MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABG
SHIPYARD LIMITED |
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Registered
Office : |
Near |
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Country
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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 : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 38000000 |
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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 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 regular
and as per commitments.. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
Near |
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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, |
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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. |
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Shipyard : |
Village
Jageshwar Near Dahej Taluka Vagra Dist. Bharuch – 392130, |
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Tel. No. : |
91-2641-320760
/ 61 |
DIRECTORS
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Name : |
Mr. Kamlesh Kumar Agarwal |
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Designation : |
Chairman (upto 10.06.2008) |
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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
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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 |
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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 ( 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 ( 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 : |
Managing Director
(Since 10.06.2008) |
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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. Aun Phatak |
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Designation : |
Executive Director (Since 10.06.2008) |
KEY EXECUTIVES
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Name : |
Mr. Manoj G Raichandani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.06.2008
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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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Public
shareholding |
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Institutions |
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Mutual Funds/ UTI |
2932277 |
5.76 |
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Financial Institutions / Banks |
66683 |
0.13 |
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Venture Capital Funds |
1340439 |
2.63 |
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Insurance Companies |
2834844 |
5.57 |
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Foreign Institutional Investors |
5733057 |
11.26 |
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Foreign Venture Capital Investors |
4458267 |
8.76 |
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Non-institutions |
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Bodies Corporate |
1683663 |
3.31 |
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Individuals |
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i. Individual shareholders holding nominal share capital up to
Rs.0.100 Million |
1812507 |
3.56 |
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ii. Individual shareholders holding nominal share capital in excess of
Rs.0.100 Million |
865292 |
1.70 |
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Any Other (specify) |
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Clearing Member |
68504 |
0.13 |
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NRI |
152385 |
0.30 |
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Trusts |
285 |
0.00 |
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Total |
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 |
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Terms : |
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Purchasing : |
L/C
and D/A terms |
PRODUCTION STATUS As on 31.03.2008
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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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Nos. |
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3 |
GENERAL
INFORMATION
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Customers : |
v
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
Ahmedabad,
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,
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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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Fellow Subsidiaries : |
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Associates : |
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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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100000000 |
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 |
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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 Premium 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 Private Limited.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
509.218 |
509.218 |
509.218 |
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2] Convertible Warrants |
318.664 |
0.000 |
0.000 |
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3] Reserves and Surplus |
6835.348 |
5368.893 |
4314.679 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7663.230 |
5878.111 |
4823.897 |
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LOAN FUNDS |
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1] Secured Loans |
4414.519 |
3795.750 |
996.975 |
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2] Unsecured Loans |
807.500 |
300.000 |
0.000 |
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TOTAL BORROWING |
5222.019 |
4095.750 |
996.975 |
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DEFERRED TAX LIABILITIES |
1675.344 |
1080.344 |
667.227 |
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TOTAL |
14560.593 |
11054.205 |
6488.099 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1991.275 |
1308.630 |
1040.697 |
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Capital work-in-progress |
3864.529 |
1652.015 |
517.952 |
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INVESTMENT |
58.203 |
8.882 |
7.046 |
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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 |
12427.999
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5318.491
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2249.349 |
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Sundry Debtors |
83.952
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75.470
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57.670 |
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Cash and Bank Balances |
867.704
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1400.411
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4050.104 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans and Advances |
11030.363
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6588.488
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2341.340 |
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Total
Current Assets |
24410.018
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13382.860 |
8698.463 |
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Less : CURRENT
LIABILITIES and PROVISIONS |
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Current Liabilities |
15555.034
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5147.769
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3613.635 |
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Provisions |
208.398
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150.413
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162.424 |
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Total
Current Liabilities |
15763.432
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5298.182 |
3776.059 |
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Net Current Assets |
8646.586
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8084.678
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4922.404 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14560.593 |
11054.205 |
6488.099 |
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PROFIT and LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
9668.376 |
7043.609 |
5417.448 |
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Other Income |
74.026 |
52.560 |
61.215 |
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Profit on sale of Assets |
(0.311) |
1.575 |
[0.199] |
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Total Income |
9742.091 |
7097.744 |
5478.464 |
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Profit/(Loss) Before Tax |
2459.580 |
1681.332 |
1266.389 |
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Provision for Taxation |
852.762 |
518.427 |
429.607 |
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Profit/(Loss) After Tax |
1606.818 |
1162.905 |
836.781 |
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Earnings in Foreign Currency : |
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Export Earnings |
1997.057 |
1447.455 |
868.592 |
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Imports : |
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Raw Materials |
870.011 |
121.310 |
23.643 |
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Capital Goods |
122.069 |
0.000 |
296.571 |
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Others |
5627.563 |
3994.334 |
1587.605 |
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Total Imports |
6619.643 |
4115.644 |
1907.819 |
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Expenditures : |
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Manufacturing Expenses |
1397.825 |
859.102 |
637.446 |
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Bank and Finance Charges |
457.119 |
266.831 |
167.313 |
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Raw Material Consumed |
6853.613 |
4472.286 |
3009.885 |
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Increase/(Decrease) in Finished Goods |
[1500.030] |
[241.105] |
361.196 |
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Depreciation and Amortization |
73.984 |
59.298 |
36.235 |
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Total Expenditure |
7282.511 |
5416.412 |
4212.075 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2008 1st
Quarter |
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Sales Turnover |
2722.400 |
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Other Income |
78.500 |
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Total Income |
2800.900 |
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Total Expenditure |
1953.900 |
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Operating Profit |
847.000 |
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Interest |
153.200 |
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Gross Profit |
693.800 |
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Depreciation |
22.000 |
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Tax |
77.600 |
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Reported PAT |
470.100 |
KEY RATIOS
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
0.76 |
0.53 |
0.33 |
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Long Term Debt-Equity Ratio |
0.18 |
0.12 |
0.00 |
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Current Ratio |
1.14 |
1.29 |
1.28 |
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TURNOVER RATIOS |
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Fixed Assets |
5.77 |
6.50 |
6.60 |
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Inventory |
0.57 |
0.79 |
1.16 |
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Debtors |
121.31 |
105.76 |
57.88 |
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Interest Cover Ratio |
4.93 |
5.03 |
6.91 |
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Operating Profit Margin(%) |
32.68 |
30.63 |
28.00 |
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Profit Before Interest And Tax
Margin(%) |
31.92 |
29.79 |
27.33 |
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Cash Profit Margin(%) |
17.38 |
17.35 |
16.11 |
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Adjusted Net Profit Margin(%) |
16.62 |
16.51 |
15.45 |
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Return On Capital Employed(%) |
28.67 |
28.46 |
42.28 |
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Return On Net Worth(%) |
26.31 |
24.10 |
31.72 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Subject is the
Subject was incorporated in the year 1985 as Magdalla Shipyard Private Limited
with the main objective of carrying Shipbuilding and Ship Repair business.
Their 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. Also,
the Shipyard has blasting shop and fabrication shop covered in 4 bays of 150 x
30 M each equipped with 20T EOT Cranes.
During past decade, the Shipyard has constructed and delivered 104 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.
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 company acquired a small ship repair unit, namely Cross ocean Ship Repair
Limited, FZE,
During the year 2006-07, the company received prestigious orders from Pacific
First Shipping Pte,
During the year, the company received 'All India Trophy for Highest Exporters'
in the category of highest growth in export - Non SSI, from Engineering Exports
Promotion Council (EEPC), for the fourth consecutive year. Also, company has
been awarded with a 'Shield for Star Performer as Large Enterprise' in the
product group of Other Transport Equipments including Vessels in recognition of
the outstanding contribution to Engineering Exports during the year
2005-06.
In May 2007, the company had signed a Memorandum of Understanding (MOU) for the
acquisition of Vipul Shipyard at
FINANCIAL
PERFORMANCE:
OPERATIONS
During the year,
the Company has successfully delivered 6 (Six) vessels taking the total up to
103 vessels delivered so far by the Company. The Company has posted a turnover
of Rs.9742.400 Millions, an increase of about 37.26% as compared to Rs.7097.700
Millions in the previous Financial Year. The Company recorded a net profit of
Rs.1606.800 Millions as against Rs.1162.900 Millions in the corresponding
previous financial year depicting a rise of 38.17%. 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 Precious Shipping Public Company
Limited, Thailand, M/s. Bereederungsgesellschaft H Vogemann GmbH and Company
KG,
The Company
completed the acquisition (on a partnership basis) of Vipul Shipyard situated
adjacent to the Company’s existing shipyard at
The Company has
deployed the proceeds raised in the IPO on the construction of Dahej Shipyard
in
OUTLOOK
The last subsidy
scheme has expired on 14th of August 2007. The extension of the subsidy scheme is
under the consideration of the Government of India. According to a report
submitted by KPMG to the Finance Ministry, if the subsidy scheme is extended,
about Rs.170000 - 200000 Millions investments would flow into the shipbuilding
sector.
23rd Annual Report
2007-2008
The vision of
Government of Gujarat to develop “Marine Shipbuilding park” with an aim, to
make
SUBSIDY
Unlike other
industries that are protected by customs and duty barriers, the shipbuilding
has to compete on a global pricing levels as there is no duty imposed by
government on import of ships and dredgers. Therefore, the Government of India
provided subsidy in order to provide level playing field. The last subsidy
scheme expired on 14th of August 2007. Considering the necessity and importance
of the subsidy, the Government is expected to take a decision in the matter of
extension of the subsidy scheme.
During the year
under consideration, the Company has received subsidy from the Government of
India amounting to Rs.192.800 Millions. By this the Company became the first
shipbuilding Company in private sector to receive subsidy from the Government.
SUBSIDIARY:
Crossocean Ship Repair Limited FZE, UAE.
The Company had
acquired Crossocean Ship Repair Limited FZE in the year 2006 with an intention
to achieve potential business growth in ship repairing sector and cater the UAE
market with possibility of future expansion. However, the changes in the
applicable policies made by the Government of that Country made the objectives
and the operations of the subsidiary unviable. Consequently, the subsidiary
could not achieve the results as expected since acquisition. Hence, the Company
decided to disinvest in the subsidiary. The transaction of sale was completed
in the month of March 2008 resulting in cessation of Crossocean Ship Repair
Limited FZE, UAE as subsidiary.
SCHEME OF
COMPROMISE AND ARRANGEMENT WITH WESTERN INDIA SHIPYARD LIMITED AND ITS SECURED
LENDERS
The Director’s
have approved in its meeting dated 12th September 2007, the Company’s
involvement in the proposal for revival and rehabilitation of Western India
Shipyard Limited (“WISL”) in terms of a scheme of compromise and arrangement
between WISL and its secured lenders. The Company will participate in the said
scheme as a confirming party. The said scheme was approved by the Bombay Stock
Exchange Limited on an application made by WISL and the Scheme is yet to be
filed in the High Court of Bombay at Panaji,
The Directors are
confident of successful implementation of the said Scheme.
MANAGEMENT DISCUSSION and ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT AND FUTURE OUTLOOK
The boom in
shipbuilding has been fuelled by the growth in world trade and the present 7
per cent CAGR is expected to double in the next 10 years. According to new
international shipping norms, single-hull tankers have to be phased out by
2010. This has pushed up the construction of double-hull tankers. The ships
that are over 25-year old have to be scrapped. Nearly 65 per cent of the
world’s fleet is more than 15 years old and needs to be replaced in the next
few years. The global shipbuilding order book swelled because of the rise in
replacement demand.
Global
shipbuilding investment, according to reports, has reached an all-time high,
from $30 billion in 2002 to $135 billion in 2006, much of which has gone into
the construction of double-hull tankers, products tankers, cruise ships,
bulk-carriers and container vessels.
The ship-building
activity has shifted from Europe to Asia and, within Asia, from
The global order
book position has more than tripled since 2000 — from 100 million dwt in 2000
to more than 390 million dwt in 2007.
The Indian
shipbuilding industry, according to one estimate, is slated to grow at 30 per
cent CAGR to $22 billion in 2020, from around $3.7 billion at present. The
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.
OPPORTUNITIES AND
THREATS
Increase in
seaborne trade and scrapping of old ships have been the primary drivers for an
upsurge in demand for new ships globally. According to the International
Maritime Organisation, over 95 per cent of world trade is carried by sea,
resulting in increased demand for ships as trade expands.
Increase in oil
and gas exploration on the back of high oil prices has also triggered demand
for vessels in the offshore segment. Further, regulatory issues such as
scrapping of single hull vessels by 2010 and retiring of older fleets are also
driving demand.
This is, however,
not backed by sufficient berths in shipyards in countries such as
Given the current
gloomy picture for exports in general, a major overseas exposure of the order
book in the case of shipyards may appear risky.
However, the
shipyard companies have weathered the currency appreciation well on the back of
a high import component in their production. Imported materials and components
account for close to 50 per cent of the revenue for these players, naturally
offsetting any dent made by declining export realisations.
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
During the year,
the Company has successfully delivered 6 (Six) vessels taking the total up to
103 vessels delivered so far by the Company. The Company has posted a turnover
of Rs.9742.400 Millions, an increase of about 37.26% as compared to Rs.7097.700
Millions in the previous Financial Year. The Company recorded a net profit of
Rs.1606.800 Millions as against Rs.1162.900 Millions in the corresponding
previous financial year depicting a rise of 38.17%. Earnings per Share (EPS) is
increased to Rs.31.55 from Rs.22.84. The Company could achieve a rise in
overall profitability through a judicious mix of strategies and cost control
measures.
In terms of the
approval of the shareholders of the Company and as per the applicable statutory
provisions including Securities and Exchange Board of India (Disclosure and
Investor Protection) Guidelines 2000, the Company, on 15th January,
2008 has allotted 40,00,000 warrants on preferential basis to the Holding
Company entitling it to apply for equivalent number of fully paid up equity
shares of Rs.10/- each of the Company, at a price of Rs.796.66 per equity share
and received 10% on allotment. The warrant holder has a right to apply for
conversion into equity shares within 18 months from the date of allotment of
the warrants on payment of the balance consideration. Amounts received against
the warrants are shown as Convertible Warrants in the Balance Sheet, pending
exercise thereof.
Notes:
1. Related Parties
have been identified by the management and relied upon by the auditors.
2. Names of the
Related Parties have been given in cases where the amount of transaction
exceeds 10 % of the total related party transactions of the same type.
3. Previous Years
figures are shown in brackets.
4. Remuneration to
Managing Director excludes commission.
5. Cross Ocean
Shiprepair FZE has ceased to be subsidary w.e.f. 28.03.2008. Amounts disclosed
are transactions during the related party relationship.
Contingent liability not provided for:
|
Particulars |
31.03.2008 (Rs. In
Millions) |
|
In respect of
Performance/ Delivery Guarantees given by banks to the buyers. |
1154.603 |
|
Other bank guarantees to government authorities |
5.000 |
|
Claims against the company not acknowledged as debts |
3.397 |
FIXED ASSETS:
- Free
- Building
- Plant And
Machinery
- Furniture and
Fixtures
- Vehicles
- Computers
- Boats
AS PER WEBSITE
Subject, 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
The 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 One Hundred four(104)
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.
Subject 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 Company). 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 Company, Doha are ready for delivery and 1 No. 83.5M Dynamic
Positioning – DP2 Type Vessel with Diesel Electric Propulsion for Consolidated
Contractors Construction Company, UAE.
The Yard has
recently been awarded an order for 2 Nos. 53M – 90T B. P. ASD Vessels from
Lamnalco Group, UAE. They 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 Company Limited, Norway and 1 No. 60.8M Offshore Supply /
Supply Vessel from VROON B. V., Netherlands. Subjectis 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.
They are now setting-up a new shipyard with state of art manufacturing
facilities including Two (2) Nos. 400 Mtrs. long Newbuilding dry-docks allowing
them to build all kinds of vessels upto 120000 DWT.
CMT REPORT
(Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.49.95 |
|
|
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE and RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--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 |
|
70 |
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 |
|