MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
DP WORLD PRIVATE LIMITED (w.e.f. 21.02.2007) |
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Formerly Known
As : |
P AND O PORTS PRIVATE LIMITED |
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Registered
Office : |
Darabshaw House Level, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.06.1997 |
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Com. Reg. No.: |
11-109065 |
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Capital
Investment / Paid-up Capital : |
Rs.45.175 Millions |
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CIN No.: [Company Identification
No.] |
U61200MH1997PTC109065 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP09494C |
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PAN No.: [Permanent Account No.] |
AAACP6133A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing
professional support services to various projects for its group companies. |
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No. of Employees
: |
24 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 290000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Murtuza |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-22610570 |
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Date : |
15.06.2011 |
LOCATIONS
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Registered Office : |
Darabshaw House, Level, |
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Tel. No.: |
91-22-22610570 |
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Fax No.: |
91-22-22621405 |
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E-Mail : |
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Head Office: |
DP World, 5th Floor, JAFZA 17, Jebel Ali Free Zone, PO Box 17000,
Dubai, UAE |
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Tel No.: |
+ 971 4881 1110 |
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Fax No.: |
+ 971 4881 1331 |
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Email: |
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Website: |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Kevin James Dsouza |
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Designation : |
Director |
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Address : |
1/3, |
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Date of Birth/Age : |
21.08.1960 |
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Date of Appointment : |
27.09.2005 |
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Name : |
Mr. Devang B Mankodi |
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Designation : |
Director |
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Address : |
7 Darpan, |
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Date of Birth/Age : |
08.09.1968 |
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Date of Appointment : |
27.09.2005 |
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Name : |
Mr. Anil Satdev Singh |
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Designation : |
Chairman cum Managing Director |
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Address : |
A-42-II, Narain Vihar, New Delhi-110028, |
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Date of Birth/Age : |
12.12.1954 |
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Date of Appointment : |
01.07.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Murtuza |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
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Names of Shareholders |
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No. of Shares |
|
DP World Overseas Pty Limited, |
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4517498 |
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DP World Overseas Pty Limited, |
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2 |
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Total |
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4517500 |
As on 28.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing
professional support services to various projects for its group companies. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
24 (Approximately) |
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Bankers : |
Standard Chartered Bank, Mumbai, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel,
Mumbai-400013, Maharashtra, India |
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Holding Company: |
DP World Limited, Dubai, UAE through it subsidiaries listed below as
investing associates holds 100% of the equity shares capital as at 31st
March 2010. |
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Investing Associates: |
DP World Overseas Pty Limited, |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4517500 |
Equity Shares |
Rs.10/- each |
Rs.45.175 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4517500 |
Equity Shares |
Rs.10/- each |
Rs.45.175 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
45.175 |
45.175 |
45.175 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.176 |
25.106 |
26.141 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.351 |
70.281 |
71.316 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.795 |
10.560 |
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TOTAL BORROWING |
0.000 |
0.795 |
10.560 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
73.351 |
71.076 |
81.876 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.203 |
13.751 |
12.800 |
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Capital work-in-progress |
0.000 |
1.560 |
1.460 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
4.619 |
5.118 |
4.775 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
26.224
|
20.656 |
30.005 |
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Cash & Bank Balances |
0.143
|
0.062 |
0.175 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
45.065
|
45.745 |
51.644 |
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Total
Current Assets |
71.432
|
66.463 |
81.824 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.190
|
0.678 |
0.248 |
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Other Current Liabilities |
15.391
|
7.377 |
14.350 |
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Provisions |
5.322
|
7.761 |
4.385 |
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Total
Current Liabilities |
20.903
|
15.816 |
18.983 |
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Net Current Assets |
50.529
|
50.647 |
62.841 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
73.351 |
71.076 |
81.876 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
64.361 |
50.344 |
64.121 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
56.942 |
47.727 |
NA |
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Advertising Expenses |
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TOTAL |
56.942 |
47.727 |
NA |
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PROFIT BEFORE
TAX |
7.419 |
2.617 |
NA |
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Less |
TAX |
4.349 |
1.581 |
NA |
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PROFIT AFTER TAX
|
3.070 |
1.036 |
0.884 |
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EARNINGS IN
FOREIGN CURRENCY |
55.837 |
41.833 |
NA |
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Earnings Per
Share (Rs.) |
0.68 |
0.23 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.77
|
2.06 |
1.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.28
|
3.26 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.28
|
0.23 |
0.41 |
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Current Ratio (Current Asset/Current Liability) |
|
3.42
|
4.20 |
4.31 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
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Sundry Creditors |
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Others |
0.190 |
0.678 |
0.248 |
Background:
DP World Overseas
Pty Limited (formerly known as P and O Australia Ports Pty Limited) set up DP
World Private Limited (formerly known as P and O Ports Private Limited) ('the
Company') on 27 June 1997 for the purpose of identification of port development
projects in India and Subcontinenet Region and providing professional support
services to various projects for its group companies.
Financial Results:
The Company has
recorded income of Rs. 64.361 Millions for the year ended March 31, 2010 as
compared to income of Rs.50.344 Millions for the previous year ended March 31,
2009. The Company has incurred a Profit of Rs 3.069 Millions during the year as
compared to loss of Rs.1.035 Millions during the previous year. Company has
provided consultancy services on port development and port related activities
and received income share from software development pertaining to port related
activity.
Company’s operations
are running smoothly and the Company is confident that in the years ahead its
business will grow.
Contingent Liabilities:
- The Company stands as surety on behalf
of Nhava Sheva International Container Terminal Private Limited ('NSICT')
and Chennai Container Terminal Private Limited ('CCTPL') (companies under
the same management), which have availed of duty exemption under the EPCG
scheme. The total amount involved in connection with this surety is Rs 948.529
Millions (2009: Rs 948.529 Millions) for NSICT and Rs 3282.900 Millions
(2009: Rs 3282.900 Millions) for CCTPL.
- The dues of Fringe Benefit Tax and
Income Tax disputed in appeal Rs. 5.032 Millions (2009 : Rs. 2.006 Millions) and Rs 29.131
Millions (2009 : Rs. Nil)
respectively
Fixed Assets:
- Leasehold Improvement
- Freehold Property
- Office Equipment
- Furniture and Fixtures
- Motor Vehicles
- Computer
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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
29 |
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.