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MIRA
INFORM REPORT
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Report Date : |
21.03.2011 |
IDENTIFICATION DETAILS
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Name : |
FUGRO SURVEY (INDIA) PRIVATE LIMITED (w.e.f. 19.04.2006) |
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Formerly Known
as: |
FUGRO GEONICS PRIVATE LIMITED |
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Registered
Office : |
Fugro House, Plot No. D-222/30 TTC Industrial Area, MIDC, Nerul, Navi
Mumbai – 400706, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.12.1996 |
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Com. Reg. No.: |
104739 |
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CIN No.: [Company Identification
No.] |
U73100MH1996PTC104739 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF03462E |
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PAN No.: [Permanent Account No.] |
AAACF5243R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is primarily involved in providing onshore and off shore survey, navigation services, personnel hire, and data processing services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1334816 |
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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 joint venture between Geonics ( It is a well established company having satisfactory track. Trade
relations 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 |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
Management Non Co-operative (Name not Disclosed)
LOCATIONS
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Registered Office : |
Fugro House, Plot No. D-222/30 TTC Industrial Area, MIDC, Nerul, Navi Mumbai
– 400706, |
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Tel. No.: |
91-22-27629500 |
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Fax No.: |
91-22-27629140 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Bhigna Nayak |
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Designation : |
Managing Directors |
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Address : |
A-4, Niles Co-op. Hsg. Soc Limited., Sector 14, Vashi, Navi Mumbai 400703, Maharashtra |
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Date of Birth/Age : |
15.06.1951 |
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Date of Appointment : |
27.12.1996 |
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Name : |
Mr. Ravindra G. Chitnis |
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Designation : |
Director |
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Address : |
A/18, Dara Enclave, Army Welfare Housing Complex, Sector 9, Nerul, Navi Mumbai 400706, Maharashtra |
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Date of Birth/Age : |
30.12.1945 |
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Date of Appointment : |
27.12.1996 |
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Name : |
Mr. Jakob Ruegg |
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Designation : |
Director |
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Address : |
Vermessungstechniker HeidenBuelstr.27 Elsau CH8352 |
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Date of Birth/Age : |
18.09.1944 |
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Date of Appointment : |
06.01.1997 |
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Name : |
Mr. Richard Gore |
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Designation : |
Director |
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Address : |
P.O. Box No. 8625, |
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Date of Birth/Age : |
14.11.1946 |
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Date of Appointment : |
29.03.2004 |
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Name : |
Mr. Michael Leonard Dravitzki |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
14.12.1963 |
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Date of Appointment : |
14.07.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Rameshwar Kanhaiya Lohiya |
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Designation : |
Company Secretary |
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Address : |
Flat No. 3545/103, Nehru Nagar, Kurla (East), Mumbai
400024, |
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Date of Birth/Age : |
05.10.1932 |
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Date of Appointment : |
01.08.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Fugro Mauritius Limited, |
|
27957 |
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Geonics India Private Limited, Navi Mumbai |
|
3106 |
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Total |
|
31063 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
90.00 |
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Bodies corporate |
10.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily involved in providing onshore and off shore survey, navigation services, personnel hire, and data processing services. |
GENERAL INFORMATION
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No. of Employees : |
500 (Approximately) |
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Bankers : |
UTI Bank Limited, |
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Facilities : |
Cash Gedit account with UTI Bank Limited - Secured by
exclusive first charge on entire current assets of the Company and Collateral
by way of exclusive first charge on entire fixed assets of the Company,
Corporate guarantee of Fugro N.V. Hdand and Geonics (
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Borkar and Muzumdar Chartered Accountant |
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Address : |
21/168, Anand Nagar, Om Chs, Anand Nagar Lane, Off Nehru Road, Vakola,
Santacruz (East), Mumbai – 400055, Maharashtra, India |
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Tel No.: |
91-22-66899999 |
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Fax No.: |
91-22-66899990 |
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Email : |
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Holding Company : |
Fugro Mauritius Limited, |
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Ultimate Holding Company: |
Fugro N.V.(Holds 100% equity of Fugro Mauritius Limited
and controls affairs of all Fugro Gmup of
companies world wide including |
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Fellow Subsidiaries: |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
33000 |
Equity Shares |
Rs.1000/- each |
Rs.33.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31063 |
Equity Shares |
Rs.1000/- each |
Rs.31.063 Millions |
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Shares are held by Fugro Mauritius Limited and 3,106 (P.Y.: 2,808) shares are held by Geonics (India) Private Limited have been issued for consideration other than cash, being purchase of fixed assets and 2,981 shares of Rs.1000/- each fully paid-up are issued for consideration other than cash in pursuance to the scheme of amalgamation with Elcome Surveys Private Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 (15 Months) |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
31.063 |
28.082 |
28.082 |
|
|
2] Share Application Money |
0.000 |
2.981 |
0.000 |
|
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3] Reserves & Surplus |
302.641 |
237.643 |
235.068 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
333.704 |
268.706 |
263.150 |
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|
LOAN FUNDS |
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|
|
|
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1] Secured Loans |
11.812 |
3.397 |
14.431 |
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2] Unsecured Loans |
38.102 |
60.192 |
60.028 |
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TOTAL BORROWING |
49.914 |
63.589 |
74.459 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
383.618 |
332.295 |
337.609 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
130.247 |
156.560 |
123.912 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
1.249 |
1.249 |
0.000 |
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DEFERREX TAX ASSETS |
49.177 |
44.575 |
21.819 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.894
|
1.862 |
1.630 |
|
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Sundry Debtors |
347.521
|
306.566 |
339.422 |
|
|
Cash & Bank Balances |
66.683
|
139.042 |
42.133 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
325.813
|
225.964 |
205.583 |
|
Total
Current Assets |
742.911
|
673.434 |
588.768 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
111.088
|
124.857 |
108.934 |
|
|
Other Current Liabilities |
35.396
|
31.040 |
50.269 |
|
|
Provisions |
393.482
|
387.626 |
237.687 |
|
Total
Current Liabilities |
539.966
|
543.523 |
396.890 |
|
|
Net Current Assets |
202.945
|
129.911 |
191.878 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
383.618 |
332.295 |
337.609 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 (15 Months) |
31.12.2007 |
|
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SALES |
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OPERATIONAL AND
OTHER INCOME (A) |
821.080 |
1416.561 |
1015.785 |
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|
Less |
EXPENSES |
|
|
|
|
|
|
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TOTAL (B) |
NA |
NA |
NA |
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|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
287.553 |
485.275 |
249.522 |
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|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
287.553 |
485.275 |
249.522 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
51.097 |
73.716 |
44.351 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
236.456 |
411.559 |
205.171 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
84.714 |
128.674 |
66.513 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
151.742 |
282.885 |
138.658 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
97.978 |
156.004 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.200 |
28.300 |
14.000 |
|
|
|
Interim Dividend |
47.739 |
161.893 |
18.253 |
|
|
|
Dividend
Distribution Tax |
12.601 |
45.411 |
7.397 |
|
|
|
Proposed Dividend |
26.404 |
105.308 |
25.274 |
|
|
BALANCE CARRIED
TO THE B/S |
147.776 |
97.978 |
NA |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
369.541 |
756.717 |
NA |
|
|
TOTAL EARNINGS |
369.541 |
1126.258 |
NA |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
3.107 |
0.798 |
NA |
|
|
|
Capital Goods |
11.186 |
57.042 |
NA |
|
|
TOTAL IMPORTS |
14.293 |
57.840 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4885 |
9107 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 (15 Months) |
31.12.2007 |
|
PAT / Total Income |
(%) |
18.48
|
19.96 |
13.65 |
|
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|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.27
|
0.49 |
0.29 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.71
|
1.53 |
0.78 |
|
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.77
|
2.26 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.24 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors
|
|
|
|
|
For Expenses |
111.088 |
124.857 |
108.934 |
|
For Capital Goods |
0.000 |
0.000 |
0.000 |
Background
Fugro Survey (
Amalgamation of the Company with Elcome Surveys Private Limited Pursuant to a scheme of amalgamation ('the Scheme'), approved by the shareholders, the Hon'ble Bombay High Court vide its order dated 2711 112009 ("effective date") approved the amalgamation of Elcome Surveys Private Limited ("Elcome"), a Company also engaged in the business of providing onshore and offshore survey, survey vessel charter with the Company with effect from April 1, 2007 ("appointed date).
PERFORMANCE REVIEW
Past Performance
The Company has closed its books on 31d March 20.10. Since the previous year was extended to 15 months closing on 31st March, 2009, previous year figures are and comparable to current year period 01 12 months ending 31st March, 2010. During the period, the Company registered a Gross Turnover of Rs.821.080 Millions as compared to Rs.145.8232 Millions in the previous year of 15 months. The Post tax profits are Rs.151.742 Millions compared to earlier year's figure of Rs.282.885 Millions
The Company's operations during the year have been satisfactory. Company's 81% turnover was from Marine Survey and Construction. 16% from Positioning, Miscellaneous and other Income Contributed 3% la the total revenue.
During the year the Company has executed, as in earlier years, several prestigious contracts awarded by reputed customers to their entire satisfaction, which has further consolidated our Company's image to a great extent in the market.
Future Outlook
During 2009 financial uncertainties led major Indian oil field operators to drastically reduce their capex for exploration and development and were very cautious in spending on non production related activities in 2010, The award of all the major anticipated projects were delayed or cancelled during 2009. However, FSlNPVT was reasonably busy during the Indian field season completing the backlog from the previous season.
With the installation of a stable government In national as
well as in state level, there is on immediate political uncertainty. With the
oil prim hovering around US$ 70, there are fair chances that oil field
operators will go ahead with their exploration and development plan for 2010.
In lieu of this the long term growth prospects of marine survey business in
FIXED ASSETS:
- Building
- Building Renovation
- Vessels
- Plant and Machinery
- Office equipments
- Electrical Fittings
- Computes and peripherals
- Furniture and fixtures
- Software
- Motor vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.