MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ABG
SHIPYARD LIMITED |
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Registered
Office : |
Near
Magdalla Port, Dumas Road, Surat – 395 007, Gujarat |
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Country
: |
India
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Financial
(as on) : |
31.03.2007 |
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Date
of Incorporation : |
15.03.1985 |
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Com.
Reg. No.: |
04-7730 |
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CIN No.: [Company
Identification No.] |
L61200GJ1985PLC007730 |
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TAN No.: [Tax
Deduction and Collection Account No.] |
SRTA01441G |
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Legal
Form : |
Public
Limited Liability Company. Company’s Shares are listed on the Stock Exchange. |
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Line
of Business : |
Manufacturers
of Tugs, Pusher Crafts and building and repairing of ships. |
RATING and
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 23000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having satisfactory track. Directors are reported as experienced,
respectable and resourceful businessmen.
Their trade relations are reported as fair. General financial position
is satisfactory. Payments are
reported as slow but correct. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
Near
Magdalla Port, Dumas Road, Surat – 395 007, Gujarat, India |
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Tel. No.: |
91-261-2210645/2226480/2666480/2670458/2725191 |
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Fax No.: |
91-261-2226481/2666481/2726481 |
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E-Mail : |
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Website : |
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Area : |
10
acres and 22 ghuntas (owned) |
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Corporate Office : |
4th/
5th Floor, Bhupati Chambers, 13, Mathew Road, Mumbai – 400 004. |
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Tel. No.: |
91-22-66563000 |
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Fax No.: |
91-22-23649236 |
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E-Mail : |
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Website: |
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Factory : |
Survey
No. 59/4, (Part), Village Choryasi, Dist. Surat, Gujarat |
DIRECTORS
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Name : |
Mr. Kamlesh Kumar Agarwal |
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Designation : |
Chairman |
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Date of Birth: |
26.06.1941 |
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Qualification: |
Matric |
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Experience: |
Has a rich and varied experience in shipping and allied
and glass, travel and food business. |
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Date of Appointment: |
18.08.2006 |
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Other Directorships : |
1. ABG Kandla Container Terminal Limited 2. ABG Shipping Limited 3. Onaway Industries Limited 4. ABG Cement Limited 5. ABG Heavy Industries Limited 6. ABG Kolkata Container Terminal Private Limited 7. Agbross Glass Works (I) Private Limited 8. ABG Foods Private Limited 9. ABG Acqua Farm Private Limited |
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Name : |
Mr. Ajay Saraf |
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Designation : |
Nominee Director (Since 21.09.2005) |
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Name : |
Mr. Nainesh Jaisingh |
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Designation : |
Nominee Director (Since 12.07.2005) |
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Name : |
Mr. Shahzaad Dalal |
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Designation : |
Nominee Director (Since 12.07.2005) |
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Name : |
Mr. Mehernosh Rustom Pardiwala |
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Designation : |
Director |
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Name : |
Mr. Rishi Agarwal |
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Designation : |
Managing Director |
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Date of Birth: |
03.09.1966 |
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Qualification: |
MBA (Finance) from Purdue University, USA. |
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Experience: |
Has rich experience in Shipbuilding, Ship Repairing and Shipping. |
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Date of Appointment: |
07.07.2005 |
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Other Directorships : |
1. ABG International Private Limited 2. ABG Shipping Limited 3. Onaway Industries Limited 4. ABG Cement Limited 5. ABG Heavy Industries Limited 6. ABG Kolkata Container Terminal Private Limited 7. ABG Cranes Private Limited 8. ABG Power Private Limited 9. ABG Projects and Services
Limited (UK) 10. ABG Kandla Container Terminal Limited 11. ABG Engineering and Constructions Private Limited |
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Name : |
Mr. Saket Agarwal |
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Designation : |
Managing Director |
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Date of Birth: |
07.05.1964 |
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Qualification: |
Commerce Graduate |
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Experience: |
Has rich experience in Marine business, port services, port development
and transportation |
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Date of Appointment: |
18.08.2006 |
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Other Directorships : |
1. ABG Heavy Industries Limited 2. ABG Kolkata Container Terminal Private Limited 3. ABG Cranes Private Limited 4. ABG Power Private Limited 5. ABG Projects and Services Limited (UK) 6. ABG Shipping Limited 7. Onaway Industries Limited 8. ABG Cement Limited 9. South West Port Limited 10. ABG Kandla Container Terminal Limited 11. Agbross Glass Works |
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Committee positions held in other companies |
ABG Heavy Industries Limited- Audit Committee-Member |
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Name : |
Mr. Ram Swaroop Nakra |
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Designation : |
Executive Director (Technical) |
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Name : |
Mr. Ashok R Chitnis |
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Designation : |
Additional Director |
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Name : |
Mr. R. Sundaraman |
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Designation : |
Director (From 25.05.2005 to 12.08.2005) |
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Name : |
Mr. Manoj G Raichandani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.12.2007
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Shareholding of
Promoter and Promoter Group |
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Indian |
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Individuals/ Hindu Undivided Family |
375000 |
0.74 |
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Bodies Corporate |
28598598 |
56.16 |
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Total
Shareholding of Promoter and Promoter Group |
28973598 |
56.90 |
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Public
shareholding |
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Institutions |
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Mutual Funds/ UTI |
2456097 |
4.82 |
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Financial Institutions / Banks |
74211 |
0.15 |
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Venture Capital Funds |
1355439 |
2.66 |
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Insurance Companies |
1407676 |
2.76 |
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Foreign Institutional Investors |
7664432 |
15.05 |
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Foreign Venture Capital Investors |
4458267 |
8.76 |
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Sub-Total (B)(1) |
17416122 |
34.20 |
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Non-institutions |
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Bodies Corporate |
2289539 |
4.50 |
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Individuals |
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i. Individual shareholders holding nominal share capital up to Rs 1
lakh |
1376821 |
2.70 |
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ii. Individual shareholders holding nominal share capital in excess of
Rs. 1 lakh |
675377 |
1.33 |
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. |
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Any Other (specify) |
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Clearing Member |
81807 |
0.16 |
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Foreign Company |
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NRI |
108537 |
0.21 |
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Sub-Total (B)(2) |
4532081 |
8.90 |
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Total Public
Shareholding (B) = (B)(1)+(B)(2) |
21948203 |
43.10 |
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Total (A)+(B) |
50921801 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Tugs, Pusher Crafts and building and repairing of ships. |
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Products : |
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Imports : |
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Products : |
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Countries : |
Europe and USA |
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Terms : |
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Purchasing : |
L/C
and D/A terms |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Ship and Barges |
Nos. |
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6 |
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Windmil Towers |
Nos. |
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11 |
GENERAL
INFORMATION
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Customers : |
v
Indian
Coast Guard v
Oil
and Natural Gas Corporation of India Limited |
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No. of Employees : |
550 persons
- 50 persons in office and 500 persons at works |
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Bankers : |
Nariman Point, Mumbai – 400 021
Surat, Gujarat
Ahmedabad, Surat and Mumbai Branches
Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai
– 400 005
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Nisar and Kumar Chartered
Accountants |
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Address : |
A-17,
Everest Building, 156, Tardeo Road, Mumbai – 400 034 |
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Tel. No.: |
91-22-24948414 |
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Fax No.: |
91-22-24965527 |
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E-Mail : |
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Subsidiaries : |
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Follow Subsidiaries : |
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Associates : |
·
ABG
Heavy Industries Limited ·
ABG
Power Private Limited ·
Agbros
Leasing and Finance Private Limited ·
Jarrow
Finance and Trading Company Private Limited ·
Pacific
First shipping Pte,. Limited ·
Yar
Aviation Private Limited |
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Holding Company: |
ABG
International Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
100,000,000 |
Equity
Share |
Rs.10/-
each |
Rs.1000.000
millions |
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Issued, Subscribed and Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
50921801 |
Equity
Shares |
Rs.10/- each |
Rs.509.218 millions |
Out of the above :
a) 2,47,00,000 (P.Y. 2,47,00,000) Equity Shares of Rs.10/- each were
issued as fully paid Bonus Shares out of Share
remium and General Reserve.
b) 60,00,000 (P.Y. 60,00,000) Equity Shares of Rs.10/- each were issued
as fully paid Bonus Shares out of Revaluation Reserve in 1994-95.
c) 2,85,98,598 (P.Y. 2,85,98,598) Equity Shares of Rs.10/- each are held
by the holding Company ABG International Pvt Limited
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
509.218 |
509.218 |
325.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves and Surplus |
5368.893 |
4314.679 |
1218.542 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5878.111 |
4823.897 |
1543.542 |
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LOAN FUNDS |
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1] Secured Loans |
3795.750 |
996.975 |
730.110 |
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2] Unsecured Loans |
300.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
4095.75 |
996.975 |
730.110 |
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DEFERRED TAX LIABILITIES |
1080.344 |
667.227 |
278.258 |
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TOTAL |
1054.205 |
6488.099 |
2551.910 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1308.630 |
1040.697 |
956.736 |
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Capital work-in-progress |
1652.015 |
517.952 |
42.929 |
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INVESTMENT |
8.882 |
7.046 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS and ADVANCES |
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Inventories |
5318.491
|
2249.349 |
717.153 |
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Sundry Debtors |
75.470
|
57.670 |
129.497 |
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Cash and Bank Balances |
1400.411
|
4050.104 |
486.531 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans and Advances |
6623.338
|
2341.340 |
1271.364 |
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Total
Current Assets |
13417.710
|
8698.463 |
2604.545 |
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Less : CURRENT
LIABILITIES and PROVISIONS |
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Current Liabilities |
5183.486
|
3613.635 |
1010.218 |
|
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Provisions |
149.546
|
162.424 |
42.082 |
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Total
Current Liabilities |
5333.032
|
3776.059 |
1052.300 |
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Net Current Assets |
8084.678
|
4922.404 |
1552.245 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11054.205 |
6488.099 |
2551.910 |
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PROFIT and LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
7043.609 |
5417.448 |
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Other Income |
52.560 |
61.215 |
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Profit on sale of Assets |
1.575 |
[0.199] |
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Total Income |
7097.744 |
5478.464 |
3768.053 |
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Profit/(Loss) Before Tax |
1681.332 |
1266.389 |
688.836 |
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Provision for Taxation |
518.427 |
429.607 |
241.380 |
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Profit/(Loss) After Tax |
1162.905 |
836.781 |
447.456 |
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Earnings in Foreign Currency : |
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Export Earnings |
1447.455 |
868.592 |
872.200 |
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Imports : |
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Raw Materials |
121.310 |
23.643 |
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Stores and Spares |
0.000 |
0.000 |
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Capital Goods |
0.000 |
296.571 |
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Others |
3994.334 |
1587.605 |
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Total Imports |
4115.644 |
1907.819 |
860.796 |
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Expenditures : |
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Manufacturing Expenses |
859.102 |
637.446 |
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Bank and Finance Charges |
266.831 |
167.313 |
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Raw Material Consumed |
4472.286 |
3009.885 |
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|
Increase/(Decrease) in Finished Goods |
[241.105] |
361.196 |
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Depreciation and Amortization |
59.298 |
36.235 |
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Total Expenditure |
5416.412 |
4212.075 |
3047.897 |
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QUARTERLY / SUMMARISED
RESULTS
|
PARTICULARS |
30.06.2007 1st
Quarter |
30.09.2007 2nd
Quarter |
31.12.2007 3rd
Quarter |
|
Sales Turnover |
2033.400 |
2118.500 |
2749.600 |
|
Other Income |
33.200 |
1.200 |
19.800 |
|
Total Income |
2066.600 |
2119.700 |
2769.400 |
|
Total Expenditure |
1483.200 |
1474.400 |
1933.900 |
|
Operating Profit |
583.400 |
645.300 |
835.500 |
|
Interest |
60.600 |
108.700 |
99.100 |
|
Depreciation |
16.800 |
17.100 |
19.800 |
|
Tax |
58.300 |
59.700 |
83.000 |
|
Reported PAT |
334.000 |
341.100 |
471.200 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.53 |
0.33 |
0.69 |
|
Long Term Debt-Equity Ratio |
0.12 |
0.00 |
0.21 |
|
Current Ratio |
1.29 |
1.28 |
1.18 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
6.50 |
6.60 |
5.40 |
|
Inventory |
0.79 |
1.16 |
1.88 |
|
Debtors |
105.76 |
57.88 |
23.65 |
|
Interest Cover Ratio |
5.03 |
6.91 |
3.88 |
|
Operating Profit Margin(%) |
30.63 |
28.00 |
25.48 |
|
Profit Before Interest And Tax Margin(%) |
29.79 |
27.33 |
24.65 |
|
Cash Profit Margin(%) |
17.35 |
16.11 |
12.71 |
|
Adjusted Net Profit Margin(%) |
16.51 |
15.45 |
11.88 |
|
Return On Capital Employed(%) |
28.46 |
42.28 |
72.17 |
|
Return On Net Worth(%) |
24.10 |
31.72 |
58.78 |
LOCAL AGENCY
FURTHER INFORMATION
FINANCIAL
PERFORMANCE:
OPERATIONS:
During the year, the Company has successfully delivered 6 (Six) vessels
taking to the total up to 95 vessels delivered so far by the Company. The Company
has posted a turnover of Rs. 70.977 Millions, an increase of about 29.56% as
compared to Rs. 54.785 Millions in the previous Financial Year. The Company
recorded a net profit of Rs. 11.629 Millions as against Rs. 8.368 Millions in
the corresponding previous financial year depicting a rise of 38.97%. The
Company could achieve a rise in overall profitability through a judicious mix
of strategies and cost control measures.
During the year, the Company received prestigious orders from Pacific
First Shipping Pte, Singapore, Essar Shipping and Logistics, Cyprus and other
repeat orders from its existing clients Vroon Offshore B.V., Netherlands,
Lamnalco Limited, Cyprus and Gujarat Ambuja Cement.
The construction of the upcoming shipyard of the Company at Dahej is
under process as per the projections. The necessary environmental clearance was
accorded by the Ministry of Environment and Forest for the Dahej yard.
Further, the Company had signed a Memorandum of Understanding (MOU) for
acquisition of Vipul Shipyard (Vipul) situated adjacent to the Company's
existing shipyard at Magdalla Port, District-Surat, Gujarat. With this the
Company will add substantial land with a good water front to its resources
along with slipway and other necessary plant and equipment for shipbuilding.
This acquisition will result in augmenting the resources of the Company for
further consolidation of shipbuilding capacity, at its Surat facility, in the
growing segments of offshore, coastal shipping and other avenues of shipbuilding.
INDUSTRY STRUCTURE
AND DEVELOPMENT
Global shipbuilding industry is a US $ 20 bn industry. In the post World
War II era, the shipbuilding industry had gradually shifted from European
countries and USA to the Asian countries due to cost advantages.
Currently,
the shipbuilding industry is dominated by South Korea, Japan and China
with a combined market share of around 77%. India has less than 1% market
share, which is expected to grow in the coming years by leveraging on cost
competitiveness.
The world order book stands at 297* mn DWT as on October 2006 with Indian
Shipyards having a share of around 0.4%. Replacement demand is driving the
growth for the shipping segment (tankers, containerships, dry bulk ships),
whereas replacement demand coupled with increasing demand for offshore vessels
on the back of Oil and Gas companies driving the growth for offshore segment
(Anchor Handling Tug Supply, Platform supply vessels, Pollution control
vessels, Oil Rigs etc).
As equipment cost is more or less standardized across the world, low cost
labour drives the advantage in favour of Asian Countries. According to a
research, India's order book is estimated to grow by 4 times in the next 5
years. Given the robust demand coupled with Government initiatives and labour
cost advantage, India is all set to gain a sustained growth in the shipbuilding
Industry.
*Source : Angel Broking's report on shipbuilding.
OPPORTUNITIES AND THREATS:
Globally, the average age of the fleet is more than 20 years. Rising
insurance costs, International Maritime Organization's (IMO) regulation
mandating conversion of all oil tankers to double hull by 2010 has given a
further push to replacement demand.
With various port projects and investments envisaged in the National
Maritime Development Policy (NMDP), the Indian Government had unveiled its
initiatives to boost the shipping sector. Allowing 100% FDI in the sector,
introduction of Tonnage Tax and developing the coastline and envisaging an
addition of 2,400 mercantile ships under the proposed 'Sagarmala' project are
some of the positive initiatives under the said policy of Government.
The Indian Government initiatives coupled with increased ship replacement
demand will create new opportunities for the shipbuilding industry
However, the major challenge is lack of suitable infrastructure. Steel,
main engine and major equipment together account for over 60 per cent of the
cost of a vessel and for ships built in India, almost all of these have to be
imported. Efforts need to be made to attract major engine and equipment makers
to set up manufacturing units in the country, which would make the input costs
of these materials for building ships competitive.
OUTLOOK:
Rapid growth in sea born traffic coupled with the International Maritime
Organisation's (IMO) mandate to phase out, the single hulled tankers and
vessels that have been in service for more than 15 years, by 2010 will lead to
scrapping of 38% of the world's mercantile fleet.
Offshore vessels remain the mainstay of the order book of the Company.
The Company has capitalised on its abundant, low-cost skilled labour with
increased productivity to become one of the leading manufacturers in this niche
segment. The future growth of the Company is backed by strong order backlog
coupled with capacity expansion which should lead to a faster execution rate
for the order book and increased order intake capability. As the equipment
costs are more or less standardised across the world, the labour cost is the
key differentiating factor, where the Indian shipyards have the edge over
shipyards in other countries.
The Gujarat government has decided to come up with a comprehensive
shipbuilding policy to encourage shipbuilding and ship repairing industry in the
state. The incentives under the proposed policy would definitely give an edge
to the Companies operating in the state over the Companies in other states.
Further, the request of the industry to extend the subsidy regime, which is set
to expire in August 2007, is under the consideration of the Government of
India.
Increased demand for vessels coupled with labour cost advantage and
government support and initiatives would enable the Company to have a robust
growth in future.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
The Company is India's largest private shipbuilding Company in terms of
revenues and profits. The total income is Rs. 70.977 Millions in financial year
2006-07 as against Rs. 54.785 Millions in 2005-06, registering a growth of
29.56%. The profits before taxes aggregated to Rs. 16.813 Millions in 2006-07
as against Rs. 12.663 Millions in the previous financial year. The Profits
After Taxes (PAT) increased from Rs. 8.368 Millions to Rs. 11.629 Millions,
recording a growth of 38.97%. Earnings Per Share (EPS) is increased to Rs.
22.84 from Rs. 19.77.
FIXED
ASSETS :
- Free Hold Land
- Factory
Building
- Building
- Plant And
Machinery
- Furniture and
Fixtures
- Vehicles
- Computers
- Boats
AS
PER WEBSITE
- Largest Private Sector Shipbuilding Yard in India Certified by DNV
for ISO 9001 - 2000
- Shipyard has received All India Trophy for Highest Exporters in
Recognition of outstanding Contribution to Engineering Export from Govt.
of India - Ministry of Commerce.
- Delivered 88 specialized and sophisticated vessels.
- 90% of the vessels built in last two years were exported.
- State of the art manufacturing facilities
- Competitiveness in the Global markets in terms of Price, Quality
and Delivery.
- Order in hand over Rs. 13000 million.
ABG Shipyard Limited, the flagship company of ABG group was
incorporated in the year 1985 as Magdalla Shipyard Private Limited with the
main objects of carrying Shipbuilding and Ship Repair business. In a span of 15
years from the year 1991, the company has achieved the status of the largest
private sector shipbuilding yard in India with satisfied customer base all
around the world. The registered office and the yard are situated at Surat in
the state of Gujarat and the corporate office is in Mumbai.
Its Shipyard has state of the art, manufacturing facilities
including a “Ship-lift Facility” with a lift capacity of 4500 tons, side
transfer facilities, CNC plasma cutting machine, Bending rolls, Hydraulic
press, Cold shearing machine, Frame bending machine and steel processing
machinery. The Shipyard also has blasting shop and fabrication shop covered in
4 bays of 150 x 30 M each equipped with 20T EOT Cranes. The manufacturing
process is in line with world-class standards and the Yard is certified by DNV
for ISO 9001:2000.
During past decade, the Shipyard has constructed and delivered
Eighty-eight (88) Vessels including Specialized and Sophisticated vessels like
Interceptor Boats, Self Loading and Discharging Bulk Cement Carriers, Floating Cranes,
Articouple Tugs and Flotilla, Split Barges, Bulk Carriers, Newsprint Carriers,
Offshore Supply Vessels, Dynamic Positioning Ships, Anchor Handling Tug Supply
Vessels, Multi-purpose Support Vessel, Diving Support Vessels, etc. for leading
companies in India and abroad.
ABG Shipyard has successfully delivered 2 Nos. Interceptor Boats
(45 knots vessels) in Aluminium hull with Water Jet Propulsion to the Indian
Coast Guard, 2 x 4000 DWT Cement Carriers for Cement Ambuja International,
Mauritius, 4 x 50T Bollard Pull SRP Tugs for Wijsmuller, Holland (An A.P.Moller
and Co.). The most recent deliveries have been 4 x 60.8M Anchor Handling Tugs /
Supply Vessels and 1 x 42M Well Head Maintenance Vessel (Aluminium Hull) for
Halul Offshore, Doha, Qatar, 1 x 50M Well Test / Supply Vessel and 1 x 56M Well
Test / DPS-2 Vessel for Al Mansoori Production Services, Abu Dhabi, 3 x 47M –
80T Multipurpose Vessel for Lamnalco Group, Sharjah, 4 x Utility Vessel for
Zamil Operation and Maintenance Company Limited, 1 No. 60.8M Diving Support
Vessel – DP1 Halul Offshore Co., Doha are ready for delivery and 1 No. 83.5M
Dynamic Positioning – DP2 Type Vessel with Diesel Electric Propulsion for
Consolidated Contractors Construction Co., UAE.
The Yard has recently been awarded an order for 2 Nos. 53M – 90T
B. P. ASD Vessels from Lamnalco Group, UAE. We have also received Orders for 1
No. 90M Pipe Lay Barge, 5 Nos. 61M Anchor Handling Tug Supply Vessels and 1 No.
78M DPS-2 Diving Support Vessel from Maridive, Egypt, 3 Nos. 94M Pollution
Control Vessels for Indian Coast Guard,
4 Nos. Articoupled Barges for Essar Shipping, 4 Nos. 63M Anchor
Handling Tug Supply Vessels from Seatankers Management Co. Limited, Norway and
1 No. 60.8M Offshore Supply / Supply Vessel from VROON B. V., Netherlands. ABG
Shipyard Limited is also proud of getting a prestigious order for 500 passenger
vessel from the Administration of Andaman and Nicobar Administration, Port
Blair, which is under construction presently.
The Yard has Multiple Building Berths, 2 Dry-docks, 125 m x 22.5 m
X 5.6 m Fitted with Computerised Synchronous Shiplift Platform, of 4500 Tonnes
Lifting Capacity and 155 m X 30 m x 7.5 m, Graving Drydock served by 80-T
Goliath Crane span 50 m, height 35 m. and substantial cranage like NCK Rapier 150T
Capacity, Tata P and H Make, 60-T Capacity, HM Make, 50-T Capacity, PPM 80T
Capacity. The “Shiplift Facility” enables the yard to simultaneously build and
repair many vessels and gives the yard a tremendous logistical advantage and
flexibility.
The Shipyard has executed many prestigious Shipbuilding and
Ship-repair contracts against stiff International Competition for both Export
and Domestic Markets. All these vessels have performed very well, thus
establishing its reputation for building and delivering vessels of the best
quality at competitive prices and delivery periods. The Ship Repair Division
has successfully repaired and refurbished Dredgers, Ethylene Carriers, Bulk
Carriers, Offshore Supply Vessels and Coast Guard Vessels.
The path of progress from the Shipyard’s pioneering work to its
leading position today has been achieved by the superior quality of its
products and services, the high productivity of its operations and the
innovative spirit and integrity of its people.
The company also holds the distinction of having delivered two
numbers Interceptor Boats (45 knots) to Indian Coast Guard.
SHIPYARD
AREA:
- Approx. 140, 000 m2 (35 Acres).
JETTIES:
- 2 Nos. – Each 32.36X9.0m
- 1 No. Dolphin jetty of size 19.02X 9m (Under Construction)
ADMINISTRATIVE
BUILDING :
- Office Block consists of three floors with modern amenities,
independent rooms for Surveyors and Owners offices. All departments are
accommodated in the administrative building.
STORES:
- Covered : 700 m2.
- Open : 4000 m2.
- Bonded : 2000 m2 (Served by 30 T Goliath Crane).
The company primarily operates in one business
segments only i.e. manufacturing which is the only reportable segment. There is
no other segment which satisfies the threshold limit as per Accounting
Standard-17, issued by Institute of Chartered Accountants of India. The company
had in previous year reported ‘repairing’ at the discretion of the management
only and not because it satisfied the relevant 10 percent thereshold.
CMT REPORT
(Corruption, Money Laundering and 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.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE and 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 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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 and 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 and 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 |
|