MIRA
INFORM REPORT
|
Report Date : |
11.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SEAMEC LIMITED |
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Registered
Office : |
9TH Floor, A 901-905, 215 Atrium, Andheri Kurla Road,
Andheri (East), Mumbai-400069, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.12.1986 |
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Com. Reg. No.: |
11-154910 |
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Capital
Investment / Paid-up Capital : |
Rs. 339.000 millions |
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CIN No.: [Company Identification
No.] |
L63032MH1986PLC154910 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS34230A |
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PAN No.: [Permanent Account No.] |
AABCP8214H |
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Legal Form : |
Public limited liability company.
Company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Maintenance of offshore oilfield installations. |
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No. of Employees
: |
Not divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 20000000 |
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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 fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair business is active. Payments are reported to be correct 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
Management non cooperative.
LOCATIONS
|
Registered Office : |
9TH Floor, A 901-905, 215 Atrium, Andheri Kurla Road,
Andheri (East), Mumbai-400069, Maharashtra, India |
|
Tel. No.: |
91-22-66941800 |
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Fax No.: |
91-22-66941818 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 31.03
|
Name : |
Mr. Shardul Thacker |
|
Designation : |
Chairman |
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Name : |
Mr. Carl Holmen |
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Designation : |
Director |
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Name : |
Mr. Georges Michel |
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Designation : |
Director |
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Name : |
Mr. Christophe Armengol |
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Designation : |
Director |
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Name : |
Mrs. Bhavna Doshi |
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Designation : |
Director |
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Name : |
Mr. C J Rodricks |
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Designation : |
Managing Director |
KEY EXECUTIVES
|
BOARD COMMITTEE : |
AUDIT COMMITTEE Mrs. Bhavna Doshi, Chairperson Mr. Shardul Thacker Mr. Christophe Armengol SHAREHOLDERS / INVESTORS GRIECANCE AND TRANSFER COMMITTEE Mr. Shardul Thacker, Chairman Mrs. Bhavna Doshi Mr. C J Rodricks |
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|
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|
Name : |
Mr. S S Biswas |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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|
(A) Shareholding of Promoter and Promoter Group |
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|
25425000 |
75.00 |
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|
25425000 |
75.00 |
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Total shareholding of Promoter and Promoter Group (A) |
25425000 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
1692682 |
4.99 |
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|
115935 |
0.34 |
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|
5601 |
0.02 |
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|
462871 |
1.37 |
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|
2277089 |
6.72 |
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|
|
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|
1049459 |
3.10 |
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|
|
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|
4200268 |
12.39 |
|
|
669359 |
1.97 |
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|
278825 |
0.82 |
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|
119424 |
0.35 |
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|
4450 |
0.01 |
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|
150636 |
0.44 |
|
Overseas
Corporate Bodies |
300 |
-- |
|
|
4015 |
0.01 |
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|
6197911 |
18.28 |
|
Total Public shareholding (B) |
8475000 |
25.00 |
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Total (A)+(B) |
33900000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
- |
|
Total (A)+(B)+(C) |
33900000 |
- |
(1)
Indian
Bodies
Corporate
Individual
shareholders holding nominal share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Maintenance of offshore oilfield installations. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management. |
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Bankers : |
·
IDBI Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountant |
|
Address : |
Ground Floor, Jalan Mills Compaund, 95, Ganpat Rao Kadam Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33900000 |
Equity Shares |
Rs.10/- each |
Rs. 339.000
Millions |
|
|
|
|
|
Note :
(Of the above shares, 25425000 (Previous
period-25425000) shares are held by Coflexip Stena Offshore (Mauritius)
Limited, which is a wholly owned subsidiary of Technip SA, France, the ultimate
holding company.)
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
339.000 |
339.000 |
339.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4798.734 |
2878.663 |
2407.450 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5137.734 |
3217.663 |
2746.450 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5137.734 |
3217.663 |
2746.450 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
2068.931 |
2332.430 |
1362.386 |
|
|
Capital work-in-progress |
153.428 |
9.447 |
1023.582 |
|
|
INTANGIBLE ASSETS |
0.602 |
0.880 |
1.104 |
|
|
ASSET HELD FOR SALE |
0.000 |
0.000 |
6.650 |
|
|
|
|
|
|
|
|
INVESTMENT |
12.240 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
177.047
|
117.649 |
183.471 |
|
|
Sundry Debtors |
349.622
|
529.761 |
268.623 |
|
|
Cash & Bank Balances |
2551.446
|
635.425 |
547.244 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
368.408
|
323.486 |
39.509 |
|
Total
Current Assets |
3446.523
|
1606.321 |
1038.847 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
400.666 |
562.105 |
665.107 |
|
|
Other Current Liabilities |
123.649
|
154.144 |
7.611 |
|
|
Provisions |
19.675
|
15.166 |
13.401 |
|
Total
Current Liabilities |
543.990
|
731.415 |
686.119 |
|
|
Net Current Assets |
2902.533
|
874.906 |
352.728 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5137.734 |
3217.663 |
2746.450 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Charter Hire Income |
4247.765 |
2682.973 |
1701.341 |
|
|
|
Service Charge |
0.642 |
2.887 |
3.124 |
|
|
|
Other Income |
167.515 |
40.884 |
64.180 |
|
|
|
TOTAL (A) |
4415.922 |
2726.744 |
1768.645 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
1527.488 |
1729.545 |
1057.588 |
|
|
|
Administrative Expenses |
483.519 |
255.650 |
114.530 |
|
|
|
TOTAL (B) |
2011.007 |
1985.195 |
1172.118 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2404.915 |
741.549 |
596.527 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.802 |
3.758 |
4.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2400.113 |
737.791 |
592.302 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
321.681 |
254.128 |
189.498 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2078.432 |
483.663 |
402.804 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
39.377 |
12.450 |
32.528 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2039.055 |
471.213 |
370.276 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1619.007 |
1285.294 |
975.018 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
203.905 |
0.000 |
0.000 |
|
|
|
Transfer to Tonnage Tax Reserve |
425.000 |
137.500 |
60.000 |
|
|
|
Dividend |
101.700 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
17.284 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2910.173 |
1619.007 |
1285.294 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Charter Hire Income |
3750.543 |
2326.012 |
1443.545 |
|
|
|
Service Charges |
0.485 |
2.799 |
1.680 |
|
|
|
Interest on Delayed Payment |
6.344 |
2.490 |
3.520 |
|
|
|
Other Earnings |
0.000 |
19.080 |
0.000 |
|
|
TOTAL EARNINGS |
3757.372 |
2350.381 |
1448.745 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
199.190 |
144.187 |
106.131 |
|
|
|
Capital Goods |
66.030 |
267.258 |
618.790 |
|
|
TOTAL IMPORTS |
265.220 |
411.445 |
724.921 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
60.15 |
13.90 |
10.92 |
|
QUARTERLY /
SUMMARISED RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
249.200 |
247.300 |
247.200 |
280.100 |
|
Total Expenditure |
437.800 |
325.500 |
313.800 |
490.500 |
|
PBIDT (Excl OI) |
(188.600) |
(78.200) |
(66.600) |
(210.400) |
|
Other Income |
37.700 |
18.200 |
37.700 |
39.900 |
|
Operating Profit |
(150.900) |
(60.000) |
(28.900) |
(170.500) |
|
Interest |
0.600 |
2.200 |
0.500 |
0.600 |
|
Exceptional Items |
0.000 |
41.500 |
2.900 |
0.000 |
|
PBDT |
(151.500) |
(20.700) |
(26.500) |
(171.100) |
|
Depreciation |
68.200 |
64.900 |
64.900 |
66.700 |
|
Profit Before Tax |
(219.700) |
(85.600) |
(91.400) |
(237.800) |
|
Tax |
7.200 |
7.000 |
7.900 |
11.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(226.900) |
(92.600) |
(99.300) |
(248.800) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(226.900) |
(92.600) |
(99.300) |
(248.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
46.17
|
17.28 |
21.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
48.93
|
18.03 |
23.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
37.68
|
12.28 |
16.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.15 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.11
|
0.23 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.34
|
2.20 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.12.2008 |
31.12.2007 |
|
Sundry Creditors |
|
|
|
|
-
Dues to micro and small
enterprises |
0.000 |
0.000 |
0.000 |
|
-
Dues to creditors other
than micro and small enterprises |
400.666 |
562.105 |
665.107 |
|
Total |
400.666 |
562.105 |
665.107 |
Financial highlights
During the fifteen
months period the total revenue from vessel operations was Rs. 4248.000
millions and profit after tax was Rs. 2039.000 millions, representing 46% of the revenue, For the year 2008, the revenue from operations was
Rs.2686.000 millions and profit after tax
was Rs.471.000 millions representing about 17% of the turnover. For the
current financials 88% of revenue comes from overseas operation, while 12% of revenue represents earning from Indian
operations, For the year 2008 revenue from overseas and domestic operations
were 86% and 14% respectively This signifies Company's conspicuous presence
overseas.
The enhanced
performance of the current financial year was attributed to the consolidation of three derivative factors viz: maximum no of days of deployment of vessels,
securing attractive charter rates and effective cost control measures.
The market till
end of 2009 was good in regards to Company's line of operation. Subsequently,
there was an adverse market scenario and according the company experienced a
declining trend both in terms of
deployment of vessels and charter rate in first quarter of 2010.
The Company
continues to retain its debt free status and increased its surplus annual cash flow.
Cash Balance at the beginning of financial period was Rs. 635.000 millions. The
balance at the end of the period was Rs. 2551.000 millions, an
Increase of 302 % over last year.
From the
Assessment Year 2005-06 (relevant accounting year 2004-05) the Company has come
under Tonnage regime available for shipping companies under Chapter XII-G of
Income Tax Act, 1 961 . The Directors have, therefore recommended transfer of
Rs. 425.000 millions from current period surplus to Tonnage Tax Reserve u/s 115
V of income Tax Act, 1961. The
primary out go of tax obligation was on account of Interest earned from the
deposits made on surplus cash balance with the Banks.
OPERATIONS OFFSHORE
The company owns and
operate four dynamically positioned multi support vessels.
Despite volatility
in the oil and gas industry due to melt down in global economy, the company’s
operation showed a distinguished growth. During the fifteen months period ended
on 31st March, 2010, all India whilst other three were deployed
overseas in Mexico, west Africa and UAE etc.
One of the
company’s vessel working overseas was withdrawn from the charter hire due to
commercial dispute. The company is pursuing the matter through all amicable
means.
MANAGEMENT
DISCUSSION and ANALYSIS
REPORT
OVERMEW
The period over
the last 18 months has been very
volatile and uncertain. Major economic setbacks In the USA and Europe had an
adverse impact on all businesses and shipping was no exception. Trade had
reduced substantially, most economies were In dire straits and the general mood
was of despair.
Oil and gas prices
were fluctuating and major Oil companies were not sure of direction of pricing
for the future.
This led to a wait
and watch attitude by ail the Oil majors, no new projects were being sanctioned
and projects under bidding were delayed or stopped completely, resulting a
sharp fall in demand for offshore support vessels In all oilfields.
Even though there
was great uncertainty SEAMEC has fared quite well, mainly due to prudence and
foresight on the part of core management. Vessels were kept employed and the
rates were sustained due to firm commitments.
FINANCW
PERFORMANCE
Comments on
current year's performance:
Revenue.: Increase
in Revenue mainly due to continuous deployment of all four vessels during 2009
and deployment of SEAMEC I1 at higher rate.
Operating Cost:
Decrease in operating cost is mainly due to absence of Diving. Project Expenses
and reduction in Dry Dock expenses however increase In
Brokerage expenses has partially neutralized the reduction In expenses.
Operating Profit:
Increase due to higher revenue and lesser operating cost
Exceptional Items:
Excess receipt of Insurance Claim against damage repair expenses
Depreciation: No
major change.
Current Tax Expenses: The Company Is being
assessed under Tonnage Tax scheme. Tax expenses Include Tonnage Tax of Rs.
0.396 million for Shipping Business current year normal tax charges of
Rs.39.351 millions on other income computed as per Income Tax Act, 1 961
inclusive of previous yea Tax Credit of Rs. 5.517 millions and
Fringe Benefit Tax of Rs.0.768 million.
Net Profit: Net
profit for 2009-10 Is higher compared to 2008 primarily due to increase In
charter hire Income, less operating expense.
NATURE OF OPERATIONS
The company owns and operates four Multi
Support Vessels for providing support services including marine, construction
and diving services to offshore oilfields.
FIXED ASSETS
·
Fleet and Fleet Equipment
·
Machinery Spares
·
Furniture
·
Fittings and Office
Equipment
·
Vehicles
FINANCIAL
RESULTS FOR THE THREE MONTHS AND TWELVE MONTHS ENDED ON MARCH 31, 2011
(Rs. in millions)
|
Particulars |
3 months ended
31.03.2011 (unaudited) |
Period to date figures
for the current period 31.03.2011 (audited) |
|
Net Sales/Income from Operations |
280.100 |
1023.800 |
|
Other Operating Income |
-- |
-- |
|
Total Income |
280.100 |
1023.800 |
|
Expenditure |
|
|
|
Consumables And Spares |
71.200 |
262.200 |
|
Dry Dock Expenditure Incurred |
137.00 |
323.800 |
|
Project Expenses |
14.800 |
14.800 |
|
Employee Cost |
151.400 |
691.100 |
|
Depreciation |
66.700 |
264.700 |
|
Other Expenditure |
116.100 |
275.700 |
|
Total Expenditure |
557.200 |
1832.300 |
|
|
|
|
|
Profit from Operations
before Other Income and Interest |
(277.100) |
(808.500) |
|
Other Income |
39.900 |
133.500 |
|
Profit Before Interest
|
(237.200) |
(675.000) |
|
Interest |
0.600 |
3.900 |
|
Profit before Tax |
(237.800) |
(678.900) |
|
Exceptional Items |
0.000 |
(44.400) |
|
Profit before Tax |
(237.800) |
(634.500) |
|
Tax Expenses
(including current tax, deferred taxation, fringe benefit tax and prior
period adjustments for the period) |
11.000 |
33.100 |
|
Net Profit for the period |
(248.800) |
(667.600) |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
339.000 |
339.000 |
|
Reserves
excluding revaluation reserves (as per last audited balance sheet) |
---- |
---- |
|
Basic and diluted
Earnings per share for the period, for the year to date (not annualized) and
for the previous year – Rs. |
(7.34) |
(19.69) |
|
Public shareholding |
|
|
|
Number of
Shares |
8475000 |
8475000 |
|
Percentage of Shareholding |
25 |
25 |
|
Promoters and promoter group shareholding |
|
|
|
Non -
encumbered Number of
Shares Percentage of
Shares (as a % of
the total shareholding of promoter and promoter
group) Percentage of
Shares (as a % of
the total share capital of the company) |
25425000 100 75 |
25425000 100 75 |
Notes:
1. Turnover during the current 3 months period ended 31.03.2011 was lower
due to reduced vessel operation days, as one of the Company’s vessel was under statutory
maintenance at Dry dock during the period, and lower day rate as compared to
the corresponding period in the pervious year. Previous accounting year figures
represents 15 months period.
2. Exceptional item refers to insurance claim received in-respect of claim
for expenses incurred for repair of claim for expenses incurred for repair of
vessel MSV SEAMEC-II, which was damaged due to accident onboard in September
2007. The relevant expenditure was expensed to profit and loss account when
incurred.
3. Foreign Exchange violation case related to import of Land Drilling Rig
continues to be pending before Hon’ble Court at Mumbai. The company believes
there was no contravention of FERA, hence no provision has been made against
the penalty of Rs. 100.000 millions imposed by Directorate of enforcement.
4. Statement of assets and liabilities
|
STATEMENT OF ASSETS AND LIABILITIES (RS. IN
MILLIONS) |
31.03.2011
AUDITED |
|
SHAREHOLDERS FUNDS |
|
|
1] Share Capital |
339.000 |
|
2] Reserves & Surplus |
4131.500 |
|
|
|
|
TOTAL |
4470.500 |
|
|
|
|
FIXED ASSETS [Net Block] |
2125.700 |
|
INTANGIBLE ASSETS |
0.400 |
|
INVESTMENT |
12.200 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
191.700 |
|
Sundry Debtors |
385.700 |
|
Cash & Bank Balances |
2024.900 |
|
Loans & Advances |
110.300 |
|
Total Current
Assets |
2712.600 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
368.200 |
|
Provisions |
12.200 |
|
Total Current
Liabilities |
380.400 |
|
Net Current
Assets |
2332.200 |
|
|
|
|
TOTAL |
4470.500 |
5. Segment Report :
|
Sl. No. |
|
Particulars |
3 months ended
31.03.2011 (unaudited) |
Period to date
figures for the current period 31.03.2011 (audited) |
|
1 |
|
Segment Revenue (Net of Excise & Other Taxes) |
|
|
|
|
|
|
|
|
|
|
A. |
Domestic |
241.900 |
483.800 |
|
|
B. |
Overseas |
38.200 |
540.00 |
|
|
|
|
|
|
|
|
|
Total |
280.100 |
1023.800 |
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
-- |
-- |
|
|
|
|
|
|
|
|
|
Net Sales / Income from Operation |
280.100 |
1023.800 |
|
|
|
|
|
|
|
2 |
|
Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment) |
|
|
|
|
|
|
|
|
|
|
A. |
Domestic |
157.700 |
36.800 |
|
|
B. |
Overseas |
(394.900) |
(667.400) |
|
|
|
|
|
|
|
|
|
Total |
(237.200) |
(630.600) |
|
|
|
|
|
|
|
|
|
Less :Interest |
0.600 |
3.900 |
|
|
|
|
|
|
|
|
|
Total Profit Before Tax |
(237.800) |
(634.500) |
|
|
|
|
|
|
|
3 |
|
Capital Employed (Segment Assets - Segment Liabilities) |
4470.500 |
4470.500 |
·
Capital employed has not been
identified with any of the reportable segments, as the assets used in the
company’s business and liabilities contracted are used interchangeably between
segments.
6. The figures for the current period are for 3 months and 12 months ended
March 31, 2011. In respect of various period, the figures are for 3 months and
15 months ended March 31, 2011. The previous period figures have been regrouped
/ reclassified where necessary.
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.44.72 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.