1. Summary Information
|
|
|
Country |
India |
|
Company Name |
ABG Shipyard
Limited |
Principal Name 1 |
Mr. Rishi Agarwal |
|
Status |
Good |
Principal Name 2 |
Mr. Ram Swaroop Nakra |
|
|
|
Registration # |
04-007730 |
|
Street Address |
Near
Magdala Village, Off Dumas Road, Surat – 395007, Gujarat, India |
||
|
Established Date |
15.03.1985 |
SIC Code |
-- |
|
Telephone# |
91-261-2210645/ 2226480/ 2666480/ 2670458/ 2725191 |
Business Style 1 |
Manufacturers
|
|
Fax # |
91-261-3048243 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Tugs |
|
|
# of employees |
275 (Approximately) |
Product Name 2 |
Pusher
Crafts |
|
Paid up capital |
Rs.509,218,010/- |
Product Name 3 |
Repairing
of Ships |
|
Shareholders |
Shareholding of
Promoter and Promoter Group- 61.83%, Public Shareholding- 38.17% |
Banking |
Bank of Baroda |
|
Public Limited Corp. |
Yes |
Business Period |
27 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
A (66) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
-- |
ABG Shipyard Singapore Pte Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
25,867,300,000 |
Current Liabilities |
33,887,500,000 |
|
Inventories |
24,442,500,000 |
Long-term Liabilities |
23,910,800,000 |
|
Fixed Assets |
9,153,800,000 |
Other Liabilities |
4,665,400,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
62,463,700,000 |
|
Invest& other Assets |
15,856,200,000 |
Retained Earnings |
12,346,900,000 |
|
|
|
Net Worth |
12,856,100,000 |
|
Total Assets |
75,319,800,000 |
Total Liab. & Equity |
75,319,800,000 |
|
Total Assets (Previous Year) |
53,784,500,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
20,770,900,000 |
Net Profit |
1,888,000,000 |
|
Sales(Previous yr) |
18,076,700,000 |
Net Profit(Prev.yr) |
2,289,200,000 |
MIRA
INFORM REPORT
|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ABG SHIPYARD LIMITED |
|
|
|
|
Registered
Office : |
Near |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.03.1985 |
|
|
|
|
Com. Reg. No.: |
04-007730 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.509.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L61200GJ1985PLC007730 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTA01441G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of Tugs, Pusher Crafts and Building and Repairing of Ships. |
|
|
|
|
No. of Employees
: |
275
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 51000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established and a reputed company having fine track. Financial position of the company appears
to be sound. Trade relations are reported as fair. Business is
active. Payments are reported to be regular 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 – 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/ Factory : |
Near |
|
Tel. No.: |
91-261-2210645/ 2226480/ 2666480/ 2670458/ 2725191 |
|
Fax No.: |
91-261-3048243 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10
acres and 22 ghuntas |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
4th/
5th Floor, Bhupati Chambers, 13, |
|
Tel. No.: |
91-22-66563000 |
|
Fax No.: |
91-22-66223050 |
|
E-Mail : |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Rishi Agarwal |
|
Designation : |
Chairman |
|
Date of Birth: |
03.09.1966 |
|
Qualification: |
MBA
(Finance) from |
|
Experience: |
Has
rich experience in Shipbuilding, Ship Repairing and Shipping. |
|
Date of Appointment: |
07.07.2005 |
|
Other Directorships
: |
1. ABG
International Private Limited 2.
ABG Shipping Limited 3.
Onaway Industries Limited 4.
ABG Cement Limited 5.
ABG Heavy Industries Limited 6.
ABG Kolkata Container Terminal Private Limited 7.
ABG Cranes Private Limited 8.
ABG Power Private Limited 9.
ABG Projects and Services Limited ( 10.
ABG Kandla Container Terminal Limited 11.
ABG Engineering and Constructions Private Limited |
|
|
|
|
Name : |
Mr. Ram Swaroop Nakra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Saket Agarwal |
|
Designation : |
Director (up to 29.07.2011) |
|
Date of Birth: |
07.05.1964 |
|
Qualification: |
Commerce Graduate |
|
Experience: |
Has rich experience in Marine business, port services, port
development and transportation |
|
Date of Appointment: |
18.08.2006 |
|
Other Directorships : |
1. ABG Heavy Industries Limited 2. ABG Kolkata Container Terminal Private Limited 3. ABG Cranes Private Limited 4. ABG Power Private Limited 5. ABG Projects and Services Limited ( 6. ABG Shipping Limited 7. Onaway Industries Limited 8. ABG Cement Limited 9. South West Port Limited 10. ABG Kandla Container Terminal Limited 11. Agbross Glass Works |
|
|
|
|
Name : |
Mr. Manoj Arun Phatak |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Ashok R Chitnis |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Shahzaad Dalal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nainesh Jaisingh |
|
Designation : |
Nominee Director (up to 29.07.2011) |
|
|
|
|
Name : |
Mr. Ashwani Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dhananjay
Datar |
|
Designation : |
Whole Time Director (w.e.f. 29.07.2011) |
KEY EXECUTIVES
|
Name : |
Mr. Dhananjay Datar |
|
Designation : |
Chief Financial Officer
|
|
|
|
|
Name : |
Mr. Rajashekhar Reddy |
|
Designation: |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2011)
|
Category |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
375,000 |
0.74 |
|
|
31,110,594 |
61.09 |
|
|
31,485,594 |
61.83 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
31,485,594 |
61.83 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
596,000 |
1.17 |
|
|
118,642 |
0.23 |
|
|
2,541,517 |
4.99 |
|
|
5,742,822 |
11.28 |
|
|
8,998,981 |
17.67 |
|
|
|
|
|
|
|
|
|
|
6,990,033 |
13.73 |
|
|
|
|
|
|
1,924,761 |
3.78 |
|
|
800,493 |
1.57 |
|
|
|
|
|
|
721,939 |
1.42 |
|
|
580,976 |
1.14 |
|
|
121,392 |
0.24 |
|
|
19,071 |
0.04 |
|
|
500 |
- |
|
|
10,437,226 |
20.50 |
|
|
|
|
|
Total Public shareholding
(B) |
19,436,207 |
38.17 |
|
|
|
|
|
Total (A)+(B) |
50,921,801 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
50,921,801 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Tugs, Pusher Crafts and Building and Repairing of Ships. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Ship and Barges |
Nos. |
Not Applicable |
Not
Ascertainable |
16 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
275
(Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of Nariman
Point, Mumbai – 400021, ·
Bank of ·
ICICI Bank Ahmedabad,
·
State Bank of Overseas
Branch, World Trade Centre, Cuffe Parade, Mumbai – 400005, ·
Bank of ·
IDBI Bank ·
Export-Import Bank of ·
Standard Chartered Bank ·
Oriental Bank of Commerce ·
Development Credit Bank ·
Indian Overseas Bank ·
Punjab National Bank ·
Andhra Bank |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTE:
|
The above loans
are secured by |
31.03.2011 (Rs.In Millions |
31.03.2010 (Rs. In Millions) |
|
|
|
|
|
Non Convertible Redeemable Debentures by First pari passu charge on
the company’s immovable and movable fixed assets of Dahej plant. |
3000.000 |
1000.000 |
|
Term Loan with interest, by pari-passu charge on the company’s immovable and movable assets of Dahej plant. |
6583.600 |
8841.400 |
|
Term loan by assets immovable and movable excluding fixed assets o Dahej plant |
860.000 |
1720.000 |
|
Term Loan by pledge of certain investments held by the company |
-- |
900.000 |
|
Term Loan of Andhra Bank by immovable property of the third party |
-- |
2000.000 |
|
Export Packing Credit and Cash Credit by assets both immovable and movable excluding movable and immovable fixed assets of Dahej Plant. |
6998.900 |
6408.200 |
|
Other Short Term loans from banks by residual charge on current assets of the company |
300.000 |
1500.000 |
|
Vehicle loans by hypothecation of the individual assets
financed |
7.200 |
4.800 |
2. Debenture Details:
a. 1000 NCD’s of RS.
100000 each, have been allotted on 16.12.2008 to a public financial institution,
redeemable in three equal installments as under:
|
Date of redemption |
Amount (In Millions) |
|
15.12.2011 |
333.300 |
|
15.12.2012 |
333.300 |
|
15.12.2013 |
333.400 |
b. 11.40% 2000 NCD’s
of Rs.100000 each have been allotted on 10.05.2010 to a bank.
|
Date of redemption |
Amount (In Millions) |
|
09.05.2013 |
2000.000 |
3. Of the due amount,
repayable within one year are as follows:
|
Particulars |
Amount (In Millions) |
|
Term loans from banks |
2585.600 |
|
NCD’s of Rs.100000 each allotted on 16.12.2008 |
333.300 |
|
Short term loans |
300.000 |
|
Packing Credit / cash credit |
6998.900 |
|
Hire Purchase Finance |
4.200 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nisar and Kumar Chartered
Accountants |
|
Address : |
A-17,
|
|
Tel. No.: |
91-22-24948414 |
|
Fax No.: |
91-22-24965527 |
|
E-Mail : |
|
|
|
|
|
Holding Company: |
ABG
International Private Limited |
|
|
|
|
Subsidiaries : |
·
Western India Shipyard Limited (w.e.f. 14th October,
2010) ·
ABG Shipyard
Singapore Pte Limited ·
Vipul Shipyard (Partnership Firm) |
|
|
|
|
Fellow Subsidiaries : |
·
ABG Cement Limited ·
PFS Shipping ( ·
ABG Foods Private Limited ·
ABG Acquafarm Private Limited ·
ABG Engineering and Construction Limited ·
Tirupati Landmark Private Limited ( Formerly
B. F. Engineering Private Limited ·
ABG Energy Limited ·
Eleventh Land Developers Private Limited ·
ABG Resources private Limited ·
Abhishek Mercantile Private Limited ·
Niyati Mercantile Private Limited |
|
|
|
|
Companies over which Directors/ Relatives are able to exercise
significant Influences : |
· ABG Power Private Limited · ABG Infralogistics Limited · ABG Cranes Private Limited · Varada Marine Pte. Limited · ABG Motors Limited · ABG Business Ventures Pte Limited, Singapore · Banal Investment and Trading private Limited · Jarrow Finance and Trading Private Limited · Onaway Industries limited · Agbros Leasing and finance Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity
Share |
Rs.10/-
each |
Rs.1000.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50921801 |
Equity
Shares |
Rs.10/- each |
Rs.509.200
Millions |
|
|
|
|
|
Out of the above:
a) 2,47,00,000 (P.Y. 2,47,00,000) Equity
Shares of Rs.10/- each were issued as fully paid Bonus Shares out of Share
Premium and General Reserve.
b) 60,00,000 (P.Y. 60,00,000) Equity Shares
of Rs.10/- each were issued as fully paid Bonus Shares out of Revaluation
Reserve in 1994-95.
c) 30545594 (P.Y. 28721598) Equity Shares of
Rs.10/- each are held by the holding company ABG International Private 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 |
509.200 |
509.200 |
509.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
318.700 |
|
|
3] Reserves & Surplus |
12346.900 |
10710.800 |
8356.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12856.100 |
11220.000 |
9184.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17749.700 |
22374.400 |
14258.400 |
|
|
2] Unsecured Loans |
6161.100 |
6600.000 |
3421.500 |
|
|
TOTAL BORROWING |
23910.800 |
28974.400 |
17679.900 |
|
|
DEFERRED TAX LIABILITIES |
4033.000 |
3158.300 |
2220.000 |
|
|
|
|
|
|
|
|
TOTAL |
40799.900 |
43352.700 |
29084.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9153.800 |
5997.800 |
5117.000 |
|
|
Capital work-in-progress |
13517.700 |
13754.400 |
10063.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
2338.500 |
2407.600 |
126.800 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24442.500
|
10060.700 |
12039.000 |
|
|
Sundry Debtors |
1238.500
|
704.000 |
394.600 |
|
|
Cash & Bank Balances |
6637.900
|
278.600 |
478.400 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
17990.900
|
19981.400 |
13798.500 |
|
Total
Current Assets |
50309.800
|
31024.700 |
26710.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
11337.700
|
9669.600 |
12571.600 |
|
|
Other Current Liabilities |
22549.800
|
77.500 |
61.000 |
|
|
Provisions |
632.400
|
684.700 |
301.000 |
|
Total
Current Liabilities |
34519.900
|
10431.800 |
12933.600 |
|
|
Net Current Assets |
15789.900
|
21192.900 |
13776.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40799.900 |
43352.700 |
29084.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20770.900 |
18076.700 |
14122.200 |
|
|
|
Other Income |
39.500 |
148.700 |
72.500 |
|
|
|
TOTAL (A) |
20810.400 |
18225.400 |
14194.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
8769.700 |
11620.800 |
10538.700 |
|
|
|
Manufacturing Expenses |
1985.700 |
1494.000 |
1016.200 |
|
|
|
Personal Expenses |
645.900 |
481.000 |
294.300 |
|
|
|
General, Administration and Selling Expenses |
1628.500 |
1213.900 |
1046.500 |
|
|
|
(Profit)/Loss on sale of Investments |
210.000 |
(292.500) |
0.400 |
|
|
|
Increase/(Decrease) in Finished Goods |
2743.500 |
(1457.800) |
(2085.100) |
|
|
|
TOTAL (B) |
15983.300 |
13059.400 |
10811.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4827.100 |
5166.000 |
3383.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1394.700 |
1506.100 |
739.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3432.400 |
3659.900 |
2644.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
630.300 |
386.900 |
144.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2802.100 |
3273.000 |
2499.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
914.100 |
983.800 |
788.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1888.000 |
2289.200 |
1711.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3835.800 |
3234.900 |
4204.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve |
920.000 |
250.000 |
0.000 |
|
|
|
Transfer to General Reserve |
400.000 |
1200.000 |
850.000 |
|
|
|
Dividend |
203.700 |
203.700 |
101.800 |
|
|
|
Tax on Dividend |
33.800 |
34.600 |
17.300 |
|
|
BALANCE CARRIED
TO THE B/S |
4166.300 |
3835.800 |
3234.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5116.300 |
1652.800 |
1792.000 |
|
|
TOTAL EARNINGS |
5116.300 |
1652.800 |
1792.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
444.100 |
3740.100 |
3113.900 |
|
|
|
Capital Goods |
175.700 |
2324.600 |
497.700 |
|
|
|
Others |
5882.600 |
6478.900 |
9415.900 |
|
|
TOTAL IMPORTS |
6502.400 |
12543.600 |
13027.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
37.08 |
44.96 |
33.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5226.000 |
5816.100 |
6192.900 |
|
Total Expenditure |
4067.000 |
4431.600 |
4672.400 |
|
PBIDT (Excl OI) |
1159.000 |
1384.500 |
1520.500 |
|
Other Income |
27.800 |
9.200 |
22.000 |
|
Operating Profit |
1186.800 |
1393.700 |
1542.500 |
|
Interest |
364.200 |
433.700 |
513.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
822.600 |
960.000 |
1029.000 |
|
Depreciation |
229.700 |
243.800 |
256.100 |
|
Profit Before Tax |
592.900 |
716.200 |
772.900 |
|
Tax |
192.300 |
232.400 |
308.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
400.600 |
483.800 |
464.700 |
|
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 |
400.600 |
483.800 |
464.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.07
|
12.36 |
12.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.49
|
18.10 |
17.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.71
|
8.69 |
7.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.29 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.54
|
3.51 |
3.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
3.03 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Company has
successfully delivered 16 vessels taking to the total up to 138 vessels
delivered so far by the Company.
The Company has posted
a turnover of Rs.20810.400 Millions, an increase of about 14.18% as compared to
Rs. 18225.400 Millions in the previous Financial Year. The Company recorded a
net profit of Rs.1888.000 Millions.
During the year,
the construction of Jetty (27 metre wide x 231 metre long), a Slip dock (40
metre wide and 450 metre long) and a Heavy duty Ship Transfer system capable of
lifting and moving 27,000 MT were completed and commissioned at Dahej yard.
During the year,
your Company has notched another milestone with the delivery of a 32,000 DWT,
Double Hull, Bulk Carrier, first to be built in India with CSR and PSPC
Compliances, to Precious Shipping Public Company Limited, Thailand.
The Company has
bagged the first of its kind order from Indian Navy for the construction of 2
(two) Cadet Training Ships and a prestigious order for the construction of 2
Jack-up rigs from Drilling nd Offshore Pte Limited, Singapore. With state of
the art infrastructure in place at Dahej and Surat yards, your Company is now
fully geared to build and repair all kinds of ships, rigs and offshore
structures/ platforms for its wide range of customers and defense sector.
OUTLOOK
By virtue of a
long coastline of about 7517 km, coupled with 190 major and non-major ports,
India is considered a major maritime nation. Approximately 90% of the country's
trade by volume and 70% by value is moved through maritime transport. In view
of its importance, the Indian Government has recognised the need to promote the
quality of the shipping and ocean resources, ports, harbours and the new
technologies to be developed in this emerging scenario.
Cargo handled at
Indian ports more than quadrupled from 180 million tonnes in 1993-94 to 850
million tonnes in 2009-10, while the growth in Indian tonnage has been slow
compared to burgeoning merchandise trade volumes. As much as 40% of Indian
ships will need to be replaced over the next 5 years owing to more than 20
years of age and mandatory IMO regulations for phasing out single hull tankers.
At present domestic shipping companies rely heavily on foreign yards for
acquisition or repairs.
The current
capacity of all shipbuilding yards in India is approx. 5,00,000 DWT. The Indian
shipbuilding industry, which had only about 0.1% share of the world shipbuilding
in 2002, expanded over 10 fold to claim 1 % share by 2008.
The Ministry of
Shipping had envisaged, under the National Maritime Development Programme
(NMDP), to set up two international size shipyards, one on the west coast and
the other on the east coast. Recently, it has been decided by the Ministry that
since the private sector has come up with setting up of two international size
shipyards one on the east coast and another on the west coast, the Government
may not pursue the matter regarding setting up of two international size
shipyards and may act only as a facilitator.
The National
Manufacturing Competitive Council (NMCC) has emphasized the need for a
shipbuilding policy to enable Indian shipyards to compete effectively on both
domestic and export markets to help build a strong shipbuilding sector in the
country, given its potential for employment generation and its strategic
importance. Towards this direction, NMCC has recommended that the shipbuilding
industry in India needs to be granted Infrastructure status and be declared as
a strategic sector. In order to achieve the coveted goal of transforming Indian
ports into world class facilities suited to the requirements of future economy
of India, the Government of India has formulated Maritime Agenda 2010-2020,
with a target, inter alia, of achieving a global shipbuilding market share of
5% by 2020 with strong R&D facilities and design capabilities for the
commercial shipbuilding.
With the
Government of India's decision to open the Defense sector contracts for private
participation and given the size of defense sector contracts, a new area of
opportunity with great potential to grow has been created for ship building
Companies in private sector.
The Government had
earlier announced the Subsidy Scheme, in order to give boost to the
shipbuilding Companies, for both domestic and export orders. This Subsidy
Scheme had expired in August 2007. The momentum created by the boom conditions
and subsidy support has been lost by the discontinuation of the scheme and
recession post 2007 and as a result the Indian shipyards have been languishing
for major orders. In order to revive the momentum in the shipbuilding sector,
the Government has been reportedly considering reviving the subsidy scheme with
some changes.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW:
Much like the
shipping industry, the shipbuilding Industry IS very cyclical. With that said,
while the current downturn presents a challenge for the Industry, it does not
compare to previous downturns such as occurred in the late 1970s and 1980s.
While these are still not the best of times for shipbuilders, the industry is
optimistic about the future of the ship building in Industry.
lndian Shipyards
are in for a revival as the offshore segment, which is the core strength, is
seeing significant growth led by key demand triggers. The demand seems to be
coming more from defense sector. Globally, after turbulence in 2009, shipyards
-have scripted an exciting recovery in 2010 when new orders are touching
-60mnGT and fundamentals have improved significantly.
The global
financial meltdown has dealt a severe blow to the global ship building
industry, and many China ship builders clients had to postpone deliveries due
to stringent cash flows or shrinking demand. A total of 70 million deadweight
tonnage (DWT) of ships were scheduled for delivery in 2010, but only 56 76
million DWT were actually delivered by Chinese ship builders by the end of
November, 72.8 percent of the total orders. China has surpassed the Republic of
Korea to become the world's largest shipbuilder by volume of contracts.
In Dry bulk
segment, the demand for two commodities- coal and iron ore will drive the dry
bulk industry in the near future. Demand for dry bulk is showing a positive
trend despite the economy slowdown. There was a decline in demand in the
container segment from 2008, which has started growing from the first quarter
of 2010.
FINANCIAL PERFORMANCE
WITH RESPECT TO OPERATIONAL PERFORMANCE
During the financial year, the company has successfully delivered 16 Vessels taking to the total up to 138 vessels delivered so far by the company.
The company has posted a turnover of Rs.20810.400 Millions, an increase of about 14.18% as compared to Rs.18225.400 millions in the previous financial year. The company recorded a net profit of Rs.1888.000 Millions.
FIXED
ASSETS:
·
Free
·
·
·
Other Building
·
Plant And Machinery
·
Furniture and Fixtures
·
Vehicles
·
Computers
·
Boats
·
Software
WEBSITE DETAILS:
PROFILE:
Subject, the flagship company of
ABG group was incorporated in the year 1985 as Magdalla Shipyard Private
Limited with the main objects of carrying Shipbuilding and Ship Repair
business. In a span of 15 years from the year 1991, the company has achieved
the status of the largest private sector shipbuilding yard in India with
satisfied customer base all around the world. The registered office and the
yard are situated at
The Shipyard has state of the art,
manufacturing facilities including a “Ship-lift Facility” with a lift capacity
of 4500 tons, side transfer facilities, CNC plasma cutting machine, Bending rolls,
Hydraulic press, Cold shearing machine, Frame bending machine and steel
processing machinery. The Shipyard also has blasting shop and fabrication shop
covered in 4 bays of 150 x 30 M each equipped with 20T EOT Cranes. The
manufacturing process is in line with world-class standards and the Yard is
certified by DNV for ISO 9001:2000.
During past decade, the Shipyard
has constructed and delivered One Hundred four(104) Vessels including
Specialized and Sophisticated vessels like Interceptor Boats, Self Loading and
Discharging Bulk Cement Carriers, Floating Cranes, Articouple Tugs and
Flotilla, Split Barges, Bulk Carriers, Newsprint Carriers, Offshore Supply
Vessels, Dynamic Positioning Ships, Anchor Handling Tug Supply Vessels,
Multi-purpose Support Vessel, Diving Support Vessels, etc. for leading
companies in India and abroad.
ABG Shipyard has successfully
delivered 2 Nos. Interceptor Boats (45 knots vessels) in Aluminium hull with
Water Jet Propulsion to the Indian Coast Guard, 2 x 4000 DWT Cement Carriers
for Cement Ambuja International, Mauritius, 4 x 50T Bollard Pull SRP Tugs for
Wijsmuller, Holland (An A.P.Moller and Company). The most recent deliveries
have been 4 x 60.8M Anchor Handling Tugs / Supply Vessels and 1 x 42M Well Head
Maintenance Vessel (Aluminium Hull) for Halul Offshore, Doha, Qatar, 1 x 50M
Well Test / Supply Vessel and 1 x 56M Well Test / DPS-2 Vessel for Al Mansoori
Production Services, Abu Dhabi, 3 x 47M – 80T Multipurpose Vessel for Lamnalco
Group, Sharjah, 4 x Utility Vessel for Zamil Operation and Maintenance Company
Limited, 1 No. 60.8M Diving Support Vessel – DP1 Halul Offshore Company, Doha
are ready for delivery and 1 No. 83.5M Dynamic Positioning – DP2 Type Vessel
with Diesel Electric Propulsion for Consolidated Contractors Construction
Company, UAE.
The Yard has recently been awarded
an order for 2 Nos. 53M – 90T B. P. ASD Vessels from Lamnalco Group, UAE. They
have also received Orders for 1 No. 90M Pipe Lay Barge, 5 Nos. 61M Anchor
Handling Tug Supply Vessels and 1 No. 78M DPS-2 Diving Support Vessel from
Maridive, Egypt, 3 Nos. 94M Pollution Control Vessels for Indian Coast Guard,
4 Nos. Articoupled Barges for
Essar Shipping, 4 Nos. 63M Anchor Handling Tug Supply Vessels from Seatankers
Management Company Limited, Norway and 1 No. 60.8M Offshore Supply / Supply
Vessel from VROON B. V., Netherlands. Subject is also proud of getting a
prestigious order for 500 passenger vessel from the Administration of Andaman
and Nicobar Administration, Port Blair, which is under construction presently.
The Yard has Multiple Building
Berths, 2 Dry-docks, 125 m x 22.5 m X 5.6 m Fitted with Computerised
Synchronous Shiplift Platform, of 4500 Tonnes Lifting Capacity and 155 m X 30 m
x 7.5 m, Graving Drydock served by 80-T Goliath Crane span 50 m, height 35 m.
and substantial cranage like NCK Rapier 150T Capacity, Tata P and H Make, 60-T
Capacity, HM Make, 50-T Capacity, PPM 80T Capacity. The “Shiplift Facility”
enables the yard to simultaneously build and repair many vessels and gives the
yard a tremendous logistical advantage and flexibility.
The Shipyard has executed many
prestigious Shipbuilding and Ship-repair contracts against stiff International
Competition for both Export and Domestic Markets. All these vessels have
performed very well, thus establishing its reputation for building and
delivering vessels of the best quality at competitive prices and delivery
periods. The Ship Repair Division has successfully repaired and refurbished
Dredgers, Ethylene Carriers, Bulk Carriers, Offshore Supply Vessels and Coast
Guard Vessels.
The path of progress from the
Shipyard’s pioneering work to its leading position today has been achieved by
the superior quality of its products and services, the high productivity of its
operations and the innovative spirit and integrity of its people.
They are now
setting-up a new shipyard with state of art manufacturing facilities including
Two (2) Nos. 400 Mtrs. long New building dry-docks allowing them to build all
kinds of vessels up to 120000 DWT.
BUSINESS
DESCRIPTION
Subject is engaged in ship building and ship repair
business. The Company’s shipyard has manufacturing facilities including a
ship-lift facility with a lift capacity of 4,500 tons, side transfer
facilities, concentrator (CNC) plasma cutting machine, bending rolls, hydraulic
press, cold shearing machine, frame bending machine and steel processing
machinery. During the fiscal year ended March 31, 2011, (fiscal 2011), it
delivered 16 vessels. During fiscal 2011, it completed the construction of
Jetty (27 meter wide and 231 meter long), a Slip dock (40 meter wide and 450
meter long) and a heavy duty ship transfer system capable of lifting and moving
27,000 million tons at Dahej yard. During fiscal 2011, it bagged an order from
Indian Navy for the construction of two cadet training ships and an order for
the construction of two jack-up rigs from Drilling and Offshore Pte Limited,
Singapore. During fiscal 2011, it acquired 60.26% interests in Western India
Shipyard Limited. For the fiscal year ended 31 March 2010, ABG Shipyard
Limited's revenues increased 31% to RS18.57B. Net income increased 27% to
RS2.18B. Revenues reflect an increase in income from operations and higher
income from overseas division. Net income was partially offset by an increase
in consumption of raw materials, higher employees costs, rise in other
expenditure and an increase in depreciation expense and higher manufacturing
expenses.
BOARD OF DIRECTOR
Mr. Rishi Agarwal
Mr. Rishi Agarwal serves as Non-Executive Non-Independent Chairman of the Board of subject. He holds an MBA (Finance) from Purdue University of USA. He is a first generation technocrat and is the Managing Director of Company. After returning from USA he took over the management of company and under his able stewardship and guidance have reached to present level of one of the private sector Shipyard in India. Has over 24 years experience in Shipbuilding, Ship Repairing and Shipping. His other Directorships include ABG International Private Limited, ABG Cement Limited, ABG Engineering and Constructions Limited ABG Energy Limited, ABG Energy Himachal Pradesh Limited, ABG Energy (Gujarat) Limited, ABG Shipyard (Singapore) Pte. Limited, ABG Infra Logistics Limited, ABG Power Private Limited, ABG Cranes Private Limited, ABG Kolkata Container Terminals Private Limited, ABG Kandla Container Terminals Limited, ABG Projects and Services Limited (UK) and ABG Ports Private Limited.
Mr. Ashok R. Chitnis
Mr. Ashok R. Chitnis serves as Independent Non-Executive Director
of subejct. He is a marine engineer with 35 years of experience. He served for
11 years in various capacities including, as Chief Engineer with Scindia Steam
Navigation Company and as Chief Surveyor with Indian Registrar of Shipping.
During his tenure he had held positions as Field/ Chief Surveyor Head of
Training Cell and was also instrumental in the implementation of Quality
Management Systems. He was a fellow of the Institute of the Maritime Engineers
(India) since its inception and President of the said Institute of Maritime
Engineering (India) since its inception and also its President since 2001 -
2003. Also, as a member of the Indian delegation, he has attended the sessions
of the Maritime Safety Committee of International Maritime Security at the
SOLAS Conference. He has further conducted a number of QMS Audits (ISO
9000:1987, ISO 9000: 1994, and ISO 9001: 2000) for various Industrial sectors.
Mr. Ashwani Kumar
Mr. Ashwani Kumar is Non-Executive Independent Director of ABG Shipyard Limited. Mr. Ashwani has done his Post Graduate in Political Science from Allahabad University. He joined Indian Revenue Service in November 1973, During the tenure, worked in various capacities and at various places like, Kolkata, Jaipur, Bhopal, Jodhpur, Mumbai and retired as Chief Commissioner of Income Tax from Chennai in the year August, 2008. His other Directorships include J. Kumar Infraprojects Limited and Western India Shipyard Limited.
Mr. Ram Swaroop Nakra
Mr. Ram Swaroop Nakra serves as Managing Director,
Non-Independent Executive Director of Subject. He is a B. Tech from I.I.T.
Khadagpur. He is a Naval Architect. He promoted ABG Shipyard Ltd in the year
1985 and is the Director of the Company since its inception. In the year 1989,
Agarwal family took over the Company and since then he is working as Executive
Director (Technical) of the Company. He has been instrumental in chartering the
growth of the Company. He has over 30 years of experience in design and
construction of Ships and other floating crafts and is one of the India’s
foremost ship designers and construction experts. He has also been a consultant
on assignment for Asian Development Bank.
NEWS:
ICG GETS 2 MORE
POLLUTION CONTROL VESSELS
13 February 2012
On Board ICGS Sankalp: Indian Coast Guard (ICG) is all set to augment its pollution control response in the sea by inducting two more pollution control response vessels. ICG presently has ICGS Samudra Prahari (Ocean Guard), its first vessel dedicated to control pollution built by ABG Shipyard, Surat.
The vessel is 94 meters in length with a displacement of 3,300 tonnes and maximum draught of 4.5 meters. It was launched on March 20, 2007.ICG is the nodal agency for pollution control in the sea, according to Commander Rajmani Sharma, Coast Guard HQ Karnataka. "ICGS Samudra Prahari is the only vessel of its kind in Asia and addition of two similar pollution control vessels will help India tackle any instance of pollution in its exclusive economic zone (EEZ). The state-of-the-art and user-friendly equipments on board will be used for containment, recovery, separation and dispersal of pollutants," Sharma added.
In a chat with STOI during a day out in the sea organized by ICG for civilians on board its Mumbai based advanced offshore patrol vessel, Commander Sharma said, "The responsibilities of ICG too will increase with plans afoot to raise the boundaries of India's EEZ from the present 200 nautical miles to 350 miles from the shore. USA has already extended the limits of its EEZ boundaries and India will follow the suit."
ICG, which is responsible for looking after maritime interests all along the 320-km long coastline of Karnataka, will add more muscle to it with induction of two hovercrafts - amphibious vessels - imported from the UK by 2013. "The land for construction of hoverports, hangars, and maintenance facilities has been identified in Tannirbhavi near here," he said adding that the hovercrafts are capable of achieving speeds of 35-40 knots.
The hover port here would make it the second along the west coast of India, he said, adding that other hoverports are functioning in Okha in Gujarat, and Haldia in West Bengal, and Mandappam in Tamil Nadu. "Plans are also afoot to set up one more hover port in either Paradip or Vishakapatnam on the east coast to augment country's maritime surveillance capabilities along shallow waters where bigger ICG vessels can't reach," he added.
CIVILIANS GET A TASTE
OF COAST GUARD ACTION
On Board ICGS Sankalp: Indian Coast Guard put its best foot forward in a day out in the sea organized by it off Mangalore coast on Saturday. Intended to give the civilians a slice of the action as it unfolds on the high seas, the event saw Indian Coast Guard (ICG) offshore patrol vessels - Annie Besant and Kasturba Gandhi -- joining the advanced offshore patrol vessel Sankalp and a Chetak and a dornier from its aviation wing in various exercises.
First it was the turn of 'terrorists' trying to sneak into the country using a fishing vessel to first face the ire of Coast Guard commandoes. A fast motor speed boat launched from Sankalp and two motor boats launched from Annie Besant and Kasturba Gandhi intercepted the fishing vessel, boarded it mid-sea and neutralised the threat on board. 'Terrorists' gave up without much of a fight given the vast fire power on board Sankalp bearing down on them.
Then, it was then the turn of Chetak helicopter to draw the oohs and the aahs from the civilians with its high speed fly past Sankalp. The helobatics included dropping a mail bag that contained 'chocolates' for children on board the three vessels, much to their delight. The precision search and rescue operation on the starboard side of the vessel which saw the Chetak winch up a diver who had fallen into the sea drew thunderous applause from all on board.
The fly past by the Chetak and the Dornier aircraft specially flown in for the exercise only added to the excitement. Sankalp also gave a demonstration of the capabilities of its heavy machine gun which is capable of reaching targets 2.5 miles from the ship.
The only disappointment for the visitors was a decision not to fire the Karl Gustav rocket launcher as many smaller fishing vessels were found to be in its effective kill range of 500 metres. A display of fire fighting capabilities of Sankalp using powerful water jets brought down the curtains on the programme before the vessels headed back to New Mangalore Port from where they had cast off three hours ago.
Deputy inspector general NV Narasimha, commanding officer of ICGS Sankalp told STOI that professionally he was satisfied with the operations mounted for the day given the time and logistical constraints involved.
INDIAN COAST GUARD TO
GET TWO MORE POLLUTION CONTROL VESSELS
12 February 2012
On Board ICGS Sankalp: Indian Coast Guard (ICG) is all set to augment its pollution control response at sea by inducting two more pollution control response vessels.
ICG presently has ICGS Samudra Prahari (Ocean Guard), its first dedicated pollution control vessel built by ABG Shipyard, Surat. This pollution control vessel is 94 meters long with a displacement of 3300 tons and maximum draught of 4.5 meters. It was launched on March 20, 2007.
ICG is the nodal agency for pollution control at sea, Commander Rajmani Sharma, Coast Guard HQ Karnataka said. ICGS Samudra Prahari is the only vessel of its kind in entire Asia and addition of two similar pollution control vessels will help India tackle any instance of pollution in its exclusive economic zone (EEZ). The state of the art user friendly equipments onboard would be used for containment, recovery, separation and dispersal of pollutants.
In an informal chat with STOI during a day out at sea organised by ICG for civilians on board its Mumbai based advanced offshore patrol vessel, Commander Rajmani Sharma said the responsibilities of ICG too is all set to increase with plans afoot to raise the boundaries of India's EEZ from the present 200 nautical miles to 350 miles from the shore. "USA has already extended the limits of its EEZ boundaries and India will follow suit," he said.
Coast Guard which is responsible for looking after maritime interests all along the 320-km long coastline of Karnataka will add more muscle to it with induction of two hovercrafts - amphibious vessels - imported from United Kingdom by 2013. "The land for construction of hoverports, hangars, and maintenance facilities has been identified at Tannirbhavi near here," he said adding these hovercrafts are capable of achieving speeds of 35-40 knots.
The hover port here would make it the second along the West Coast of India, Commander Rajmani said, adding that other hoverports are functioning at Okha in Gujarat, and Haldia in West Bengal, and Mandappam in Tamil Nadu. Plans are also afoot to set up one more hover port at either Paradip or Vishakapatnam on the East Coast to augment country's maritime surveillance capabilities along shallow waters where bigger ICG vessels can't reach.
SCI INKS SHIPBUILDING
CONTRACT FOR ACQUISITION OF SIX AHTSVS
03 February 2012
India, February 03 -- Shipping Corporation of India (SCI) has signed the shipbuilding contract for acquisition of 6 nos. 80 Ton Bollard Pull Anchor Handling, Towing and Supply Vessels (AHTSVs), with ABG Shipyard.SCI is India's premier shipping line having a major presence on the global maritime map. The company is the only Indian shipping company operating break-bulk service, international container service, liquid / dry bulk service, offshore service, passenger service, in addition to manning / managing a large number of vessels on behalf of various government departments and organizations.
ENTERING
SHIP BUILDING CONTRACT FOR 6 AHTSVS
03 February 2012
India, February 03 -- Shipping
Corporation of India Limited has informed BSE that the Company has signed the
shipbuilding contract for acquisition of 6 nos. 80 Ton Bollard Pull Anchor
Handling, Towing and Supply Vessels (AHTSVs), with M/s. ABG Shipyard Limited.
ABG
SHIPYARD BAGS ORDER FROM SHIPPING CORPORATION OF INDIA
01 February 2012
India, February 01
-- ABG Shipyard has bagged a prestigious order for construction of 6 Bollard
Pull AHTS Vessels from Shipping Corporation of India. As per the order, company
has to construct 6 Nos. 63 meter twin screw diesel engine driven 2000 OWT 80T
Bollard Pull AHTS Vessel. The order is worth $101.40 million (approx.
Rs.5000.000 Millions). The company has to deliver the order by 15th to 25th
month from the date of signing of contract with a gap of two months for each
vessel. With this order, the company's total order book stands at Rs 166000.000
Millions. ABG Shipyard is engaged in the business of carrying shipbuilding and
ship repair business. The company has emerged as the largest private sector
shipbuilding yard in India with satisfied customer base all around the world.
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.49.35 |
|
UK Pound |
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.