MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
DEMPO SHIPBUILDING AND ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
DEMPO ENGINEERING WORKS PRIVATE LIMITED |
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Registered Office : |
Dempo House, Campal, Panaji, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.11.1963 |
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Com. Reg. No.: |
24-000009 |
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CIN No.: [Company
Identification No.] |
U74210GA1963PTC000009 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD02805F |
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PAN No.: [Permanent
Account No.] |
AAACD6530H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and Repairs of barges and other Inland Vessels. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 100000 |
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Status : |
Satisfactory |
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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 satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Dempo House, Campal, Panaji, Goa – 403001,
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Tel. No.: |
91 – 832 -2441300 |
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Fax No.: |
91 – 832 -2225098 / 2228588 |
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E-Mail : |
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Website : |
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Factory 1 : |
Bainguinim, Old Goa, Goa – 403402, |
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Tel. No.: |
91-832-2441300 |
DIRECTORS
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Name : |
Mr. Manuel Vicente Agostinho Rebelo |
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Designation : |
Director |
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Address : |
Rebelo House, |
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Date of Birth/Age : |
11.03.1940 |
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Date of Appointment : |
25.11.1991 |
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Name : |
Mr. Chittaranjan Kenkre |
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Designation : |
Director |
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Address : |
Shiv Krupa Bondir, Santacruz – 403005, |
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Date of Birth/Age : |
19.05.1937 |
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Date of Appointment : |
27.06.1998 |
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Name : |
Mr. Shrinivas Vasudeva Dempo |
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Designation : |
Director |
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Address : |
Dempo Vulla, Altinho, Panaji – 403001, |
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Date of Birth/Age : |
02.02.1969 |
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Date of Appointment : |
02.01.1999 |
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Name : |
Mr. Yatish S. Dempo |
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Designation : |
Whole Time Director |
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Address : |
Dempo House, Santacruz, Ilhas, |
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Date of Birth/Age : |
27.10.1973 |
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Date of Appointment : |
29.09.2006 |
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Other Partnership : |
Yatiraj Enterprises Dempo House, Campal, Panji – 403001, |
KEY EXECUTIVES
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Name : |
Mr. S. S. Kanekar |
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Designation : |
General Manager |
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E-Mail : |
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Tel. No.: |
91-832-2491202 / 2285328 /2285469 |
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Fax No.: |
91-832-2284134 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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V. S. Dempo and Company Private Limited |
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215248 |
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Dempo V. Shrinivas Jointly With V. S. Dempo and Company Private
Limited |
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1 |
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Kenkre Chittaranjan Jointly With V. S. Dempo and Company Private
Limited |
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1 |
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Total |
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215250 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Repairs of barges and other Inland Vessels. |
GENERAL INFORMATION
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Suppliers: |
v
Scoop
Industries Private Limited v
Kirti
Marine Industries v
Gaosalia
Rubber Industries v
Hydropack
Industries Limited v
The
Ceat Shoppe |
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Bankers : |
v
Punjab
National Bank v
Vijaya Bank
Panaji , v
Bank of
Panaji, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. Sundararman and Company Chartered Accountants |
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Address : |
4, |
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Tel No.: |
91-44-28141880, 28141506 |
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Fax No.: |
91-44-28140502 |
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E mail: |
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Holding Company: |
V. S. Dempo and Company Private Limited CIN No.: U13209GA1965PTC000030 |
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Associates/Subsidiaries: |
v
Dempo Mining Corporation Private Limited v
Dempo Shipyard Private Limited v
Dempo Industries Private Limited v
Dempo Travels Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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215250 |
Equity Shares |
Rs. 100/- each |
Rs. 21.525
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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21.525 |
21.525 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.111 |
0.328 |
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4] (Accumulated Losses) |
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0.000 |
(1.356) |
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NETWORTH |
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25.636 |
20.497 |
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LOAN FUNDS |
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1] Secured Loans |
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20.810 |
17.789 |
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2] Unsecured Loans |
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128.394 |
77.800 |
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TOTAL BORROWING |
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149.204 |
95.589 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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174.840 |
116.086 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.231 |
6.537 |
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Capital work-in-progress |
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0.000 |
2.085 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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159.415 |
99.436 |
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Sundry Debtors |
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7.672 |
3.686 |
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Cash & Bank Balances |
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103.234 |
65.758 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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41.309 |
39.154 |
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Total
Current Assets |
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311.630 |
208.034 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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156.653 |
95.541 |
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Provisions |
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3.368 |
5.029 |
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Total
Current Liabilities |
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160.021 |
100.570 |
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Net Current Assets |
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151.609 |
107.464 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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174.840 |
116.086 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover & Other Income |
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245.100 |
198.624 |
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Total Income |
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245.100 |
198.624 |
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Profit/(Loss) Before Tax |
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8.122 |
19.151 |
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Provision for Taxation |
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2.983 |
4.800 |
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Profit/(Loss) After Tax |
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5.139 |
14.351 |
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Earnings in Foreign Currency : |
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0.000 |
0.018 |
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Imports : |
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138.987 |
65.982 |
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Expenditures : |
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Financial Charges |
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10.683 |
4.463 |
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Depreciation |
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4.343 |
1.598 |
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Other Expenditure |
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221.952 |
173.412 |
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Total Expenditure |
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236.978 |
179.473 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.10 |
7.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.31 |
9.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.43 |
8.93 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32 |
0.93 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.06 |
9.57 |
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Current Ratio (Current Asset/Current Liability) |
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1.95 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
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Corporate
identity number of the company |
U74210GA1963PTC000009 |
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Name of the
company |
DEMPO SHIPBUILDING AND ENGINEERING PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Dempo House, Campal, Panaji, Goa – 403001,
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This form is for |
Modification of
charge |
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Type of charge |
Equitable mortgage
or mortgage of property by deposition the title deeds |
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Particular of
charge holder |
Punjab National
Bank |
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Nature of
instrument creating charge |
Hypothecation of Movable
assets forming part of Fixed / Block Assets Hypothecation of
Goods and Book Debts to secure cash credit facility Deed of
Hypothecation to secure LC on DA/DP basis Term Loan
Agreement Hypothecation of
Assets to secure term loan |
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Date of instrument
Creating the charge |
14.01.2006 |
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Amount secured by
the charge |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Principal loan
amount is to be repaid in 36 monthly installments of Rs. 0.228 Millions
starting January, 2006. Rate of Interest is
10.50 % for the Term Loan and 9.75 % for the Cash Credit facility Margin : Stock 25
% ; Book Debts 40 % ; for the Cash Credit facility All delayed
repayment of principal interest and default in complying in terms and
conditions of the loan will attract a penal interest of 2 % on the amounts
due till repayments. |
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Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery Stock in trade Book Debts Others |
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Particulars of
the property charged |
For the Limits Hypothecation of
Plant and Machinery and other movable, assets i.e. all assets and movable
property of any kind belonging to the company stored in or about the premises
or godowns at Bainguinim, Old Goa For LC on DA / DP
basis Hypothecation of
property of any kind belonging to the borrower which now or hereafter from
time to time during continuance of this agreement shall be brought in, stored
or to be in or about the premises or Godown at Bainguimin, Old Goa or any
other Godown or Godown or be in various raw materials such as Steel / Spares |
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Particular of
Present Modification |
Mortgage by
deposit of title deeds of Plot No. ‘A’ , ‘B’ and ‘C’ of the eastern half of
the landed property name ‘Sam Boaventura’
situated at Panelim, |
AS PER WEBSITE
The two group companies in this business, Dempo
Shipbuilding and Engineering Private Limited and Dempo Shipyard Private
Limited today stand as a landmark for quality and performance.
Shipbuilding companies of Goa and on the West Coast of
Services offered:
Ship designing and Construction
Above water and under water repairs
Conversion and modernization
Slipway-120 metres x 20 metres with the provision of winch
facility
Dry dock I-57 metresx16 metres. Max docking draft 2.10 metre
Dry dock II-87 metre x 16
metres. Max docking draft 2.10 metre
Conform to Classification Society Survey Requirements. Known
for its commitment to Quality
Another facility, on the banks
of river Zuari, in the name of Dempo Shipyard Private Limited has been added in
recent years, to take advantage of the growing business in this industry. This
company has already built a number of barges and has several orders in hand.
The higher draft of the
Outfitting Quay (Jetty)-120
metres long
Well equipped Mechanical and
machinery workshop
Custom bonded warehouse
Prefabrication workshop for FRP
boats
Full - fledged CAD center for exceptional and detailed
design, Naval Architectural calculations, Production drawing etc.
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 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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.73 |
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1 |
Rs.80.43 |
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Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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