engineering/supply/installation/commissioning
of various equipments/systems on installation relating to Oil and
Gas/Refineries/Process Plant - Offshore/Onshore.
~ Rig Instrumentations.
~ Offshore Cranes.
~ Platform surveys.
~ Rig Moves/Rig Surveys as a statutory requirement.
~ Any other activities related to the Oil and Gas field.
~ Representation of various OEM's.
~ Agency Activities.
~ Petrochemical turnkey projects.
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.39.57 |
|
UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.56.85 |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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
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. |
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 |
|