MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ABG SHIPYARD LIMITED |
|
|
|
|
Registered
Office : |
Near |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
15.03.1985 |
|
|
|
|
Com. Reg. No.: |
04-007730 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.509.218
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. |
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|
|
|
Line of Business
: |
Manufacturer
of Tugs, Pusher Crafts and Building and Repairing of Ships. |
|
|
|
|
No. of Employees
: |
275
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 59000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject
is a well established company having a satisfactory track record. Financial position of the company appears
to be sound. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
04.01.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
04.01.2013 |
|
Rating Agency Name |
FITCH |
|
Rating |
LONG TERM RATING : CARE BBB |
|
Rating Explanation |
The default risk are currently low. The capacity for payment of financial commitment is considered
adequate. |
|
Date |
January, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory : |
Near |
|
Tel. No.: |
91-261-2210645/ 2226480/ 2666480/ 2670458/ 2725191 |
|
Fax No.: |
91-261-3048243/2726481 |
|
E-Mail : |
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|
Website : |
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|
Area : |
10
acres and 22 ghuntas |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
4th/
5th Floor, Bhupati Chambers, 13, Mathew Road, Opera House, Mumbai
– 400 004, Maharashtra, India |
|
Tel. No.: |
91-22-66563000 |
|
Fax No.: |
91-22-66223050
/ 23649236 |
|
E-Mail : |
DIRECTORS
(AS ON 31.03.2012)
|
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 |
|
|
|
|
Name : |
Mr. Ram Swaroop Nakra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Manoj Arun Phatak |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Ashok R Chitnis |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Shahzaad Dalal |
|
Designation : |
Director |
|
|
|
|
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 31.12.2012)
|
Category |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
375485 |
0.74 |
|
|
31211594 |
61.29 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3500 |
0.01 |
|
|
375192 |
0.74 |
|
|
2386294 |
4.69 |
|
|
2539776 |
4.99 |
|
|
|
|
|
|
|
|
|
|
10970766 |
21.54 |
|
|
|
|
|
|
1588695 |
3.12 |
|
|
1118157 |
2.20 |
|
|
|
|
|
|
246656 |
0.48 |
|
|
91502 |
0.18 |
|
|
13031 |
0.03 |
|
|
1153 |
0.000 |
|
Total |
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
|
|
|
Total |
50921801 |
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. |
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Products : |
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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) |
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Bankers : |
·
Bank of Baroda, Nariman Point, Mumbai –
400021, Maharashtra, India ·
Bank of Baroda, Surat, Gujarat, India ·
ICICI Bank, Ahmedabad, Surat and Mumbai Branches ·
State Bank of India, Overseas Branch, World Trade Centre, Cuffe
Parade, Mumbai – 400005, Maharashtra, India ·
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 ·
Yes Bank |
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Facilities : |
Notes: Details of
Debentures issued by the Company (Rs. In Millions)
Details of Terms of
repayment for other long term borrowings and security provided in respect of
the secured other long-term borrowings (Rs. In Millions)
|
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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 (India) Limited ·
ABG Energy Limited ·
ABG Cement Holdco Private Limited (formerly
Niyati Mercantile Private Limited) ·
ABG Solar Project Private Limited (w.e.f. 11th
February, 2012) ·
BABA Gangaram Investment Services Private
Limited (w.e.f. 1st November, 2011) ·
ABG Energy (Gujarat) Limited (w.e.f.31st
March, 2012) ·
ABG Energy (MP) Limited ·
Varada Marine Pte. Limited (Along with its
SPV's) |
|
|
|
|
Companies over which Directors/ Relatives are able to exercise
significant Influences : |
· ABG Infralogistics Limited · ABG Power Private Limited · ABG Cranes Private Limited · ABG Foods Private Limited · ABG Acquafarm Private Limited · ABG Glass Private Limited (w.e.f.23rd August,2011) · ABG Engineering and Construction Limited · Tirupati Landmark Private Limited · ABG Mercantile and Investment Services Private Limited (formerly Abhishek Mercantile Private Limited) · Eleventh Land Developers Private Limited · ABG Resources Private Limited (formerly Second Land Developers Private Limited) · ABG Motors Limited · ABG Business Ventures Pte. Limited · Banal Investments Trading Private Limited · Jarrow Finances Trading Private Limited · Onaway Industries Limited · Agbros Leasing and Finance Private Limited · Aries Management Services Private Limited (w.e.f.23rd September,2011) · G.C. Property Private Limited (w.e.f.5th April,2011) · Gold Croft Property Private Limited (w.e.f. 5th April,2011) · Somerset Estate Private Limited (w.e.f.5th April,2011) · Drilling and Offshore Pte. Limited · Global Bulk Carriers Pte. Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
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.509.218
Millions |
|
|
|
|
|
Notes:
The Company has only one class of shares referred to as Equity Shares having par value of Rs.10/-. Each holder of equity share(s) is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion of the number of equity shares held by the shareholders.
None of the above shares are reserved for issue under options and contract / commitments for sale of shares or disinvestment.
31110594 (P.Y.30545594) Equity Shares of Rs.10/- each are held by the holding company ABG International Private Limited
Shares allotted as fully paid up, pursuant to contract(s) without payment being effected in cash / bonus shares /bought back/forfeited/ calls unpaid in the previous 5 years - NIL
Shareholders holding above 5% Equity Shares with voting rights in the company.
|
Sr. No |
Name of the
shareholder |
31.03.2012 |
|
|
|
|
No of equity shares held |
% |
|
1 |
ABG International Private Limited |
31,110,594 |
61.09 |
|
2 |
Standard Chartered Private Equity (Mauritius) Limited |
- |
- |
|
3 |
Religare Finvest Limited |
2,833,561 |
5.56 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
509.200 |
509.200 |
509.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14136.200 |
12346.900 |
10710.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14645.400 |
12856.100 |
11220.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
23623.200 |
15153.200 |
22374.400 |
|
|
2] Unsecured Loans |
8975.500 |
6150.000 |
6600.000 |
|
|
TOTAL BORROWING |
32598.700 |
21303.200 |
28974.400 |
|
|
DEFERRED TAX LIABILITIES |
4662.900 |
4033.000 |
3158.300 |
|
|
|
|
|
|
|
|
TOTAL |
51907.000 |
38192.300 |
43352.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10057.900 |
9153.800 |
5997.800 |
|
|
Capital work-in-progress |
14173.900 |
10524.100 |
13754.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
2338.600 |
2338.500 |
2407.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
32608.300
|
24442.500
|
10060.700 |
|
|
Sundry Debtors |
626.700
|
1238.500
|
704.000 |
|
|
Cash & Bank Balances |
3635.200
|
6435.700
|
278.600 |
|
|
Other Current Assets |
5167.500
|
5226.900
|
0.000 |
|
|
Loans & Advances |
20258.100
|
16449.300
|
19981.400 |
|
Total
Current Assets |
62295.800
|
53792.900
|
31024.700 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
10831.400
|
8728.000
|
9669.600 |
|
|
Other Current Liabilities |
25634.500
|
28256.600
|
77.500 |
|
|
Provisions |
493.300
|
632.400
|
684.700 |
|
Total
Current Liabilities |
36959.200
|
37617.000
|
10431.800 |
|
|
Net Current Assets |
25336.600
|
16175.900
|
21192.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
51907.000 |
38192.300 |
43352.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23917.700 |
20791.900 |
18076.700 |
|
|
|
Other Income |
410.900 |
34.700 |
148.700 |
|
|
|
TOTAL (A) |
24328.600 |
20826.600 |
18225.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of raw materials and components |
12171.900 |
8769.700 |
|
|
|
|
Purchase of traded goods |
13.400 |
0.000 |
|
|
|
|
Changes in inventories of work-in-progress |
297.200 |
2743.500 |
|
|
|
|
Employee benefits expenses |
854.400 |
645.900 |
|
|
|
|
Other Expenses |
3904.000 |
3021.900 |
|
|
|
|
TOTAL (B) |
17240.900 |
15181.000 |
13059.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7087.700 |
5645.600 |
5166.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3307.400 |
2213.200 |
1506.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3780.300 |
3432.400 |
3659.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
992.500 |
630.300 |
386.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2787.800 |
2802.100 |
3273.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
984.900 |
914.100 |
983.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1802.900 |
1888.000 |
2289.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4166.300 |
3835.800 |
3234.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve |
920.000 |
920.000 |
250.000 |
|
|
|
Transfer to General Reserve |
160.000 |
400.000 |
1200.000 |
|
|
|
Dividend |
0.000 |
203.700 |
203.700 |
|
|
|
Tax on Dividend |
0.000 |
33.800 |
34.600 |
|
|
BALANCE CARRIED
TO THE B/S |
4889.200 |
4166.300 |
3835.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8458.700 |
5116.300 |
1652.800 |
|
|
|
Other Income |
0.600 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
8459.300 |
5116.300 |
1652.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
751.500 |
444.100 |
3740.100 |
|
|
|
Capital Goods |
520.900 |
175.700 |
2324.600 |
|
|
|
Others |
10226.800 |
5882.600 |
6478.900 |
|
|
TOTAL IMPORTS |
11499.200 |
6502.400 |
12543.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
35.41 |
37.08 |
44.96 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
6406.400 |
5724.700 |
4845.900 |
|
Total Expenditure |
4743.800 |
4101.100 |
3397.400 |
|
PBIDT (Excl OI) |
1662.600 |
1623.500 |
1448.500 |
|
Other Income |
60.700 |
146.800 |
156.500 |
|
Operating Profit |
1723.300 |
1770.400 |
1605.000 |
|
Interest |
862.800 |
1031.700 |
1060.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
860.500 |
738.700 |
544.500 |
|
Depreciation |
249.000 |
253.500 |
268.800 |
|
Profit Before Tax |
611.500 |
485.200 |
275.700 |
|
Tax |
198.400 |
157.400 |
89.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
413.100 |
327.800 |
186.200 |
|
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 |
413.100 |
327.800 |
186.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
7.41
|
9.07
|
12.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.66
|
13.48
|
18.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.85
|
4.45
|
8.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.22
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.23
|
1.66
|
2.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.43
|
3.03 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS
The company has successfully delivered 14 vessels during the financial year which has taken to the total sum to 152 vessels delivered so far by the Company.
The Company has posted a turnover of Rs.24328.600 Millions, an increase of about 16.82% as compared to Rs.20826.600 Millions in the previous Financial Year. The Company recorded a net profit ofRs.1802.900 Millions, for the financial year under consideration.
EBIDITA for the Financial Year2011-12stoodat Rs.6049.200 Millions with an increase of 19.69% as compared to Rs.5053.900 Millions in the previous Financial Year.
The Government of India had provided for a Shipbuilding Subsidy Scheme, for both export and domestic orders to all the Indian Shipyards, which was expired in August, 2007 and The Government had issued modified guidelines dated 25th March 2009, for liquidation of the liability for the payment of subsidy for ongoing eligible contracts entered upto 14th August 2007, by virtue of the same, the company has received an amount of Rs.160.800 Millions towards subsidy in the Financial Year 2011-12.
During the Financial Year 2011-12, the company has bagged a prestigious order of USD 101.14 Mio from Shipping Corporation of India (SCI) for construction of 6 Nos. of 63.4 meters Twin Screw Diesel Engine driven 2000DWT 80T Bollard Pull AHTS Vessels.
OUTLOOK
Economic Survey for 2012-13 estimated the Indian GDP at 7.6% for the financial year 2012-2013 as against a growth of 6.9% for the financial year 2011-2012. The Survey indicates that the Indian Economy is likely to get back on track from this fiscal year due to changes in interest rates, greater savings and capital formations.
Currently, majority of the new-build orders at Indian private shipyards are from foreign ship owners. Also, Indian private shipyards cater almost entirely to the commercial shipping segment. However, due to the shipping downturn as well as the global economic scenario, the future of the shipbuilding industry beyond 2012 seems uncertain. Even though shipyards globally had managed to run profitably till 2011, they started taking measures to cut costs in anticipation of a lull in business then after. In view of the looming crisis, these shipyards are on a hunt to find other avenues of demand for new ships.
Nearly 70% of new-builds in Indian commercial order book are export oriented. It reflects the notion that Indian fleet owners prefer acquiring ships from outside India. During the boom time, Indian shipyards benefited from spill over of orders from the overbooked foreign yards. But now, they will have to attract domestic ship owners as the world demand has slowed down.
There are a total of around 900 vessels under the Indian flag and almost all of them are Indian owned. The average age of the fleet is 24 years. Within the next 5 years -10 years, a large number of these ships will need to be replaced, and it is important that these shipbuilding orders go to Indian Shipyards.
The Government has been encouraging PPP (Public Private Partnership) in the ports sector to infuse funds, to induct latest technology and improved management practices, and above all for addition of capacity, 100% Foreign Direct investment under the automatic route is permitted for port development projects. 100% income tax exemption is also available for a period of ten years. The proposed investment during the next ten years is expected to be Rs.2.77 lakh cr. out of which Rs.1.09 lakh cr. for Major Ports and Rs.1.68 lakh cr. for non-major ports. The budgetary allocation, towards subsidy required for the development of Shipping Industry, for the year 2012-2013 is Rs.4000.000 Millions.
Regarding the perspective plan "Maritime Agenda 2020" prepared by the Shipping Ministry, the Agenda encompasses development of 12 major ports functioning under the Union Government and also the 176 notified non-major ports. The objective of the Agenda inter alia includes creation of port capacity of around 3200 million MT to handle the expected traffic of about 2500 million MT by 2020. The Government of India has given top priority to the modernization of ports through various expansion/upgradation projects for berths, construction of new berths/terminals, installation of new and modern equipment, upgradation/replacement through higher capacity of cargo handling equipment's, mechanization of cargo handling operations, deepening of channels/berths etc. along with schemes for quicker evacuation of cargo through road and rail connectivity. Under National Maritime Development Programme (NMDP), 276 projects have been identified for mechanization and 69 have been completed.
The Indian Navy could be the saviour of the Indian shipbuilding industry. In the interest of national security, before private participation was invited, the naval orders were usually awarded to domestic public sector shipyards. The Public Sector shipyards were allowed to make joint ventures with private sector shipyard to cater the requirements of Indian Navy, which are highly attractive because of long delivery time allowed, absorption of price increase due to cost overruns by the Government besides very little chance of an order being cancelled. However, a private shipyard needs to obtain a license to build naval ships, for which it needs to satisfy technical requirements. Amongst very few other shipyards, the Company has obtained this license and successfully entered into the segment. With the Government of India's aim to make Indian Navy as "Blue Water Navy" by 2020 coupled with substantial estimated allocation/expenditure in this sector, the potential in the shipbuilding sector seems enormous.
The current commercial shipbuilding order book of Indian shipyards values at Rs.280 billion till 2012, which translates into approximately Rs.70 billion per year. Riding on the assumption that the Indian Navy will be spending Rs.950 billion, starting in 2013 up to 2030, the Indian shipping industry would see an annual spending ofRs.53 billion per year. However, the defence segment alone cannot help sustain the current performance of Indian shipyards. Hence, another alternative needs to be considered is Shipbuilding for offshore sector
INDUSTRY OVERVIEW
According to CARE Research on Impact of Union Budget 2012-13, the Indian shipbuilders occupied 6th rank in the list of order book by the builder country as on February 29, 2012 accounting for 1.36% of the global order book (in CGT). Correspondingly, the order book of Indian shipbuilders aggregated 3.01 mn DWT with 168 vessels on order as on February 29, 2012. The Indian shipbuilders specialise in the construction of offshore vessels. However, the size of the dry bulk vessels as against the offshore vessels in terms of carrying capacity (i.e. DWT) being high, the former vessel category constituted approximately 87.5% of the Indian order book on the said date. In terms of the number of vessels on order, the Offshore and Specialised vessels accounted for 38.7% of the total order book as on February 29,2012.
The vessels constructed by the shipyards can be broadly classified into: wet bulk, dry bulk, containerships, offshore and specialised vessels. The shipbuilding industry is highly co-related with the developments in the global shipping industry therefore any slowdown in the shipping industry adversely affects the prospects of the shipbuilding industry.
According to the study "Shipbuilding Industry in India: An overview", by the Associated Chambers of Commerce (ASSOCHAM), the Global Shipbuilding and Ship repair Industry is worth approximately Rs.7.3 lakh crore and it is growing at a compounded annual growth rate (CAGR) of about 24 per cent and is likely to reach Rs.14 lakh crore by 2015 owing to rising global sea borne trade. Against this, the Indian Shipbuilding and Ship repair Industry is growing at a CAGR of about 8 percent and is likely to reach Rs.92000.000 Millions from the current level of just over Rs.73100.000 Millions.
UNSECURED LOANS
|
Particular |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Term Loan |
|
|
|
-
From Bank |
2475.000 |
0.000 |
|
Short Term Loan
from Banks |
|
|
|
-
From Banks |
3200.000 |
3250.000 |
|
-
Commercial Paper |
2486.000 |
1700.000 |
|
Short Term Loan
from Others |
|
|
|
-
Commercial Paper |
584.500 |
1200.000 |
|
- Inter Corporate Deposits |
230.000 |
0.000 |
|
Total |
8975.500 |
6150.000 |
Note:
|
Rupee Term Loan |
Unsecured- Pending creation of security |
Payable in quarterly instalments upto March 2016 |
2475.000 |
275.000 |
CONTINGENT LIABILITY
NOT PROVIDED FOR:
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
In respect of Performance/ Delivery Guarantees given by banks to the buyers |
967.400 |
581.700 |
|
Corporate guarantees to banks in respect of facilities granted to group companies |
10382.600 |
10669.500 |
|
Other bank guarantees |
288.700 |
323.000 |
|
Claims against the company not acknowledged as debts |
7.900 |
7.900 |
|
Claims in respect of indirect taxes |
25.800 |
25.800 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30 JUNE, 2012
(Rs. In Millions)
|
Particular |
30.06.2012 (Unaudited) |
|
|
Quarter Ended |
|
|
|
|
Net Sales / Income from Operations Other Operating Income |
6401.300 05.100 |
|
Total Income from
operations |
6406.400 |
|
Expenses: |
|
|
a. Cost of Material consumed |
3823.300 |
|
b. Purchase of Stock in Trade |
69.700 |
|
c. Change in inventories of finished goods, Work in progress and stock in trade |
(260.300) |
|
d. Employees benefit expenses |
233.100 |
|
e. Depreciation and amortisation expense |
249.000 |
|
f. Other Expenses |
878.000 |
|
Total Expenses |
4992.800 |
|
Profit from operation before other income, finance cost and exceptional items |
1413.600 |
|
Other Income |
60.700 |
|
Profit from ordinary activities before finance cost & exceptional items |
1474.300 |
|
Finance cost |
862.800 |
|
Profit from ordinary activities after finance cost but before exceptional items |
611.500 |
|
Exceptional Items |
- |
|
Profit from ordinary activities before tax |
611.500 |
|
Tax Expense |
198.400 |
|
Net Profit from Ordinary activities after tax |
413.100 |
|
Extraordinary items (Net of Tax Expense) |
- |
|
Net Profit for the period |
413.10 |
|
|
|
|
Paid-up Equity Share Capital (Face Value of Rs. 10/- each) |
509.200 |
|
Reserves and Surplus (excluding Revaluation Reserve) |
- |
|
Basic and Diluted EPS before extraordinary items (In Rupees) (Not Annualised) |
8.11 |
|
Basic and Diluted EPS after extraordinary items (In Rupees) (Not Annualised) |
8.11 |
|
PARTICULARS OF SHAREHOLDING Public Shareholding - Number of Shares - Percentage of Shareholding |
19,336,207 37.97% |
|
Promoter and Promoter Group Shareholding a. Pledged / Encumbered - Number of shares -Percentage of shareholding (as a % of total shareholding of promoter and promoter group) -Percentage of shareholding ( as a % of total share capital of the company) |
12,609,002 39.92% 24.76% |
|
b. Non- Encumbered - Number of shares -Percentage of shareholding ( as a % of total shareholding of promoter and promoter group) -Percentage of shareholding ( as a % of total share capital of the company) |
18,976,592 60.08% 3 7.27% |
Notes:
1. The above results for the quarter ended 30th June, 2012 were reviewed by the Audit Committee of Directors and approved by the Board of Directors at their meeting held on 14th August, 2012.
2. The company has prepared its financials on stand alone basis.
3. Taxation is provided under Minimum Alternate Tax (MAT) basis. Credit for MAT entitlement, if any, shall be considered at the year end.
4. The company has one identifiable, reportable segment, namely Manufacturing as per quantitative criteria of Accounting Standard -17 'Segment Reporting' issued by the Institute of Chartered Accountants of India.
5. The Company has firm commitments in foreign exchange as regards both its payables and receivables. The company has applied the principle of hedge accounting contained in Accounting Standard 30 issued by the Institute of Chartered Accountants of India for its net firm commitment in receivables and payables in foreign exchange. In view of the same , Mark to Market differences as on 30th June, 2012 of Rs 587.300 Millions does not have any material impact on the financial statements.
6. Figures for the previous year / period have been regrouped and / or reclassified wherever considered necessary.
7. Investor Complaints:
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
4 |
|
Resolved during the quarter |
4 |
|
Unresolved at the end of the quarter |
NIL |
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.
NEWS:
ABG SHIPYARD
1ST-MAR-2013 19:12
SOURCE: NSE
ABG SHIPYARD LIMITED
ABG Shipyard Limited has informed the Exchange that the Company Secretary, Mr. Ch. Rajashekhar Reddy has resigned from the services of the Company and have been relieved from the services of the Company after the office hours on February 19, 2013.
HALDIA NOT ABG'S ONLY SORE POINT
Haldia Bulk Terminal
is not the only project ABG has exited in recent times. Earlier this month, the
company had terminated its contract with the Kandla Port Trust. It had also
washed its hands off the fourth container terminal at Jawaharlal Nehru Port
Trust (JNPT), despite making a winning bid, with Port of Singapore Authority
(PSA) as the lead partner.
Seemingly undeterred
by these developments, ABG Ports has firmed up expansion plans worth Rs
1,3000.000 Millions. These include four projects in Visahkapatnam and
Tuticorin. For three of these projects, the company has partnered French
company Louis Dreyfus. ABG is also bidding for port projects in Bangladesh and
West Asia, as well as projects in various domestic ports, including a car
terminal in Chennai. Unlike its rivals Pipavav and Adani, currently, ABG has no
plan to invest in any non-major port (state government-controlled).
Port authorities
are, however, wary of signing contracts with the company. A senior JNPT
official said, “Because of ABG, we had to delay awarding the fourth container
terminal by two months. We were not sure of their credibility, but since the
request for qualification was accepted, we could not have gone back on it
half-way.”
To win the bid, a
PSA-led consortium had offered a revenue share of about 50 per cent. Industry
sources said later, ABG wanted to pull out of the project, owing to financial
constraints. But as the law ministry didn’t allow ABG to withdraw from the
consortium, the bid was scrapped. “PSA was the lead member for the fourth
container terminal; ABG had no role to play. As a consortium member,
theirrelationship with PSA has always been specific to each project and on a
case-to-case basis,” said Saket Agarwal, director, ABG.
In the case of the
Kandla container terminal operated by ABG and PSA, port authorities say the
termination notice was first given by the Kandla port to ABG. “ABG later gave
us a counter notice. They had not completed the development work and,
therefore, violated the agreement,” said P D Vaghela, chairman, Kandla Port.
ABG, however, blames the port. “The apathy on the part of Kandla Port to dredge
the navigational channel and provide committed draft has led to diversion of
container vessels to Mundra Port, which has deep draft,” Agarwal said.
The company, which
is struggling to get its equipment worth Rs.1400.000 Millions from Haldia port
after its exit there, says, “The failure of Kolkata Port Trust in allocating
adequate cargo and ensuring a safe working environment are the main reasons for
theirexit.”
ABG INTERNATIONAL BUYS 3.27 LAKH
SHARES OF ABG SHIPYARD
FEB 27, 2013, 08.19
AM IST
On February 26, 2013 ABG International Private Limited bought 327,552 shares of ABG Shipyard at Rs 309.43 on the NSE.
In the previous trading session, the share closed at Rs 312.30, up Rs 24.25, or 8.42%. It has touched a 52-week low of Rs 232.20.
The company's trailing 12-month (TTM) EPS was at Rs 35.65 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 8.76. The latest book value of the company is Rs 287.61 per share. At current value, the price-to-book value of the company was 1.09.
ABG INTERNATIONAL BUYS 4 LAKH
SHARES OF ABG SHIPYARD
FEB 28, 2013, 08.22
AM IST
On February 27, 2013 ABG International Private Limited bought 400,628 shares of ABG Shipyard at Rs 281.81 on the NSE.
In the previous trading session, the share closed at Rs 319.90, up Rs 7.60, or 2.43%. It has touched an intraday high of Rs 328.80 and an intraday low of Rs 249.85.
The share touched its 52-week high Rs 423.50 and 52-week low Rs 232.20 on 27 February, 2012 and 26 February, 2013, respectively. Currently, it is trading 24.46% below its 52-week high and 37.77% above its 52-week low. Market capitalisation stands at Rs 1,6289.900 Millions.
The company's trailing 12-month (TTM) EPS was at Rs 35.65 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 8.97. The latest book value of the company is Rs 287.61 per share. At current value, the price-to-book value of the company was 1.11.
ABG INTERNATIONAL BUYS 12.50 LAKH SHARES OF ABG SHIPYARD
Feb 19, 2013, 08.03
AM IST
On February 18, 2013 ABG International Pvt Ltd bought 1,250,000 shares of ABG Shipyard at Rs.397.74 on the BSE.
However, Mentor Capital Limited sold 1,248,537 shares at Rs.397.76.
In the previous trading session, the share closed at Rs.365.95, down Rs.3.70, or 1%. It has touched an intraday high of Rs.397.80 and an intraday low of Rs.365.
The share touched its 52-week high Rs.440.30 and 52-week low Rs.295.95 on 21 February, 2012 and 26 July, 2012, respectively. Currently, it is trading 16.89% below its 52-week high and 23.65% above its 52-week low. Market capitalisation stands at Rs.1,8634.8000 Millions.
The company's trailing 12-month (TTM) EPS was at Rs.35.65 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 10.27. The latest book value of the company is Rs.287.61 per share. At current value, the price-to-book value of the company was 1.27.
ABG SHIPYARD PLANS
RS.7,0000.000 MILLIONS INVESTMENT IN GUJARAT
PTI: Ahmedabad, Jan 11 2013, 17:45 IST
Country's largest private shipbuilder ABG Shipyard today said it plans to invest Rs.7,0000.000 Millions in Gujarat for setting up a new facility as well as augmenting capacity at two existing units in the state.
"ABG Shipyard announced its intention to build a greenfield shipyard in three phases along the Gujarat coastline with an estimated investment of Rs 5,0000.000 Millions," the company said in a statement.
This will be ABG Shipayard's third facility at Gujarat and is likely to generate employment for about 4,500 people, it said.
Apart from the proposed investment, ABG Shipyard has also planned to expand its facilities at Dahej and Magdalla in three phases, with an estimated investment of Rs 2,0000.000 Millions, the shipbuilder said.
"The company has submitted its proposal to the state government during the on-going Vibrant Gujarat Global Investors Summit 2013," the company said.
The company's existing Magdalla shipyard at Surat is a world-class manufacturing facility with amenities like a Ship-lift with a lift capacity of 4,500 tonnes, side transfer facilities, Hydraulic press and Steel processing machinery.
The second state-of-the-art facility at Dahej is one of the largest and most modern Shipyards in India with a capacity to build ships upto approx 300 metres in length and 120,000 DWT (Deadweight Tonnage).
DWT is a measure of how much weight a ship is carrying or can safely carry.
On April 18, 2011, ABG launched a 32,000 DWT bulk carrier from the Dahej facility.
ABG Shipyard is the flagship company of the ABG Group and has so far built and delivered more than 160 ships, of different complexities, for domestic and international customers, and enjoys 61st rank among shipyards globally.
Its client base extends to Europe, South East Asia and the Middle East, with over 90 per cent of its existing Order Book comprising export orders.
ABG SHIPYARD WINS
ORDERS WORTH RS 485 CR FROM INDIAN NAVY
Mumbai: Private sector ship-builder ABG Shipyard today said it has bagged a Rs.4850.000 Millions order to build a cadet training vessel for the Navy.
The order from the Defence Ministry to build the 110-meter vessel capable of carrying a light helicopter and achieving a top speed of 20 knots, is a repeat one, the company said in a statement issued here.
“The vessel will be used to provide basic training to the Naval cadets and trainees in activities such as disaster relief, search and rescue operations, the company said in a statement.
Ship-builders are shifting focus for catering to the requirement of the Navy, as the demand for commercial liners is dipping due to a supply glut.
The market lapped up the development and the ABG stocks jumped nearly 5 percent to Rs.386 on the BSE, whose Sensex was trading up 70 points at 1100 hrs. The company has a market capitalisation of Rs.1,9647.400 Millions as of today.
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.
.
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 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 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. 54.44 |
|
UK Pound |
1 |
Rs. 83.78 |
|
Euro |
1 |
Rs. 71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.