MIRA
INFORM REPORT
|
Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT PIPAVAV PORT LIMITED |
|
|
|
|
Registered
Office : |
Pipavav Port, At Post Ucchaiyavia, Rajula, Amreli 365560, Gujarat |
|
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Country : |
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|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
05.08.1992 |
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|
|
|
Com. Reg. No.: |
018106 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.4235.600 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63010GJ1992PLC018106 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG04191F / RKTG00431E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG6975B |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s shares are listed on
Stock Exchange |
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|
|
|
Line of Business
: |
Subject is engaged in Port Development and Operation |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 29400000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
|
Comments : |
Subject is an old and established company having moderate track. Profitability
of the company is under severe pressure. However, trade relations are fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Port
Pipavav , At Post Ucchaiya, Via Rajula, District Amreli - 365 560, |
|
Tel. No.: |
91-2794-286001 / / 092 / 041 / 302400 |
|
Fax No.: |
91-2794-286044 / 286323 |
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E-Mail : |
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|
Website : |
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|
Head Office : |
CG House, 1st Floor, |
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|
|
|
Corporate Office |
Empire Industries Complex, 414, Senapati Bapat Marg, Lower Parel,
Mumbai - 400 013, |
|
Tel. No.: |
91-22-30011300 |
|
Fax No.: |
91-22-30011333 |
DIRECTORS
AS ON 31.12.2010
|
Name : |
Mr. Rajeeva Sinha |
|
Designation : |
Managing
Director (from 10th November 2005) |
|
Qualification : |
M.A.,
M. Sc., LLB, MBA, FICS |
|
Date of Appointment : |
10.11.2005 |
|
Previous Employment : |
Principal
Secretary - (Transport) Govt. of |
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|
|
|
Name : |
Mr.
Hans-Ole Madsen |
|
Designation : |
Chairman |
|
Address : |
Benreeza Apartments, Worli Seaface, Mumbai – 400 018, |
|
Date of Birth/Age : |
19.05.1965 |
|
Date of Appointment : |
13.05.2005 |
|
|
|
|
Name : |
Mr.
Jack D. Helton |
|
Designation : |
Director |
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|
|
|
Name : |
Mr.
Johan Herman Kerkhof |
|
Designation : |
Director
|
|
Address : |
Duindoornstraat 4, 3222 XE Hellevoetsl 415, The
Nederlands |
|
Date of Birth/Age : |
02.11.1948 |
|
Date of Appointment : |
12.05.2006 |
|
|
|
|
Name : |
Mr.
Christian Moller Laursen |
|
Designation : |
Director |
|
Address : |
SBN Doormanlaan 17 2243 Aj Wassenaar, The Nederlands
|
|
Date of Birth/Age : |
18.04.1966 |
|
Date of Appointment : |
29.09.2005 |
|
|
|
|
Name : |
Mr.
Dinesh Kumar Lal |
|
Designation : |
Director |
|
Address : |
34, |
|
Date of Birth/Age : |
15.01.1952 |
|
Date of Appointment : |
01.06.2004 |
|
|
|
|
Name : |
Mr.
H. K. Dash, |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Luis Miranda |
|
Designation : |
Director
|
|
Address : |
801, Deepali, |
|
Date of Birth/Age : |
21.09.1961 |
|
Date of Appointment : |
12.05.2006 |
|
|
|
|
Name : |
Mr.
Krishan Sehgal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Rajeev Thakore |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Ravi Sethurathnam |
|
Designation : |
Director
|
|
Address : |
C-139, Sarvodaya Enclave, |
|
Date of Birth/Age : |
22.07.1959 |
|
Date of Appointment : |
21.05.2005 |
|
|
|
|
Name : |
Mr.
Hariharan Iyer |
|
Designation : |
Alternate
to Mr. Jack D. Helton |
|
|
|
|
Name : |
Mr.
Darius Pandole |
|
Designation : |
Director
(upto 10th November 2005) |
|
|
|
|
Name : |
Mr.
Harekrushna Dash |
|
Designation : |
Director
|
|
Address : |
K-517,
Sector 20, Gandhinagar – 382 020, |
|
Date of Birth/Age : |
18.04.1955 |
|
Date of Appointment : |
29.03.2004 |
|
|
|
|
Name : |
Mr.
Sunil Chawla |
|
Designation : |
Director
|
|
Address : |
C-41,
Sector 44, Noida – 201 303, |
|
Date of Birth/Age : |
23.10.1962 |
|
Date of Appointment : |
29.06.2007 |
|
|
|
|
Name : |
Mr.
Philip Littlejohn |
|
Designation : |
Managing
Director |
|
Address : |
C-9,
C Building, Sea face Co-Operative Housing Society Limited, Mumbai – 400 026, |
|
Date of Birth/Age : |
16.06.1954 |
|
Date of Appointment : |
12.06.2007 |
KEY EXECUTIVES
|
Name : |
Mr.
Bhupendra Parekh |
|
Designation : |
President
Marketing |
|
Qualification : |
B.Com. |
|
Date of Appointment : |
12.01.1996 |
|
Previous Employment : |
S.K.I.L. |
|
|
|
|
Name : |
Mr.
Henrik S. Christensen |
|
Designation : |
Chief
Operating Officer |
|
Qualification : |
Masters License In Navigation |
|
Date of Appointment : |
13.10.2003 |
|
Previous Employment : |
A.P.Moller |
|
|
|
|
Name : |
Mr. C. S. Venkiteswaran |
|
Designation : |
Financial
Controller |
|
Qualification : |
B.Com.,
ACA, ACS |
|
Experience : |
23 Years |
|
Previous Employment : |
TTK
Maersk Medical |
|
|
|
|
Name : |
Mr.
Manish Agnihotri |
|
Designation : |
Company Secretary |
|
Address : |
C 4/403, |
|
Date of Birth/Age : |
15.05.1969 |
|
Date of Appointment : |
13.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
182152360 |
43.01 |
|
|
182152360 |
43.01 |
|
Total shareholding of Promoter and Promoter Group (A) |
182152360 |
43.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
22220809 |
5.25 |
|
|
32233665 |
7.61 |
|
Venture Capital Funds |
25029213 |
5.91 |
|
|
117868823 |
27.83 |
|
|
197352510 |
46.59 |
|
|
|
|
|
|
27076166 |
6.39 |
|
|
|
|
|
|
11429596 |
2.70 |
|
|
4082403 |
0.96 |
|
|
1466636 |
0.35 |
|
|
924474 |
0.22 |
|
|
528207 |
0.12 |
|
|
13955 |
-- |
|
|
44054801 |
10.40 |
|
Total Public shareholding (B) |
241407311 |
56.99 |
|
Total (A)+(B) |
423559671 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
423559671 |
-- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 million BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Port Development and Operation |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Central Bank of ·
Exim Bank, Mumbai ·
Dena Bank Industrial Finance Branch, 9th
Floor, ·
Bank of Jolly Maker Chambers II, Nariman Point,
Mumbai – 400 021, ·
HDFC Bank Limited 1st Floor, Tulsiani Chambers,
Free Press Marg, Nariman Point, Mumbai – 400 021, ·
State Bank of Saurashtra 1st Floor, Sharda Sadan, ·
Citibank N.A. |
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution : |
· IDBI Trusteeship Services Limited 10th Floor, Nariman
Bhavan, 227, Vinay K Shah Marg, Nariman Point, Mumbai – 400 021, · Infrastructure Development Finance Company Limited ITC Centre, 3rd
Floor, 760, Anna Salai, Chennai – 600 002, |
|
|
|
|
Auditors : |
|
|
Name : |
B.S.R. and Company Chartered Accountants |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat
Marg, Lower Parel, Mumbai – 400 013, |
|
Tel. No.: |
91-22-24913030 / 24913131 |
|
Fax No.: |
91-22-24988368 |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs. 10 each |
Rs.6000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
423559671 |
Equity Shares |
Rs. 10 each |
Rs.4235.600 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4235.600 |
3148.600 |
3454.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3123.100 |
(37.900) |
367.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7358.700 |
3110.700 |
3822.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7654.400 |
10559.300 |
6575.400 |
|
|
2] Unsecured Loans |
318.900 |
331.800 |
844.000 |
|
|
TOTAL BORROWING |
7973.300 |
10891.100 |
7419.400 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15332.000 |
14001.800 |
11242.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12602.800 |
12830.300 |
8579.200 |
|
|
Capital work-in-progress |
304.200 |
155.800 |
1638.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
830.000 |
829.800 |
829.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
74.700
|
51.500 |
47.400 |
|
|
Sundry Debtors |
294.500
|
216.700 |
75.100 |
|
|
Cash & Bank Balances |
388.100
|
181.700 |
46.900 |
|
|
Other Current Assets |
1560.700 |
616.400 |
1653.400 |
|
|
Loans & Advances |
3140.400
|
2225.600 |
2448.700 |
|
Total
Current Assets |
5458.400
|
3291.900 |
4271.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
3478.200
|
2765.700 |
3761.600 |
|
|
Provisions |
385.200
|
340.300 |
315.400 |
|
Total
Current Liabilities |
3863.400
|
3106.000 |
4077.000 |
|
|
Net Current Assets |
1595.000
|
185.900 |
194.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15332.000 |
14001.800 |
11242.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
2839.300 |
2207.100 |
1724.100 |
|
|
|
Other Income |
81.300 |
4.000 |
304.800 |
|
|
|
TOTAL (A) |
2920.600 |
2211.100 |
2028.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
916.800 |
501.100 |
303.000 |
|
|
|
Employees Cost |
271.800 |
239.900 |
202.400 |
|
|
|
Power and Fuel Cost |
171.900 |
157.300 |
115.500 |
|
|
|
Preoperative Expenses Capitalized |
0.000 |
0.000 |
(4.200) |
|
|
|
Selling and Distribution Expenses |
282.700 |
206.100 |
332.700 |
|
|
|
Office Expenses |
17.800 |
223.100 |
540.000 |
|
|
|
TOTAL (B) |
1661.000 |
1327.500 |
1489.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1259.600 |
883.600 |
539.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1275.700 |
1563.900 |
1018.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(16.100) |
(680.300) |
(479.200) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
492.700 |
457.600 |
369.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(508.800) |
(1137.900) |
(848.400) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.100 |
26.000 |
(2.400) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(508.900) |
(1163.900) |
(846.000) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(1.20) |
-- |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2011 |
30.06.2011 |
30.09.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
830.620 |
999.250 |
978.660 |
|
Total Expenditure |
449.160 |
589.830 |
528.320 |
|
PBIDT (Excl OI) |
381.460 |
409.420 |
450.340 |
|
Other Income |
31.880 |
44.830 |
24.270 |
|
Operating Profit |
413.340 |
454.250 |
474.610 |
|
Interest |
219.270 |
213.890 |
211.160 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
194.070 |
240.360 |
263.450 |
|
Depreciation |
134.270 |
131.340 |
131.270 |
|
Profit Before Tax |
59.8000 |
109.010 |
132.180 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
59.800 |
109.010 |
132.180 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
59.800 |
109.010 |
132.180 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(17.42)
|
(52.63) |
(41.69) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(17.91)
|
(51.55) |
(49.20) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.82)
|
(7.05) |
(6.60) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
(0.36) |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.60
|
4.49 |
3.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
1.06 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS PERIOD ENDED
30 SEPTEMBER 2011
(Rs.
In Millions)
|
No. |
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
30 September 2011 |
30 June 2011 |
30 September 2011 |
||
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
a. Net Sales / Income from Operations |
924.840 |
939.900 |
2620.140 |
|
|
b Other Operating Income |
53.820 |
59.350 |
188.190 |
|
|
c. Total Income |
978.660 |
999.250 |
2808.330 |
|
2 |
Expenditure |
|
|
|
|
|
a. Operating Expenses |
372.464 |
407.093 |
1099.383 |
|
|
b. Employees Cost |
80.360 |
111.000 |
261.690 |
|
|
c.
Depreciation |
131.270 |
131.340 |
396.870 |
|
|
d. Administrative and Other Expenditure |
75.500 |
71.740 |
209.130 |
|
|
e. Total Expenditure |
659.594 |
721.173 |
1967.073 |
|
3 |
Profit from
Operations before Other Income, Finance Cost and Exceptional Item (1-2) |
319.066 |
278.077 |
841.257 |
|
4 |
Other
Income |
24.270 |
44.820 |
104.060 |
|
5 |
Profit
before Finance Cost and Exceptional Item (3+4) |
343.336 |
322.897 |
945.317 |
|
6 |
Finance
Cost |
211.160 |
213.890 |
644.320 |
|
7 |
Profit/(Loss) after Finance Cost
but before Exceptional Item |
132.176 |
109.007 |
300.997 |
|
8 |
Exceptional
Item |
- |
- |
- |
|
9 |
Profit/(Loss)
before tax (7-8) |
132.176 |
109.007 |
300.997 |
|
10 |
Tax
expense |
- |
- |
- |
|
11 |
Net
Profit/(Loss) for the Period (9-10) |
132.176 |
109.007 |
(982.76) |
|
12 |
Paid up
Equity Share Capital (Face Value Rs. 10/- per share) |
4235.597 |
4235.597 |
4235.597 |
|
13 |
Reserves excluding
revaluation reserve as per Balance Sheet |
|
|
|
|
14 |
Basic and
diluted Earning Per Share - before Exceptional Item (EPS) (Rs.) (not
annualized) |
0.31 |
0.26 |
(0.28) |
|
15 |
Basic and diluted Earning Per Share - after Exceptional
Item (EPS) (Rs.) (not annualized) |
0.31 |
0.26 |
(0.28) |
|
16 |
Public
Shareholding |
|
|
|
|
|
- No. of
shares |
241,407,311 |
241,407,311 |
241,407,311 |
|
|
-
Percentage of Shareholding |
56.99% |
56.99% |
56.99% |
|
17 |
Promoters and
promoter group shareholding |
|
|
|
|
|
a. Pledged/Encumbered ( refer note 6 ) |
|
|
|
|
|
- Number of shares |
182,152,360 |
182,152,360 |
182,152,360 |
|
|
- Percentage of shares (as a % of the total shareholding |
100.00% |
100.00% |
100.00% |
|
|
of promoters and promoter group) |
|
|
|
|
|
- Percentage of shares (as a % of the total share capital |
43.01% |
43.01% |
43.01% |
|
|
of the Company) |
|
|
|
|
|
b.
Non-encumbered |
|
|
|
|
|
- Number of shares |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total shareholding |
- |
- |
- |
|
|
of promoters and promoter group) |
|
|
|
|
|
- Percentage of shares (as a % of the total share capital |
- |
- |
- |
|
|
of the Company) |
|
|
|
Notes
1.
The above results have been reviewed
by the Audit Committee and approved by the Board of Directors on 29 October
2011 and 31 October 2011, respectively.
2.
The Statutory Auditors of the
Company have carried out a Limited Review of the above results as per Clause 41
of the Listing Agreement.
3.
During the quarter ended September
30, 2011, 36 complaints were received and resolved. No investor complaints were
pending at the beginning of the said quarter and no complaints were lying
unresolved at the end of the quarter
4.
The Company has only one reportable
business segment, which is Port services and only one reportable geographical
segment, which is the port at Pipavav. Accordingly, the Company is single segment
company in accordance with Accounting Standard 17 "Segment Reporting"
notified in Companies (Accounting Standard) Rules, 2006.
5.
Out of the Funds raised from the
Initial Public Offer (IPO) amounting to Rs.5000.000 Millions, after meeting IPO
expenses of Rs.204.836 Millions, the Company has utilised the proceeds of the
issue amounting to Rs.3095.104 Millions for repayment of Term Loan; Rs.268.281
Millions have been invested in Capital Equipment; Rs.375.540 Millions invested
in Capital Expenditure and Rs.646.948 Millions for general corporate purposes.
The balance funds of the issue amounting to Rs.409.291 Millions have been
placed in short term deposits with Banks.
6.
In accordance with the loan
covenants of company's borrowings for its project development, the shareholding
of promoter is pledged with Infrastructure Development Finance Company Limited
(IDFC), lenders agent.
7.
With reference to the Company's
application to Central Government for the Managerial Remuneration paid to
Managing Director as at 31 December 2010 in excess of the ceiling prescribed
under Schedule XIII of the Companies Act, 1956, the approval has since been
obtained
8.
Previous period figures have been
regrouped, where necessary
Form No. 8
|
Corporate
identity number of the company |
U63010GJ1992PLC018106 |
|
Name of the
company |
GUJARAT PIPAVAV PORT LIMITED |
|
Address of the
registered office or of the principal place of business in |
Port Pipavav , At Post Ucchaiya, Via Rajula, District Amreli - 365
560, |
|
This form is for |
Creation of
charge |
|
Type of charge |
English mortgage |
|
Particular of
charge holder |
Infrastructure Development Finance Company Limited ITC Centre, 3rd Floor, 760, Anna Salai, Chennai
– 600 002, |
|
Nature of
instrument creating charge |
Indeture of
mortgage executed by the company in favour of IDFCL in its capacity as the
security trusty for the existing landers namely IDBI IIBI Exim Bank and PNB
and non-fund based lender mainly HDFC Limited |
|
Date of
instrument Creating the charge |
31.03.2006 |
|
Amount secured by
the charge |
Rs.354.030
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Immovable
properties and indencher of mortgage of land |
|
Description of
the property charged indicating whether it is a charged on |
·
Immovable
properties ·
Stock
in trade ·
Plant
and machinery ·
Book
debts ·
Furniture
and fixtures ·
Vehicles |
|
Particulars of
the property charged |
All that piece and
parcel of land admeasuring 4529059 Sq. meters in the villages of Rampara,
Berai and Thavi Ta; Rajula District Amreli in the state of Gujarat and more
particulary describe in sedule II and movable properties describe in sedule
II of the indencher of mortgage. |
Fixed
Assets
·
Land and site development
·
Leasehold improvement
·
Dredging
·
Buildings
·
Plant and machinery
·
Railway sidings
·
Furniture and fixtures
·
Vehicles
Hercules Service -
NYK’s fastest service from Japan makes Pipavav its first Indian port of Call
31 March,2011
NYK Line's Premier Hercules Service has recently made Port Pipavav its
first port of call in
Tokyo, Shimizu, Omaezaki, Nagoya, Kobe, Laem Chabang, Singapore,
Pipavav, Karachi-Port Muhammad Bin Qasim, Mumbai-Nhava Sheva, Colombo,
Singapore, Laem Chabang, Keelung, Tokyo
"The Hercules Service is a unique service that connects
In a statement to the press, Mr. Okinobu Hatsugai, Managing Director,
NYK Line (
Capt. Vivek Singh Anand, General Manager - All-India Operations of NYK
Line (
NYK is one of Port Pipavav's esteemed customers and both companies share a long
history of mutually beneficial relationships with each other. Over the
last two years, the port has increased the number of customers and today has 23
customers with a reach that spans
About APM Terminals Pipavav:
APM Terminals Pipavav is the fastest growing gateway port for EXIM cargo
in North West India. The port's container volumes have been consistently growing
year on year and in 2010, volumes grew by 45% taking its market share to 24%.
In 2010, the port attracted 8 new shipping lines and 5 new services to support
customers in North West India. The marketing team has opened offices in
Ahmedabad, Jaipur,
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.49.68 |
|
|
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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.