MIRA
INFORM REPORT
|
Report Date : |
07.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
DUNNIMAA ENGINEERS AND DIVERS ENTERPRISES PRIVATE LIMITED |
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Registered
Office : |
Dunnimaa House, Plot No.D-159, T.T.C, M.I.D.C., Nerul, Navi Mumbai – 400
706, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.05.1996 |
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Com. Reg. No.: |
11-099909 |
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Capital
Investment / Paid-up Capital : |
Rs.1.101
millions |
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CIN No.: [Company Identification
No.] |
U28920MH1996PTC099909 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Diving and Engineering Services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 304000 |
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Status : |
Satisfactory |
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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. General financial position is satisfactory.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Uday |
|
Designation : |
Accountant |
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Date : |
06.12.2011 |
LOCATIONS
|
Registered Office : |
Dunnimaa House, Plot No.D-159, T.T.C, M.I.D.C., Nerul, Navi Mumbai – 400
706, |
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Tel. No.: |
91-22-64503372/ 64503373/ 32014088 |
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Fax No.: |
91-22-27617568 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
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Name : |
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Designation : |
Director |
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Address : |
Flat No. B-14/1/4, Sector-4, Nerul, Navi Mumbai – 400 706, |
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Date of Birth/Age : |
01.08.1953 |
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Date of Appointment : |
30.05.1996 |
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DIN No.: |
02994189 |
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Other Directorship :
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mithlesh Sunder Singh Rathore |
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Designation : |
Director |
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Address : |
Flat No. NL-5/5/6, Sector-11, Nerul, Navi Mumbai – 400 706, |
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Date of Birth/Age : |
01.11.1956 |
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Date of Appointment : |
30.05.1996 |
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DIN No.: |
02209674 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Uday |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
55110 |
|
Mithlesh Rathore |
|
55000 |
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Total |
|
110110 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Diving and Engineering Services. |
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GENERAL INFORMATION
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Customers : |
CORPORATES: - v
BG Exploration and Production India Limited,
Mumbai v
Hindustan Oil Exploration Company Limited,
Chennai v
Mazagon Dock Limited, Mumbai v
Karnataka Power Corporation Limited, v
Elcome Surveys Private Limited, Mumbai v
Reliance Industries Ltd, Mumbai v
Kochi Shipyard Limited, v
Indian Oil Corporation Limited, Mumbai v
v
DAMS: - v
Rana Pratap Sagar Dam, Rawatbhata, (Rajasthan) v
Hirakund Dam, Orissa v
Srisailam Dam, Andhra Pradesh v
Surangani Dam, Himachal Pradesh SHIPPING
COMPANIES: - v
Admiral Shipping, Mumbai v
v
v
Ashapura Ship Management Private Limited, Mumbai INTERNATIONAL
CONTRACTORS: - v
Buddha B.V. Dredging and Contractors, Nether Land v
Dredging International, v
British Gas Exploration and Production India
Limited, Mumbai v
Stena Offshore Services, Mumbai v
Valentine Maritime Gulf L. L. C., v
Iranian Offshore Engineering and Construction
Company, |
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No. of Employees : |
Information declined by the management |
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Bankers : |
Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
MSU and Company Chartered Accountants |
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Address : |
402, Agrawal Corner, Sector-21, Nerul, Navi Mumbai – 400 706, |
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Tel. No.: |
91-22-27700277 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AALFM9169P |
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Associate Companies : |
Modular Storage Systems Private Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110110 |
Equity Shares |
Rs.10/- each |
Rs.1.101
millions |
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|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
1.101 |
1.101 |
1.101 |
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2] Share Application Money |
0.525 |
0.525 |
0.525 |
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3] Reserves & Surplus |
74.492 |
46.142 |
33.228 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
76.118 |
47.768 |
34.854 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
94.380 |
8.404 |
4.926 |
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|
2] Unsecured Loans |
4.383 |
5.782 |
5.000 |
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|
TOTAL BORROWING |
98.763 |
14.186 |
9.926 |
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DEFERRED TAX LIABILITIES |
3.673 |
2.313 |
1.390 |
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TOTAL |
178.554 |
64.267 |
46.170 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
133.116 |
54.266 |
25.716 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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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|
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
104.228
|
52.170 |
29.461 |
|
|
Cash & Bank Balances |
0.629
|
0.505 |
3.592 |
|
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Other Current Assets |
8.732
|
8.391 |
20.358 |
|
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Loans & Advances |
73.585
|
29.810 |
18.534 |
|
Total
Current Assets |
187.174
|
90.876 |
71.945 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
50.211 |
36.847 |
|
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Other Current Liabilities |
|
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|
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Provisions |
47.530
|
30.664 |
14.644 |
|
Total
Current Liabilities |
141.736
|
80.875 |
51.491 |
|
|
Net Current Assets |
45.438
|
10.001 |
20.454 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
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TOTAL |
178.554 |
64.267 |
46.170 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
204.619 |
158.059 |
137.340 |
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Other Income |
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TOTAL |
204.619 |
158.059 |
137.340 |
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
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|
161.274 |
131.648 |
108.164 |
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
161.274 |
131.648 |
108.164 |
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PROFIT BEFORE
TAX |
43.345 |
26.411 |
29.176 |
|
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|
|
|
Less |
Provision for taxation |
13.237 |
9.326 |
9.210 |
|
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Less |
Deferred Tax |
1.360 |
0.923 |
0.814 |
|
|
|
Profit available for appropriation |
28.748 |
16.162 |
19.152 |
|
|
Less |
Fringe Benefit Tax |
-- |
0.104 |
0.155 |
|
|
Less |
Short Provisions |
0.397 |
3.145 |
-- |
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PROFIT AFTER TAX
|
28.351 |
12.913 |
18.997 |
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BALANCE CARRIED FORWARD
TO BALANCE SHEET |
46.141 |
33.228 |
14.231 |
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|
|
|
|
|
|
|
|
BALANCE TRANSFER
TO BALANCE SHEET |
74.492 |
46.141 |
33.228 |
|
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|
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
52.073 |
42.135 |
58.968 |
|
|
TOTAL EARNINGS |
52.073 |
42.135 |
58.968 |
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|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
257.48 |
117.28 |
172.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.86
|
8.17 |
13.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.53
|
18.20 |
29.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.57
|
0.55 |
0.84 |
|
|
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.16
|
1.99 |
1.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.12 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors: Not Available
Note:
The registered office of the company has been shifted from NLS/5/6/11, Sector
11, Nerul, New Bombay – 400 705,
BUSINESS OPERATIONS:
The Company has
achieved a turnover of Rs.204.619 millions for the year ended March 31, 2010
from its business activities.
The Company has
purchased an Offshore Supply Vessel, is in the process of buying Saturation
Diving Systems and additional Air Diving Systems which shall further enhance
the turnover of the company.
FORM 8:
|
Corporate
identity number of the company |
U28920MH1996PTC099909 |
|
Name of the
company |
DUNNIMAA ENGINEERS AND DIVERS ENTERPRISES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Dunnimaa House, Plot No.D-159, T.T.C, M.I.D.C., Nerul, Navi Mumbai – 400
706, E-Mail: dunnimaadivers@rediffmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10205162 |
|
Type of charge |
Ship |
|
Particular of
charge holder |
Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Statutory First
Mortgage |
|
Date of
instrument Creating the charge |
16.04.2010 |
|
Amount secured by
the charge |
Rs.141.250
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1% over BPLR
presently 13% p.a. Terms of
Repayment : On Demand Margin: TL -21.21% CC - 40% BG - 20% Extent and
Operation of the charge: Additional
Mortgage of Ship M V |
|
Short particulars
of the property charged |
Additional
Mortgage of Ship M V |
|
Date of latest modification
prior to the present modification |
14.01.2010 |
|
Particulars of
the present modification |
The charge is
revised to Rs.141.250 millions only. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.39 |
|
|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.