MIRA
INFORM REPORT
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Report Date : |
26.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MAZAGON DOCK LIMITED |
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Registered Office : |
Dockyard Road,
Mumbai – 400 010, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.02.1934 |
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Com. Reg. No.: |
11-2079 |
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CIN No.: [Company
Identification No.] |
U35100MH1934PLC002079 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM00118G |
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PAN No.: [Permanent
Account No.] |
34-000-CX |
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Legal Form : |
A public limited
liability company. The company's entire share capital is held by the
Government of India. |
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Line of Business : |
Construction of Naval
Ships, Submarines, Coast Guard Ships, Merchant Vessels, Fabrication of
Offshore Platforms, Jack-up Rigs, Transportation and Installation of
Platforms, Pipe Coating, Laying of Sub-Sea Pipes, Diving and Vessel
Management Services besides Ship-repair and General Engineering Work. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 19301600 |
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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 Government of India company having satisfactory track
records. The company has improved its performance in recent years. Its trade
relations are fair. Financial position is good. Payments are usually correct and
as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
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Registered
Office : |
Dockyard Road,
Mumbai – 400 010, |
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Tel. No.: |
91-22-2377 5562
(20 Lines) |
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Fax No.: |
91-22-2373 8338 /
2373 8340 / 8147 / 8228 |
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E-Mail : |
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Website : |
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Guest House: |
Angre House, MDL,
Tel. No.
91-22-2373 8337 / 2372 5043 |
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Zonal/Abroad
Office At |
C/o. Indian High Commission,
India House, Aldwaych London WC2B 4NA, U. K. Contact Person:
Mr. A. K. Ahuja - Regional Chief Manager
( Tel. No. (44) 71
836 7275 / (44) 81 572 2474 (Res.) Fax No. (7095)
917127 Embassy of Contact Person
:Cdr. H. C. Dhamija (FS), Tel. No. (7095)
9171127 / 99(7095) 9520978 Fax No. (7095)
9171127 |
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Resident
Representatives at |
Room No. 8N, H
Block Annexe, DHQ PO Contact Person:
Mr. Yogesh Sharma - Regional Manager Tel. No.
91-11-2379 3776 / 2247 4352 (Res.) |
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Regional
Office: |
Shipyard House,
A1/314, Safdarjung Enclave, New Delhi-110 029 |
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Tel No: |
91-11-26100972 /
26108941 |
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Fax No: |
91-11-26108940 |
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Regional
Office: |
First Secretary
(MDL), |
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Tel No: |
007-095-9358689 |
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Fax No: |
007-095-9171127 |
DIRECTORS
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Name : |
Mr. H. S. Kang |
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Designation : |
Chairman &
Managing Director |
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Name : |
Mr. P. K.
Mukherjee |
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Designation : |
Director (CP
&P) |
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Name : |
Mr. S. K. Murthy |
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Designation : |
Director
(Shipbuilding) |
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Name : |
Mr. G
Satyanarayana |
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Designation : |
Director(Finance) |
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Name : |
Mr. L. S. Sachdev |
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Designation : |
Director
(S&HE) |
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Name : |
Mr. A. V. Pandit |
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Designation : |
GGM (P&A) |
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Name : |
Mr. P. D. Salain |
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Designation : |
General Manager
(Finance) |
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Name : |
Mr. A.P. Mishra |
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Designation : |
General Manager
(Offshore) |
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Name : |
Mr. S. B. Singh |
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Designation : |
General Manager
(Ship building) |
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Name : |
Mr. S. B.
Koundinya |
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Designation : |
General Manager
(Design) |
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Name : |
Mr. R. K. Jain |
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Designation : |
CVO |
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Name : |
Mr. P. K.
Mukherjee |
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Designation : |
GM (QA-SB) |
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Name : |
Mr. M. V. Vaze |
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Designation : |
AGM (SR) |
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Name : |
Mr. G. M. Shenoy |
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Designation : |
AGM (Mat) |
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Name : |
Mr. V. S. Borde |
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Designation : |
AGM (CP) |
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Name : |
Mr. S. K. K.
Krishnan |
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Designation : |
Chairman and
Managing Director |
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Name : |
Mr. M. Rammohan
Rao |
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Designation : |
Director |
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Name : |
Mr. Alok Perti |
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Designation : |
Director |
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Name : |
Mr. Anuradha
Mitra |
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Designation : |
Director |
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Name : |
Mr. S.K. Murthy |
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Designation : |
Director |
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Name : |
Mr. M K Murthy |
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Designation : |
Director |
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Name : |
Mr. S.K. Pachauri |
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Designation : |
Director |
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Member of Lok
Sabha: |
Prof. Vijay Kumar
Malhotra, Chairman Mr. Sudip
Bandyopadhyay Mr. Ram Tahal
Chaudhary Mr. Sangeeta
Kumari Singh Deo Mr. C. K. Jaffar
Sherief Mr. K.E.
Krishnamurthy Mr. Vilas
Muttemwar Mr. Chandra Nath
Singh Mr. Tarit Baran
Topdar |
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Member of
Rajyasabha |
Mr. Suresh
Kalmadi Mr. Kalraj Mishra Mr. Sathish
Pradhan Mr. K.
Kalavenkata Rao Mr. Jibon Roy |
BUSINESS DETAILS
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Line of Business
: |
Construction of
Naval Ships, Submarines, Coast Guard Ships, Merchant Vessels, Fabrication of
Offshore Platforms, Jack-up Rigs, Transportation and Installation of
Platforms, Pipe Coating, Laying of Sub-Sea Pipes, Diving and Vessel Management
Services besides Ship-repair and General Engineering Work. |
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Products : |
Offshore Supply
Vessels Scrap |
PRODUCTION
STATUS
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Particulars |
Actual Production |
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Ships delivered |
6 |
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Ships under
construction |
7 |
GENERAL INFORMATION
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No. of
Employees : |
8157 |
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Bankers : |
·
Bank of · Canara Bank, Mumbai ·
State Bank of |
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Facilities : |
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Banking Relations : |
Good |
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Auditors : |
G. M. Kapadia
& Company Chartered
Accountants Ghalla Bhansali
& Associates Chartered
Accountants |
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Associates/Subsidiaries
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All Government of
India Undertaking Companies |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity shares |
Rs. 100/- each |
Rs. 2000.000 millions |
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12372000 |
7% Redeemable Cumulative Preference shares |
Rs. 100/- each |
Rs. 1237.200 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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19920000 |
Equity shares |
Rs. 100/-
each |
Rs. 1992.000
millions |
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9897600 |
7% Redeemable Cumulative Preference shares |
Rs. 100/-
each |
Rs. 989.760
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2981.800 |
2981.800 |
2981.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1843.600 |
752.300 |
499.200 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4825.400 |
3734.100 |
3481.000 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
65.100 |
152.700 |
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2] Unsecured Loans |
228.000 |
224.800 |
265.700 |
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TOTAL BORROWING |
228.000 |
289.900 |
418.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5053.400 |
4024.000 |
3899.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
646.300 |
715.600 |
655.400 |
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Capital work-in-progress |
218.900 |
59.700 |
158.300 |
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INVESTMENT |
60.000 |
60.000 |
60.000 |
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DEFERREX TAX ASSETS |
181.900 |
292.900 |
344.300 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
49745.800
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25891.700 |
17809.400
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Sundry Debtors |
328.800
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358.000 |
483.500
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Cash & Bank Balances |
24728.700
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26926.200 |
24114.200
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
29325.800
|
19823.200 |
7362.600
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Total
Current Assets |
104129.100
|
72999.100 |
49769.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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47088.300
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Provisions |
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0.000
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Total
Current Liabilities |
100182.800
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70103.300 |
47088.300 |
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Net Current Assets |
3946.300
|
2895.800 |
2681.400 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5053.400 |
4024.000 |
3899.400 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
18722.400 |
5375.800 |
6691.800 |
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Other Income |
2046.400 |
1059.700 |
0.000 |
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Total Income |
20768.800 |
6435.500 |
6691.800 |
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Profit/(Loss) Before Tax |
2600.200 |
1097.000 |
1337.600 |
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Provision for Taxation |
919.400 |
496.000 |
646.200 |
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Profit/(Loss) After Tax |
1680.800 |
601.000 |
691.400 |
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Export Value |
0.000 |
0.000 |
0.100 |
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Import Value |
0.000 |
0.000 |
1647.300 |
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Expenditures : |
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Consumption of
Raw Material , Stores, Equipments, Spare Parts, etc |
10832.100 |
1728.400 |
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Sub Contract |
2737.600 |
370.300 |
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Power and fuel |
70.900 |
62.400 |
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Salaries and Wages |
2746.100 |
2369.400 |
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Interest |
7.900 |
19.700 |
5354.200 |
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Expenses Directly related to Projects |
1229.000 |
37.000 |
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Other Expenses |
468.400 |
402.000 |
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Depreciation |
63.200 |
67.900 |
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Provisions made during the year |
37.100 |
469.900 |
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Total Expenditure |
18192.300 |
5527.000 |
5354.200 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.09
|
9.33 |
10.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.88
|
20.40 |
19.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.47
|
1.48 |
2.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.29 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
20.80
|
18.85 |
13.64 |
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Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.04 |
1.05 |
LOCAL AGENCY FURTHER INFORMATION
History:
The company was primarily
formed as a Ship Repair Yard and was taken over by the Government of India in
1960. Its' primary activities are
building warships for the Indian Navy, Submarine Construction, Non-Defence
Shipbuilding / Ship Repairs and other High-Tech Engineering Activities.
Subject was taken
over as a Public Sector Undertaking under the Administrative control of the
Ministry of Defence, Department of Defence Production and Supplies in May 1960
primarily for construction of Warships prior to which it was a Joint Stock
Company owned by P and O Steam Navigation Company and BI Steam Navigation
Company. At the time of take-over, the
company was mainly a ship repair yard. The Yard has been expanded to build
Warships upto 6500 Tonnes displacement and Merchant ships upto 27000 Tonnes
DWT. The company commenced manufacture
and installation of Offshore Process and Wellhead Platforms from 1977 onwards.
It was decided that
construction of submarines for the Navy will be carried out at subject company.
Two types “209
DIRECTOR REPORTS:
PRODUCTION ACHIEVEMENTS:
The significant
achievements of the Company on the production front during the year 2006-07
were:
- Production of one 2000 Cu.M
non-propelled Dumb Cutter Suction Dredger for M/s.Dredging Corporation of India
Limited, Vishakhapatanam commenced on 30th May, 2006.
- Cumulative percentage of
progress in the three ships of Project-17 showed steady improvement.
FINANCIAL HIGHLIGHTS:
- The VOP for the Financial
Year 2006-07 stood at Rs.18722.400 millions as against Rs.5183.700 millions of
previous year. This was against a Budget Estimate of Rs.16600.000 millions.
- The profit before tax is
Rs.2600.200 millions as against Rs.1097.000 millions in the previous year. This
was against a Budget Estimate of Rs.1250.200 millions.
CAPITAL STRUCTURE:
The Authorised Equity Share
Capital and Preference Share Capital of the Company as on 31st March 2007 stood at
Rs.2000.000 millions and Rs.1237.200 millions respectively. The Paid-Up Equity
Share Capital as on 31st March
2007 remained at Rs.1992.000 millions and that of the Preference Share capital
stood at Rs.989.800 millions. During the year there was no increase in the
Authorised or Paid up Equity Share Capital. The company has neither invited nor
accepted any Fixed Deposits from the Public during
the year.
OPERATIONS FOR THE YEAR
2006-07 VIS-A-VIS THE PREVIOUS TWO YEARS:
a) The results of the
Company’s operations for the year 2006-07 and the comparative figures for the
previous two years are summarised below: -
|
Particulars |
2004-05 |
2005-06 |
2006-07 |
|
Sales |
995.400 |
1642.900 |
186.500 |
|
Value of production |
5406.300 |
5183.700 |
18722.400 |
|
Profit / Loss before tax |
1337.600 |
1097.000 |
2600.200 |
|
Net profit / (Loss) |
691.400 |
601.000 |
1680.800 |
|
Capital Employed |
3336.800 |
3611.400 |
4592.600 |
|
Gross Block |
2282.000 |
2293.700 |
2265.700 |
|
Net Block |
655.400 |
715.600 |
646.300 |
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Working capital |
2681.400 |
2895.800 |
3946.300 |
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Net worth |
3481.000 |
3734.100 |
4825.400 |
|
Value added |
2897.400 |
2895.000 |
3962.600 |
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Interest |
60.600 |
19.700 |
7.900 |
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Ratios |
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Profit / loss (-) before
interest and Tax : Capital Employed |
0.0419 |
0.0309 |
0.0568 |
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Profit / loss (-) after
Interest and Tax : Capital Employed |
0.0207 |
0.0166 |
0.0366 |
|
Production : Capital
Employed |
0.1620 |
0.1435 |
0.4077 |
|
Value added : Production |
0.0536 |
0.0558 |
0.0212 |
b) Income Distribution for
the year 2006-07 as against previous year is summarised as under:-
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INCOME DISTRIBUTION |
||
|
Particulars |
2005-06 % |
2006-07 % |
|
Raw material |
26.86 |
52.16 |
|
Sub contract |
5.75 |
13.18 |
|
Power and Fuel |
0.97 |
0.34 |
|
Salaries and wages |
36.82 |
13.222 |
|
Interest |
0.31 |
0.04 |
|
Other expenses |
6.25 |
2.26 |
|
Deferred Expenses Written off |
0.00 |
0.00 |
|
Depreciation |
1.05 |
0.30 |
|
Expenses Directly Charged to Projects |
0.57 |
5.92 |
|
Other provisions |
7.30 |
0.18 |
|
Previous Years Adjustment |
(-) 2.89 |
(-)0.02 |
|
Transfer to Fixed assets |
(-)0.04 |
(-)0.10 |
|
Income tax |
7.71 |
4.43 |
|
Profit / loss (-) Retention |
9.34 |
8.09 |
|
Total |
100.00 |
100.00 |
DIVISION-WISE PERFORMANCE:
A) SHIPBUILDING:
The Shipbuilding Division
of the Company achieved a ages Value of Production
of Rs. 11698.400 millions during the
year 2006-07 as against Rs.4613.800 millions of the previous year. This was
against a Budget Estimate of Rs.144,44.800 millions. Presently a modern 2000
Cu.m. non-propelled Cutter Suction Dredger is
under construction in
SUBJECT with sophisticated and proven dredge technology from VOSTA LMG (
B) SUBMARINE and HEAVY
ENGINEERING:
i) The Value of Production
on account of Submarine construction and Repairs was Rs.6973.800 millions
against Rs.570.400 millions of the previous year. This is against a Budget
Estimate of Rs.2155.200 millions.
C) SHIP REPAIR :
Due to the wet basin being
fully occupied with new construction vessels of Naval projects and only partial
availability of one dry dock at South Yard, ship repair activities have been
pruned down to the repairs of SUBJECT’s own crafts and other similar commercial
crafts.
CHANGES IN THE BOARD:
The Board of Directors
welcomed the appointment of Rear Admiral S.V.S. Chary, IN (Retd.) as Director
(Shipbuilding) and Shri K. Satyanarayan as Part Time Non-Official Director
w.e.f. 23.03.2007 and 18.04.2007 respectively. The Board also placed on record
their appreciation for the valuable support and contribution made by Capt. S.K.
w.e.f. 17.09.2006 on
completion of tenure.
DIRECTORS’ RESPONSIBILITY
STATEMENT:
Pursuant to Section 217
(2AA) of the Companies (Amendment) Act, 2000 the
Directors’ Responsibility
statement is given as under: -
i) That in the preparation
of the Annual Accounts, the applicable accounting standards had been followed
along with proper explanation relating to material departures;
ii) That the Directors had
selected such accounting policies and applied them consistently and made
judgements and estimates that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company at the end of the
financial year and of the profit or loss of the company for that period;
iii) That the Directors had
taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the
assets of the company and for preventing and detecting fraud and other
irregularities;
iv) That the Directors had
prepared the Annual Accounts on a going concern basis.
OTHER INFORMATION:
COMPANY
Mazagon Dock Limited is the
Main
activities are shipbuilding, shiprepairs and fabrication of offshore structures
with facilities situated at Mumbai and Nhava. We have the capability to build
vessels such as warships, submarines, merchant ships upto 30,000 DWT and
fabrication of well head platforms, process and production platforms and jack
up rigs. For outfitting work, the company has a large number of workshops with
sophisticated equipment and machines specific to hull fabrication and ship
construction work. Repair work is also
under taken using the available facilities.
The
Company has the manpower to implement the CAD/CAM/CIM using the latest ship
design softwares, operating from a number of work stations comprising latest
computer hardware to provide up to date design and production support,
commensurate with for the Yard's capabilities.
The
workforce is well trained and comprises of all sections of disciplines. Regular
training programmes keep the men technologically abreast of the latest
techniques of their profession.
QUALITY
ACCREDITATIONS
MAZAGON DOCK LIMITED is an ISO 9000 Company.
The Shipbuilding
Division has been accredited with ISO 9001 certification for design, development,
production, installation, servicing and repairs of ships and crafts.
The Chief Controller of Explosives (CCE) -
SUBJECT has
constructed a variety of ships both for the defence and the commercial sector.
In the defence
sector the major customers have been the Indian Navy and the Coast Guard.
SUBJECT has to date constructed twenty one warships and seven OPVs. The first
warship, a Leander Class Frigate, was christened INS NILGIRI and was
commissioned in 1972. Two type 1500 Submarines-SHALKI and SHANKUL have also
been built in
Seven 1200 tons Offshore Patrol Vessels, currently in service, were designed,
built and commissioned by SUBJECT for the Indian Coast Guard.
SUBJECT has developed a wide range of products for the commercial sector and has
constructed a variety of ships ranging from Offshore Supply Vessels, and
Harbour Utility Vessels/Crafts such as Tugs-15 nos., Dredgers-11 nos., 9000
Cu.M. Water Tankers-2 nos., Passenger cum Cargo Vessels-3 nos. and an
assortment of Support Vessels, Trawlers and Barges besides a Virtual jetty, a
Multi-point mooring system and Floating cranes.
The shipyard has Long standing experience in dealing with all international
classification societies both for new construction and ship repairs. The
management of SUBJECT Welcomes translational collaborations for execution of
technically challenging projects on turnkey basis and has experience in
operating complex contracts involving many organisations and corporations in a
time bound manner.
As the lead defence shipyard of
SHIP REPAIRS
Mazagon Dock is
fully geared to carry out major repairs to all type of vessels and handles a
large portion of repairs carried out in the
Scope of repair comprises of repairs to
The Company has also been implementing the concept of total shipcare comprising
'maintenance-refit-repair' on offshore patrol vessels and offshore supply
vessels of the Coast Guard and ONGCL. Major repairs and modernization of Naval
Ships and SSK Submarines, and jack-up rigs are also being carried out.
HEAVY ENGINEERS
Facilities for
fabrication were established at Alcock, Mumbai and at Nhava Yard. SUBJECT has
the capability of undertaking construction work of well head platforms, water
injection and process platforms, jack-up rigs, SBMs and other offshore
structures. Repair and maintenance jobs on offshore rigs are also undertaken at
Alcock, Jackets upto 80m. length and 2200 T. weight can be constructed. At
Nhava, Jackets upto 80m. length and 2300 T. weight, Main Decks upto 550 T.
weight and Helipads of 160 T. weight
A welding training
school develops and maintains welding techniques and procedures to acceptable
standards and continuous updation of welding techniques.
GENERAL ENGINEERING
|
PRESSURE
VESSELS |
LPG
Bullets, Mounded Bullets, Pressure Vessels with/without 'U Stamp', Towers,
Reactors |
|
PACKAGED
SKIDS |
Glycol
Regeneration Module, Chlorinator Module, Oil Recovery Module, Compressor and
Gas Turbine Modules |
|
HEAVY
FABRICATION |
Support
Structures for Heavy Equipments required for Power Plants, Refinery Plants,
Cement Plants, |
|
PORT
HANDLING EQUIPMENT |
Fabrication
of Level Luffing Cranes, Container Handling Cranes, Gantry Cranes, Quay
Cranes, Loaders/Unloaders |
COMMERCIAL
Standard Terms
and Conditions
Material Purchase
(MP)
MP -
Indigenous Steel Material
MP - Capital Assets - Indigenous /
Imported
MP - Project Equipment - Indigenous
(Equipment / Machinery)
MP - Project Equipment - Imported.
(Equipment / Machinery)
Sub-Contracts (SC)
SC - Facility and Service Sub
Contract
SC - Safety
Code for Sub Contractor
Project Management Team
PMT - Indigenous
Steel Material
PMT - Capital Assets - Indigenous /
Imported
PMT - Project Equipment - Indigenous
(Equipment / Machinery)
PMT - Project Equipment - Imported.
(Equipment / Machinery)
Ship Repairs
(SR)
Sub-Contracts
SR - Facility and Service Sub
Contract
SR - Safety Code
- for Sub Contractor
Capital Works
(CW)
CW -
Instruction to tenderers for Capital Works
Submarine (EY)
EY-STACS for
Indigenous Items and Fabrication Contractsey
EY-STACS for
Sub Contract Inside
EY-STACS for
Sub Contract Outside
Offshore Yard
(OY)
OY - Facility and Service Sub
Contract
OY - Safety
Code for Sub Contractor
FINANCIAL POSITION AND
OPERATING RESULTS:-
|
(A) FINANCIAL POSITIONS: |
2006-2007 |
2005-2006 |
2004-2005 |
|
|
Rs.
in millions) |
||||
|
1 |
Equity shares capital |
1992.000 |
1992.000 |
1992.000 |
|
2 |
Preference Share Capital |
0.000 |
0.000 |
0.000 |
|
3 |
Preference share capital |
989.800 |
989.800 |
989.800 |
|
4 |
Reserve and surplus |
1843.600 |
752.300 |
499.200 |
|
5 |
Cumulative Loss |
0.000 |
2.200 |
0.000 |
|
6 |
Government Loan |
0.000 |
0.000 |
0.000 |
|
7 |
Capital Employed |
4592.600 |
3611.400 |
3336.800 |
|
8 |
Gross Block |
2265.700 |
2293.700 |
2282.000 |
|
9 |
Net fixed Assets |
646.300 |
715.600 |
655.400 |
|
10 |
Working capital |
3946.300 |
2895.800 |
2681.400 |
|
|
|
|
|
|
|
(B) OPERATING RESULTS |
|
|
|
|
|
1 |
Sales |
186.500 |
1642.900 |
995.400 |
|
2 |
Production |
18722.400 |
0.000 |
5406.300 |
|
3 |
Value added |
3962.600 |
0.000 |
0.000 |
|
4 |
Profit / (Loss) before tax |
2600.200 |
1097.000 |
1337.600 |
|
5 |
Provision for Tax |
919.400 |
496.000 |
646.200 |
|
6 |
Profit / (Loss) after tax |
1680.800 |
601.000 |
691.400 |
|
|
|
|
|
|
|
APPROPRIATION |
|
|
|
|
|
1 |
Investment Allowance Reserve |
0.000 |
0.000 |
0.000 |
|
2 |
Capital Redemption Reserve |
247.500 |
0.000 |
0.000 |
|
3 |
General reserve |
930.000 |
0.000 |
0.000 |
|
4 |
Proposed Dividend Equity |
199.200 |
69.700 |
0.000 |
|
5 |
Dividend Preference Shares |
304.700 |
235.400 |
0.000 |
|
6 |
Tax on Proposed Dividend |
85.600 |
42.800 |
0.000 |
Vendor Capability Report (VCR)
Formats
STACS acceptance
format for imported Equipment/ Machinery for Projects
Bid Bond / Earnest
Money Deposit.
Security Deposit
Bank Guarantee.
Format for Bank Guarantee required to
be submitted towards EMD against tender.
PRODUCTION
ACHIEVEMENTS:
The significant achievements of the company on the production front
during the year 2005-06 were:
·
Launch of the third Stealth Frigate on
·
Keel laying of the second follow on
Destroyer on
·
Commencing production of third follow
on Destroyer on
·
Launch of first follow on Destroyer on
·
Successful completion of Medium
Refit-cum-modernization of one SSK class Submarine and special repairs of
another.
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.39.54 |
|
|
1 |
Rs.80.94 |
|
Euro |
1 |
Rs.56.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|