MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
IRM OFFSHORE AND MARINE ENGINEERS PRIVATE LIMITED |
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Registered Office : |
SF/3 Agrawal Avenue, Opp. Navrangpura Tele Phone Exchange, CG Road,
Ahmedabad 380006, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
04.09.1995 |
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Com. Reg. No.: |
04-27261 |
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CIN No.: [Company
Identification No.] |
U01120GJ1995PTC027261 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHM100321G |
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PAN No.: [Permanent
Account No.] |
AAACI4327B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Trading of Rubber and Articles items for Offshore
Oil Drilling and Marine Industries and Construction |
RATING &
COMMENTS
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MIRAs 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 420000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having
satisfactory track. Trade relations are fair. Business is active. No
complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ankit Soni |
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Designation : |
Accountant Manager |
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Date : |
11.12.2008 |
LOCATIONS
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Registered Office : |
SF/3 Agrawal Avenue, Opp. Navrangpura Tele Phone Exchange, CG Road,
Ahmedabad 380006, Gujarat |
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Tel. No.: |
91-79-26446664 |
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Fax No.: |
91-79-26402664 |
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E-Mail : |
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Website : |
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Head Office : |
2nd Floor, Agarwal Avenue, Opp. Navrangpura Telephone Exchange,
Ahmedabad 380006, Gujarat |
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Tel. No.: |
91 79 2640 6664 / 2644 4664 / 26400101 |
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91 98250 67611 / + 91 93270 86664 |
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Fax No.: |
91 79 2640 2664 |
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E-Mail : |
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Area : |
1500 Sq. ft |
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Location : |
Owned |
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Factory 1 : |
Block 7071, A4, Nanddi Road, Village Rancharda, Kalol, Gandhinagar |
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Tel. No.: |
91-2764-260244 |
DIRECTORS
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Name : |
Mr. Surendtra A Soni |
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Designation : |
Director |
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Address : |
53 Basant Bahar, Banglows Near Sterling City, Ambli Bopal Road, Bopal,
Ahmedabad 380058, Gujarat |
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Date of Birth/Age : |
20.10.1942 |
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Date of Appointment : |
04.09.1995 |
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Profile : |
Their team is led by the Chairman and Managing Director Mr.
Surendra A. Soni, having more than 42 years of rich experience in the field.
He is a genius in designing, rubber technology and marine engineering. A
Civil Engineer by qualification. His excellent technical capability and
understanding, innovative approach to designing able management with
unwavering commitment to the industry has been a foundation of their
progress. |
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Name : |
Mr. Nishith S Soni |
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Designation : |
Director |
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Address : |
C/9, Purneshwar Flats, Opp. Vasundhara Society, Gulbai Tekra,
Ahmedabad 380015, Gujarat |
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Date of Birth/Age : |
20.10.1967 |
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Date of Appointment : |
04.09.1995 |
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Profile : |
He is a science graduate with more than 20 years of experience
in manufacturing and marketing of rubber engineering products. After
completing his graduation in 1988 he joined the production unit of IRM as a
management trainee and became the head of production after seven years. After
he set successfully up a world class manufacturing facility, he was promoted
as Director (Sales & Marketing). As Director, he successfully spearheaded
IRMs International marketing efforts while positioning the company as a
market leader domestically. His areas of expertise include enterprise
resource planning, project co-ordination and strategic management. He has
been carefully groomed by the CMD in all the areas of the Industry so as to
shoulder the overall responsibility of the company in future. He was promoted
as Joint Managing Director in January 2005. |
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Name : |
Mr. Swapnil S Soni |
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Designation : |
Director |
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Address : |
53 Basant Bahar, Banglows Near Sterling City, Ambli Bopal Road, Bopal,
Ahmedabad 380058, Gujarat |
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Date of Birth/Age : |
11.07.1979 |
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Date of Appointment : |
01.12.2003 |
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Profile : |
He has been trained as a Polymer Engineer. He has 8 years
of experience in manufacturing rubber engineering products. He has undergone
orientation and intensive training in the various departments of the company
with a special thrust in engineering and manufacturing. He has set himself
challenging targets for manufacturing and achieved them with aplomb.
Presently, he is responsible for the entire gamut of manufacturing activities
of IRM. He is ably assisted by an experienced team of managers and engineers
at the factory. |
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Name : |
Mrs. Trupti S Soni |
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Designation : |
Director |
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Address : |
C/9, Purneshwar Flats, Opp. Vasundhara Society, Gulbai Tekra,
Ahmedabad 380015, Gujarat |
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Date of Birth/Age : |
25.01.1970 |
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Date of Appointment : |
01.02.2005 |
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Profile |
She is a post-graduate from
University of London. Her forte is human resource development and
communication and public relations. Began as a management trainee, by now she
has accumulated more than twelve years of experience in the various HR and
administrative departments of the company. She was instrumental in
formulating the HR policies and administrative procedures during the
expansion phase of the company recruiting, retaining and retraining the
talent pool the company required for the global market. She has shouldered
the additional responsibilities as a management representative for the ISO
initiatives, successfully implemented the standards and procedures and won the
ISO 9001 certification in 2001 from Bureau Veritas (UKAS). She was promoted
as executive director in 2005 and given the overall charge of Quality
Systems, HR and Administration |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Surender Ambalai Soni |
|
2145840 |
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Mr. Nishith Surendra Soni |
|
507920 |
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Mrs. Suvarna Surendra Soni |
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251360 |
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Mrs. Alpa Nishith Soni |
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162080 |
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Mrs. Trupti Surendra Soni |
|
670000 |
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Mr. Swapnil Surendra Soni |
|
590000 |
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Mrs. Dipti Kiran Chowksi |
|
240000 |
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Mr. Yoga Swapnil Soni |
|
80000 |
AS ON 31.03.2008
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Rubber and Articles items for Offshore
Oil Drilling and Marine Industries and Construction |
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Products : |
Rubber and Article thereof Code 4016.99.90 & 4016.94.00 Other articles of Iron or steel Code 7326.90.99 |
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Exports : |
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Countries : |
36 Countries world wide |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
Credit (30, 60 to 90 days) |
GENERAL
INFORMATION
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No. of Employees : |
500 (Contract + Workers) 300 |
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Bankers : |
State Bank of India, SPL Commercial Branch, Gandhigram Railway
Station, Ahmedabad 380009, Gujarat |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nitin K Shah and Company Chartered Accountant |
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Address : |
36-38, 3rd Floor, Empire Tower, Near Associated Petrol
Pump, C G Road, Ahmedabad 380006, Gujarat |
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Tel. No.: |
91-79-26560168/26430271 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46,47,200 |
Equity Shares |
Rs. 10/- Each |
Rs. 46.472 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
46.472 |
27.990 |
19.045 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
38.331 |
41.839 |
28.096 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
84.803 |
69.829 |
47.141 |
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LOAN FUNDS |
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1] Secured Loans |
67.998 |
71.913 |
63.958 |
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2] Unsecured Loans |
1.076 |
1.936 |
4.424 |
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TOTAL BORROWING |
69.074 |
73.849 |
68.382 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
153.877 |
143.678 |
115.523 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
53.541 |
53.649 |
42.709 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.900 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
54.241
|
59.015 |
35.406 |
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Sundry Debtors |
48.155
|
55.366 |
52.324 |
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Cash & Bank Balances |
15.730
|
5.499 |
7.904 |
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Other Current Assets |
5.312
|
5.312 |
5.312 |
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Loans & Advances |
28.444
|
15.648 |
11.840 |
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Total
Current Assets |
151.882
|
140.840 |
112.786 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
50.764
|
45.098 |
33.858 |
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Provisions |
6.904
|
6.009 |
6.129 |
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Total
Current Liabilities |
57.668
|
51.107 |
39.987 |
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Net Current Assets |
94.214
|
89.733 |
72.799 |
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MISCELLANEOUS EXPENSES |
0.222 |
0.296 |
0.015 |
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TOTAL |
153.877 |
143.678 |
115.523 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
304.160 |
208.216 |
155.236 |
|
|
Other Income |
7.882 |
8.384 |
8.651 |
|
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Total Income |
312.042 |
216.600 |
163.887 |
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Profit/(Loss) Before Tax |
21.393 |
18.077 |
14.441 |
|
|
Provision for Taxation |
5.150 |
4.335 |
4.318 |
|
|
Profit/(Loss) After Tax |
16.243 |
13.742 |
10.123 |
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Expenditures : |
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Cost of Goods Sold |
208.115 |
128.880 |
92.121 |
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Manufacturing Expenses |
75.275 |
64.008 |
52.520 |
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Depreciation & Amortization |
7.259 |
5.635 |
4.805 |
|
Total Expenditure |
290.649 |
198.523 |
149.446 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
5.20
|
6.34 |
6.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.03
|
8.68 |
9.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.41
|
9.29 |
9.28 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.25 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.50
|
1.78 |
2.29 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.63
|
2.75 |
2.82 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10018243 |
|
Corporate
identity number of the company |
U01120GJ1995PTC027261 |
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Name of the
company |
IRM OFFSHORE AND MARINE ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
SF/3 Agrawal Avenue, Opp. Navrangpura Tele Phone Exchange, CG Road,
Ahmedabad 380006, Gujarat |
|
Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
State Bank of India, SPL Commercial Branch, Gandhigram Railway
Station, Ahmedabad 380009 |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of hypothecation of goods, and assets for increase in over all
limit dated 12.03.2007 Letter regarding
the grant if invidiual limits within the overall limit |
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Date of
instrument Creating the charge |
12.03.2007 |
|
Amount secured by
the charge |
Rs. 128.600
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Working Capital -
As applicable SB 3 Rating, Linked to Sbar / At Sbar Which is Subject to
change from time to time Term Loan As
applicable to SB 3 Rating. Linked to Sbar / At Sbar which is subject to
change from time to time Terms of
Repayment Working Capital Repayable on demand Term Loan No
change in existing term loan, New term loan repayable in 20 Quarterly
installment of Rs. 0.625 Millions starting from April 2007 Margin Raw
Material 25% Stocks in process
35% Finished Goods
30% Book Debts/ Receivable
50% EPC 10% Bank Guarantee
25% Letter of Credit
25% Extent and
Operation of the charge The existing credit facilities have been enhanced
from Rs. 89.600 Millions to rs. 128.600 Millions consumable store, spares
parts, book debts and other current assets. New term loan repayable in 20
Quarterly installment of Rs. 0.625 Million from April 2007 Others Cash
Credit Rs. 55.000 Millions EPC/FBD Rs.
35.000 Millions SLC 8.000
Millions Term Loan Rs.
7.500 Millions Bank Guarantee
Rs. 40.000 Millions Sub limit of Book
debts Rs. 30.000 Millions Inland Bill
discounting Rs. 15.000 Millions Term Loan Rs.
5.600 Millions New Term loan
Rs. 12.500 Millions LC Rs. 40.000
Millions |
|
Short particulars
of the property charged |
All movable and
Immovable properties viz, stocks including scrape and consumable store,
spare, Book debts receivable |
Fixed Assets
- Plant and Machinery
- Electrification
- Copier Machine
- Furniture and Office Equipment
- Telephone and Epabx and CCTV Camera
- Computer 2
AS PER WEBSITE DETAILS
Subject is the
flagship company of the IRM group which was founded in 1964. From a modest
beginning as a manufacturer of rubber and allied items for textile, engineering
and mining industries, today IRM has grown into a large scale multi-divisional
company offering more than 2,000 specialty rubber engineering products and
services, mainly for offshore and on-shore oil drilling, marine and
infrastructure industries.
Today when manufacturing
companies come and go with economic upswings and downturns, IRM has continued
to grow for the last 43 years. It has created a brand identity for itself in
the market of technically sophisticated rubber engineering products,
particularly, offshore and fender industries. IRM has been selective in
expanding and diversifying its product lines to match the special needs of
customers. IRMs impressive track record -- vast experience, appropriate
product mix, superior quality and competitive prices makes IRM a preferred
brand worldwide.
The majority of
IRMs products are custom-made to suit the specialized applications. Among the
more commercial products, IRM offers a complete range of solid and pneumatic
Marine Fenders and other accessories for ports, harbors and jetties. In fact,
IRM offers a wide range of fenders which can cater to the berthing requirements
of small tug-boats as well as of very large cargo carriers (VLCCs) used in
todays maritime world. IRM has been a pioneer in manufacturing various
technically sophisticated fenders and offshore installation aids like Diaphragm
Closures, Grout Seal, Packers, Pile Grippers, Pile Closures, Platform
Protection Systems (Barge Bumpers, Shock Cells).
Meeting the needs
of almost all private and government-owned ports and jetties, oil companies,
and offshore construction companies in India and Middle East, IRM also serves
several leading multinationals in South East Asia, Africa and Europe.
With its
headquarter in the mega city of Ahmedabad, IRM has branch offices at Mumbai and
Trivandrum in India, and overseas sales offices in Australia, South Korea,
Malaysia, UAE, Qatar, Oman, Bahrain, Kuwait, Egypt, Turkey, Israel, Azerbaijan,
Spain, France, U.K, Brazil, Chile and Argentina.
IRMs
state-of-the-art manufacturing facility (located in Ahmedabad) and quality
system are duly recognized by all renowned third- party inspection agencies
like the Lloyds, DNV, BVIS, EIL, IRS, MECON, and Velosi.
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 Intl
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 companys 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.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SCs 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 |
|