MIRA INFORM REPORT

 

 

Report Date :

15.05.2012

 

IDENTIFICATION DETAILS

 

Name :

DEEP WATER SERVICES (INDIA) LIMITED (w.e.f. 01.03.2004)

 

 

Formerly Known as:

DEEP WATER SERVICES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Energy House, 81, D, N Road, Mumbai-400001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

02.08.2002

 

 

Com. Reg. No.:

11-136714

 

 

Capital Investment/ Paid-up Capital:

Rs.0.500 Million

 

 

CIN No.:

[Company Identification No.]

U63032MH2002PLC136714

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Undertake offshore drilling activities like deep water drilling, development and production drilling, etc.

 

 

No. of Employees:

Information denied by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (59)

 

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 4031000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established 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.

 

INFORMATION DECLINED

 

Management non co-operative.

 

                       

LOCATIONS

 

Registered Office :

Energy House, 81, D, N Road, Mumbai-400001, Maharashtra, India

Tel. No.:

91-22-66352222

Fax No.:

91-22-22673393/22673639/6635/2362/63

E-Mail :

urmil_shah@greatoffshore.com

alen_ferns@greatoffshore.com

suresh_savaliya@greatoffshore.com

 

 

Corporate Office :

 

Tel. No.:

91-22-6635-2266

Fax No.:

91-22-2267-3993

E-Mail :

Suresh_Savaliya@greatoffshore.com

 

 

DIRECTORS

 

As on 15.07.2011

 

Name :

Mr. Soli Cawasji Engineer

Designation :

Director

Address :

41, Mehrnaz G.D. Somani Marg, Cuffe Parade, Colaba, Mumbai-400 005, Maharashtra, India

Date of Birth/Age :

01.04.1949

Qualification :

1ST class MOT

Date of Appointment :

29.03.2006

Din No.:

00149510

 

 

Name :

Mr. Chetan Rajaram Parulekar

Designation :

Director

Address :

101, Janak Vasant Valley, General A. K. Vaidya Marg, Malad (East), Mumbai-400 097, Maharashtra, India

Date of Birth/Age :

14.10.1962

Qualification :

Diploma in Material Management, Post-Graduate(PT) Diploma in Export and Import and B.Com

Date of Appointment :

30.04.2009

Din No.:

02467231

 

 

Name :

Mr. Rajat Tusharkant Dutta

Designation :

Director

Address :

A- 501, Mayfair, Meridian,  Building No.2, Amboli Ceasar Road, Andheri (West), Mumbai-400 058, Maharashtra, India

Date of Birth/Age :

07.03.1961

Qualification :

Chartered Accountant-FCA, Company Secretary - FCS, B.Com. and L.L.B.

Date of Appointment :

04.09.2009

Din No.:

02747297

 

 

Name :

Mr. Praveen Kumar Shah

Designation :

Additional Director

Address :

624, Chandrama, New, Vasundhara Co. Opertive Hosing Society, Thakur Villa age, Kandivali (E), Mumbai-400101, Maharashtra, India

Date of Birth/Age :

15.09.1950

Qualification :

Bachelor of Engineering

Date of Appointment :

23.08.2010

Din No.:

03186749

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 15.07.2011

 

Names of Shareholders

 

No. of Shares

Great Offshore Limited, India Jointly with Vijay Kantilal Sheth

 

20

Great Offshore Limited, India

 

49900

Great Offshore Limited, India Jointly with Soli Cawasji Engineer

 

15

Great Offshore Limited, India Jointly with Prakash Ishwar Katyara

 

15

Great Offshore Limited, India Jointly with Chetan Parulekar

 

15

Great Offshore Limited, India Jointly with Sunny Francis

 

20

Great Offshore Limited, India Jointly with Arun Sakharam Kadam

 

15

Total

 

50000

 

As on 15.07.2011

Category

 

Percentage

 

 

 

Bodies corporate

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Undertake offshore drilling activities like deep water drilling, development and production drilling, etc.

 

 

 

 

GENERAL INFORMATION

 

 

 

No. of Employees :

Information denied by the management.

 

 

Bankers :

ABN Amro Bank, London

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Kalyaniwalla and Mistry

Chartered Accountants

Address :

Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai-400001, Maharashtra, India

Tel. No.:

91-22-61587200

Fax No.:

91-22-22673964

Pan No.: :

AAAFK7554R

 

 

Holding Company :

Great Offshore Limited [L11200MH2005PLC154793]

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Share

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Share

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.500

0.500

0.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1007.230

842.157

409.773

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1007.730

842.657

410.273

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

1007.730

842.657

410.273

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.000

0.000

0.000

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.856

1.031

8.007

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
35.818
14.698

21.927

 

Sundry Debtors
172.049
121.994

127.641

 

Cash & Bank Balances
20.514
77.344

272.841

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
1068.995
804.733

113.823

Total Current Assets
1297.376

1018.769

536.232

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditor
37.074
36.066

31.160

 

Other Current Liabilities
121.662
32.514

100.509

 

Provisions
131.766
108.563

2.297

Total Current Liabilities
290.502

177.143

133.966

Net Current Assets
1006.874

841.626

402.266

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1007.730

842.657

410.273

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

1040.616

1363.192

1321.234

 

 

Other Income

84.633

44.761

14.482

 

 

TOTAL                                     (A)

1125.249

1407.953

1335.716

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing Service Cost 

729.990

578.120

626.329

 

 

Administrative and Other Expense

1.344

0.843

6.477

 

 

TOTAL                                     (B)

731.334

578.963

632.806

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

393.915

828.990

702.910

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

4.202

0.068

11.463

 

 

 

 

 

Add

Exceptional Income

23.200

0.000

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

412.913

828.922

691.447

 

 

 

 

 

Less

TAX                                                                  (H)

139.637

287.975

221.413

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

273.276

540.947

470.034

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

742.157

409.773

(60.261)

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

100.000

100.000

0.000

 

 

Proposed Final Dividend on Equity Shares

93.100

93.100

0.000

 

 

Tax on Dividend

15.103

15.463

0.000

 

BALANCE CARRIED TO THE B/S

807.230

742.157

409.773

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

953.000

1363.200

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

5465.52

10.819

94.01

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
24.29
38.42

35.19

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
39.68
60.81

52.33

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
31.83
81.37

128.95

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.41
0.98

1.69

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.29
0.21

0.33

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
4.47
5.75

4.00

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report [Yes/No]

Year of Establishment

Yes

Locality of the Firm

Yes

Construction of the firm

Yes

Premises details

Yes

Type of Business

Yes

Line of Business

Yes

Promoters background

Yes

No. of Employees

No

Name of Person Contacted

No

Designation of contact person

No

Turnover of firm for last three years

Yes

Profitability for last three years

Yes

Reasons for variation <> 20%

-

Estimation for coming financial year

No

Capital the business

Yes

Details of sister concerns

Yes

Major Suppliers

No

Major Customers

No

Payment Terms

No

Export / Import Details [If Applicable]

No

Market Information

-

Litigations that the firm / promoter involved in

-

Banking Details

Yes

Banking Facility Details

No

Conduct of the banking account

-

Buyer visit details

-

Financials, if provided

Yes

Incorporation details, if applicable

Yes

Last accounts filed at ROC

Yes

Major Shareholders, if applicable

Yes

 

 

DETAILS OF SUNDRY CREDITORS:

(Rs. in millions)

Particulars

 

31.03.2011

31.03.2010

 

31.03.2009

 

Dues to other creditors

37.074

36.066

31.160

 

 

NOTE: Registered office of the company has been shifted from Ocean House, 134 / A, Dr. A. B. Road, Worli, Mumbai – 400018, Maharashtra, India to the present address w.e.f.14.12.2006

 

FINANCIAL PERFORMANCE:

 

During the year ended March 31, 2011, the Company earned a total income of Rs.1125.249 Millions (Previous Year - Rs.1407.953 millions). The Company earned profit after tax of Rs.273.276 millions during the current year as compared to profit after tax of Rs.540.947 millions during the previous year

 

OPERATION:

 

During the year, the Rig 'Badrinath' was in operation and successfully drilled two theylls namely, "D-18-G" and "D-18-1" in Mumbai High. Presently, the rig is operating at location "6-100-D" in Mumbai High.

 

 

Contingent liabilities:

 

·         Guarantees given by banks – Rs.118.060 Millions(Previous Year Rs99.139 Millions- )

 

·         Letter of credit outstanding - Rs.98.185 Millions  (Previous Year NIL)

 

·         Corporate Guarantee given by Great Offshore Limited., the holding company – NIL (Previous Year Rs. NIL)

 

·         Show cause notice was issued by Custom Authority, Goa, as to why custom duty of Rs. 3165 lakhs should not be levied. The Company has filed a Writ Petition before Goa Bench of Mumbai High Court. The Writ Petition has been disposed off by order dated 22nd January,2009.The Department adjudicated the Show Cause Notice based on facts and have by order Dated 04.06.2009 dropped the Show Cause Notice as premature. This order has been challenged by Assistance Commissioner of Customs (A) by way of an Appeal before the Commissioner (A), Central Excise & Cutoms, Goa and they have filed cross objections in that. Orders have been not passed but they have anticipate that matter will be remanded to department

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.5371

UK Pound

1

Rs.86.34

Euro

1

Rs.69.23

 

 

INFORMATION DETAILS

 

Information Gathered by :

SBA

 

 

Report Prepared by :

BYI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

59

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.