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MIRA
INFORM REPORT
|
Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INTERDRIL (ASIA) LIMITED |
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Formerly Known As : |
SKM-INTERDRIL (INDIA) LIMITED |
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Registered Office : |
B-57 Soami Nagar, New Delhi – 110017 |
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Country : |
India |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
02.11.1993 |
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Com. Reg. No.: |
55-55900 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PLC055900 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI02314E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing and Repairers of Down Hole Drilling Tools. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1000155 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company meeting its normal
commitment timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
B-57 Soami Nagar, New Delhi – 110017, India |
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E-Mail : |
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Website : |
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Corporate Office: |
Interdril House, 106, S V Road, Santacruz (West), Mumbai – 400054, Maharashtra,
India |
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Tel. No.: |
91-22-66921666/ 66949956/ 57/ 58/ 6151741/ 1742/ 6119195/ 9890 |
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Fax No.: |
91-22-66782452 |
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E-Mail : |
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Factory 1: |
95-A, Anand Lok, Khel Gaon Marg, New Delhi – 110 049, Indi |
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Tel. No.: |
91-11-621 7382 / 7642 |
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Fax No.: |
91-11-621 7382 |
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Factory 2: |
Village Esamble, Taluka Khalapur, Patalganga, District
Raigad, Maharashtra, India |
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Tel. No.: |
91-2192-76150 / 51 |
DIRECTORS
|
Name : |
Mr. Dean Brakel Gesterkamp |
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Designation : |
Chairman |
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Address : |
1261, B K Barlicum, Netherland USA |
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Date of Birth/Age : |
08.01.1950 |
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Date of Appointment : |
02.11.1993 |
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Name : |
Mr. Anil N. Wahal |
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Designation : |
Manaing Director |
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Address : |
401, Raj Tilak Yari Road, Versova, Andheri (West), Mumbai – 400061,
Maharashtra, India |
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Date of Birth/Age : |
26.06.1959 |
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Date of Appointment : |
02.11.1993 |
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Name : |
Mr. Mukesh Kaura |
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Designation : |
Director |
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Address : |
500/C Gilhaze Apartments, Malad West, Mumbai – 400064, Maharashtra,
India |
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Date of Birth/Age : |
16.06.1953 |
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Date of Appointment : |
17.01.1996 |
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Name : |
Mr. Paul Douglas Waters |
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Designation : |
Director |
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Address : |
19517, Deopre, Spring, TX 77379, USA |
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Date of Birth/Age : |
12.08.1952 |
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Date of Appointment : |
02.11.1993 |
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Name : |
Mr. Vivek Grover |
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Designation : |
Director |
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Address : |
B-3/111- B, Keshavpuram, New Delhi – 110035, India |
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Date of Birth/Age : |
26.01.1964 |
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Date of Appointment : |
07.01.2008 |
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Name : |
Mr. Paresh J. Kumar |
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Designation : |
Director |
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Address : |
41-Hig Brijvihar Ghaziabad, India |
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Date of Birth/Age : |
01.05.1960 |
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Date of Appointment : |
02.07.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 15.12.2005)
|
Names of Shareholders |
|
No. of Shares |
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|
|
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Mr. Dean Brakel Gesterkamp |
|
529505 |
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Mr. Anil N. Wahal |
|
1041979 |
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Mr. Paul Douglas Waters |
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119 |
|
Esorts Financial Services Limited |
|
666626 |
|
Dynasty Industries Limited |
|
360000 |
|
Sicom Limited |
|
570000 |
|
CFL Capital Financial services Limited |
|
550000 |
|
Interdril Services Inc. |
|
3534181 |
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Mr. Manish N. Wahal |
|
50 |
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Mr. Mukesh Kaura |
|
50 |
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Total |
|
7252510 |
(As on 31.03.2007)
|
Category |
|
Percentage |
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|
|
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
|
48.00 |
|
Bodies
corporate |
|
5.00 |
|
Directors
or relatives of directors |
|
42.00 |
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Other
top fifty shareholders |
|
5.00 |
|
|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Repairers of Down Hole Drilling Tools. |
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Products : |
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Brand Name : |
“INTERDRIL”. |
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Agencies Held : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
60 days terms |
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Purchasing : |
60 days terms |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
78 |
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Bankers : |
International
Banking Department, Mumbai Main Branch, Mittal Court, C-Wing, 4th
Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
Western Regional
Office, Nariman Bhavan, 9th Floor, Nariman Point, Mumbai – 400
021, Maharashtra, India
Santacruz
(West) Branch, Ajay Apartments, S. V. Road, Santacruz (West) Mumbai – 400054,
Maharashtra, India |
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|
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Nangia and
Company Chartered
Accountants |
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Address : |
B-57 Soami Nagar, New Delhi – 110017, India |
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Parent Companies : |
7785, Little
York, Houston, Texas, United State Of America |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7252510 |
Equity Shares |
Rs.10/- each |
Rs.72.525
Millions |
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|
|
|
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2007 |
30.09.2006 |
30.09.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
72.525 |
72.525 |
72.525 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
127.506 |
48.636 |
26.338 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
200.031 |
121.161 |
98.863 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
347.418 |
136.040 |
111.799 |
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2] Unsecured Loans |
122.250 |
138.750 |
130.545 |
|
|
TOTAL BORROWING |
469.668 |
274.790 |
242.344 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
669.699 |
395.951 |
341.207 |
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APPLICATION OF FUNDS |
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|
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|
|
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FIXED ASSETS [Net Block] |
178.065 |
135.704 |
119.616 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
8.800 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
6.237 |
6.431 |
6.022 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
338.555
|
89.028 |
62.896 |
|
|
Sundry Debtors |
223.643
|
151.047 |
194.517 |
|
|
Cash & Bank Balances |
69.417
|
41.049 |
17.461 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
140.995
|
96.824 |
42.691 |
|
Total
Current Assets |
772.610
|
377.948 |
317.565 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
296.013
|
124.132 |
101.996 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
296.013
|
124.132 |
101.996 |
|
|
Net Current Assets |
476.597
|
253.816 |
215.569 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
669.699 |
395.951 |
341.207 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.09.2007 |
30.09.2006 |
30.09.2005 |
|
|
Sales Turnover |
819.486 |
412.575 |
306.796 |
|
|
Other Income |
75.634 |
27.149 |
12.107 |
|
|
Total Income |
895.120 |
439.723 |
318.903 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
91.467 |
23.314 |
8.656 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
91.467 |
23.314 |
8.656 |
|
|
|
|
|
|
|
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Export Value |
819.486 |
412.575 |
232.734 |
|
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Expenditures : |
|
|
|
|
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Raw Material Consumed |
624.702 |
269.903 |
214.125 |
|
|
Salaries, Wages, Bonus, etc. |
34.079 |
25.028 |
17.693 |
|
|
Managerial Remuneration |
2.123 |
1.806 |
1.384 |
|
|
Payment to Auditors |
0.775 |
0.575 |
0.375 |
|
|
Interest |
30.144 |
16.228 |
0.000 |
|
|
Insurance Expenses |
5.315 |
2.854 |
1.682 |
|
|
Power & Fuel |
9.538 |
6.992 |
5.785 |
|
|
Depreciation & Amortization |
8.728 |
8.320 |
7.723 |
|
|
Other Expenditure |
88.249 |
84.703 |
61.480 |
|
Total Expenditure |
803.653 |
416.409 |
310.247 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2007 |
30.09.2006 |
30.09.2005 |
|
PAT / Total Income |
(%) |
10.22
|
5.30 |
2.71 |
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
11.16
|
5.65 |
2.82 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.62
|
4.54 |
1.98 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.17 |
0.09 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.83
|
3.29 |
3.48 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
3.04 |
3.11 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U74899DL1993PLC055900 |
|
Name of the
company |
INTERDRIL (ASIA) LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
B-57 Soami Nagar, New Delhi – 110017, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property
(Not Being Pledge) Others: Fixed
Assets |
|
Particular of
charge holder |
Oriental Bank of Commerce Santacruz
(West) Branch, Ajay Apartments, S. V. Road, Santacruz (West) Mumbai – 400054,
Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement fro
term Loan on immovable property |
|
Date of
instrument Creating the charge |
20.12.2007 |
|
Amount secured by
the charge |
Rs.91.100
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests rate at
PLR at Present 13.25% p.a. with mly rest or such other rate as agreed by the
company with the Bank Penal Interests
of 2.00% p.a. in additional to the agreed rate in case of default. Terms of
Repayment: Repayable of the
term loan in 60 mly installment of Rs.1.518 Millions commencing from 6 months
from the date of first disbursement. Interests to be services as and when
due. Margin: Margin 30% of the
hypothecation assets Extent and
operation of the charge: To secure the due
repayment of the term loam of Rs.91.100 Millions and for all costs, Interests
and other charge thereon, first charge by way of hypothecation on plant and
machinery and other fixed assets of the company and on creation of addiotnal
fixed assets out of the proposed term loan excluding vehicles and forklift
charged to kotak Mahindra Bank. |
|
Particulars of
the property charged |
To secure the due
repayment of the term loam of Rs.91.100 Millions and for all costs, Interests
and other charge thereon, first charge by way of hypothecation on plant and
machinery and other fixed assets of the company and on creation of addiotnal
fixed assets out of the proposed term loan excluding vehicles and forklift
charged to kotak Mahindra Bank. |
Website Details:
Profile:
Subject was
incorporated in November 1993 as 100% EOU. Plant is located at Patalganga which
is 2 hours drive from Indian Financial Capital, Mumbai. They are manufacturing down
hole drilling tools used in drilling of oil and gas.
Subject is manufacturer of premium downhole drilling tools.
Company offers a full range of new Drill Collars, Heavy Weight Drill Pipes, Spiral
Heavy Weight Drill Pipes, Kellys, Stabilizers, Sleeves, Pup Joints, Drill Stem
Subs, etc., licensed under API Spec 7-1 and 5 CT
They are exporting their 90% of production to various drilling contractors,
Service Company, supply houses and rental companies based in Middle East, Far
East, Europe, Africa and USA. Apart from this they are serving their National
Oil Companies like Oil and Natural Gas Corporation, Oil India, GSPC and Private
Oil Companies like Reliance, BG, Cairn Energy, Niko Resources. Complete
manufacturing activities are carried out under one roof.
Apart from API 7-1, 5CT and ISO 9000 Certification, they have Premium
Connections licenses like VAM, K-FOX, NSCC/NSCT, Hunting Seal Lock, DSTJ, etc.
Their group company InterDril Repairs
and Services Private Limited, carries out Repair, Reconditioning /
Refurbishment of Tubular as well as other related oil filled equipment.
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 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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|