1. Summary Information
|
|
|
Country |
India |
|
Company Name |
BHARATI SHIPYARD LIMITED |
Principal Name 1 |
Mr. Prakash
Chandra Kapoor |
|
Status |
Moderate |
Principal Name 2 |
Mr. Vijay Kumar |
|
|
|
Registration # |
11-019092 |
|
Street Address |
302, Wakefield
House, 3rd Floor, Sprott Road, Ballard Estate, Mumbai – 400 001,
Maharashtra, India |
||
|
Established Date |
22.06.1976 |
SIC Code |
-- |
|
Telephone# |
91-22-30289200/
30289201 |
Business Style 1 |
Design |
|
Fax # |
91-22-30289222 |
Business Style 2 |
Construction |
|
Homepage |
Product Name 1 |
Coastal |
|
|
# of employees |
Not Available |
Product Name 2 |
Harbour |
|
Paid up capital |
Rs.384,523,000 /- |
Product Name 3 |
Inland Crafts and
Vessels |
|
Shareholders |
Shareholding of
Promoter and Promoter Group -65.48% Public
Shareholding – 34.52% |
Banking |
State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
37 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B (32) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
-- |
Great Offshore Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
21,422,633,000 |
Current Liabilities |
2,529,173,000 |
|
Inventories |
26,315,586,000 |
Long-term Liabilities |
44,427,210,000 |
|
Fixed Assets |
10,050,273,000 |
Other Liabilities |
8,502,179,000 |
|
Deferred Assets |
475,336,000 |
Total Liabilities |
55,458,562,000 |
|
Invest& other Assets |
5,339,514,000 |
Retained Earnings |
5,089,800,000 |
|
|
|
Net Worth |
8,144,780,000 |
|
Total Assets |
63,603,342,000 |
Total Liab. & Equity |
63,603,342,000 |
|
Total Assets (Previous Year) |
63,609,566,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
5,052,948,000 |
Net Profit/(Loss) |
(4,922,737,000) |
|
Sales(Previous yr) |
14,058,738,000 |
Net Profit(Prev.yr) |
59,504,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHARATI SHIPYARD LIMITED |
|
|
|
|
Registered
Office : |
302, Wakefield
House, 3rd Floor, Sprott Road, Ballard Estate, Mumbai – 400 001,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.06.1976 |
|
|
|
|
Com. Reg. No.: |
11-019092 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.384.523
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L61100MH1976PLC019092 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11876E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
The company’s
principal activity is to design and construction of various types of sea going,
coastal, harbour, inland crafts and vessels. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 32000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate record. The company has incurred a loss from its operational activities during
the financial year 2013. External borrowing of the company appears to be
huge, which act as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
LONG Term Bank Facilities=B (Suspended) |
|
Rating Explanation |
Moderate risk of default and high credit
risk. |
|
Date |
08.11.2012 |
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 : |
302, Wakefield
House, 3rd Floor, Sprott Road, Ballard Estate, Mumbai – 400 001,
Maharashtra, India |
|
Tel. No.: |
91-22-30289200 /
30289201 |
|
Fax No.: |
91-22-30289222 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Head Office 1 : |
Mirya Bunder, Ratnagiri, |
|
Tel. No.: |
91-2352-232340/232371 |
|
Fax No.: |
91-2352-232524 |
|
|
|
|
Head Office 2 : |
Ghodbunder, District Thane, |
|
Tel. No.: |
91-22-28111497/28111093 |
|
Fax No.: |
91-22-28103360 |
|
|
|
|
Corporate
Office : |
Oberoi
Chambers- II, Ground Floor, Link Road, Near Lakshmi Industrial Estate,
Andheri (West), Mumbai – 400 053, Maharashtra, India |
|
Tel. No. : |
91-22-39506800 |
|
Fax No. : |
91-22-39506900 |
|
E mail: |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Prakash
Chandra Kapoor |
|
Designation : |
Managing Director |
|
Address : |
7/8, Krishna Kunj,
Sarojini Road, Santacruz (West), Mumbai – 400054, Maharashtra, India |
|
Qualification : |
B. Tech. |
|
|
|
|
Name : |
Mr. Vijay Kumar |
|
Designation : |
Managing Director |
|
Address : |
410/411, Mittal Park,
Ruia Park, Juhu, Mumbai – 400 059, Maharashtra, India |
|
Qualification : |
B. Tech. |
|
|
|
|
Name : |
Mr. B L
Patwardhan |
|
Designation : |
Director [Nominee
– SBI] |
|
|
|
|
Name : |
Mr. V P Kamath |
|
Designation : |
Director |
SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
11448064 |
22.76 |
|
|
21489909 |
42.72 |
|
|
32937973 |
65.48 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
32937973 |
65.48 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3325026 |
6.61 |
|
|
8000 |
0.02 |
|
|
3333026 |
6.63 |
|
|
|
|
|
|
1928716 |
3.83 |
|
|
|
|
|
|
9052121 |
18.00 |
|
|
1843155 |
3.66 |
|
|
1203951 |
2.39 |
|
|
615169 |
1.22 |
|
|
585169 |
1.16 |
|
|
3613 |
0.01 |
|
|
14027943 |
27.89 |
|
Total Public shareholding (B) |
17360969 |
34.52 |
|
Total (A)+(B) |
50298942 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
50298942 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
The company’s
principal activity is to design and construction of various types of sea
going, coastal, harbour, inland crafts and vessels. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Churchgate Branch, Mumbai – 400 020, Maharashtra, India · State Bank of Hyderabad · State Bank of Travancore · Andhra Bank · ICICI Bank |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
DPH and Company Chartered Accountant |
|
|
|
|
Solicitors : |
|
|
Name: |
Kanga and Company Chartered Accountants |
|
|
|
|
Associates : |
Great Offshore Limited |
|
|
|
|
Joint Venture: |
Bengal Shipyard Limited |
|
|
|
|
Subsidiaries: |
·
Advitiya Urja Private Limited ·
Dhanshree Properties Private Limited ·
Natural Power Ventures Private Limited ·
Nirupam Energy Projects Private Limited ·
Nishita Mercantile Private Limited ·
Pinky Shipyard Private Limited ·
Premila Mercantile Private Limited ·
Vishudh Urja Private Limited ·
Tebma Shipyard Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99000000 |
Equity Shares |
Rs. 10/- each |
Rs.9900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38452340 |
Equity Shares |
Rs. 10/- each |
Rs.384.523 Millions |
|
|
|
|
|
Additional information
1) The movement in subscribed and paid up share capital is set out
below:
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the year |
31687764 |
316.878 |
|
Shares Allotted during the year |
6764576 |
67.646 |
|
At the end of
the year |
38452340 |
384.523 |
2) Shareholders holding more than 5% shares in the Company (Equity
Shares of Rs. 10 each)
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Vijay Kumar |
5724556 |
14.89 |
|
Prakash Kapoor |
5723508 |
14.88 |
|
Bharati Shipping and Dredging Private
Limited |
2878731 |
7.49 |
|
Bharati Infratech Projects Pvt vLtd |
4250758 |
11.05 |
|
Bharati Maritime Services Private Limited |
2185878 |
5.68 |
|
LIC of India Child Fortune Plus |
2633216 |
6.85 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
384.523 |
316.878 |
|
(b) Reserves & Surplus |
|
5089.800 |
9551.173 |
|
(c) Money
received against share warrants |
|
540.157 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
(3) Compulsory Convertible Debenture |
|
2130.300 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
8144.780 |
9868.051 |
|
|
|
|
|
|
(4)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
35104.744 |
26800.215 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
7.035 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
41.058 |
33.062 |
|
Total Non-current Liabilities (3) |
|
35145.802 |
26840.312 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
9322.466 |
11828.316 |
|
(b) Trade payables |
|
1354.914 |
2714.548 |
|
(c) Other current
liabilities |
|
8502.179 |
11203.698 |
|
(d) Short-term provisions |
|
1133.201 |
1154.641 |
|
Total Current Liabilities (4) |
|
20312.760 |
26901.203 |
|
|
|
|
|
|
TOTAL |
|
63603.342 |
63609.566 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
10046.788 |
7939.040 |
|
(ii) Intangible Assets |
|
3.485 |
4.061 |
|
(iii) Capital
work-in-progress |
|
5322.047 |
7632.447 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
17.467 |
17.466 |
|
(c) Deferred tax assets (net) |
|
475.336 |
0.000 |
|
(d) Long-term Loan and Advances |
|
10499.853 |
11865.340 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
26364.976 |
27458.354 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.022 |
46.434 |
|
(b) Inventories |
|
26315.586 |
22017.752 |
|
(c) Trade receivables |
|
8064.472 |
8468.352 |
|
(d) Cash and cash
equivalents |
|
1064.507 |
1200.632 |
|
(e) Short-term loans and
advances |
|
1793.779 |
4418.042 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
37238.366 |
36151.212 |
|
|
|
|
|
|
TOTAL |
|
63603.342 |
63609.566 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
303.093 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Convertible Warrents |
|
|
275.693 |
|
|
4] Reserves & Surplus |
|
|
9240.789 |
|
|
5] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
9819.575 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
18287.536 |
|
|
2] Unsecured Loans |
|
|
16770.842 |
|
|
TOTAL BORROWING |
|
|
35058.378 |
|
|
DEFERRED TAX LIABILITIES |
|
|
552.404 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
45430.357 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
7454.604 |
|
|
Capital work-in-progress |
|
|
6641.688 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
123.135 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
19079.607
|
|
|
Sundry Debtors |
|
|
5710.741
|
|
|
Cash & Bank Balances |
|
|
1831.486
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
15649.772
|
|
Total
Current Assets |
|
|
42271.606
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2572.255
|
|
|
Other Current Liabilities |
|
|
6237.772
|
|
|
Provisions |
|
|
2250.649
|
|
Total
Current Liabilities |
|
|
11060.676
|
|
|
Net Current Assets |
|
|
31210.930
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
45430.357 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
5052.948 |
14058.738 |
|
|
|
Other Income |
|
8.510 |
1.589 |
|
|
|
TOTAL (A) |
|
5061.458 |
14060.327 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material consumed |
|
2914.804 |
6002.797 |
|
|
|
Employee Benefits Expense |
|
1082.267 |
1576.625 |
|
|
|
Other Expenses |
|
1592.104 |
1662.208 |
|
|
|
TOTAL (B) |
|
5589.175 |
9241.630 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(527.717) |
4818.697 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
4401.394 |
4904.859 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(4929.111) |
(86.162) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/ AMORTISATION (F) |
|
468.443 |
399.703 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(5397.554) |
(485.864) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(474.817) |
(545.368) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
(4922.737) |
59.504 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
5218.867 |
5164.185 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Shortfall in provision on Dividend and
Dividend Tax for Last year |
|
0.000 |
4.822 |
|
|
BALANCE CARRIED
TO THE B/S |
|
296.130 |
5218.867 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
|
12538.367 |
0.000 |
|
|
TOTAL EARNINGS |
|
12538.367 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Including Components and
Spares) |
|
1316.433 |
6062.077 |
|
|
|
Capital Goods |
|
28.279 |
334.305 |
|
|
TOTAL IMPORTS |
|
1344.712 |
6396.382 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(149.01) |
(1.90) |
|
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
|
|
13682.269 |
|
|
|
Subsidy |
|
|
2107.817 |
|
|
|
Other Income |
|
|
23.363 |
|
|
|
TOTAL (A) |
|
|
15813.449 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
|
7525.099 |
|
|
|
Manufacturing and Other Expenses |
|
|
1854.569 |
|
|
|
Employee Cost |
|
|
1760.541 |
|
|
|
TOTAL (B) |
|
|
11140.209 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
4673.240 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
2663.263 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
2009.977 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
215.077 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
1794.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
660.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
1134.520 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
4374.147 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve |
|
|
125.000 |
|
|
|
Transfer to General Reserve |
|
|
113.452 |
|
|
|
Proposed Final Dividend |
|
|
90.928 |
|
|
|
Dividend Distribution Tax |
|
|
15.102 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
5164.185 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
3901.734 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
555.071 |
|
|
|
Components and Spares Parts |
|
|
6770.263 |
|
|
|
Capital Goods |
|
|
533.051 |
|
|
TOTAL IMPORTS |
|
|
7858.385 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
|
|
38.64 |
|
|
|
Diluted |
|
|
40.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(97.26)
|
0.42 |
7.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(106.82)
|
(3.46) |
13.12
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.41)
|
(1.10) |
3.61
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.66)
|
(0.05) |
0.18
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.45
|
3.91 |
3.57
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
1.83 |
3.82
|
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 |
Yes |
|
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 |
Yes |
|
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 |
LITIGATION DETAILS:
|
HIGH
COURT OF BOMBAY
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
From Banks |
0.000 |
12764.569 |
|
From other
parties |
0.000 |
804.700 |
|
Short Term Borrowings |
|
|
|
Loans and Advances
from related parties |
0.000 |
655.795 |
|
Other loans and
advances |
1413.131 |
1356.381 |
|
|
|
|
|
Total |
1413.131 |
15581.445 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10273615 |
25/02/2011 |
2,000,000,000.00 |
CANARA BANK |
MAKER TOWER (F), 20TH FLOOR, 85 CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B07632334 |
|
2 |
10259188 |
09/12/2010 |
2,000,000,000.00 |
SYNDICATE BANK |
LARGE CORPORATE BRANCH, 3RD FLOOR, NO.10, HOMJI STREET, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
B02146199 |
|
3 |
10253644 |
18/11/2010 |
500,000,000.00 |
STATE BANK OF HYDERABAD |
11-C, MITTAL TOWER,
210, NARIMAN POINT, MUMBAI - 400021, |
A98996994 |
|
4 |
10243351 |
30/08/2010 |
1,500,000,000.00 |
PUNJAB NATIONAL BANK |
ILACO HOUSE, SIR
P.M. ROAD, MUMBAI - |
A94438330 |
|
5 |
10243368 |
20/08/2010 |
2,000,000,000.00 |
UNITED BANK OF INDIA |
25, SIR P.M.ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A93353738 |
|
6 |
10230197 |
22/06/2010 |
3,300,000,000.00 |
PUNJAB NATIONAL BANK |
ILACO HOUSE, SIR
P.M. ROAD, MUMBAI - |
A89403174 |
|
7 |
10224764 |
25/05/2010 |
1,600,000,000.00 |
BANK OF INDIA |
DARABSHAW HOUSE,
NARROTTAM MORARJI MARG, BALLARD |
A87368726 |
|
8 |
10223467 |
18/05/2010 |
750,000,000.00 |
SICOM LIMITED |
NIRMAL, 1ST FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A86836467 |
|
9 |
10213941 |
28/06/2013 * |
91,643,200,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B82043514 |
|
10 |
10221009 |
25/03/2010 |
4,665,000,000.00 |
ANDHRA BANK |
18, HOMI MODI
STREET, NANAVATHI MAHALAYA, FORT, |
A85169613 |
* Date of charge
modification
OPERATING
RESULTS AND PROFITS:
During
the year, subject has successfully delivered 6 vessels. Subject has posted
turnover of Rs.4909.192 Millions, decrease of about 55.47% as compared to
Rs.11023.956 Millions in the previous financial year. Subject’s EBIDTA
(excluding subsidy) stands at Rs. (527.715) Millions compared to Rs.1874.509
Millions in previous year. Subject has incurred Net Loss after tax for the year
of Rs.4922.735 Millions as compared to Net Profit after tax of Rs.59.504
Millions in the previous year.
FINANCE:
As at
the end of financial year, Subject has total Secured Long-term facilities of
Rs.41841.520 Millions Debentures and Term Loan. Subject has total Short term
facilities of Rs.9322.466 Millions including Secured Cash Credit facilities of
Rs.7909.335 Millions and unsecured loans of Rs.1413.131 Millions.
WIND
POWER PROJECT:
Subject
has put up a Wind Farm, consisting of 14 Wind Energy Generators with a total
capacity of 15 MW at Village Brahmanvel, Taluka Sakri, District Dhule,
Maharashtra. The project has generated revenue of Rs. 115.290 Millions during
the year. It has become mandatory for subject to appoint a Cost Auditor w-e-f
1st April, 2011 for Wind Power division. Hence the company has appointed to
appoint Mr. S.C. Mawalankar as the Cost Auditor for the above Project for F.Y.2013-14.
MANAGEMENT
DISCUSSION AND ANALYSIS
Industry
Structure, Development and Product Wise Performance
The
Shipbuilding is a vast and complex industry comprising of various diversified
segments, the major ones being offshore including Rigs, cargo vessels,
containers, cruise liners, defense, passenger vessels etc. Recently, a new
segment has evolved due to growing environmental regulations, being the LNG
propelled vessels which basically use the unconventional source of LNG as a
fuel. The important segments are outlined herein below:
The
Domestic shipbuilding industry is centered around twenty five shipyards; of
which nineteen are private sector shipyards. Our country’s shipyards have a
strong order book having booked for nearly next 45 months. The top 8 shipyards
form ninety percent plus of the Indian shipbuilding order book. The average age
of the Indian fleet is twenty four years and within the next 8-10 years, a
large number of these ships should come for replacement.
Offshore
Segment
The
demand for offshore vessels is positively correlated with the quantum of
Offshore E&P activities. Lately, significant oil discoveries on land are
becoming less common. Therefore, global exploration trend is trending towards
offshore oil fields and away from onshore fields. The growing demand for oil
coupled with the increasing focus on offshore reserves and age related policies
for the vessels outlined by the Hirers for safety and efficiency has acted as a
key factor for demand of new-build offshore vessels. With ageing fleets
globally, replacement demand for AHTS and PSV is likely to remain robust.
With
environment protection regulations becoming increasingly stringent, vessels
over 20 years old generally considered obsolete. Between 2003 and 2008 the
industry ordered over $800 billion of new ships. 50% of the orders were placed
in 2007/8 when prices were at a peak. In India itself, the shipbuilding and
repair market is poised to pick up momentum with the increasing penetration of
Indian shipbuilding companies in the offshore vessels (OSVs) segment. Indian
companies have established strong credentials in the building and repair of
OSV, resulting in a spike in orders for such vessels from the Indian industry.
The limited capacities related to OSVs in leading shipbuilding nations such as
Japan and South Korea are resulting in diversion of orders to India, driving up
the fortunes of the Indian shipbuilding and repair market.
Company’s
Strategy
Subject
has always been one of the leading private sector shipbuilding Company in India
catering mainly to offshore segment. It has always strived towards a
diversified client base globally. Presently, the order book of subject is
dominated by offshore segment. It has always strived towards and succeeded in
providing to its Client excellent quality vessels, the operations of which have
earned lucrative profits to the Customers. It has taken up the challenge of
being one of the first few to construct the high end complex vessels types like
MSVs and PSVs. Its passion for the business and the consistent focus on quality
improvisation has been one of its USPs and has attracted repeated orders.
Rigs
Offshore
oil production contribution is estimated to grow to 37% (2018) from 35% (2010),
driven by contribution from Deepwater driving demand for jack up rigs and
offshore supply vessels. Of the existing jack-up rigs, more than half are over
20 years old. In the past two years, more than twenty rigs have been scrapped
which are as many as were scrapped/ converted in the past one and a half decade.
Higher E&P activity, scrapping of old rigs and comparatively lower supply
is expected to drive the demand for jack-up rigs. The scrapping of old units
will happen because they are too expensive to reactivate, too expensive to
maintain, or simply too old and outdated to be employed by the oil companies
Company’s
Strategy
Subject
has delivered India’s first Self Propelled Cantilevered Independent leg, Jackup
drill Rig in the current fiscal year. There are only 9 Rig manufacturers in the
world which have the technical know-how and potential of manufacturing such
types of rigs. The Company is the 10th in the World and the 1st in India. On
the other hand, the global demand of the rigs is gradually rising on account of
replacement needs of a majority of existing rigs which are crossing the age of
20 years. The Company’s next step would be to foray into the drill ship market.
LNg-Propelled
Vessels
The
concept of using LNG as a fuel for ships has been gaining popularity not only
in Europe but also in Asia and USA. The focus is being shifted to
unconventional sources of energy like LNG which are yet to be explored fully
and which are emitting less of the sulphur oxide, a pollutant said to cause
acid rain. LNG propelled vessels are especially required throughout the
“Emission Control Areas” (ECAs) in North-West Europe. Vessel emissions in ECAs
will have to be reduced further on January 1st 2015, forcing ship owners to
limit their sulphur emissions drastically. Under rules from the International Maritime
Organization, these emissions are required to be reduced to 0.5 percent by 2020
globally from 4.5 percent presently. In particular compared to conventional
heavy fuel oil, LNG offers close to 100 per cent reduction of emissions in
sulfur and particulate matter, an 80-85 per cent reduction of nitrogen oxides
(NOx) and 20-25 per cent less CO2 emissions.
Company’s
Strategy
Subject
has already made a foray into this market and is one of the world’s first
ship manufacturers to do so. It has entered into a contract for
construction and sale of 2 LNG propelled vessels to a Company based in Norway.
Norway has taken the lead developing “LNG as fuel” concept for shipping. It has
already taken a leading position in the use of LNG as a fuel, such as on
ferries and supply ships.
Defense
The
Indian Navy’s share of the total defense expenditure is on the rise and has
reached a significant budgeted 18% in FY14. With the Ministry of Defense’s
emphasis on indigenization, Public sector shipyards are facing severe capacity
constraints, enabling private shipyards an opportunity to participate in the
defense segment via JVs.
Company’s
Strategy:
Subject
intends to make the most out of this opportunity. The capital requirements of
the Navy are too large to be catered alone by the public sector shipyards. The
focus is shifting towards actively involving even the private shipyards which
have the necessary manpower and state of the art infrastructure in place and
more importantly, the desire to explore the untapped sector of Defense. As said
earlier, following the basic portfolio management principles, subject has been
diversifying its client base. During the current fiscal year, the Company has
bagged a prestigious order from the Highly Esteemed Organization which is
India’s DRDO. Further, it has also bagged order for 6 new vessels for the
Indian Navy itself. It is confident that successful execution of these orders
will help subject live up to the expectations attached to it and help in
acquiring further orders even in the future.
Outlook
Global
shipbuilding industry has been going through a downturn since 2009. The
downturn has been more severe in the commercial shipbuilding industry where
fixed asset investments and growth in global trade drives demand. Strength in
selective segments such as LNG and offshore should, however, continue to
support order flows. Sustained recovery may take little longer.
Offshore
orders accounted for 2/3rds of global investment in the shipbuilding sector in
the first nine months of this year driven by relatively high oil prices and
daily rental rate for rigs.
Further,
In December 2011, the Company has been referred to CDR cell for Debt
restructuring. The Scheme has been formally implemented in the current fiscal
year. One of the benefits of the same can be witnessed in the form of overall
reduced Finance costs. The Company has been making its best endeavours to
revive out of this temporary adverse phase. During the year, it has
successfully bagged orders from the Indian Navy and the DRDO as mentioned
above. These orders will help to build strong relationship with above customers
by timely delivery of vessels with company’s excellence in shipbuilding.
Further, during the year the main focus of subject has been on completing
orders on hand and on capturing new local as well as global orders. Speedy
completion and delivery of existing orders will help company to cope up with a
liquidity mismatch and focus on capturing new orders will give company future
outlook to excel in shipbuilding. Subject is committed to deliver quality
products by meeting global standards in terms of capabilities, technology and
size. Subject is also equipped with modern technology and heavy engineering
facilities to undertake projects like Rig and LNG vessels. Subject is a proud owner
of its Dabhol Yard and Mangalore Yard with state of the art facilities
including floating dry dock. With this infrastructure and experience, the
Company has an edge over existing players in the industry. Subject is expecting
its order book to grow on account of defense demand, future demand for offshore
Vessels/Rig and Ship repairs activity.
FIXED ASSETS:
·
Land
·
Building
·
Plant
and machinery
·
Dredger
·
Furniture
and fittings
·
Vehicles
·
Computers
·
Wind
Mill
·
Office
Equipments
STATEMENT OF STANDALONE UN-AUDITED FINANCIAL RESULTS FOR THE
QUARTER AND SIX MONTHS ENDED 30TH SEPTERMBER, 2013
(Rs. In Millions)
|
Particulars |
Three Months Ended ( Unaudited) |
Six Month Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
Reviewed |
Reviewed |
Reviewed |
|
1.
Income form operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
200.250 |
1408.396 |
1608.646 |
|
b) Other operating income |
4.487 |
1.837 |
6.325 |
|
Total
income from Operations(net) |
204.737 |
1410.233 |
1614.970 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
307.838 |
1255.426 |
1563.264 |
|
b) Employees benefit expenses |
430.601 |
243.574 |
674.175 |
|
c) Depreciation and amortization expenses |
119.040 |
129.765 |
248.805 |
|
d) Other expenditure |
418.418 |
170.830 |
589.248 |
|
Total expenses |
1275.897 |
1799.595 |
3075.492 |
|
3. Profit from operations before other income and
financial costs |
(1071.160) |
(389.361) |
(1460.521) |
|
4. Other income |
0.003 |
0.000 |
0.003 |
|
5. Profit from ordinary activities before finance costs |
(1071.157) |
(389.361) |
(1460.518) |
|
6. Finance costs |
1527.448 |
1198.154 |
2725.602 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(2598.606) |
(1587.515) |
(4186.120) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(2598.606) |
(1587.515) |
(4186.120) |
|
10.Tax expenses |
(468.620) |
(146.980) |
(615.600) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(2129.986) |
(1440.535) |
(3570.521) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(2129.986) |
(1440.535) |
(3570.521) |
|
14.Paid-up
equity share capital (Nominal value Rs. 10/- per share) |
502.989 |
384.524 |
502.989 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
0.000 |
0.000 |
0.000 |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
(54.30) |
(37.46) |
(91.93) |
|
(b) Diluted |
(54.30) |
(37.46) |
(91.93) |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
17360969 |
17360969 |
17360969 |
|
- Percentage of shareholding |
34.52% |
45.15% |
34.52% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
14326795 |
14326795 |
14326795 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
43.50% |
67.93% |
43.50% |
|
Percentage of shares (as a % of total share capital of the
company) |
28.48% |
37.26% |
28.48% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
18611178 |
6764576 |
18611178 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
56.50% |
32.07% |
56.50% |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
37.00% |
17.59% |
37.00% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
0 |
||
|
Receiving during the quarter |
1 |
||
|
Disposed of during the quarter |
1 |
||
|
Remaining unreserved at the end of the quarter |
0 |
||
NOTES:
1. The above results have been reviewed by the Audit Committee and approved
by the Board of Directors at their meeting held on November 12, 2013. The
statutory auditor have carried out a Limited Review of the above results.
2. During the quarter, 3 of the Banks have made payments against Bank
Guarantee invoked of Rs.5743.800 Millions by the company’s customers for 5
vessels for which legal / appellate proceedings are pending before various
judicial forums. The payment of the Bank Guarantees by the Banks in respect of
above vessels is disputed by the company and the company has taken necessary
steps at appropriate forums for the same. Accordingly, the company has not
given any effect to the same in its accounts. As a result, the company has also
not accounted the interest charged by Banks of Rs.113.500 Millions on above
payments.
3. The figures have been regrouped / rearranged wherever necessary
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
As at 30.09.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
502.989 |
|
(b) Reserves & Surplus |
|
|
233.658 |
|
(c) Money
received against share warrants |
|
|
305.831 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
(3) Compulsory Convertible Debenture |
|
|
2130.300 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
3172.778 |
|
|
|
|
|
|
(4)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
26989.714 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
49.058 |
|
Total Non-current Liabilities (3) |
|
|
27038.772 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
10283.715 |
|
(b) Trade payables |
|
|
1628.330 |
|
(c) Other current
liabilities |
|
|
18490.815 |
|
(d) Short-term provisions |
|
|
1131.566 |
|
Total Current Liabilities (4) |
|
|
31534.426 |
|
|
|
|
|
|
TOTAL |
|
|
63845.976 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
15128.194 |
|
(b) Non-current Investments |
|
|
17.476 |
|
(c) Deferred tax assets (net) |
|
|
1090.937 |
|
(d) Long-term Loan and Advances |
|
|
10497.948 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
26734.555 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.012 |
|
(b) Inventories |
|
|
26837.627 |
|
(c) Trade receivables |
|
|
7830.657 |
|
(d) Cash and cash
equivalents |
|
|
681.917 |
|
(e) Short-term loans and
advances |
|
|
1761.208 |
|
(f) Other current assets |
|
|
0.000 |
|
Total Current Assets |
|
|
37111.421 |
|
|
|
|
|
|
TOTAL |
|
|
63845.976 |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR
THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2013
(Rs. In Millions)
|
Particulars |
Three
Months Ended (
Unaudited) |
Six
Month Ended (
Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
Audited |
Un-audited |
Un-audited |
|
1.
Segment Revenue |
|
|
|
|
a. Ship Manufacturing* |
145.996 |
1366.428 |
1512.424 |
|
b. Wind Power |
58.741 |
43.805 |
102.546 |
|
c. Unallocated |
0.003 |
0.000 |
0.003 |
|
Total |
204.740 |
1410.233 |
1614.973 |
|
|
|
|
|
|
2. Segment
Result |
|
|
|
|
a. Ship Manufacturing* |
(1112.175) |
(415.939) |
(1528.114) |
|
b. Wind Power |
41.019 |
26.577 |
67.596 |
|
c. Unallocated |
- |
- |
- |
|
Total |
(1071.157) |
(389.361) |
(1460.518) |
|
Less
: (i) Interest |
1527.448 |
1198.154 |
27.25.602 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
- |
- |
- |
|
Profit
before Tax |
(2598.606) |
(1587.515) |
(4186.120) |
|
3.
Capital Employed |
|
|
|
|
a. Ship Manufacturing* |
9142.582 |
6093.797 |
9142.582 |
|
b. Wind Power |
647.727 |
608.897 |
647.727 |
|
c. Unallocated |
- |
- |
- |
|
Total |
9790.308 |
6702.694 |
9790.308 |
*Including Capital Work-in-progress
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.62.24 |
|
|
1 |
Rs.101.81 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
32 |
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.