MIRA INFORM REPORT

 

 

Report Date :

02.11.2007

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL SEAPORT DREDGING PRIVATE LIMITED

 

 

Registered Office :

CICD Tower, Lower Ground Floor, Hauz Khas Institutional Area, New Delhi – 110016

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

24.03.2004

 

 

Com. Reg. No.:

125380

 

 

CIN No.:

[Company Identification No.]

U45205DL2004PLC125380

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELI04488B

 

 

PAN No.:

[Permanent Account No.]

AABCI2286E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in  Dredging and Land Reclamation

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 542692

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having fine track. Trade relations are fair. Financial Position is good. The Company is doing well. Its 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.

 

It can be regarded as a promising business partner in a medium to long run.

 

 

LOCATIONS

 

Registered Office :

CICD Tower, Lower Ground Floor, Hauz Khas Institutional Area, New Delhi – 110016

Tel. No.:

91-11-26510495

Fax No.:

91-11-26512164

E-Mail :

isdpl@isdpl.com

Website :

http://www.dredging.com

http://www.deme.be

 

 

Administrative Office:

64, Khan Market, second floor, New Delhi – 110 003, India

E-Mail :

gas@isdpl.com

 

 

Corporate Office :

V Floor Challan Towers, Old No.62, New No. 113, Dr Radhakrishnan Salai, Chennai – 600 004, Tamil Nadu, India

Tel. No.:

91-44-43129900

Fax No.:

91-44-43129901

E-Mail :

secretary@isdpl.com

 

 

DIRECTORS

 

Name :

Mr. Alok Narain Sinha

Designation :

Director

Address :

5/125 Jeevan Tara Building, New Delhi – 110001

Date of Birth/Age :

12.10.1955

Date of Appointment :

24.03.2004

 

 

Name :

Mr. R Balasubramanian

Designation :

Director

Address :

9 Tilak Apartment, 4 Seaward Road, Valmi, Kinagar, Chennai – 600041

Date of Birth/Age :

05.09.1941

Date of Appointment :

24.03.2004

 

 

Name :

Mr. Pierre Potvliege

Designation :

Director

Address :

Kerkelei – 54, b – 2610, Wilrijk, Belgium

Date of Birth/Age :

24.06.1955

Date of Appointment :

24.03.2004

 

 

Name :

Mr. Bart Vandemeuleberoucke

Designation :

Director

Address :

Albert – I – Laani – 588670, Belgium

Date of Birth/Age :

15.09.1974

Date of Appointment :

24.03.2004

Date of Ceasing:

15.10.2004

 

 

Name :

Mr. Hugo Bouvy

Designation :

Director

Address :

Bree Dveldsingel – 333055, Ph Rotterdam, The Netherlands

Date of Birth/Age :

05.04.1970

Date of Appointment :

14.10.2004

Date of Ceasing:

22.03.2005

 

 

Name :

Mr. Mark Van Mastwijk

Designation :

Director

Address :

Bree Dveldsingel – 333055, Ph Rotterdam, The Netherlands

Date of Birth/Age :

30.04.1974

Date of Appointment :

22.03.2005

 

 

Name :

Ms. Neha Gupta

Designation :

Director

Address :

B – 2, Sector – 26, Noida – 201301, Uttar Pradesh

Date of Birth/Age :

19.06.1980

Date of Appointment :

22.03.2005

 

 

Name :

Mr. Pooja Chopra

Designation :

Director

Address :

H-229, DDA Flats Narai Na Vihar, New Delhi – 110028

Date of Birth/Age :

21.03.1981

Date of Appointment :

30.04.2005

 

 

Management

Mr. Alain Bernard
Director Dredging International

 

Philip Hermans
General Manager Dredging International

 

Benelux:
Mr. Martin Ockier - Area Director

 

N. Europe:
Mr. Eric Tancré - Area Manager

 

Mid-Europe, Australasia, Latin America :
Mr. Philip Hermans - Area Director

 

S. America, Spain, Portugal:
Mr. Philippe Jacob - Area Manager

 

Russia:
Mrs. Sofia Neirynck - Area Manager

 

Africa NW & SE :
Mr. Erik Van Wellen - Area Manager

 

Africa Middle:
Mr. Lieven Durt - Area Manager

 

Middle East, Indian Subcontinent:
Mr. Pierre Potvliege - Area Director

 

Mediterranean Area:
Mr. Pierre Catteau - Area Director

 

U.K., Ireland, Mediterranean:
Mr. Chris Lehouck - Area Manager

 

S.E. Asia:
Mr. Daniel Kong - Area Manager

 

N.E. Asia (P.R. China, Macau, S. Korea, the Philippines):
Mr. Ivo Van Dessel - Area Director

 

N.E. Asia (P.R. China, Macau, S. Korea, the Philippines):
Mr. Dimitry Dutilleux - Area Manager

 

 

Name :

Mr. Johannes Martinus Hedrikus Van Mastwilk

Designation :

Director

Address :

Breed Veldsingel 12, P K Rotterdam – 3055, NA

 

 

Name :

Mr. Alain Bernard

Designation :

Director

Address :

Bosstraat 28, SINT Niklaas 9111, Belgium

Date of Birth/Age :

29.12.1955

Date of Appointment :

27.06.2006

 

 

Name :

Mr. Marc A P Stordiau

Designation :

Director

Address :

Jef De Pauwtrat 1, Sint Niklaas – 9100 , Belgium

Date of Birth/Age :

09.05.1946

Date of Appointment :

28.09.2006

 

 

KEY EXECUTIVES

 

Name :

Mr. Bert Arien

Designation :

Manager

Address :

CICD Tower, lower Ground Floor, Hauz Khas Institutional Area, Delhi – 110 016

Date of Birth/Age :

26.03.1965

Date of Appointment :

28.09.2006

 

 

Name :

Mr. Pooja Chopra

Designation :

Secretary

Address :

H-229, DDA Flats Narai Na Vihar, New Delhi – 110028

Date of Birth/Age :

21.03.1981

Date of Appointment :

30.04.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Dredging International India Private Limited

 

1375

Bala Subramaniam R

 

1100

Tri Marine Private Limited

 

275

Tideway B V

 

1320

Ash Holdings private Limited

 

1430

 

Equity Shares Breakup (Percentage of Total Equity):

 

Sr No.

Category

Percentage

1

Foreign holdings (Foreign institutional investor(s), Foreign companie(s), foreign financial institutions(s), Non – resident Indians(s) or Overseas corporate bodies or others.

9.00

2

Bodies Corporate

83.00

3

Other top fifty (50) shareholders

8.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in  Dredging and Land Reclamation

 

 

GENERAL INFORMATION

 

No. of Employees :

250

 

 

Bankers :

ABN AMRO Bank

Address: DLF Center, Sansad Marg, New Delhi – 110 001

 

 

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

RSM and Company

Chartered Accountants

Address :

449 Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra

 

 

Associates/Subsidiaries :

Nil

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

32570000

Equity shares

Rs.10/- each

Rs. 325.700 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5500000

Equity shares

Rs.10/- each

Rs. 55.000 millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

FINANCIALS:

The company’s last available financial is enclosed herewith

 

Profit and Loss A/C details may follow, soon.

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

55.000

55.000

2] Share Application Money

 

26.210

0.000

3] Reserves & Surplus

 

54.463

95.248

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

135.673

150.248

LOAN FUNDS

 

 

 

1] Secured Loans

 

414.750

414.750

2] Unsecured Loans

 

107.800

225.400

TOTAL BORROWING

 

522.550

640.150

DEFERRED TAX LIABILITIES

 

0.000

36.805

 

 

 

 

TOTAL

 

658.223

827.203

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

515.598

589.319

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.000

0.000

 

Sundry Debtors
 

115.974

121.191

 

Cash & Bank Balances
 

30.629

268.117

 

Other Current Assets
 

24.280

0.000

 

Loans & Advances
 

60.791

28.631

Total Current Assets
 

231.674

417.939

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

66.915

164.055

 

Provisions
 

22.134

16.000

Total Current Liabilities
 

89.049

180.055

Net Current Assets
 

142.625

237.884

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

658.223

827.203

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

800.000

850.000

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
 

4.50

5.45

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.60

2.32

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Name of the company

INTERNATIONAL SEAPORT DREDGING PRIVATE LIMITED

Presented By

INTERNATIONAL SEAPORT DREDGING PRIVATE LIMITED

1) Date and description of instrument creating the change

The deed of Convenant for statutory mortgage of ship dated 29.10.2004

2) Amount secured by the charge/amount owing on the securities of charge

EURO 10000000 i.e equivalent to Rs. 580.000 millions approximately.

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

Mortgage of Vessel named Pacifique bearing Official No. 4021, Registered at Port of Mumbai with S No. 25/2004 dated 13.07.2004, registered length being 125.68 mtr, main breadth to outside the plating being 19.20 mtrs. And gross tonnage of 7751, together with all plants and machinery attached to the vessel or anything permanently fastened to the vessel due repayment, redemption by borrower to bank together with interest, additional interest or any other losses, charges and other monies due from time to time.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of interest as the bank may specify from time to time

5) Name and Address and description of the person entitled to the charge.

ABN AMRO Bank

Address: DLF Center, Sansad Marg, New Delhi – 110 001

6) Date  and brief description of instrument modifying the charge

NA

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.

NA

 

OTHER INFORMATION:

 

Together with Baggerwerken Decloedt, Subject is one of the primary operating companies of DEME Group, responsible for more than two thirds of total turnover. Subject has a leading position on the global dredging market and has experienced rapid and sustained growth over the last decade. The core activity of DI is dredging and land reclamation.

 

Subject has its roots in the world port of Antwerp on the river Scheldt. They are proud to have contributed for more than one hundred years to deepening and maintenance programs of the river fairway, and to major reclamation projects that have created new land for a world class industry. In one century, the depth of the river fairway has more than doubled and bulk carriers of up to 274.726 dwt and a length of 335 metres are now able to sail seventy kilometers inland. After the First World War barely 425.000 m3 per year was dredged in the river Scheldt. By contrast, since the end of the Second World War, almost half a billion m3 of spoil has been removed from the Scheldt. At the same time, the port has expanded to 14.000 ha on the left and the right river banks. They are proud to have participated to this impressive achievement.

 

The knowledge, the experience and the skills they have acquired on their primary home market is made available for clients abroad. For more than a century, constituting companies of DI have worked in all corners of the world. At the turn of the 19th to the 20th century, their engineers were building the inland grain harbours in Argentina; in the 1920’s they were constructing quay walls on the Mekong river in Southeast Asia. In the 1970’s they built the modern ports in the Persian Gulf and the Red Sea.

 

Today, their modern and high-tech trailing suction hopper dredgers and the mighty cutter suction dredgers are deepening fairways and reclaiming new land in South America, in Singapore, in Australia, in Africa and all over Europe. DI is taking the lead in the construction of France’s Port 2000 at Le Havre, they are building ports in India, they are involved in the huge Jurong and Tuas land reclamation project in Singapore, and they are keeping the Martin Garcia channels to depth in Rio de la Plata on the border of Argentina and Uruguay. 

 

Subject is fully banking on synergies from the broader DEME Group. Pooling resources with sister companies and combining dredging and land reclamation with supporting activities and environmental skills, provides a unique opportunity for offering global solutions to clients all over the world.

 

Offices Worldwide:

·         Argentina

·         Australia

·         Bahrain

·         Belgium

·         China

·         France

·         Germany

·         Malaysia

·         India

·         Italy

·         Hong Kong

·         India

·         Malaysia

·         Mexico

·         Netherlands

·         Nigeria

·         Tunisia

·         Spain

·         Singapore

·         Qatar

·         Portugal

·         Panama

·         United Arab Emirates

·         United  Kingdom

·         Venezuela

·         Vietnam

 

 

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.39.37

UK Pound

1

Rs.81.82

Euro

1

Rs.56.83

 

 

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

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

56

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions