MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
BHARATI SHIPYARD LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1976 |
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Com. Reg. No.: |
11-19092 |
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CIN No.: [Company
Identification No.] |
U61100MH1976PLC019092 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11876E |
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PAN No.: [Permanent
Account No.] |
AAA 1688 E |
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Legal Form : |
Public limited
liability company. The company’s shares are listed on the Stock Exchange. |
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Line of Business : |
Engaged in business
of shipbuilding, shipping, naval architecture, marine engineering and ocean
engineering jobs for all kinds of ships, river, sea going and amphibian
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 5000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and progressive company having established satisfactory
track. The company’s first IPO was successful. Financial
position is good and now improving fast. Trade relations are
fair. Payments are usually correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
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Tel. No.: |
91-22-22679090 |
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Fax No.: |
91-22-22654044 |
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E-Mail : |
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Website : |
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Head Office : |
Ø
Mirya
Bunder, Ratnagiri, Tel. 91-2352-232340 /
232371 Fax. 91-2352-232524 Ø
Ghodbunder,
District Thane, Tel. 91-22-28111497 /
28111093 Fax. 91-22-28103360 |
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Corporate
Office : |
302
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Tel. No. : |
91-22-23028 9200 / 23028
9201 |
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Fax No. : |
91-22-23028 9222 |
DIRECTORS
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Name : |
Mr. Prakash
Chandra Kapoor |
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Designation : |
Managing Director |
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Address : |
7/8, Krishna
Kunj, |
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Age : |
61 years |
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Qualification
: |
B. Tech. |
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Experience : |
36 years |
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Date of
Appointment : |
07.06.2004 |
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Previous
Employment : |
Mazgaon Dock
Limited |
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Name : |
Mr. Vijay Kumar |
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Designation : |
Managing Director |
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Address : |
410/411, Mittal
Park, |
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Age : |
61 years |
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Qualification
: |
B. Tech. |
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Experience : |
36 years |
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Date of
Appointment : |
07.06.2004 |
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Previous Employment
: |
Mazgaon Dock
Limited |
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Name : |
Mr. Suresh Mohan
Jagtiani |
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Designation : |
Director |
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Address : |
28, Jaikiran, 7th
Floor, Cuffe Parade, Mumbai – 400 005, |
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Name : |
Mr. J M Gandhi |
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Designation : |
Director |
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Name : |
Ms. Sherali M.
Sheikh |
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Designation : |
Director |
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Name : |
Mr. B L
Patwardhan |
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Designation : |
Director [Nominee
– SBI] |
KEY EXECUTIVES
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Name : |
Mr. U. A. Patel |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
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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 Promoters |
9999200 |
44.44 |
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Persons acting in
Concert |
4200 |
0.02 |
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Sub – Total |
10003400 |
44.46 |
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Non Promoters Holding |
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Mutual Funds and
UTI |
4674573 |
20.78 |
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Banks, Financial
Institutions, Insurance Companies [Central / State Government
Institutions/Non Government Institutions] |
443799 |
1.97 |
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FIIs |
4332011 |
19.25 |
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Sub-Total |
9450383 |
42.00 |
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Others |
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Private Corporate
Bodies |
1090468 |
4.85 |
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Indian Public |
1835270 |
8.16 |
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NRIs/ OCBs |
57441 |
0.26 |
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Any other |
63038 |
0.28 |
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Sub-Total |
3046217 |
13.54 |
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Total |
22500000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Engaged in
business of shipbuilding, shipping, naval architecture, marine engineering
and ocean engineering jobs for all kinds of ships, river, sea going and
amphibian vessels. |
GENERAL INFORMATION
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Customers : |
Ø
Tartos
Port General Company, Ø
AL
Jabar Shipping Agencies And Marine Works, Ø
Reliance
Industries Limited Ø
Great
Eastern Shipping Company Limited Ø
Halul
Offshore Services Company, |
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No. of Employees : |
550 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ø
Shantilal
Mehta & Company Chartered Accountants
Address : 6,
Tel. No.: 91-22-22048464 / 22881912 Ø
Bhuta
Shah & Company Chartered Accountants |
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Associates/Subsidiaries : |
Ø
Bharati
Shipping and Dredging Company Private
Limited Ø
Pinky
Shipyard Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs. 10 Each |
Rs. 400.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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22500000 |
Equity Shares |
Rs. 10 Each |
Rs. 225.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
225.000 |
225.000 |
92.360 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
1586.657 |
1146.328 |
243.097 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1811.657 |
1371.328 |
335.457 |
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LOAN FUNDS |
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1] Secured Loans |
931.258 |
229.510 |
221.953 |
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2] Unsecured
Loans |
4538.251 |
0.000 |
0.000 |
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TOTAL BORROWING
|
5469.509 |
229.510 |
221.953 |
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DEFERRED TAX
LIABILITIES |
152.902 |
8.205 |
7.942 |
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TOTAL
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7434.068 |
1609.043 |
565.352 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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720.094 |
128.662 |
130.429 |
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Capital work-in-progress
|
297.439 |
66.965 |
0.000 |
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INVESTMENT
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24.528 |
65.116 |
0.012 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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1993.018 |
805.864 |
436.324 |
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Sundry Debtors
|
687.725 |
243.541 |
113.353 |
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Cash & Bank Balances
|
4713.429 |
6.520 |
3.080 |
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Other Current Assets
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0.000 |
0.000 |
0.000 |
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Loans & Advances
|
532.393 |
795.336 |
302.745 |
Total Current Assets
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7926.565 |
1851.261 |
855.502 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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1297.343 |
351.660 |
363.678 |
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Provisions
|
286.142 |
205.492 |
56.913 |
Total Current Liabilities
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1583.485 |
557.152 |
420.591 |
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Net Current Assets
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6343.080 |
1294.109 |
434.911 |
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MISCELLANEOUS EXPENSES
|
48.927 |
54.191 |
0.000 |
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TOTAL
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7434.068 |
1609.043 |
565.352 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
2950.269 |
1929.780 |
1217.405 |
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Profit/(Loss) Before Tax
|
781.539 |
375.011 |
93.158 |
Provision for Taxation
|
270.865 |
101.435 |
33.201 |
Profit/(Loss) After Tax
|
510.674 |
273.576 |
59.957 |
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Export Value
|
1909.941 |
328.465 |
231.263 |
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Import Value
|
0.000 |
846.549 |
443.812 |
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Total Expenditure
|
2168.730 |
1554.769 |
1124.247 |
SUMMARISED RESULTS
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PARTICULARS |
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|
31.03.2007 |
|
Type |
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Full
Year |
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Sales
Turnover |
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|
4216.700 |
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Other
Income |
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|
31.400 |
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Total
Income |
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|
4248.100 |
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Total
Expenditure |
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|
2937.400 |
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Operating
Profit |
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|
1310.700 |
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Interest |
|
|
150.900 |
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Gross
Profit |
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|
1159.800 |
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Depreciation |
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|
49.900 |
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Tax |
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|
243.700 |
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Reported
PAT |
|
|
731.500 |
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Dividend
(%) |
|
|
00.000 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Debt Equity Ratio
|
1.88 |
0.29 |
0.99 |
Long Term Debt Equity Ratio
|
1.58 |
0.05 |
0.19 |
|
Current Ratio |
3.04 |
1.99 |
1.41 |
TURNOVER RATIO
|
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Fixed Assets |
4.28 |
3.05 |
5.82 |
Inventory
|
1.44 |
0.75 |
2.05 |
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Debtors |
4.32 |
2.61 |
7.03 |
Interest Cover Ratio
|
9.00 |
5.57 |
2.19 |
|
Operating Profit Margin
(%) |
44.46 |
99.06 |
21.44 |
Profit Before Interest And Tax
Margin (%)
|
43.73 |
98.11 |
20.96 |
|
Cash Profit
Margin (%) |
26.13 |
59.66 |
7.82 |
|
Adjusted Net
Profit Margin (%) |
25.40 |
58.71 |
7.33 |
|
Return On Capital
Employed (%) |
20.37 |
47.01 |
39.86 |
|
Return On Net
Worth (%) |
33.64 |
35.35 |
27.74 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.416.00/- |
|
Low |
Rs.415.05/- |
LOCAL AGENCY FURTHER INFORMATION
Capital
During the year under
review the Authorised Capital was increased from Rs.250 millions to Rs. 400
millions consisting of 4,00,00,000 Equity Shares of Rs.10/- each and Issued,
Subscribed and Paid Up Capital remained unchanged at Rs.225 millions.
Dividend
Directors recommended
the Dividend out of the available surplus, at the rate of 25% on Paid Up Equity
Shore Capital of Rs.2250 millions i.e. @ Rs.2.507- per share on 2,25,00,000
Operating Results and Profits
During the year
under review the Company has achieved it’s highest ever sales of Rs.2950.3
millions. Their Company has achieved profit after tax Rs.510.7 millions as
against Rs.273.6 millions in the previous year, an upsurge of 86.66%.
Company's quality,
competitive prices and timely delivery of vessels has resulted in getting
repeal orders from the satisfied customers and enlarging its customer base
including well known buyer from Prance Bourbon Supply Investments. Their
Company has order book position worth Rs.14.6 millions, which includes orders
from customers like The Great Eastern Shipping Company Limited, Reliance
Industries Limited, Bourbon Supply Investments, Nor Lines AS, Sea Cargo AS, M.
K. Shipping Company Limited and other well known and established companies all
over the Globe.
Finance
The Company issued
Foreign Currency Convertible Bonds of US $ 100 millions to foreign investors
during the year. The Company intends to use the net proceeds of the offering
primarily for the construction of a new shipyard at Mangalore.
As at the end of
financial year, the company has working capital facilities of Rs.10000 millions
(both fund based of Rs. 500 millions as well as non-fun based of Rs. 9500
millions) by way of consortium finance where State Bank of
History
Subject is a
private sector Indian shipyard engaged in design and construction of various
types of sea-going, coastal, harbour and inland crafts and vessels. Its product
range has been upgraded from the simple inland cargo barges to deep-sea
trawlers and dredgers to maneuverable and power-packed ocean-going tractor
tugs, cargo ships, tankers and vessels required by the offshore industry.
Subject is promoted by P C Kapoor and Vijay Kumar, both of whom are qualified
naval architects from IIT, Kharagpur, and have a long experience in ship
building and management.
From an output of only one small ship on inception, subject has achieved an
output of six vessels in a year. It has constructed and delivered 49
maneuverable vessels till date. Of this, 34 vessels were delivered from 1997.
Currently, 13 vessels are under construction. The company also repair ships at
its shipyards. The management expects around 20% of the total revenue from
repairs after expansion is complete.
Presently, subject is capable of fabricating and erecting up to 14 vessels of
various sizes with a maximum length up to 120 meters and breadth up to 18
meters simultaneously
Key Events of
the Company since Inception:
1976:
Incorporated as a Private Limited Company on 22nd June, 1976 under the
Companies Act, 1956
1985:
Bagged our first export order for construction of 5 Barges from
1991:
Received order for
2 Specialized Tractor Tugs with installed power of over 4000 BHP from Cyprus
Port Authority
1995: Received EEPC Export Performance Award:
Became the recipient of National Corporate Excellence Award.
1996:
Received EEPC certificate of Highest, Export Performance for the year 1995-96
1997:
Received order for supply of 2 maneuverable tugs to Reliance India Limited
Received order for two nos. 80 mtrs long 2,100 ton mini bulk carriers to
Greatship Singapore.
2000:
Received orders from Qatar Shipping Company for supply of 4 nos. 5,000 HP
Azimuthal Stern Drive Tugs. Received orders from A1 Jabar Establishment,
2003:
Received repeat order from Al Jabar Establishment,
Became ISO
certified in the area of construction, supply and repair of inland, coastal and
ocean going steel ships and vessels and received certificate ISO 9001:2000
under the said scope of quality standard.
Received repeat order from M/s. Reliance Industries Limited for a 52 tons
Bollard Pull ASD Tug within 2 months of delivery of similar Tug to them.
Received repeat order from M/s. Halul Offshore Services,
2004:
Started construction of two 7,000 BHP Anchor Handling Tugs cum supply vessel
for Great Eastern Shipping Company Limited Received order from Halul Offshore
Service for 2 nos. 65 Tons Bollard Pull Anchor Handling Tug Cum Supply Vessel.
During
the year under report, the turnover of the Company amounted to Rs. 1929.8 Millions
as against Rs. 1217.4 Millions, in the previous year. The operating profit
before Depreciation and Taxation is Rs. 379.4 Millions as against Rs. 97.1
Millions in the precious year. The net profit after depreciation and taxation
is Rs. 273.6 Millions as against Rs. 59.9 Millions in the previous year.
The Directors are pleased to recommend the Dividend out of the available
surplus, at the rate of 25% on Paid Up equity share capital of Rs. 225 Millions
i.e. @ Rs. 2.50/- per share on 2,25,00,000 Equity Shares of Rs. 10/- each
aggregating to Rs. 56.2 Millions as against Rs.10.8 Millions in the previous
year.
Industrial scenario and future
prospects:
The ship building industry world over is witnessing a robust growth. The
respective governments are also helping the industry with suitable policy
measures and Indian Government also has taken certain positive steps. The
Government has announced its schemes of Sagar Mala and Sethusamudram projects.
The Government of India, Ministry of Shipping, Road Transport and Highways, in
the Department of Shipping has also notified Draft Policy for Maritime Sector
(Ports, Merchant Shipping & IWT), giving a road map for a planned
development of the industry.
Initial Public Offer:
The Company came out with an IPO of 1,25,00,000 Equity Shares of Rs. 10/- each
at a premium of Rs. 56/- per share. The issue opened on 2'd December-2004 and
closed on 8' December-2004. The issue was oversubscribed by about 70 times. The
shares of their Company are now listed at Mumbai Stock Exchange (BSE) and
National Stock Exchange of India Limited (NSE).
Wind Power Project:
The Company is putting up a Wind Farm, consisting of 8 Wind Energy Generators
of 750 KW each, at Village: Brhamanvel, Taluka: Sakri, Dist: Dhule, in Maharashtra.
The project is likely to be commissioned in September-2005.
Research and development:
Subject Limited in partnership with Goa Shipyard Limited and Indian Register of
Shipping is undertaking a research project on ship design for greater
efficiency and economy at IIT, Kharagpur.
Subject is taking part in a Design Research Project for a Safe Tug Design. In
response to demands from the offshore and oil industry for designing tug to
suit harsher environmental conditions, increased safety and comfort of crew, a
Joint Industry Project 'SAFE TUG' has been initiated by MARIN, Netherlands. The
group comprises of Oil / Gas majors, Tug operators, designers and Shipyards
Amongst the shipyards worldwide, only Bharati Shipyard, India and Damen
Shipyard, Netherlands have been chosen to be a part of this group, comprising
of Tug designers such as Robert Allen and Kooren; Oil / Gas majors such as BP,
BHP, Shell, Chevron, Exxon Mobil and Nestle Oil; Tug Operators such as Adsteam,
Smith, Svitzer, Tied water and Lamnal Company Using the knowledge within this
group the project aims at understanding the framework of Tug-terminal
operations critical Tug design and operation parameters and the effects /
implications on Tug / Terminal design and operation. In addition to participation
in the SAFE TUG Steering group, Bharati Shipyard will also be working closely
with other participants in the Working Group on Tug Design. This will create a
Tug Design Data Base, which will be available to only the participants.
Fixed Assets
Ø
Land
Ø
Building
Ø
Plant
and machinery
Ø
Furniture
and fittings
Ø
Vehicles
Ø
Computers
Ø
Office
Equipments
Website details are attached herewith
Company Profile
Subject was formed
in 1968 as a partnership firm of seven stake holders. The then, it was an only
organization on paper having a small shipyard at Ratnagiri. In 1973, the
partnership lowered to three with Mr. Vijay Kumar and Mr. P.C. kapoor taking
the rein of the business. The shipyard at Ratnagiri was taken over with the
intention of developing it into a modern shipbuilding yard. The company became
a private concern in 1976.
Today, Subject is
humming with the sound of myriad activities that constitute the art and science
of shipbuilding. In a giant stride, the product range has been upgraded from the
simple inland cargo barges, through sophisticated deep-sea fishing trawlers and
state-of-art dredgers, to the technological marvel of the highly maneuverable
and power-packed Ocean Going Tractor Tugs, Cargo/Container Ships, Tankers etc.
The latest in
technology has been infused in the shipyard, both in materials and expertise,
and no efforts has been spared to achieve the single magic letter "Q"
for quality. This alone has contributed to the gamut of satisfied customers,
who have, time and again, come back to subject for their additional
requirements. From port trusts, fishing companies and water transport
authorities to commercial organizations and overseas customers, all have
benefited from concerted after-sales service drive that has been launched by
the yard to emphasize that the delivery of a vessel is only the beginning of
its commitment endorsed in the concert.
Subject is a
company whose activities cover a wide range of businesses including
shipbuilding, ship repair and offshore services. The shipyard has been in
existence since 1968. It was taken over by the present management in 1973 and
subsequently registered as a private limited company. It is now the leading
medium sized shipyard in the private sector in
• EEPC
Outstanding Export Performance Award-1994-95
• National
Corporate Excellence Award -1995
• EEPC
certificate for Highest Export Performance -1995-96
The centralized
head office of subject is located at Mumbai.
The following
activities of the shipbuilding division are carried out from head office:
Ø
Administration
Ø
Marketing
Ø
Design and Product Development
Ø
Planning and Co-ordination
Ø
Purchase -Accounts
Ø After
Sales Services
The ship building activities of
the company are carried out at Ratnagiri, Ghodbunder (
The shipyard is on the approved list of many reputed
clients, some of which are mentioned below:
Ø
Qatar Shipping Company
Ø
Cyprus Ports Authority
Ø
Reliance Industries Limited
Ø
The Great Eastern Shipping
Company Limited
Ø
Ministry of Surface Transport
Ø
Indian Navy
Ø
Central Inland Water Transport
Corporation
Ø
Ø
Ø
Ø
Ø
The company is also
an active member of the following Industrial/Commercial bodies.
Ø
Shipyards Association of
Ø
Confederation of
Ø
Association of Indian Fishery
Industries
Ø
Engineering Export Promotion Council
of
Ø
Ø
Indian Register of Shipping.
Ø Indian
Merchants Chamber.
The company has
built up a reputation for technical excellence, quality of workmanship and for
meeting delivery commitments
Quality Policy
The shipyard has
constructed vessels to the stringent requirements of international
classification societies like Lloyds Register of Shipping - U.K, Bureau Veritas
- France, The American Bureau of Shipping, Cyprus Bureau of Shipping -
The shipyard based
on its past performance has built up a reputation for a high degree of
professionalism, technical excellence, and a high standard of workmanship on
the vessels constructed by them.
Separate checks are
made by the shipyard's own quality control cell at various stages of
construction i.e. plate preparation, units assembly erection and fitting out in
the order to ensure that the materials and workmanship are of the highest
quality.
Since the quality
of welding is one of the critical determinants in shipbuilding, special care is
taken by the quality control cell of the yard to ensure that the welding
conforms to the best shipbuilding standards. Facilities for radiography are
available in house.
The in-house X-ray
department ensures the quality of workmanship. This department has been set up
after receipt of approval from Bhaba Atomic Research Centre.
Subject bags order from GE Shipping
The Bureau
Mumbai, August 23
Subject is a
private sector shipyard, has received a repeat order for two 80-tonne anchor
handling tug-cum-supply vessels (AHTSs) from the GE Shipping Company Limited.
According to an
official statement, the first vessel is scheduled for delivery in the beginning
of 2005. The vessels are designed for offshore duties, including anchor
handling and supply to offshore installations.
The vessels, which
will be fitted with modern control systems, will be classed with the American
Bureau of Shipping and the Indian Register of Shipping. GESCO had earlier
placed orders for four AHTSs of 120-tonne and 80-tonne capacity, with subject.
The statement
quoting Mr P.C. Kapoor, Managing Director, Bharati Shipyard, said: "The
increased ship-building activity in the country will help save foreign exchange
and at the same time give more employment to skilled personnel."
Date: 30-04-2007
Bharati Shipyard Limited, one of the leading Private Sector Shipyard,
has signed a contract with GREAT OFFSHORE LIMITED for construction and supply
of One Multipurpose Offshore Support Vessel. The Contract value of the vessel
is US $64.80 million (i.e. App. Rs. 2663.200 Millions).
The vessel has a diesel electric propulsion system with 5 generators of a
total power of 10500 KW (14000HP). The vessel has all the equipment to support
ROV/Diving/Sub sea operations. The power would be used to drive two
Azimuth frequency controlled thrusters of 6600 KW and two retractable frequency
controlled thrusters of 3000 KW.
The vessel also has dynamic positioning system and integrated power
management system with full redundancy for DP2 operation.
The vessel is equipped with a very sophisticated electro hydraulic
knuckle boom crane which is active heave compensated and is suitable for depths
up to 3000 m and lifting capacity up to 150T.
Among other features, the vessel has a helipad and Anchor handling cum
towing winch of 300T.
This is the first time that such a Sophisticated and technologically
advanced Multipurpose Offshore Support Vessel is being made in
The above contract is in lieu of contract dated 24-3-2006 for One
Multipurpose Offshore Support Vessel valued at US$ 17.44 million (i.e. App.
Rs.775.100 Millions) ordered by Great Offshore Limited on BSL.
Great offshore is
It owns a fleet of thirty-six offshore assets, which include twenty-two
offshore support vessels, eleven harbour tugs, two drilling rigs and one
construction barge. It operates in four major business areas: Offshore Drilling
Services, Offshore Logistics Support Services, Marine Construction Project
Services and Port and Terminal Support Services.
• Bharati Shipyard forays into
- First Indian
company to receive shipbuilding order from a South American group.
Mumbai, April 23, 2007: Bharati Shipyard Limited, one of the leading
Private Sector Shipyard, has signed a contract with UP OFFSHORE (BAHAMAS)
LIMITED, for construction and supply of two Platform Supply Vessels.
The Contract value of these two vessels is US $43.30 million
(approximately Rs 1800 Millions).
It is the first time in the history of Indian shipbuilding industry that
an INDIAN COMPANY has received a shipbuilding contract from a SOUTH AMERICAN
COUNTRY.
Mr P C Kapoor, Managing Director, BSL said: “We are extremely proud to
announce that Bharati Shipyard is the first Indian shipbuilding company to have
bagged this order. The UP Offshore prestigious order reinforces BSL’s premier
ranking amongst the leading shipbuilding company across the world in the
offshore segment.”
A Platform Supply Vessel (PSV) is a ship specially designed to support
offshore oil platforms. The primary function of these ships is to service the
offshore oil platforms including supply of Drilling mud, pulverized cement,
diesel fuel, portable and non-portable water and chemicals used in the drilling
process.
UP Offshore (
Ultrapetrol group operates in four business segments with a total fleet
of 568 vessels consisting of Offshore Supply Vessels, Ocean Fleet (including
Suezmax OBOs), River Fleet and Passenger Fleet.
About
Bharati Shipyard Limited
Bharati shipyard Limited, the leading private sector shipyard in
Bharati Shipyard currently owns two shipyards, which are strategically
located at Ghodbunder – Thane and Ratnagiri. A subsidiary of the group, Pinky
Shipyard Limited owns a shipyard at
The company is presently manufacturing various kinds of ships, including
offshore support vessels required for oil exploration industry, state-of-art
dredgers, and technological marvel of the highly maneuverable and power-packed
Ocean Going Tractor Tugs, Cargo/Container Ships, Tankers, etc. After planned
expansion, the company will be able to increase the capacity and the range of
ships that can be manufactured, which will help the company reduce dependence
on any one sector.
Date: 16-04-2007
• Bharati Acquires all the Shipyard Machinery and Equipments of Swan
Hunter Shipyard Wallsend,
Mumbai April, 16, 2007: Bharati Shipyard Limited, on of the Leading Shipyards
in
These equipments will be used by BSL at its existing yards as well as for its
Swan Hunter Shipyard is an internationally renowned shipbuilding yard. Swan
Hunter was engaged in shipbuilding, ship conversion and construction of
offshore structures. It had capacity to build vessels upto 1,00,000 DWT. During
its 130 years of existences, Swan Hunter built over 1,600 ships of various
types including more than 400 naval vessels.
Date: 17-08-2006
• Bharati Shipyard Limited, one of the largest private sector shipyards
in
• With this order Company's current order book position is Rs.15860
Millions and the unexecuted order book position is Rs.11570 Millions which is
4.45 times the turnover for the F.Y. 2005-06.
Date: 27-10-2005
• Bharati Shipyard Limited, has completed the acquisition of M/s Pinky
Shipyard Private Limited. The Company holds 51 % share capital of Pinky, which
will be a subsidiary of Bharati Shipyard Limited.
Date: 30-09-2005
• Bharati Shipyard Limited, one of the largest private sector
shipyards in
Total value of these 6 vessels is US $ 66.00 Millions
• Bharti Shipyard to
unveil IPO to fund expansion plans
http://www.utisel.com/iponewsd.html
• GE Shipping contracts 2
new AHTSVs
http://economictimes.indiatimes.com/articleshow/804054.cms
• Halul Offshore Services
Company (HOSC) has signed a $15mn contract with
http://www.haluloffshore.com/news.htm
• Bharati Shipyard bags
order from GE Shipping
http://www.thehindubusinessline.com/2004/08/24/stories/2004082401540900.htm
• Shipbuilding subsidy
policy for 5 more years
http://www.blonnet.com/2002/09/27/stories/2002092702450300.htm
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.64 |
|
|
1 |
Rs.80.44 |
|
Euro |
1 |
Rs.54.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|