MIRA
INFORM REPORT
|
Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
PIPAVAV SHIPYARD LIMITED (w. e. f. 19.04.2005) |
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Formerly Known As : |
PIPAVAV SHIP DISMANTLING AND ENGINEERING LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.10.1997 |
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Com. Reg. No.: |
04-033193 |
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Capital Investment / Paid-up Capital : |
Rs. 6657.984 Millions |
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CIN No.: [Company
Identification No.] |
L35110GJ1997PLC033193 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
mump27060F |
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PAN No.: [Permanent
Account No.] |
AABCP1491L |
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Legal Form : |
Public Limited Liability Company. The company shares are listed to the
stock exchange. |
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Line of Business : |
Engaged in Commercial Shipbuilding, Ship Repair, Offshore Fabrication
and Servicing and Naval Shipbuilding and Repair. |
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No. of Employees : |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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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 6606600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. There
appears some accumulated losses recorded by the company. However, with some
improvement in profit the company can wipe off those losses in near future.
Trade relations are reported as fair. Business is active. Payments are
reported as fair. Business is active. Payments are reported to be usually
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.
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 |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Solanki |
|
Designation : |
Accounts Manager |
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Date : |
14.06.2011 |
LOCATIONS
|
Registered Office : |
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Tel. No.: |
91-2794-286200 / 201 / 661000 |
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Fax No.: |
91-2794-286373 / 661100 |
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E-Mail : |
careers@pipavavshipyard.com company.secretary@pipavavshipyard.com nileshkmehta@gmail.com |
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Website : |
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Corporate office : |
SKIL House, 209, |
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Tel. No.: |
91-22-66199126 / 6619 9000 |
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Fax No.: |
91-22-67158099 / 2269 6022 / 2265 9939 |
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Corporate Office : |
13/14, Khetan
Bhawan, 198, |
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SEZ Units : |
Village
Rampara –II, Taluka Rajula and Village Lunsapur, Taluka Jafrabad, District –
Amreli – 365560, |
DIRECTORS
As on 25.08.2010
|
Name : |
Mr. Nikhil Prataprai Gandhi |
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Designation : |
Chairman |
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Address : |
38, Sagar Villa, |
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Date of Birth/Age : |
25.04.1958 |
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Qualification : |
B.Com |
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Date of Appointment : |
17.10.1997 |
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Name : |
Mr. Ramaswamy Muthu Venkataraman |
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Designation : |
Nominee Director, EXIM Bank, Independent Director |
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Address : |
1504, Wallace Apartment, |
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Date of Birth/Age : |
16.07.1946 |
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Date of Appointment : |
19.12.2003 |
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Name : |
Mr. Venkiteshwaran Subramanian |
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Designation : |
Independent Director |
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Address : |
A/7 and 2, Lloyds Garden, 7th Floor, Appasaheb Marthe Marg,
Prabhadevi, Worli, Mumbai-400025, |
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Date of Birth/Age : |
22.01.1941 |
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Qualification : |
B.Sc.
with Physics and Mathematics – 1960, Bombay University. LL.B, Bombay
University. |
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Date of Appointment : |
18.09.2007 |
|
Directorships
held on other companies : |
·
Dolphin Offshore Enterprises (India) Limited.
(also Vice Chairman of the ·
company) ·
Dolphin Offshore Shipping Limited. ·
Indian Register of Shipping ·
Mahagujarat Chamunda Cements Company Private
Limited. ·
Mundra Port And Special Economic Zone Limited. ·
National Securities Clearing Corporation Limited. ·
The Clearing Corporation of India Limited. ·
Pandi Correspondents Private Limited. |
|
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Name : |
Mr. Ramunni Menon Premkumar |
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Designation : |
Independent Director |
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Address : |
101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai-400030, |
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Date of Birth/Age : |
16.08.1945 |
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Date of Appointment : |
15.07.2008 |
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Name : |
Mr. Ajai Vikram Singh |
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Designation : |
Independent Director |
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Address : |
Bafhsuri House, |
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Date of Birth/Age : |
04.07.1945 |
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Date of Appointment : |
15.07.2008 |
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Name : |
Mr. |
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Designation : |
Independent Director |
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Address : |
C-15, DGS Co-Operative Housing Society, Plot No. 6, Sector 22, Dwarka,
Delhi-110075, |
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Date of Birth/Age : |
18.06.1944 |
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Date of Appointment : |
15.07.2008 |
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Name : |
Mr. Bhavesh Prataprai Gandhi |
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Designation : |
Executive Vice Chairman |
KEY EXECUTIVES
|
|
Audit Committee |
|
Name : |
Mr. Ramunni Menon Premkumar |
|
Designation : |
Chairman |
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|
|
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Name : |
Mr. Bhavesh Prataprai Gandhi |
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Designation : |
Member |
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Name : |
Ramaswamy Muthu Venkataraman |
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Designation : |
Member |
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Name : |
Mr. Venkiteshwaran Subramanian |
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Designation : |
Member |
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|
Name : |
Mr. |
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Designation : |
Member |
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|
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Shareholder’s and
Investors’ Grievances Committee |
|
Name : |
Mr. Nikhil Prataprai Gandhi |
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Designation : |
Chairman |
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|
|
|
Name : |
Mr. Bhavesh Prataprai Gandhi |
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Designation : |
Member |
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Name : |
Mr. Venkiteshwaran Subramanian |
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Designation : |
Member |
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Remuneration
Committee |
|
Name : |
Mr. Venkiteshwaran Subramanian |
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Designation : |
Chairman |
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|
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|
Name : |
Mr. Nikhil Prataprai Gandhi |
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Designation : |
Member |
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|
|
|
Name : |
Mr. Ramunni Menon Premkumar |
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Designation : |
Member |
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|
|
|
Name : |
Mr. |
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Designation : |
Member |
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|
|
|
Name : |
Mr. Ajit Dabholkar |
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Designation : |
Company Secretary and Compliance officer |
|
Address : |
D/801, |
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Date of Birth/Age : |
19.06.1965 |
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Date of Appointment : |
21.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
299,576,180 |
45.00 |
|
|
299,576,180 |
45.00 |
|
|
|
|
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Total shareholding
of Promoter and Promoter Group (A) |
299,576,180 |
45.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
18,669,761 |
2.80 |
|
|
30,623,218 |
4.60 |
|
|
10,172,300 |
1.53 |
|
|
51,415,118 |
7.72 |
|
|
18,627,000 |
2.80 |
|
|
129,507,397 |
19.45 |
|
|
|
|
|
|
171,516,171 |
25.76 |
|
|
|
|
|
|
21,270,848 |
3.19 |
|
|
24,316,225 |
3.65 |
|
|
19,611,567 |
2.95 |
|
|
415,982 |
0.06 |
|
|
870,800 |
0.13 |
|
|
824,285 |
0.12 |
|
|
17,500,000 |
2.63 |
|
|
500 |
- |
|
|
236,714,811 |
35.55 |
|
Total Public shareholding
(B) |
366,222,208 |
55.00 |
|
Total (A)+(B) |
665,798,388 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
665,798,388 |
- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Engaged in Commercial Shipbuilding, Ship Repair, Offshore Fabrication
and Servicing and Naval Shipbuilding and Repair. |
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Exports : |
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Products : |
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Countries : |
European Countries |
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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 : |
3000 (Approximately) |
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Bankers : |
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Facilities : |
Notes: 1) The term loan
from Banks and Financial Institutions referred above are secured by way of
first charge and mortgage of all the Company’s immovable properties, both present
and future and hypothecation of all movable properties, both present and
future, except book debts and stocks which are subject to the prior charge to
secure working capital requirements. 2) Short Term Loan
from Banks and Financial Institutions referred above includes: a) 450.000
millions secured by way of first charge on moveable properties of the company
both present and future except book debts and stock. b) 550.000
millions secured by way of first charge on moveable properties of the company
both present and future except book debts and stock and further secured by
pledge of entire share holding of the company in E-Complex Private Limited
and first charge of all right title and interest on Land admeasuring 29.1289
hectares at village Rampara 2 , hypothecation of moveable assets E-Complex
Private Limited, a wholly owned subsidiary company. c) 500.000
millions secured by subservient charge on moveable fixed assets of the
company and d) All short term
loans are guaranteed by a promoter group company. 3) All the above
loans are guaranteed by some of the directors in their personal capacity. 4) Vehicle Loans
are secured by Hypothecation of the specific vehicles financed.
Notes:- Includes 103.215 millions relating to discounting of
letter of credits / buyers credit for the project. And 885.180 millions for operations.
1000.000 millions are guaranteed by some of the directors in their personal capacity. |
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Banking Relations
: |
Satisfactory |
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Financial Institutions |
˛
UTI
Mutual Fund ˛
Infrastructure
Leasing and Finance Services Limited, The Il and FS Financial Centre, plot No. C-22, G Block, Bandra-Kurla
Complex, Mumbai – 400 051, ˛
Housing
and urban Development
Corporation Limited, Gruh Nirman, 4th Floor, Ashram Road,
Ahmadabad – 380 009, Gujarat, India |
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Auditors : |
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Name 1: |
M. A. Shah and Company Chartered Accountants |
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Address : |
A-1, Sindhi Niwas, |
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Statutory Auditors : |
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Name 2: |
Chaturvedi and Shah Chartered Accountants |
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Address : |
912-913, Tulsiani Chambers, 212, Nariman point, Mumbai – 400 021, |
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Subsidiary : |
v
E Complex Private Limited |
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Associates : |
v SKIL Infrastructure Limited v Punj Lloyd Limited |
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Sister Concern : |
v Steel Infrastructure Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800,000,000 |
Equity Shares |
Rs.10/-each |
Rs.8000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
665,798,388 |
Equity Shares |
Rs.10/- each |
Rs. 6657.984
millions |
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 |
|
|
|
|
|
1] Share Capital |
6657.984 |
5803.481 |
5796.934 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10365.001 |
6747.284 |
6749.446 |
|
|
4] (Accumulated Losses) |
(506.457) |
0.000 |
(41.755) |
|
|
NETWORTH |
16516.528 |
12550.765 |
12504.625 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11310.759 |
7745.899 |
2943.071 |
|
|
2] Unsecured Loans |
1988.395 |
3790.142 |
982.079 |
|
|
TOTAL BORROWING |
13299.154 |
11536.041 |
3925.150 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
29815.682 |
24086.806 |
16429.775 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10482.814 |
419.885 |
135.988 |
|
|
Capital work-in-progress |
13883.821 |
21560.191 |
11815.907 |
|
|
|
|
|
|
|
|
INVESTMENT |
267.569 |
665.505 |
1940.569 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1330.232
|
3182.929
|
571.374
|
|
|
Sundry Debtors |
70.180
|
0.000
|
0.000
|
|
|
Cash & Bank Balances |
6400.908
|
6617.999
|
8382.318
|
|
|
Other Current Assets |
3484.350
|
0.000
|
0.000
|
|
|
Loans & Advances |
2971.683
|
2550.927
|
1449.390
|
|
Total
Current Assets |
14257.353
|
12351.855
|
10403.082
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1563.767
|
1998.692
|
193.497
|
|
|
Current Liabilities |
6026.070
|
8790.422
|
7637.130
|
|
|
Provisions |
1486.038
|
121.516
|
72.851
|
|
Total
Current Liabilities |
9075.875
|
10910.630
|
7903.478
|
|
|
Net Current Assets |
5181.478
|
1441.225
|
2499.604
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
37.707 |
|
|
|
|
|
|
|
|
TOTAL |
29815.682 |
24086.806 |
16429.775 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
||
|
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SALES |
|
|
|
||
|
|
|
Income |
6293.826 |
0.000 |
0.000 |
|
|
|
|
Other Income |
675.066 |
617.780 |
277.489 |
|
|
|
|
TOTAL (A) |
6968.892 |
617.780 |
277.489 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Purchase of Traded Goods |
947.715 |
0.000 |
0.000 |
|
|
|
|
Raw Materials Consumed |
1693.191 |
0.000 |
0.000 |
|
|
|
|
Manufacturing Expenses |
1634.619 |
0.000 |
0.000 |
|
|
|
|
Payments to and provisions for Employees |
216.285 |
76.769 |
50.269 |
|
|
|
|
Administrative, Selling and Other Expenses |
738.809 |
313.967 |
108.669 |
|
|
|
|
Increase/(Decrease) in Inventories |
1129.430 |
0.000 |
0.000 |
|
|
|
|
TOTAL (B) |
6360.049 |
390.736 |
158.938 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
608.843 |
227.044 |
118.551 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
729.992 |
129.580 |
0.767 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(121.149) |
97.464 |
117.784 |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
365.473 |
1.525 |
1.773 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(486.622) |
95.939 |
116.011 |
||
|
|
|
|
|
|
||
|
Less |
TAX (I) |
1.583 |
46.700 |
67.421 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-I) (J) |
(488.205) |
49.239 |
48.590 |
||
|
|
|
|
|
|
||
|
Add |
PRIOR PERIOD
ITEMS (NET) |
(20.735) |
(5.001) |
(90.345) |
||
|
|
|
|
|
|
||
|
Add |
BALANCE BROUGHT
FORWARD |
2.483 |
(41.755) |
-- |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO BALANCE SHEET |
(506.457) |
2.483 |
(41.755) |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
660.192 |
2201.170 |
NA |
|
|
|
|
Stores and Spares |
25.516 |
- |
NA |
|
|
|
|
Capital Goods |
86.067 |
2329.831 |
NA |
|
|
|
TOTAL IMPORTS |
771.775 |
4531.001 |
NA |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(0.82) |
0.08 |
0.10 |
||
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
8599.000 |
The above information has been parted by Mr. Solanki.
QUARTERLY / SUMMARISED
RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1760.230 |
1756.620 |
2540.790 |
2618.500 |
|
Total Expenditure |
1636.450 |
1589.430 |
2329.700 |
1518.340 |
|
PBIDT (Excl OI) |
123.780 |
167.190 |
211.090 |
1100.160 |
|
Other Income |
125.290 |
197.300 |
228.880 |
5.350 |
|
Operating Profit |
249.070 |
364.490 |
439.970 |
1105.510 |
|
Interest |
229.290 |
264.940 |
290.400 |
405.430 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
19.780 |
99.550 |
149.570 |
700.080 |
|
Depreciation |
117.680 |
121.530 |
123.530 |
124.590 |
|
Profit Before Tax |
(97.900) |
(21.980) |
26.040 |
575.490 |
|
Tax |
0.000 |
0.000 |
0.000 |
83.930 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(97.900) |
(21.980) |
26.040 |
491.560 |
|
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 |
(97.900) |
(21.980) |
26.040 |
491.560 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(7.00)
|
7.97 |
17.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.73)
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.97)
|
0.75 |
1.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
1.78 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.13 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
sUNDRY cREDITORS:
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Due to Micro
small and Medium Enterprises |
6.154 |
8.539 |
0.000 |
|
Due to Others |
1557.613 |
1990.153 |
193.497 |
|
Total |
1563.767 |
1998.692 |
193.497 |
change of address:
The Registered Office of the company was 904, Shukan Tower, Near Judges Bunglow,
police Chowky, Bodakdev,
Ahmedabad – 380 009, Gujarat change to present registered address w.e.f
27.10.2006.
GENERAL INFORMATION:
The Company was incorporated as Pipavav Ship Dismantling and Engineering
Limited on October 17, 1997 under the Companies Act, 1956, as amended (the
“Companies Act”). Pursuant to a special resolution of the shareholders of the
Company at an extraordinary general meeting held on April 19, 2005, the name of
the Company was changed to Pipavav Shipyard Limited. The fresh certificate of
incorporation to reflect the new name was issued on April 29, 2005 by the
Registrar of Companies,
The Company is
registered at the Registrar of Companies, Gujarat, Dadra and Nagar Haveli,
situated at ROC Bhavan, CGO Complex, Opposite Rupal Park Society, Near Ankur
Cross Road, Navrangpura, Ahmedabad - 380013, Gujarat, India
Initial Public Offering (IPO)
The Company made an Initial Public
Offering of Equity Shares (“the Issue”) aggregating Rs. 4986.700
millions.
Consequent to the allotment
of 8,54,50,225 Shares in the IPO, the
paid-up capital of the Company has increased to Rs. 6658.000 millions divided into 66,57,98,388 Equity Shares
of Rs. 10 each.
The Company’s equity shares were
listed on National Stock Exchange of India Limited and Bombay Stock Exchange
Limited on October 9, 2009. The Board takes this opportunity to thank the
investors for their overwhelming response to the Issue and the confidence reposed by them in the Company.
Management Discussion
and Analysis
The Industry in which the Company operates can be
broadly sub-classified in four segments viz. (A) Defence Shipbuilding (B)
Offshore Oil and Gas Assets Construction (C) Commercial Shipbuilding and
Repairs and (D) Heavy Engineering.
Defence Shipbuilding
Based on available reports, the Indian Navy has huge
acquisition plans. It would need more than 100 ships of different types
including submarines in the next two decades. The Indian Coast Guard would also need about 160 ships over next seven
years. To meet these requirements, there is a need to create technologically
advanced additional capacity in the country which opens up tremendous
opportunities to private sector shipyards. To fill this large mismatch between
the Defence requirements and the available capacities, the Government of India
is encouraging the participation of private sector shipyards, directly and
through Public Private Partnership.
There are high value defence acquisition programmes.
The Company will remain in the forefront to participate in such defence
programmes, given the size, the scale and modern infrastructure it has created
especially to cater to strategic defence requirements.
The Company has been declared as the successful bidder
for construction of five Offshore Patrol Vessels for Indian Navy with order
value of approx. 29000.000 millions.
Offshore Oil and Gas
Assets Construction
The Government of India is encouraging a greater
number of foreign companies to enter E&P. Despite significant challenges,
With oil and gas demand expected to significantly
outstrip supply in the years ahead, the National Oil Companies, are working to
ensure greater domestic production of oil and gas. The increased E&P
spending has and will continue to led to increased activity in the offshore oil
and gas assets construction, installation and support industry. As
huge infrastructure investment is required for setting
up new platforms and for replacement of the
ageing assets.
As the proven oil and gas reserves are likely to meet the global energy requirements only till 2030, there will be increased E&P activities. This is expected to drive the demand for Offshore oil and gas assets / structures of both, floating and fixed type.
Commercial
Shipbuilding and Repairs
The
commercial shipbuilding industry is closely linked to the shipping industry.
About 90% by volume and 70% by value of international trade is moved by the
sea-routes. The demand for new commercial ships has declined over last two
years primarily due to the global economic recession resulting in depressed
freight market. The global commercial shipbuilding industry has begun a slow
recovery. The continuation of the current recovery will depend upon the
performance of the freight markets.
beyond August 15, 2007 and the same is currently under consideration.
Given the
anticipated growth in this sector, the Company will be targeting in the near
future the ship/rig repair market as well.
Ship Repairs is
also a labour intensive industry. We can leverage
Ship Repair
business has potential of generating consistent and stable revenue over the
years.
Your Company is
working towards being a one-stop solution provider catering to various
requirements of its customers in the
marine field.
Heavy Engineering
Heavy Engineering sector offers huge potential and the
Company is gearing itself to cater to this segment.
The Company is exploring to extend its product range to include high
value added products by using its engineering infrastructure. In this
connection, the Company is engaged in discussion with some reputed players for
strategic tie-ups.
Outlook
Your Company has a strong order book and the
management believe that the focus on the defence and offshore segments will help the Company to
grow its order book substantially in the near future. Your Company is set to
deliver its first ship this year.
Award
The
Company won Essar-CNBC TV 18 ‘Infrastructure Excellence Award 2010’.
Certificates
The
Company, during the year, has received ISO 9001:2008, ISO 14001:2004 and OHSAS
18001:2007 certificates from Det Norske Veritas. This achievement reinforces
the Company’s quality drive
Internal Control Systems and their Adequacy
The
Company has an adequate system of internal control, supported by a modest
Enterprise Resource Planning (‘ERP’) platform for its main business processes,
to safeguard and protect from loss, unauthorised use or disposition of its
assets. All transactions are properly authorised, recorded and reported to the
Management. The Company has independent Internal Auditors appointed to review
various critical areas of operations. The Audit Reports are reviewed
periodically by the management and the Audit Committee of the Board and
appropriate measures are taken to improve the processes.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2011
(Rs. in Millions)
|
Particulars |
Standalone Year Ended 31.03.2011 (Audited) |
|
Income |
|
|
a) Net Sales / Income from Operations |
8599.308 |
|
b) Other Operating Income |
76.829 |
|
Total Operating Income |
8676.137 |
|
Expenditure |
|
|
(a) (Increase)/decrease in Stock in Trade |
223.506 |
|
(b) Consumption of Raw Materials |
2828.320 |
|
(c) Purchase of traded goods |
2575.880 |
|
(d) Employees Cost |
273.993 |
|
(e) Cost estimated for revenue Recognised |
(302.847) |
|
(f) Depreciation |
487.326 |
|
(g) Other Expenditure |
1475.069 |
|
Total Expenditure |
7561.247 |
|
Profit from operations before other income, interest and Exceptional Items |
1114.890 |
|
Other Income |
556.822 |
|
Profit/(Loss) before Interest and Exceptional items |
1671.712 |
|
Interest |
1190.063 |
|
Profit / (Loss) after interest before Exceptional items |
481.649 |
|
Exceptional Items |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
481.649 |
|
Tax Expenses |
|
|
Current Tax |
116.140 |
|
MAT Credit Entitlement |
(112.765) |
|
Deferred Tax Liability |
79.420 |
|
Income Tax of the Earlier Years |
1.139 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
397.715 |
|
Extraordinary Items (Net of Tax Expenses) |
0.000 |
|
Net Profit/(Loss) for the Year |
397.715 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
6657.984 |
|
Reserves (Excluding Revaluation Reserves) |
10250.156 |
|
Earnings per Share
(EPS) |
|
|
-Basic |
0.60 |
|
-Diluted |
0.60 |
|
Average of Public Share Holding |
|
|
- Number of Shares |
366222208 |
|
- Percentage of shareholding |
55.00% |
|
Promoters and Promoter group share holding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
298371179 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
99.60% |
|
- Percentage of shares(as a % of the total share capital of the company) |
44.81% |
|
b) Non-encumbered |
|
|
- Number of Shares |
1205001 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
0.40% |
|
- Percentage of Share (as a % of the total share capital of the company) |
0.19% |
NOTES:-
- The above results hove been reviewed by
the Audit Committee and taken on record by the Board of Director at its
meeting held on May 28, 2011.
- As per the Revised Guidelines for the Shipbuilding Subsidy .used by the Government of India on 25th March 2009, the Company is eligible for subsidy at me rate of 30% of the contract price, in respect of the export order received for vessels for which the contract with the customer were signed on or before August 14, 2007. Accordingly, Government subsidy Rs. 749.413 Millions for the year ended March 31, 2011 (Previous Year Rs. 881.491 Millions) has been recognized as revenue in respect of Ships under construction on proportionate completion basis.
- Proceeds from issue of 10% compulsorily and mandatorily convertible unsecured Debentures of Rs. 1778.000 Millions and from issue of Convertible share warrants to Promoters of Rs. 625.496 Millions have been fully utilized for Capital expenditures, Working capital requirements and for general corporate purposes.
- Work on pending equipments
/ facilities have substantially been completed and one Goliath crane
commissioned. The other Goliath Crane is in the process of Trial
Commissioning.
- In respect of Offshore Vessels (OSVs),
the Company has accounted for contract revenue and expenses based on the
proportion of completion of contracts certified by technical experts.
"Cost estimated for Revenue Recognised" represents reversal of
Rs 302.847 Millions for the year ended March 31 2011 (Previous Year
provision of Rs 1140.078 Millions) being the provision for proportionate
cost to be incurred with an aim to allocate the profit on the said
contract to whole of the contract.
- Statement of Assets and Liabilities is
as under:
(Rs. in
Millions)
|
Particulars |
Standalone As on 31.03.2011 (Audited) |
|
Shareholder’s Fund |
|
|
(a) Capital |
6657.984 |
|
(b) Reserve and
Surplus |
10250.156 |
|
Convertible Share Warrants |
625.496 |
|
Loan Funds |
20207.518 |
|
Deferred Tax Liability |
79.420 |
|
Total (Liabilities) |
37820.574 |
|
Fixed Assets (Including Capital Work in Progress) |
27001.747 |
|
Investments |
419.652 |
|
Current Assets, Loans and Advances |
|
|
(a) Inventories |
2453.479 |
|
(b) Sundry
Debtors |
2049.933 |
|
(c ) Cash and
Bank Balance |
4256.256 |
|
(d) Other
Current Assets |
4344.718 |
|
(e) Loans and
Advances |
4831.270 |
|
Less : Current
Liabilities and Provisions |
|
|
(a) Liabilities |
(6632.239) |
|
(b) Provisions |
(1011.739) |
|
Profit and Loss Accounts |
107.497 |
|
Total (Assets) |
37820.574 |
- The company has consolidated its results based on the Accounting Standards on Consolidation of Financial Statements (AS-21) as notified by Companies (Accounting Standard) Rules, 2006.
- The Company’s activities during the year predominantly revolved around the Shipbuilding, Ship repair and related activities; accordingly there is only one reportable segment.
- There were no complaints pending from investors at the beginning of the quarter, 1 complaint received was resolved during the quarter ended 31st March 2011 and no complaints were outstanding as on 31st March 2011.
- Previous year figures have been reworked, regrouped, rearranged and reclassified, wherever necessary to make them comparable with those of the current year.
Fixed Assets:-
· Plant and Machinery
· Computers
· Office Furniture and Equipments
· Vehicles
·
· Software
Form 8:-
|
Corporate
identity number of the company |
U35110GJ1997PLC033193 |
|
Name of the
company |
PIPAVAV SHIPYARD
LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-Mail: companysecretary@pipavavshipyard.com |
|
This form is for |
Modification of
chare |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
State Bank of Overseas Branch, World
Trade Centre, Post Box No.16094, Cuffe Parade, Mumbai – 400 005, E-Mail:vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Indenture of
Mortgage dated July 3, 2009 executed by Pipavav Shipyard Limited |
|
Date of
instrument Creating the charge |
03.07.2009 |
|
Amount secured by
the charge |
Rs. 18602.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest: As advised by member
banks as per their respective sanction letters. Terms of
Repayment: Repayable on
demand Margin: As advised by
member banks as per their respective sanction letters. Extent and
Operation of the charge he Mortgagor
Company executed a registered mortgage by way of creating second pari passu
charge on existing immovable and movable
properties as described in Item No.15, as security for repayment of
Working Capital facilities of
Rs.18602.500 millions (including Working Capital Facility of Rs.2400.000
millions sanctioned IDBI Bank Limited) Others: 1. The
mortgage/charge created herein in favour of State Bank of 2. As per the
Inter-se Agreement between Working Capital Lenders of the Company, the Charge
has been created in favour of SBI for the facilities granted by other WC
Lenders. |
|
Short particulars
of the property charged (Including location of the property) |
Leasehold rights
in all those pieces and parcels of land admeasuring 10 hectares 50 acre and
50 sq.mt. at The whole of the
movable properties of the Company including movable plant and machinery,
machinery spares, vehicles, equipments, all office equipment |
|
Particulars of
the present modification |
The mortgage
charge now stand secured upto Rs.18602.500 millions in favour of the State
Bank of India Working Capital Lenders Consortium (Including in working
capital facility of Rs.2400.000 millions sanctioned by IDBI Bank Limited). |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90108151 |
|
Corporate
identity number of the company |
U35110GJ1997PLC033193 |
|
Name of the
company |
Pipavav Shipyard
Limited |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Immovable
Property Any interest in
immovable property |
|
Particular of
charge holder |
Infrastructure
Leasing And Financial Services Limited The IL and FS
Financial Centre, Plot No. C-22, G Block, Bandra-Kurla Complex,
Mumbai-400051, E-mail
:secretarialbkc@ilfsindia.com |
|
Nature of
description of the instrument creating or modifying the charge |
Indenture of Mortgage
dated 24.02.2009 |
|
Date of
instrument Creating the charge |
24.02.2009 |
|
Amount secured by
the charge |
Rs.500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per term
finance agreement dated 20.09.2005 and supplementary agreement dated
06.10.207, fixed interest at the rate of 11% p.a. payable quarterly in
arrears (exclusive of interest tax) Terms of
Repayment Repayment in 32
quarterly installments includes 3 installments from Sept. 2005 to March 2006
and 29 installments commencing from March 2008 to March 2015 for the term
finance of Rs.500 Millions. Margin NA Extent and
Operation of the charge 1st
pari passu charge created by the company in favour of IL and FS over fixed
assets as a security for loan by execution of Memorandum of Entry and by
deposit of title deeds shall rank pari passu with the charge created by the
company on the fixed assets in favour of other term loan lenders as per MOE
dated 13.11.2006 1st
pari passu mortgage on leasehold rights title and interest in land
admeasuring about 95 Hectares more particularly described in 1st
sche to indenture of Mortgage dated 24.02.2009 Others NIL |
|
Short particulars
of the property charged |
The whole of the
borrower’s fixed assets both present and future including Land admeasuring 10
hectares 50 acre and 50 sq. mt. bearing survey no. 42 in Vil. Ramparara,
Taluka Rajula, Dist Amerli state of Gujarat together with buildings
structures, plant and machinery thereon as per memorandum of entry dated
13.11.2006 Leasehold rights
and interests in the land admeasuring about 95 Hectatres more particularly
described in 1st Sch. To attached Indenture of Mortgage dated
24.02.2009 |
|
Date of latest
modification prior to the present modification |
02.01.2008 |
WEBSITE DETAILS:-
Company Overview:
Subject project was originally conceived and implemented by SKIL
Infrastructure Limited (SKIL).
A shipbuilding, ship repair and offshore fabrication complex
being constructed by the Company at Pipavav in the State of Gujarat, India. The
complex is spread over an aggregate area of 198.92 hectares (approximately 491.53
acres), comprising an SEZ unit spread over 95 hectares (approximately 234.75
acres) and an EOU spread over 103.92 hectares (approximately 256.79 acres). The
EOU site adjoins 800 meters of dedicated waterfront. The two sites are
connected by a dedicated corridor road of approximately 4.5 km length built by
the Company. The current phase of the construction of the Pipavav Shipyard
includes:
- conversion of
one of the two existing wet docks into a dry dock measuring 662 meters in
length and 65 meters in width, and which is capable of accommodating ships
of up to 400,000 DWT and/or multiple combinations of smaller vessels,
including vessels catering to offshore activities such as offshore supply
vessels (“OSV”), anchor handling tug supply vessels and multi-purpose
support vessels;
- the
construction of a fabrication and block assembly facility for shipyard
operations;
- the
establishment of dedicated facilities comprising an offshore yard with
load out facilities for our Offshore Business Products; and
- the installation
of two Goliath cranes, each having a lifting capacity of up to 600 tonnes,
including fit out berths, for building and repairing vessels, including
naval vessels and coast guard vessels.
The contract for the dry dock was awarded in April 2007 to AFCONS
Infrastructure Limited, one of India’s leading companies involved in
executing large and complex civil engineering projects at home and abroad, with
emphasis on jetties, docks, harbours, roads, bridges and special foundations.
AFCONS is part of the Shapoorji Pallonji construction conglomerate The
first dry dock is substabntially complete, and is scheduled for completion in
October 2009.
Various sophisticated equipment is already in place such as
IHI cranes, sky masters, gantry cranes, gas cutting automated self-propelled
gas cutting equipment and hydraulic material handling equipment along with
infrastructure utilities such as oxygen generation plant, pollution control
facilities, LPG system and fire fighting systems.
A considerable part of the development activity has already
been carried out. Infrastructure developed so far includes two large wet
docks(wet basins) with a length of 680 meters each and widths of 65 meters and
60 meters. These wet basins are being converted into dry docks which will be
used for construction and repair of ships and will be the largest in
News
Tuesday, June 01, 2010 - Press Information Bureau -
Government of
The Prime Minister, Dr. Manmohan Singh, dedicated Pipavav Shipyard to the nation today. Following is the text of the Prime Minister’s inaugural address on the occasion:
“I am very pleased to participate in this function which
marks the dedication of the Pipavav Shipyard to their nation. Some 50 years ago
when I was a student at the
I have often said
Our Government has taken many steps to develop this sector and
Mr Vasan has summed them up admirably. The National Maritime Development
Programme (NMDP) envisages investment of more than Rs. 1 lakh crore. We have
recently set up the
The Shipbuilding industry can have a multiplier effect on economic output and also in terms of its contribution to the generation of employment. The Government of India has therefore been supporting the setting up of shipyards. I understand the National Manufacturing Competitiveness Council is working with the Ministry of Shipping to explore fresh ways to enable faster growth of this dynamic sector. In addition, they intend to take measures to greatly expand inland water transport.
I once again congratulate the management and staff of the Pipavav Shipyard as I dedicate it to their nation. I wish the Shipyard all success for the future. You have done exceedingly well. The nation is proud of the commitment to enterprise and I venture to suggest that the best is yet to come. With these words, I once again congratulate the management and the staff.”
Pipavav Shipyard achieves Integrated Management System (IMS) Certification by DNV. PSL has received the following certificates from DNV on 30th April 2010
PSL received ISO 9001:2000 in October 2008 which is now upgraded to the latest standard i.,e ISO 9001:2008
This world standard certifies PSL Environment Management System
This world standard certifies PSL Occupational Health and Safety Management System
Pipavav Shipyard
Limited wins Infrastructure Excellence Award 2010 Published : 19th March 2010
E18 - A Division of Network 18 has initiated the
Infrastructure Excellence Awards in association with CNBC TV18 to recognize and
felicitate companies for excellence in the field of infrastructure development.
For the first time in
NICMAR (National Institute of Construction Management & Research) is the Knowledge Partner and Grant Thornton is the Consulting Partner to the awards.
Subject submitted nominations in the following Main Award category:
Ports and Shipyards
Over 50 infrastructure development companies submitted over 100 project entries and participated in the process. After an initial screening of applications by Grant Thornton, the short-listed projects were presented to an eminent jury of experts comprising:
Mr Deepak Parekh, Non-Executive Chairman, Infrastructure Development Finance Company (IDFC Ltd)
Dr Kirit Parikh, Chairman, Integrated Research and Action for Development
(IRADe) & Former Member Planning
Commission, Government of
Mr Rajeev Ratna Shah, Former Member Secretary, Planning
Commission, Government of
Mr S S Kohli, Chairman and Managing Director, India Infrastructure Finance
Company Limited (IIFCL)
Prof Ranjit Mitra, Director, School of Planning & Architecture
The jury meeting took place on 3rd March 2010 and PIPAVAV SHIPYARD LTD has been declared the WINNER in the PORTS & SHIPYARDS category for the Development of the Pipavav Shipyard project.
The Awards function was held on 18th March 2010 (Thursday),
at The Grand,
Published: 8th Feb 10, Economic Times
Pipavav to hire more
Posted: Wed, Aug 12 2009. DNA
Pipavav IPO likely in less than 2 months
Saket Sundria. Mumbai
The IPO may hit the street in less than two months, he said. Pipavav Shipyard had planned to raise Rs 700-800 crore through a public offering for 8.68 crore shares to expand its shipbuilding yard, including construction facilities, ship repair and offshore business.
“We are not changing their plans much,” he said when asked about the size of the IPO.
The company had filed a draft red herring prospectus with Sebi in January 2008, which the regulator approved in September last year. However, Pipavav Shipyard had to put its IPO plans on hold due to a sharp fall in the equity markets following the global economic meltdown. The approval is valid till third week of September this year.
“We are trying to catch up on that (deadline),” Gandhi said.Pipavav also did a pre-IPO placement last year. In the DRHP, Pipavav Shipyard said it plans to do a pre-IPO placement of up to 28.5 lakh shares.
CNBC-TV18 Matrix
Pipavav Shipyard may raise Rs 600-650 cr via IPO: Sources
Pipavav Shipyard, in which Punj Lloyd holds 22.34%, is likely to file a red herring prospectus for its initial public offer (IPO) within a week and is looking to raise nearly Rs 600-650 crore, reports CNBC-TV18 quoting sources.
The company is likely to dilute 12.5% stake and is valued at around Rs 50000.000 millions JM Financial, Citi and Enam are the lead managers to the issue.
Punj Lloyd bought 22.34% stake in the company at Rs 3500.000 millions. Sea King Infra and Punj Lloyd are co-promoters, which hold 45.5% stake.
Posted: Sun, Jul 5 2009. 9:55 PM IST MINT
Pipavav wins $112 mn ONGC deal for 12 ships
The contract is
Pipavav’s first for building offshore support vessels
P. Manoj
“We have received notification of award of contract from ONGC,” Pipavav chief
executive officer J.P. Rai told Mint in a telephone conversation from Mumbai.
An executive at ONGC confirmed the development, but did not want to be named
because the deal has not been made public yet.
Pipavav beat nine contenders including ABG Shipyard Ltd, Bharati Shipyard Ltd
and Cochin Shipyard Ltd.
The contract is Pipavav’s first for building ships used to support offshore oil
exploration. Offshore support vessels play a key role in offshore oil
exploration, being used to ferry workers, equipment and other supplies to oil
fields. It also comes at a time when other shipbuilders are struggling to get
orders in the wake of a global economic slowdown.
In February 2008, Pipavav, an unlisted firm promoted by SKIL Infrastructure
Ltd, first started building ships. The firm has secured contracts for
constructing 26 dry bulk cargo-carrying ships ordered by global fleet owners
such as SETAF SAS of France, AVGI Maritime Services SA of
ONGC currently has a fleet of 30 offshore support vessels, most of which are
undergoing repairs. The oil explorer requires 62 vessels to meet its
exploration and production commitments. It has hired 32 support vessels from
private shipping firms to assist in exploration, but is facing a shortage. The
12 new vessels are expected to join its fleet within 24-30 months, as part of
its long-term plan to reduce shortage of these assets and also to replace older
vessels.
Two persons with knowledge of the auction process said ONGC was able to save as
much as $89 million for buying the 12 ships by asking for revised price
quotations from the shortlisted firms to take advantage of the fall in ship
prices globally.
In the first round of bidding in March, ONGC had received lowest price
quotation of $16.7 million for building each vessel. At that price, the
contract would have been worth $200.4 million. In the second round in May, the
total acquisition cost fell to $112 million.
Pipavav is looking for a stock exchange listing by selling shares to the public
through an initial public offering. Last year, the firm had filed a draft
prospectus with the Securities and Exchange Board of India to raise about Rs800
crore through a public issue. The share sale was put on hold due to poor market
conditions.
Posted: Mon, Apr 6 2009. 7:55 PM IST MINT
Shipbuilding firms may claim over Rs4,000 cr subsidy
Firms like ABG
Shipyard, Pipavav Shipyards, Bharti Shipyards & L&T are gearing up to
claim subsidy, industry sources said
PTI
According to industry sources, firms like ABG Shipyard, Pipavav Shipyards,
Bharti Shipyards and Larsen & Toubro are gearing up to claim subsidy, given
by the government to encourage private sector participation in shipbuilding in
the country.
“We can claim Rs17000.000 millions for contracts entered up to 14 August 2007,
as ABG Shipyard has deliveries lined up till 2012-13,” ABG Shipyard chief
financial officer Dhananjay Datar told PTI. A subsidy of Rs1200.000 millions is
already due as per the present delivery position, he said. Pipavav and Bharti
Shipyards have also plans to claim about Rs10000.000 millions each from the
government while Larsen & Toubro and some others may claim about Rs3000.000
millions each, sources said. An L&T
official said on conditions of anonymity the company’s current status indicated
that it could claim Rs3750.000 millions from the government.
“Pipavav Shipyard may claim about Rs10000.000 milions subsidy from the
government for contracts entered (into) within (the) stipulated period as and
when it starts delivering,” a source added.
Pvt shipyards eye defence contracts
18 Feb 2009, 0125 hrs
IST, Sumantra Das, ET Bureau
MUMBAI: With the global slowdown taking a heavy toll, private shipyards are now hoping to get some business from the defence sector. Companies like
ABG Shipyard, Bharati and Pipavav are tying up with international engineering companies like Rolls Royce, Wartsila Diesel and Yanmer Marine, among others, to get a share of the Rs 8,000-crore defence pie for ships.
ABG Shipyard and Bharati Shipyard have already tied up with Rolls Royce to build ships for Coast Guard, and others are also in talks for the same. This follows a fall in orders for new vessels in the last few months. But a bigger cause for concern for the shipbuilders is cancellation of orders. According to industry estimates, the cancellation rate, particularly in the dry bulk vessel segment, is averaging 10-15% of the global order books.
As per a proposal being considered by the government, sophisticated and smaller-size vessels required by Coast Guard and Indian Navy would be built by private shipyards while public sector shipyards would build strategic and large vessels required by the defence sector.
Currently, the Indian Navy orders are restricted to the naval shipyards under the purview of defence ministry, which include Mazagaon Dock, Goa Shipyard, Garden Reach Shipbuilders and Engineers (Kolkata). But most of the shipyards are already booked for years and working at full capacity. To overcome this, the Indian Navy is likely to start ordering ships from private players.
“In
Pipavav Shipyard is also keen on the defence sector. “We are looking at various kind of vessels for the Navy, which will be more complex and weapons-oriented. As they gain experience in doing these things, they will look at more complex vessels,” said a Pipavav official.
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.44.93 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
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 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
48 |
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.