MIRA
INFORM REPORT
|
Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAGSON INTERNATIONAL LIMITED (w.e.f.19.09.1996) |
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Formerly Known
As : |
JAGSON ODEBRECHT INDIA LIMITED |
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Registered
Office : |
5, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.08.1988 |
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Com. Reg. No.: |
55-32914 |
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CIN No.: [Company Identification
No.] |
U52110DL1988PLC032914 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELJ04870F |
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PAN No.: [Permanent Account No.] |
AAACJ2147A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Provision of Offshore Drilling Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
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 9200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
|
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 DECLINED BY
Management non Cooperative
LOCATIONS
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Registered Office : |
5, |
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Tel. No.: |
91-11-23355749 |
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Fax No.: |
91-11-23355297 |
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E-Mail : |
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Website : |
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Head Office : |
12E and F, |
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Tel. No.: |
91-11-23718059/ 23357921/ 30484421-25/ 23721593/ 94/ 23323949/
23328550 |
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Fax No.: |
91-11-30425298/ 23324693/ 23355298 |
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E-Mail : |
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Branches : |
Located at:
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Jagdish Pershad Gupta |
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Designation : |
Chairman cum Managing Director |
|
Address : |
B-2/11, Safdarjung Enclave, New Delhi-110029, |
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Date of Birth/Age : |
11.11.1941 |
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Date of Appointment : |
23.08.1988 |
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Name : |
Mr. Pradeep Gupta |
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Designation : |
Whole Time Director |
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Address : |
B-2/11, Safdarjung Enclave, New Delhi-110029, |
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Date of Birth/Age : |
16.01.1972 |
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Date of Appointment : |
01.03.2001 |
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Name : |
Mr. Ravinder Hora |
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Designation : |
Director |
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Address : |
K-48, Jangpura Extension, New Delhi-110014, |
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Date of Birth/Age : |
07.09.1956 |
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Date of Appointment : |
23.08.1988 |
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Name : |
Mr. Bhuvi Kant |
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Designation : |
Director |
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Address : |
C-35, Sector 47, Gautam Budh Nagar, Noida-201307, |
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Date of Birth/Age : |
05.03.1962 |
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Date of Appointment : |
08.04.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Siddhartha Banik |
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Designation : |
Secretary |
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Address : |
III Floor, |
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Date of Birth/Age : |
01.01.1969 |
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Date of Appointment : |
06.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
J P Gupta |
|
33724277 |
|
Ravinder Hora |
|
1312316 |
|
Pradeep Gupta |
|
3053164 |
|
Sant Lal Khurana |
|
490 |
|
Rishi Pal Gupta |
|
10 |
|
Sunil Arora |
|
120 |
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Total |
|
38090377 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provision of Offshore Drilling Services. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Sanjay Kailash and Associates Chartered Accountant |
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Address : |
A 2/131, |
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Associates/Subsidiaries : |
Jagson Airlines Limited L63040HP1994PLC019011 Gaurav Portfolio Private Limited U74899DL1986PTC024482 Gagar Holdings Limited U67120DL1982PLC013495 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
38090377 |
Equity Shares |
Rs. 10/-
each |
Rs.380.904
Millions |
Note:
Out of the above Shares 37803780 shares are allotted
as fully paid up pursuant to the scheme of amalgamation approved by Delhi High
Court vide their order dated 24.05.1996.
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 |
380.904 |
380.904 |
380.904 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1911.122 |
1542.109 |
1509.723 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2292.026 |
1923.013 |
1890.627 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
435.945 |
220.787 |
230.255 |
|
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2] Unsecured Loans |
37.488 |
0.380 |
0.989 |
|
|
TOTAL BORROWING |
473.433 |
221.167 |
231.244 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2765.459 |
2144.180 |
2121.871 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3380.060 |
857.559 |
827.963 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
249.991 |
303.292 |
301.695 |
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DEFERREX TAX ASSETS |
14.280 |
11.705 |
9.627 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
99.905
|
84.905
|
89.960 |
|
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Sundry Debtors |
73.283
|
60.865
|
6.132 |
|
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Cash & Bank Balances |
248.508
|
388.133
|
678.360 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
818.227
|
538.480
|
272.025 |
|
Total
Current Assets |
1239.923
|
1072.383
|
1046.477 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2055.499
|
53.189
|
45.491 |
|
|
Other Current Liabilities |
15.319
|
20.093
|
8.152 |
|
|
Provisions |
47.977
|
27.477
|
10.248 |
|
Total
Current Liabilities |
2118.795
|
100.759
|
63.891 |
|
|
Net Current Assets |
(878.872)
|
971.624
|
982.586 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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TOTAL |
2765.459 |
2144.180 |
2121.871 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
|
|
|
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Operating Income |
770.111 |
391.591 |
480.722 |
|
|
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Other Income |
33.087 |
67.505 |
78.122 |
|
|
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TOTAL (A) |
803.198 |
459.096 |
558.844 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
182.309 |
142.729 |
160.334 |
|
|
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Administrative Expenses |
159.152 |
138.981 |
118.572 |
|
|
|
Tonnage Tax |
65.000 |
10.000 |
40.000 |
|
|
|
TOTAL (B) |
406.461 |
291.710 |
318.906 |
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|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
396.737 |
167.386 |
239.938 |
|
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|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
25.362 |
58.403 |
36.914 |
|
|
|
|
|
|
|
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|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
371.375 |
108.983 |
203.024 |
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
34.678 |
31.179 |
29.669 |
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
336.697 |
77.804 |
173.355 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.925 |
5.900 |
[35.084] |
|
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|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
318.772 |
71.904 |
208.439 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Foreign Travel and Others |
NA |
1.179 |
0.208 |
|
|
|
Professional Charges |
NA |
15.793 |
1.862 |
|
|
TOTAL EARNINGS |
NA |
16.972 |
2.070 |
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IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
NA |
34.133 |
25.869 |
|
|
|
Spare Parts |
NA |
75.113 |
113.442 |
|
|
TOTAL IMPORTS |
NA |
109.246 |
139.311 |
|
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|
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|
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|
|
Earnings Per Share
(Rs.) |
8.37 |
1.89 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
41.92
|
15.66
|
37.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
43.72
|
19.87
|
36.06 |
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.29
|
4.03
|
9.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.04
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
0.17
|
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.59
|
10.64
|
16.38 |
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) |
|
Sundry Creditors |
2055.499
|
53.189
|
45.491 |
Financial Results:
During the year company’s operating income was Rs.770.110 millions as against
previous year Rs.391.591 millions and profit before taxation amounted to
Rs.336.697 millions as against Rs.77.804 millions in the previous year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U52110DL1988PLC032914 |
|
Name of the
company |
JAGSON INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
5, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Axis Bank Limited, 4/10, OPG House, Asaf Ali road, New Delhi-110 002, |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
03.12.2010 |
|
Amount secured by
the charge |
Rs.2030.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per facility
agreement dated 02.09.2010 to be amended from time to time. Terms of
Repayment As per facility
agreement dated 02.09.2010 to be amended from time to time. Margin As per facility
agreement dated 02.09.2010 to be amended from time to time. Extent and
Operation of the charge Pari Passu Charge
Others The security by
way of exclusive charge over deep sea fossil jackup rig and first pari passu charge
over deep sea matdrill rig and dornier aircraft and second pari-passu charge
on current assets has been created in favour of axis bank ltd. For the
purpose of securing of ECB facility to the extent of USD 42.30 million
(facility amt.) Granted to company for the purpose of filing form 8, facility
amount eqv. In INR has been calculated at the Rs. 48/-each per US$. |
|
Short particulars
of the property charged |
First charge over
all rights, title, interest and benefit in all singular, the co's rig being
deepsea fossil jackup rig (formerly known as ensco 51) model F and G l-780
mod II-C Together with all
parts and all manuals and technical records and includes such rig as a whole
and any individual part thereof, whether affixed to the land or in water, and
the receivables in cash or Otherwise,
arising out of the rig, the co's other properties, present or future, both
tangible and intangible, all its rights, title, interest and benefits in all
tangible and intangible assets (Both present and
future) and including, without limitation, all movable plant and machinery
etc. And hypothecation by way of second pari passu charge on current assets
of the company including but not Limited to all
book debts, operating cash flows, receivables, commission, revenues of
whatsoever nature and wherever arising, of the borrower, present and future,
along with other term lenders. Hyp. By 1st
charge by assignment or creation of security interest of the rig of all the
rights, title, interest, benefits, claims and demands whatsoever of the co.
In the project documents including but Not limited to
contract with ONGC duly acknowledged consented by ONGC and/or other relevant
counter parties to such project documents, drilling contract. If any, all as
amended varied or supplemented From time to time
and all the rights, title, interest, benefits, claims and demands whatsoever
of the borrower in, to under and/or in respect of the insurances related to
or in any manner connected With the project both
present and future and in the permits, approvals and clearances pertaining to
the project and in the letter of credit, guarantee, performance bond, bank Guarantee
provided by any party to the project documents. |
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.44.78 |
|
|
1 |
Rs.71.63 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.