MIRA
INFORM REPORT
|
Report Date : |
06.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
GOA SHIPYARD LIMITED |
|
|
|
|
Registered
Office : |
Vasco Da Gama, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.09.1967 |
|
|
|
|
Com. Reg. No.: |
24-000077 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.291.009
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63032GA1967GOI000077 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRG03202D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG7569F |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Shipbuilders, Ship Repairs and Engineers. |
|
|
|
|
No. of Employees
: |
1776 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 22000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established 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 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Prabhu Narayana Singh Chohan |
|
Designation : |
General Manager [Finance Department] |
|
Contact No.: |
91-832-2500308 |
|
Date : |
05.03.2012 |
LOCATIONS
|
Registered Office : |
Vasco Da Gama, Goa – 403 802, |
|
Tel. No.: |
91-832-2512152 (5 Lines) / 2513954 / 2512359 / 2513943 |
|
Fax No.: |
91-832-2513870 / 2513943 / 2513260 / 2512148 / 2514232 |
|
E-Mail : |
|
|
Website : |
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|
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|
Unit: |
Units II and III, Sancoale Industrial Estate, Zuarinagar-403726, |
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|
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|
Mumbai Office: |
Mazagon Dock Limited, Dockyard Road, Mumbai-400010, Maharashtra, India |
|
Tel. No.: |
91-22-23738321 / 23738747 / 23738749 |
|
Fax No.: |
91-22-23738140 |
|
E-Mail : |
|
|
|
|
|
Delhi Office: |
‘H’ Block, Defence Headquarters, DHQ Post Office, New Delhi-110011,
India |
|
Tel. No.: |
91-11-23015681 |
|
Fax No.: |
91-11-23792311 |
DIRECTORS
As on 19.08.2011
|
Name : |
Mr. Vineet Bakshi |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Shipyard House, |
|
Date of Birth/Age : |
11.01.1954 |
|
Date of Appointment : |
01.03.2010 |
|
DIN No.: |
02960365 |
|
|
|
|
Name : |
Mr. S Ananthasayanam Sampathikumaran |
|
Designation : |
Director |
|
Address : |
D2/2 GSL Officesrs’ Residential Enclave, |
|
Date of Birth/Age : |
09.07.1952 |
|
Date of Appointment : |
05.11.2003 |
|
DIN No.: |
00124035 |
|
|
|
|
Name : |
Mr. Rangila Choudhary |
|
Designation : |
Whole Time Director |
|
Address : |
131 A Duplex Bunglow Rangavi Estate, |
|
Date of Birth/Age : |
01.03.1955 |
|
Date of Appointment : |
19.01.2009 |
|
DIN No.: |
02554804 |
|
|
|
|
Name : |
Mr. Anil Kumar Vadm Chopra |
|
Designation : |
Director |
|
Address : |
Duplex No. 1, Oberoi Apartments, 2 Somanath Marg, Civil Lines, New
Delhi-110054, |
|
Date of Birth/Age : |
18.03.1955 |
|
Date of Appointment : |
10.02.2009 |
|
DIN No.: |
02572393 |
|
|
|
|
Name : |
Mr. Om Prakash Bansal |
|
Designation : |
Director |
|
Address : |
2521, Gover Highland, NIBM Kondhwa, Pune-411048, |
|
Date of Birth/Age : |
30.09.1945 |
|
Date of Appointment : |
28.07.2009 |
|
DIN No.: |
02730246 |
|
|
|
|
Name : |
Mr. Prem Kumar Kataria |
|
Designation : |
Director |
|
Address : |
8205 Sector B-IX, Vasant Kunj, New Delhi-11070, |
|
Date of Birth/Age : |
01.05.1960 |
|
Date of Appointment : |
12.07.2010 |
|
DIN No.: |
03175921 |
|
|
|
|
Name : |
Mr. Debashish Chatterjee |
|
Designation : |
Director |
|
Address : |
Directors Bungalow, IIMK Campus, Kunnamangalam, Kozhikode-673570, Kerala,
India |
|
Date of Birth/Age : |
05.09.1964 |
|
Date of Appointment : |
19.01.2011 |
|
DIN No.: |
02874723 |
|
|
|
|
Name : |
Mr. Prabhatkumar Suryakant Shrivastava |
|
Designation : |
Director |
|
Address : |
D-1/1 GSL Officers Residential Enclave, Airport Road, Chicalim-403711,
Goa, India |
|
Date of Birth/Age : |
11.05.1956 |
|
Date of Appointment : |
28.04.2011 |
|
DIN No.: |
03510161 |
KEY EXECUTIVES
|
Name : |
Mr. Ramchandra Chimanshet Asukar |
|
Designation : |
Secretary |
|
Address : |
S-2n, Prime Monarch, Near Vidya Mandir School, Airport Road, Adarsh
Nagar, Chicalim-603711, Goa, India |
|
Date of Birth/Age : |
01.01.1957 |
|
Date of Appointment : |
17.06.1991 |
|
Pan No.: |
ACHPA5931H |
|
|
|
|
Name : |
Mr. Prabhu Narayana Singh Chohan |
|
Designation : |
General Manager [Finance Department] |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
A Abdul Razak |
|
1350 |
|
Andrew A D’Aquino Henriques |
|
1035 |
|
Cmde. P.S. Chauhan |
|
4500 |
|
Conceicao Luid Pereira |
|
1125 |
|
Damodar Mangalji and Company Limited |
|
22500 |
|
Dempo Brother Limited |
|
103905 |
|
Joao Hugo Eduardo de Sequeira |
|
4005 |
|
Gangadhar Narsingdas Agarwal |
|
48825 |
|
Hemenigeldo Da Cruz |
|
1462 |
|
Hiralal Kodidas Gosalia |
|
1665 |
|
Kurt Homme and Cia Lda |
|
1102 |
|
Madeva Upendra Sinai Talaulikar |
|
1125 |
|
Mazgaon Dock Limited |
|
13739400 |
|
Michael Reinaldo Simon De Souza |
|
5625 |
|
Minguel Fausto Moneteiro |
|
4500 |
|
Mormougao Port Trust |
|
56587 |
|
Narcinva Purxotoma Quenim |
|
6300 |
|
President of |
|
14866695 |
|
S. Kantilal and Company Limited |
|
22500 |
|
Sesa Goa Limited |
|
62707 |
|
Shantilal Khushaldas and Brothers Private Limited |
|
22500 |
|
V.M. Salgaocar and Brother Limited |
|
101250 |
As on 19.08.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
1.17 |
|
Other
top fifty shareholders |
|
0.50 |
|
Others
|
|
0.03 |
|
Government
[Central and State] |
|
51.09 |
|
Government
Companies |
|
47.21 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Shipbuilders, Ship Repairs and Engineers. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
1776 (Approximately) |
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Bankers : |
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Facilities : |
NOTE: (A) 1. Deferred
liabilities (net) (a) Deferred liabilities (From Foreign Supplier) Less: (b) Deferred
Debts Considered Good. |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
U N Bene and Company Chartered Accountant |
|
Address : |
F-1, Gopika M L Furtado Road Opposite ICICI Bank, Margao Goa-403601, |
|
Tel. No.: |
91-832-2730643/ 2725089 |
|
E-Mail : |
|
|
Pan No.: |
AAAFU2675H |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29100937 |
Equity Shares |
Rs.10/- each |
Rs.291.009
Millions |
NOTE:
(A) The level of rounding
in the published accounts is in Millions. The financial figures are reported in
Millions without any decimal places. The issued, subscribed and paid up number
of shares of the company is 29100937 and the nominal value of shares is Rs 10.
The product of the number of shares and nominal value is reported as Rs 291.000
Millions (rounded off) in the audited financials of the company. While
validating their instance on the MCA validation tool, they encountered an
problem/ error stating that the product of the number of shares and nominal
value of the company should be Rs 291.009 Millions and not Rs 291.000 Millions
as reported in instance document. Since the validation tool considers decimals
upto two places, the share capital as reported in the instance does not match
with the product of nominal value of shares and number of shares calculated and
cross checked by MCA validation tool. In order to validate and resolve this
problem, they have showed the figures in decimals only for Share Capital and
Reserves and Surplus. Kindly note that Share Capital is added by Rs 0.009
Million and General Reserve is deducted by Rs 0.009 Million. This adjustment is
not made in the audited statements and is made only to comply and validate the
instance on MCA validation tool.
(B) The level of
rounding in the published accounts is in Millions. The financial figures are
reported in Millions without any decimal places. The issued, subscribed and
paid up number of shares of the company is 29100937 and the nominal value of
shares is Rs 10. The product of the number of shares and nominal value is
reported as Rs 291.000 Millions (rounded off) in the audited financials of the
company. While validating their instance on the MCA validation tool, they
encountered an problem/ error stating that the product of the number of shares
and nominal value of the company should be Rs 291.009 Millions and not Rs
291.000 Millions as reported in instance document. Since the validation tool
considers decimals upto two places, the share capital as reported in the
instance does not match with the product of nominal value of shares and number
of shares calculated and cross checked by MCA validation tool. In order to
validate and resolve this problem, they have showed the figures in decimals
only for Share Capital and Reserves and Surplus. Kindly note that Share Capital
is added by Rs 0.009 Million and General Reserve is deducted by Rs 0.009
Million. This adjustment is not made in the audited statements and is made only
to comply and validate the instance on MCA validation tool.
(C) The level of
rounding in the published accounts is in Millions. The financial figures are
reported in Millions without any decimal places. The issued, subscribed and paid
up number of shares of the company is 29100937 and the nominal value of shares
is Rs 10. The product of the number of shares and nominal value is reported as
Rs 291.000 Millions (rounded off) in the audited financials of the company.
While validating their instance on the MCA validation tool, they encountered an
problem/ error stating that the product of the number of shares and nominal
value of the company should be Rs 291.009 Millions and not Rs 291.000 Millions
as reported in instance document. Since the validation tool considers decimals
upto two places, the share capital as reported in the instance does not match
with the product of nominal value of shares and number of shares calculated and
cross checked by MCA validation tool. In order to validate and resolve this
problem, they have showed the figures in decimals only for Share Capital and
Reserves and Surplus. Kindly note that Share Capital is added by Rs 0.009
Million and General Reserve is deducted by Rs 0.009 Million. This adjustment is
not made in the audited statements and is made only to comply and validate the
instance on MCA validation tool.
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 |
291.009 |
291.009 |
291.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5400.091 |
4052.791 |
3051.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5691.100 |
4343.800 |
3342.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
117.500 |
122.000 |
576.800 |
|
|
TOTAL BORROWING |
117.500 |
122.000 |
576.800 |
|
|
DEFERRED TAX LIABILITIES |
185.000 |
56.800 |
34.900 |
|
|
|
|
|
|
|
|
TOTAL |
5993.600 |
4522.600 |
3953.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3494.000 |
596.300 |
543.900 |
|
|
Capital work-in-progress |
108.800 |
1573.900 |
686.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2999.300
|
3630.700 |
3024.800
|
|
|
Sundry Debtors |
1484.500
|
1945.900 |
664.400
|
|
|
Cash & Bank Balances |
3200.200
|
5025.000 |
6417.000
|
|
|
Other Current Assets |
16.600
|
3.700 |
1564.800
|
|
|
Loans & Advances |
4055.400
|
4789.800 |
2592.900
|
|
Total
Current Assets |
11756.000
|
15395.100 |
14263.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1415.700
|
896.700 |
579.700 |
|
|
Other Current Liabilities |
5573.100
|
10205.800 |
9555.300 |
|
|
Provisions |
2376.400
|
1940.200 |
1405.500 |
|
Total
Current Liabilities |
9365.200
|
13042.700 |
11540.500
|
|
|
Net Current Assets |
2390.800
|
2352.400 |
2723.400 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5993.600 |
4522.600 |
3953.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5148.800 |
4733.400 |
4773.000 |
|
|
|
Other Income |
366.200 |
878.500 |
786.600 |
|
|
|
TOTAL (A) |
5515.000 |
5611.900 |
5559.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
672.800 |
885.400 |
|
|
|
|
Manufacturing Service Cost |
729.900 |
994.000 |
4151.000 |
|
|
|
Employee Related Expenses |
1061.413 |
1101.332 |
|
|
|
|
Administrative Selling Other Expenses |
264.787 |
493.068 |
|
|
|
|
Prior Period Items |
0.000 |
8.000 |
|
|
|
|
TOTAL (B) |
2728.900 |
3481.800 |
4151.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2786.100 |
2130.100 |
1408.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.100 |
110.800 |
106.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2733.000 |
2019.300 |
1302.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
85.100 |
47.000 |
42.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2647.900 |
1972.300 |
1259.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
886.600 |
665.100 |
439.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1761.300 |
1307.200 |
819.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.200 |
0.100 |
0.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1347.000 |
1001.600 |
626.000 |
|
|
|
Proposed Dividend |
355.000 |
262.000 |
165.900 |
|
|
|
Tax on Dividend |
59.000 |
43.500 |
28.200 |
|
|
BALANCE CARRIED
TO THE B/S |
0.500 |
0.200 |
0.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1131.600 |
288.600 |
NA |
|
|
|
Equipment, Components and Spare Parts (Including Goods in Transit) |
1023.800 |
714.000 |
NA |
|
|
TOTAL IMPORTS |
2155.400 |
1002.600 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
61 |
45 |
28 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
31.94
|
23.29 |
14.74
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
51.43
|
41.67 |
26.41
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.36
|
12.33 |
8.50
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.45 |
0.38
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.67
|
3.03 |
3.63
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.18 |
1.24
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Creditors due to small
micro enterprises |
1.200 |
4.200 |
|
|
Creditor due to
others |
1414.500 |
892.500 |
|
|
Total |
1415.700 |
896.700 |
579.700 |
FINANCIAL PARAMETERS:
The financial parameters
for 2010-11 have shown outstanding improvement over previous years and in most
of the cases, scaling new heights since inception of the shipyard in 1957,
surpassing all previous records.
FINANCIAL RESULTS:
During the year
2010-11, The Company has earned highest ever Profit before Tax of Rs 2647.900
millions as against Rs 1972.300 millions in the previous year, an increase of
34.25% and made Net Profit after Tax of Rs 1761.300 millions against Rs
1307.200 millions in the previous year. This is an increase of 34.73% over the
last year.
Value of Production
During the
financial year 2010-11, the Company has achieved highest value of production of
Rs 9903.200 millions as compared to Rs 8664.800 millions in the previous year
which works out to 114.29% of the previous year value.
FINANCE:
The paid-up share
capital of the Company as on 31st March, 2011 was Rs. 291.000
millions. The Company neither had any outstanding loans nor has taken any fresh
loan from the Government during the year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Industry Structure and Developments:
Shipbuilding is a
globalized, technology and capital intensive industry, with more volatility
than other industries. It is a cyclical industry and depends on variables like
fresh developments in the shipping industry, current market perception,
government tax and reforms. It is a unique industry and has its own distinctive
feature as compared to other industries. It is unique because a ship is sold
before the construction begins unlike the auto industry or others, where one
manufactures first and sells later. E ach ship is custom made for the owner and
the lead time is anywhere between 1 year to 3 years for the delivery of a new
ship. Orders are placed in anticipation of the ship’s future use. In many
cases, companies even enter into a charter agreement in advance, which makes it
absolutely imperative and critical for the shipyard to deliver within specified
deadlines. Thus, delay in delivery not only affects the owner, but also the
reputation of the yard where it was put on order, not to mention the financial
aftermath. Hence, companies prefer to place orders with established shipyards
with a good track record.
The shipyards get
orders only if they are credible (deliver quality ships on time) and it can be
credible only after successfully executing consistently under domestic and
international competition. Further, it has to be globally competitive against
the best yards in the world. Unfortunately, the shipyards in India are faced
with very stiff taxes, tariff, duties, and financing charges as compared to
foreign yards. The Indian Shipbuilding Industry consists of public and private
sector yards. The private shipbuilding players are tough competitors for orders
from Defence sectors where the Company has predominant business. With the
opening of the Defence Market to Private Sector, the Company is facing stiff
competition and has geared up to meet the competition. On completion of GSL
Infrastructure Modernization Project, the capacity of the Yard would increase
by about three times and value of production would also increase above
Rs.11000.000 millions. The requirement of their major customers is expected to
increase due to its ship replacement/new addition programme in view of security
scenario in the country. The Company continues to make efforts to secure orders
from its major customers and export and maintain the growth momentum.
Infrastructure Modernisation and Diversification
The Modernisation
project embarked upon by the Company to meet the future challenges in terms of
technology and workload is being implemented in phases at an estimated outlay
of Rs.7920.000 millions. Phases 1 and 2 of the project have since been
completed. Hon’ble Raksha Mantri, Mr. A.K. Antony inaugurated t he Phases 1 and
2and laid Foundation stone for Phases 3 and 4 of Company’s Modernisation
Project on 21.05.2011. The facilities created under Phases 1 and 2 include hard
stand, two numbers land berths, Ship transfer area, 250 Mtr. long jetty,
Ancillary buildings housing electrical substations, shiplift control equipment,
Electrical substations and power distribution network, 120 x 25 mts. 6000T
lifting capacity Shiplift and Transfer system.
With commissioning
of Shiplift and transfer system, the Company has achieved the milestone to be
the first commercial shipbuilding yard in India to be equipped with modern
Shiplift facility for launching and docking of ships. Preparatory work is in
progress to implement Phases 3 and 4 of the Modernisation Plan. This will
include steel stockyard, steel preparation and fabrication shops, outfitting
shops, new land berths, outfit jetty, shipyard cranes and other equipment,
other mechanical services and utilities. The construction work under Phases 3
and 4 is expected to be completed in three years after award of the works.
Marketing and Business Development
The Company
continued its efforts in enhancing the service provider base significantly in
various disciplines of shipbuilding activities like fabrication, piping, insulation,
electrical cabling, electric/electronic equipment installation and trials, etc.
This has resulted in increasing their capability to meet on time the
commitments made to the customers, fair competition amongst service providers,
overall cost reduction, besides meeting the tight delivery schedules of various
shipbuilding projects under construction. This initiative has also added to the
value of production of the shipyard.
In order to
consolidate and fortify its position to be a global player in the shipbuilding
industry, the Company has been making continuous effort to avail the
opportunities prevailing in the shipbuilding all over the world. The Company
has been making strenuous efforts for exporting its products, specially the
in-house designed range of Patrol Vessels by participating in various
exhibitions, seminars and by giving presentations on shipbuilding ability of
the yard and interacting with dignitaries of various countries involved in
decision making for future acquisition plans.
FIXED ASSETS:
·
·
·
Building and Other Civil Constructions
·
Plant and Machinery
·
Slipways
·
Fittin Out Jetty
·
Capital Dradging
·
Furniture, Fittings and Office Equipments
·
Motor Cars and Vehicles
·
Steam Launches and Boats
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.49.80 |
|
|
1 |
Rs.78.79 |
|
Euro |
1 |
Rs.65.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--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 |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.