%20LIMITED%20-%20132406%2021-Feb-2011_files/image002.jpg){kind=small}
1. Summary Information
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Country |
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Company Name |
INTERDRIL ( |
Principal Name 1 |
Mr. Dean Brakel Gesterkamp |
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Status |
Good |
Principal Name 2 |
Mr. Anil N. Wahal |
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|
|
Registration # |
55900 |
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Street Address |
B-57 Soami
Nagar, |
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Established Date |
02.11.1993 |
SIC Code |
-- |
|
Telephone# |
-- |
Business Style 1 |
Manufacturing and Repairers of Down Hole Drilling Tools. |
|
Fax # |
-- |
Business Style 2 |
-- |
|
Homepage |
www.interdrilasia.com |
Product Name 1 |
Dril Collars |
|
# of employees |
78 |
Product Name 2 |
Heavy Weight Dril Pipe |
|
Paid up capital |
Rs.
72,525,100 |
Product Name 3 |
Rotary Kellys |
|
Shareholders |
Foreign holdings (47.51%) |
Banking |
State Bank of Industrial
Development Bank of |
|
Public Limited Corp. |
-- |
Business Period |
18 years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba |
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Related
Company |
|||
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Relation
|
Country
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Company
Name |
-- |
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Note |
- |
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2. Summary
Financial Statement
|
Balance Sheet as of |
30.06.2009 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
718,153,000 |
Current Liabilities |
317,475,000 |
|
Inventories |
373,913,000 |
Long-term Liabilities |
706,336,000 |
|
Fixed Assets |
274,810,000 |
Other Liabilities |
-- |
|
Deferred Assets |
5,257,000 |
Total Liabilities |
1,023,811,000 |
|
Invest& other Assets |
8,899,000 |
Retained Earnings |
-- |
|
|
|
Net Worth |
357,221,000 |
|
Total Assets |
1,381,032,000 |
Total Liab. & Equity |
1,381,032,000 |
|
Total Assets (Previous Year) |
1,233,526,000 |
|
|
|
P/L Statement as of |
30.06.2009 |
(Unit: Indian Rs.) |
|
|
Sales |
893,340,000 |
Net Profit |
65,735,000 |
|
Sales(Previous yr) |
1,033,149,000 |
Net Profit(Prev.yr) |
94,062,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
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Name : |
INTERDRIL ( |
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Formerly Known As : |
SKM-INTERDRIL ( |
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Registered Office : |
B-57 Soami Nagar, |
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Country : |
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Financials (as on) : |
30.06.2009 |
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Date of Incorporation : |
02.11.1993 |
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Com. Reg. No.: |
55-55900 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PLC055900 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI02314E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing and Repairers of Down Hole Drilling Tools. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 1428884 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Financial position is good. Trade relations are fair. Business is active. Payments
are reported as usually made 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
B-57 Soami Nagar, |
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E-Mail : |
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Website : |
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Corporate Office: |
Interdril House, 106, |
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Tel. No.: |
91-22-66921666/66949956/57/58 |
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Fax No.: |
91-22-66782452 |
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E-Mail : |
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Factory 1: |
95-A, Anand Lok, Khel Gaon Marg, |
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Tel. No.: |
91-11-621 7382 / 7642 |
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Fax No.: |
91-11-621 7382 |
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Factory 2: |
Village Esamble, Taluka Khalapur, Patalganga, District
Raigad, |
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Tel. No.: |
91-2192-326757 |
DIRECTORS
AS ON 18.12.2009
|
Name : |
Mr. Dean Brakel Gesterkamp |
|
Designation : |
Chairman |
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Address : |
1261, B K Barlicum, Netherland |
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Date of Birth/Age : |
08.01.1950 |
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Date of Appointment : |
02.11.1993 |
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Name : |
Mr. Anil N. Wahal |
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Designation : |
Manaing Director |
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Address : |
401, Raj |
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Date of Birth/Age : |
26.06.1959 |
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Date of Appointment : |
02.11.1993 |
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Name : |
Mr. Mukesh Kaura |
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Designation : |
Director |
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Address : |
500/C Gilhaze Apartments, Malad West, Mumbai – 400064, |
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Date of Birth/Age : |
16.06.1953 |
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Date of Appointment : |
17.01.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.12.2009
|
Names of Shareholders |
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No. of Shares |
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Mr. Dean Brakel Gesterkamp |
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3446196 |
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Mr. Anil N. Wahal |
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2608475 |
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Mr. Paul Douglas Waters |
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119 |
|
Dynasty Industries Limited, Mumbai |
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360000 |
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Mr. Manish N. Wahal |
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617540 |
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Mr. Mukesh Kaura |
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50 |
|
Ocean Blue Offshore Constructions Private
Limited, Mumbai |
|
180130 |
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Mr. Anil Wahal HUF |
|
40000 |
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Total |
|
7252510 |
AS ON 31.12.2009
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
47.51 |
|
Bodies corporate |
7.44 |
|
Directors or relatives of Directors |
45.05 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Repairers of Down Hole Drilling Tools. |
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Products : |
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Brand Names : |
“INTERDRIL”. |
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Agencies Held : |
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PRODUCTION STATUS AS ON 30.06.2009
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Heavy Weights |
Nos. |
1830 |
1830 |
|
Drill Collars |
Nos. |
1665 |
1665 |
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Stabilizer Sleeves |
Nos. |
435 |
435 |
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Stabilizer Bodies |
Nos. |
189 |
189 |
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Pup Joints |
Nos. |
189 |
189 |
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Kelly’s |
Nos. |
189 |
189 |
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Kelly Saver Subs |
Nos. |
129 |
129 |
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stabilizers |
Nos. |
189 |
189 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
78 |
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Bankers : |
International
Banking Department, Mumbai Main Branch, Mittal Court, C-Wing, 4th Floor,
Nariman Point, Mumbai – 400 021,
Western
Regional Office, Nariman Bhavan, 9th Floor, Nariman Point, Mumbai
– 400 021,
Santacruz
(West) Branch, Ajay Apartments, |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Nangia and
Company Chartered
Accountants |
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Address : |
B-57 Soami Nagar, |
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Parent Companies : |
7785, Little
York, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.06.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 80.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
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|
7,252,510 |
Equity Shares |
Rs.10/- each |
Rs. 72.525 Millions |
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Note
Of the above shares 31,10,000 equity shares of
Rs. 10/- each have been allotted pursuant to a contract for consideration other
that in cash. The shares have been allotted against purchases of plant and
machinery in terms of FIPB approval dated March 16, 1994
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2009 |
30.06.2008 |
30.06.2007 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
72.525 |
72.525 |
72.525 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
284.696 |
218.966 |
127.505 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
357.221 |
291.491 |
200.030 |
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LOAN FUNDS |
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1] Secured Loans |
706.336 |
593.401 |
347.418 |
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2] Unsecured Loans |
0.000 |
55.770 |
122.250 |
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TOTAL BORROWING |
706.336 |
649.171 |
469.668 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
1063.557 |
940.662 |
669.698 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
274.810 |
244.419 |
178.065 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.899 |
8.800 |
8.800 |
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DEFERREX TAX ASSETS |
5.257 |
7.171 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
373.913
|
364.821 |
338.555 |
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Sundry Debtors |
514.030
|
406.749 |
223.642 |
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Cash & Bank Balances |
12.596
|
27.553 |
69.417 |
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Other Current Assets |
0.000
|
0.000 |
6.237 |
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Loans & Advances |
191.527
|
174.013 |
140.994 |
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Total
Current Assets |
1092.066
|
973.136 |
778.845 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
193.873
|
198.206 |
203.903 |
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Other Current Liabilities |
123.602
|
94.658 |
92.109 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
317.475
|
292.864 |
296.012 |
|
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Net Current Assets |
774.591
|
680.272 |
482.833 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1063.557 |
940.662 |
669.698 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2009 |
30.06.2008 |
30.06.2007 |
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SALES |
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Income |
893.340 |
1033.149 |
862.060 |
|
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Other Income |
3.500 |
4.235 |
1.362 |
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Exchange Difference |
49.957 |
20.532 |
18.257 |
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Scrap Sales |
16.074 |
24.505 |
13.439 |
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TOTAL (A) |
962.871 |
1082.421 |
895.118 |
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Less |
EXPENSES |
|
|
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|
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Raw Material Consumed |
617.408 |
726.806 |
624.701 |
|
|
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Manufacturing & Other Expenses |
23.506 |
32.246 |
27.265 |
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|
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Payment & Provisions to Employees |
41.302 |
43.136 |
34.079 |
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|
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Administrative Expenses |
47.468 |
41.095 |
31.699 |
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Selling Expenses |
40.490 |
55.257 |
46.831 |
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Bad Debts Written Off |
0.394 |
6.983 |
0.005 |
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Loss on |
0.000 |
0.113 |
0.198 |
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TOTAL (B) |
770.568 |
905.636 |
764.778 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
192.303 |
176.785 |
130.340 |
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
87.944 |
56.740 |
30.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
104.359 |
120.045 |
100.197 |
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|
|
|
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|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.455 |
11.358 |
8.727 |
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|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
90.904 |
108.687 |
91.470 |
|
|
|
|
|
|
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Add |
Previous Years
Income/(Expenses) |
0.175 |
(3.305) |
(1.505) |
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|
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|
|
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Less |
TAX (I) |
25.344 |
11.320 |
11.091 |
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|
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|
|
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PROFIT AFTER TAX
(G-I) (J) |
65.735 |
94.062 |
78.874 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
|
|
|
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Export Earnings |
852.891 |
990.769 |
NA |
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TOTAL EARNINGS |
852.891 |
990.769 |
NA |
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|
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IMPORTS |
|
|
|
|
|
|
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Raw Materials |
534.463 |
700.383 |
NA |
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|
|
Stores & Spares |
13.973 |
14.018 |
NA |
|
|
|
Capital Goods |
0.000 |
6.221 |
NA |
|
|
TOTAL IMPORTS |
548.436 |
720.622 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
PAT / Total Income |
(%) |
6.82
|
8.68 |
8.81 |
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
10.17
|
10.51 |
10.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.65
|
8.92 |
9.55 |
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|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.37 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.86
|
3.23 |
3.82 |
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Current Ratio (Current Asset/Current Liability) |
|
3.43
|
3.32 |
2.63 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
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Corporate
identity number of the company |
U74899DL1993PLC055900 |
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Name of the
company |
INTERDRIL ASIA
LIMITED |
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Address of the
registered office or of the principal place of business in |
B-57, SOAMI
NAGAR, |
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This form is for |
Modification of
charge |
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Type of charge |
Book debts Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Supplemental Agreement
To Secure Credit / Loan Facilities |
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Date of
instrument Creating the charge |
09.12.2010 |
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Amount secured by
the charge |
Rs. 888.981
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest Rate As
Per Annexure Attached. Penal Interest @ 2% P. A Or Such Other Rate As Agreed
Between The Borrower Company And The Bank From Time To Time Terms of
Repayment Repayment, As
Agreed Between The Borrower Company And The Bank From Time To Time Margin Margin Rate, As
Agreed Between The Borrower Company And The Bank From Time To Time Extent and
Operation of the charge At The Request Of
The Borrower Company The Bank Has Revised Overall Banking Limits Upto
Rs.888.981 millions Against Hypothecation Of Assets Of The Company The Charge Stands
Modified Upto Rs.888.981 millions Others Nil |
||||||
|
Particulars of
the property charged |
Hypothecation Of
Stocks Of Raw Materials, Stock In Process, Finished Goods, Stores And Spares,
Receivables (Inland / Foreign). Foreign
Documentary Demand And / Or Usance Bills Accompanied With Airway Bills / Bill
Of Lading Drawn Under Irrevocable Letter Of Credit Confirmed Order. Documents Of
Title Of Goods. Hypothecation Of Stocks / Goods Under Letter Of Credit And
1st Charge Over Fixed Assets, Plant And Machineries, Furniture And Fixtures,
Present / Future And .... .....Other
Current Assets |
||||||
|
Particulars of
the present modification |
At The Request Of
The Borrower Company The Bank Has Revised Overall Banking Limits Upto
Rs.888.981 millions Against Hypothecation Of Assets Of The Company The Charge Stands
Modified Upto Rs.888.981 millions |
|
Corporate
identity number of the company |
U74899DL1993PLC055900 |
|
Name of the
company |
INTERDRIL ( |
|
Address of the
registered office or of the principal place of business in |
B-57 Soami Nagar, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property (Not
Being Pledge) Others: Fixed
Assets |
|
Particular of
charge holder |
Oriental Bank of
Commerce Santacruz
(West) Branch, Ajay Apartments, |
|
Nature of
instrument creating charge |
Agreement fro
term Loan on immovable property |
|
Date of
instrument Creating the charge |
20.12.2007 |
|
Amount secured by
the charge |
Rs.91.100
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests rate at
PLR at Present 13.25% p.a. with mly rest or such other rate as agreed by the
company with the Bank Penal Interests
of 2.00% p.a. in additional to the agreed rate in case of default. Terms of
Repayment: Repayable of the
term loan in 60 mly installment of Rs.1.518 Millions commencing from 6 months
from the date of first disbursement. Interests to be services as and when
due. Margin: Margin 30% of the
hypothecation assets Extent and
operation of the charge: To secure the due
repayment of the term loam of Rs.91.100 Millions and for all costs, Interests
and other charge thereon, first charge by way of hypothecation on plant and machinery
and other fixed assets of the company and on creation of addiotnal fixed
assets out of the proposed term loan excluding vehicles and forklift charged
to kotak Mahindra Bank. |
|
Particulars of
the property charged |
To secure the due
repayment of the term loam of Rs.91.100 Millions and for all costs, Interests
and other charge thereon, first charge by way of hypothecation on plant and
machinery and other fixed assets of the company and on creation of addiotnal
fixed assets out of the proposed term loan excluding vehicles and forklift
charged to kotak Mahindra Bank. |
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.