MIRA
INFORM REPORT
|
Report Date : |
15.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
J. RAY MCDERMOTT ENGINEERING SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
RMZ Millenia Business Park, 6th Floor, Campus 3B, 43 Dr.
MGR Road, Kandanchavady, Perungudi, Chennai – 600096, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.05.2006 |
|
|
|
|
Com. Reg. No.: |
059871 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200TN2006FCT059871 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEJ04257B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ6787H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Provider of It Enabled Services, BPO Services |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of J. Ray Mc. Dermott Asia Pacific Pte.
Limited, Singapore. It is an established company having fine track. The company
doing well. 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 an 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co-Operative [Name Not Disclosed]
LOCATIONS
|
Registered Office : |
RMZ Millenia Business Park, 6th Floor, Campus 3B, 43 Dr.
MGR Road, Kandanchavady, Perungudi, Chennai – 600096, Tamilnadu, India |
|
Tel. No.: |
91-44-66126600 |
|
E-Mail : |
DIRECTORS
AS ON 17.09.2010
|
Name : |
Mr. Arunabha Sen |
|
Designation : |
Director |
|
Address : |
71E, Punarvasu, Shristi Sector 3, Mira Road, Thane, Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
27.12.1959 |
|
Date of Appointment : |
19.05.2006 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U72200TN2006FTC059871 |
J. RAY MCDERMOTT
ENGINEERING SERVICES PRIVATE LIMITED |
Director |
19/05/2006 |
19/05/2006 |
- |
Active |
NO |
|
2 |
U63000MH2008PTC185090 |
J Ray McDermott Logistic
Services Private Limited |
Director |
25/07/2008 |
25/07/2008 |
- |
Active |
NO |
|
Name : |
Mr. Nicholas John Huggins |
|
Designation : |
Director |
|
Address : |
Apartment No.1201, Sapphire Tiara Residence, Palm, Jumeirah, Dubai |
|
Date of Birth/Age : |
11.02.1964 |
|
Date of Appointment : |
02.06.2009 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U72200TN2006FTC059871 |
J. RAY MCDERMOTT
ENGINEERING SERVICES PRIVATE LIMITED |
Director appointed in casual
vacancy |
02/06/2009 |
02/06/2009 |
- |
Active |
NO |
|
2 |
U63000MH2008PTC185090 |
J Ray McDermott Logistic
Services Private Limited |
Director |
31/12/2009 |
20/08/2009 |
- |
Active |
NO |
|
Name : |
Mr. Gregory Deacon Powell |
|
Designation : |
Director |
|
Address : |
Villa 10 Street 15, Jumeirah, Dubai |
|
Date of Birth/Age : |
26.04.1970 |
|
Date of Appointment : |
19.05.2006 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U72200TN2006FTC059871 |
J. RAY MCDERMOTT
ENGINEERING SERVICES PRIVATE LIMITED |
Director |
19/05/2006 |
19/05/2006 |
18/03/2010 |
Active |
NO |
|
2 |
U63000MH2008PTC185090 |
J Ray McDermott Logistic
Services Private Limited |
Additional director |
07/08/2008 |
07/08/2008 |
18/03/2010 |
Active |
NO |
|
Name : |
Mr. Oxana Chesak |
|
Designation : |
Director |
|
Address : |
Villa 119 Street 5, Al Reem, 3 Arabian, Ranches, Dubai |
|
Date of Birth/Age : |
12.12.1969 |
|
Date of Appointment : |
19.05.2005 |
|
|
|
|
Name : |
Mr. Peter James Mead |
|
Designation : |
Director |
|
Address : |
Villa 30 Street 12, Meadows 2,, Dubai |
|
Date of Birth/Age : |
23.09.1957 |
|
Date of Appointment : |
20.12.2006 |
|
|
|
|
Name : |
Mr. Hafez Aghiu Kermani |
|
Designation : |
Director |
|
Address : |
Villa No.21, 26th Street, Jumeirah, Dubai |
|
Date of Birth/Age : |
02.04.1949 |
|
Date of Appointment : |
19.05.2006 |
|
|
|
|
Name : |
Mr. Lawrence Rodrigues |
|
Designation : |
Director |
|
Address : |
EC 36 A 103 Sai Anganm Everyshine City, Vasai East, Thane, Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
05.09.1959 |
|
Date of Appointment : |
16.05.2006 |
|
|
|
|
Name : |
Mr. Nagraj Raghupati Rao |
|
Designation : |
Director |
|
Address : |
27 Indradhanush A -5/20, Jeevan Bima Nagar, Borivali (W), Mumbai,
Maharashtra |
|
Date of Birth/Age : |
18.09.162 |
|
Date of Appointment : |
16.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
J. Ray Mc. Dermott Asia Pacific Pte. Limited, Singapore |
|
9900 |
|
J. Ray McDermott Eastern Hemisphere Limited, Mauritius |
|
100 |
|
Total |
|
10000 |
AS ON 17.09.2010
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider of It Enabled Services, BPO Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Delliote Haskings and Sells Chartered Accountant |
|
Address : |
ASV N Ramana Tower, 52 Venkatnarayana Road T Nagar, Chennai – 600024,
Tamilnadu, India |
|
Tel No.: |
91-44-66885000 |
|
Fax No.: |
91-44-66885050 |
|
|
|
|
Holding Company: |
J. Ray Mc. Dermott Asia Pacific Pte. Limited, Singapore |
|
|
|
|
Ultimate Holding Company: |
McDermott International Incorporated |
|
|
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
|
|
|
|
|
The entire share capital is held by the holding
company. McDermott Asia Pacific Pte. Limited, (Formerly known as J. Ray
McDermott Asia Pacific Pte. Limited)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.00 |
|
|
3] Reserves & Surplus |
310.347 |
206.551 |
143.037 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
310.447 |
206.651 |
143.137 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
310.447 |
206.651 |
143.137 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.595 |
65.139 |
8.811 |
|
|
Capital work-in-progress |
0.131 |
4.363 |
2.366 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
29.929 |
19.100 |
12.184 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
192.231
|
77.227 |
139.764 |
|
|
Cash & Bank Balances |
104.103
|
120.278 |
97.177 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
105.385
|
76.649 |
53.736 |
|
Total
Current Assets |
401.719
|
274.154 |
290.677 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.525
|
70.543 |
82.612 |
|
|
Other Current Liabilities |
94.437
|
74.605 |
79.181 |
|
|
Provisions |
22.962
|
10.957 |
9.108 |
|
Total
Current Liabilities |
167.927
|
156.105 |
170.901 |
|
|
Net Current Assets |
233.792
|
118.049 |
119.776 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
310.447 |
206.651 |
143.137 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
563.907 |
340.946 |
320.591 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
137.647 |
79.966 |
87.232 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
137.647 |
79.966 |
87.232 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.679 |
23.369 |
27.478 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
92.968 |
56.597 |
59.754 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(10.828) |
(6.916) |
(1.445) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
103.796 |
63.513 |
61.199 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
103.796 |
63.513 |
61.199 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
557.808 |
339.584 |
350.184 |
|
|
TOTAL EARNINGS |
557.808 |
339.584 |
350.184 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
11.323 |
16.579 |
NA |
|
|
TOTAL IMPORTS |
11.323 |
16.579 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10379.62 |
8351.35 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
18.41
|
18.62 |
19.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.73
|
16.68 |
19.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.27 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.76 |
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39
|
1.76 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company
has been shifted from Block No.III, Unit No.7 and 8, 6th and 7th
Floor, Temple Steps, 184 – 187, Anna Salai, Saidapet, Chennai – 600015,
Tamilnadu, India to present address w.e.f. 28.10.2009
Background
J. Ray
McDgrmolt Engineering Services Private Limited was Incorporated as a private
limited company on May 16,2006. The Company is a wholly owned subsidiary of
McOermotl Asia Pacific Limited (formerly known as J. Ray McDermott Asia Pacific
Limited}, incorporated in Singapore and is registered underlie Software
Technology Parks of India (*STP1') scheme at Chennai, and is engaged in
providing engineering design and drawing services.
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.50.08 |
|
|
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.68.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
|
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 |
- |
MAXIMUM CREDIT LIMIT:
|
Maximum Credit Limit : |
USD 1241788 |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.