1. Summary Information
|
|
|
Country |
India |
|
Company Name |
PIPAVAV DEFENCE AND
OFFSHORE ENGINEERING COMPANY LIMITED |
Principal Name 1 |
Mr. Nikhil Prataprai Gandhi |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Venkiteshwaran Subramanian |
|
|
|
Registration # |
04-033193 |
|
Street Address |
|
||
|
Established Date |
17.10.1997 |
SIC Code |
-- |
|
Telephone# |
91-2794-286200 / 201 / 661000 |
Business Style 1 |
Engaged in Commercial Shipbuilding, Ship Repair, Offshore Fabrication
and Servicing and Naval Shipbuilding and Repair. |
|
Fax # |
91-2794-286373 / 661100 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
3000
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.6,911,983,880/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter Group - 45.03% Public shareholding - 54.97% |
Banking |
Union Bank of India |
|
Public Limited Corp. |
YES |
Business Period |
16 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba
(52) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary : |
-- |
E Complex Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
28,208,611,000 |
Current Liabilities |
11,675,920,000 |
|
Inventories |
3,391,019,000 |
Long-term Liabilities |
27,249,680,000 |
|
Fixed Assets |
22,041,232,000 |
Other Liabilities |
874,767,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
39,800,367,000 |
|
Invest& other Assets |
5,948,612,000 |
Retained Earnings |
12,477,373,000 |
|
|
|
Net Worth |
19,789,107,000 |
|
Total Assets |
59,589,474,000 |
Total Liab. & Equity |
59,589,474,000 |
|
Total Assets (Previous Year) |
45,357,055,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
18,670,,647,000 |
Net Profit |
185,158,000 |
|
Sales(Previous yr) |
8,599,308,000 |
Net Profit(Prev.yr) |
397,715,000 |
MIRA
INFORM REPORT
|
Report Date : |
11.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LIMITED (w. e. f.
29.09.2011) |
|
|
|
|
Formerly Known As : |
PIPAVAV SHIPYARD LIMITED (w. e. f. 19.04.2005) PIPAVAV SHIP DISMANTLING AND ENGINEERING LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
17.10.1997 |
|
|
|
|
Com. Reg. No.: |
04-033193 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.6911.984 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L35110GJ1997PLC033193 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
mump27060F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCP1491L |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company shares are listed to the
stock exchange. |
|
|
|
|
Line of Business : |
Engaged in Commercial Shipbuilding, Ship Repair, Offshore Fabrication and
Servicing and Naval Shipbuilding and Repair. |
|
|
|
|
No. of Employees : |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 79000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a good track record.
There appears slight dip in the profitability. However, general financial position of the company seems to be strong.
Performance capacity appears to be high. Fundamental appears to be healthy
and strong. Trade relations are reported to be fair. Business is active.
Payments are regular and as per commitment. The company can be considered for normal 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 |
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 : |
|
|
Tel. No.: |
91-2794-286200 / 201 / 661000 |
|
Fax No.: |
91-2794-286373 / 661100 |
|
E-Mail : |
careers@pipavavshipyard.com company.secretary@pipavavshipyard.com nileshkmehta@gmail.com |
|
Website : |
|
|
|
|
|
Corporate office : |
SKIL House, 209, |
|
Tel. No.: |
91-22-66199126 / 6619 9000 |
|
Fax No.: |
91-22-67158099 / 2269 6022 / 2265 9939 |
|
|
|
|
SEZ Units / Plant 1: |
Village Rampara
–II, Taluka Rajula and Village Lunsapur, Taluka Jafrabad, District – Amreli –
365560, |
|
|
|
|
Plant 2 : |
Pipavav Port, Post Ucchaiya, Via-Rajula, District Amreli – 365 560, Gujarat, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Nikhil Prataprai Gandhi |
|
Designation : |
Chairman |
|
Address : |
38, Sagar Villa, |
|
Date of Birth/Age : |
25.04.1958 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
17.10.1997 |
|
|
|
|
Name : |
Mr. Venkiteshwaran Subramanian |
|
Designation : |
Independent Director |
|
Address : |
A/7 and 2, Lloyds Garden, 7th Floor, Appasaheb Marthe Marg,
Prabhadevi, Worli, Mumbai-400025, |
|
Date of Birth/Age : |
22.01.1941 |
|
Qualification : |
B.Sc. with Physics and Mathematics – 1960, Bombay
University. LL.B, Bombay University. |
|
Date of Appointment : |
18.09.2007 |
|
Directorships
held on other companies : |
·
Dolphin Offshore Enterprises (India) Limited.
(also Vice Chairman of the ·
company) ·
Dolphin Offshore Shipping Limited. ·
Indian Register of Shipping ·
Mahagujarat Chamunda Cements Company Private
Limited. ·
Mundra Port And Special Economic Zone Limited. ·
National Securities Clearing Corporation Limited. ·
The Clearing Corporation of India Limited. ·
Pandi Correspondents Private Limited. |
|
|
|
|
Name : |
Mr. Ramunni Menon Premkumar |
|
Designation : |
Independent Director |
|
Address : |
101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai-400030, |
|
Date of Birth/Age : |
16.08.1945 |
|
Date of Appointment : |
15.07.2008 |
|
|
|
|
Name : |
Mr. Ajai Vikram Singh |
|
Designation : |
Independent Director |
|
Address : |
Bafhsuri House, |
|
Date of Birth/Age : |
04.07.1945 |
|
Date of Appointment : |
15.07.2008 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Independent Director |
|
Address : |
C-15, DGS Co-Operative Housing Society, Plot No. 6, Sector 22, Dwarka,
Delhi-110075, |
|
Date of Birth/Age : |
18.06.1944 |
|
Date of Appointment : |
15.07.2008 |
|
|
|
|
Name : |
Mr. Bhavesh Prataprai Gandhi |
|
Designation : |
Executive Vice Chairman |
|
|
|
|
Name : |
Mr. David Rasquinha |
|
Designation : |
Nominee Director, EXIM Bank, Independent Director |
|
Date of Appointment : |
25.04.2011 |
KEY EXECUTIVES
|
|
Audit Committee |
|
Name : |
Mr. Ramunni Menon Premkumar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ajai Vikram Singh |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Bhavesh Prataprai Gandhi |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. David Rasquinha |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Venkiteshwaran Subramanian |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Member |
|
|
|
|
|
Shareholder’s
and Investors’ Grievances Committee |
|
Name : |
Mr. Nikhil Prataprai Gandhi |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Bhavesh Prataprai Gandhi |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Venkiteshwaran Subramanian |
|
Designation : |
Member |
|
|
|
|
|
Remuneration
Committee |
|
Name : |
Mr. Venkiteshwaran Subramanian |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Nikhil Prataprai Gandhi |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Ramunni Menon Premkumar |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Ajit Dabholkar |
|
Designation : |
Company Secretary and Compliance officer |
|
Address : |
D/801, |
|
Date of Birth/Age : |
19.06.1965 |
|
Date of Appointment : |
21.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
315776180 |
45.03 |
|
|
315776180 |
45.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
315776180 |
45.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
12099381 |
1.73 |
|
|
30992863 |
4.42 |
|
|
58465899 |
8.34 |
|
|
30631583 |
4.37 |
|
|
10000000 |
1.43 |
|
|
142189726 |
20.28 |
|
|
|
|
|
|
159909453 |
22.81 |
|
|
|
|
|
|
19381310 |
2.76 |
|
|
19300116 |
2.75 |
|
|
44641603 |
6.37 |
|
|
1077623 |
0.15 |
|
|
13900 |
0.00 |
|
|
649580 |
0.09 |
|
|
42900000 |
6.12 |
|
|
500 |
0.00 |
|
|
243232482 |
34.69 |
|
Total Public shareholding (B) |
385422208 |
54.97 |
|
Total (A)+(B) |
701198388 |
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) |
701198388 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Engaged in Commercial Shipbuilding, Ship Repair, Offshore Fabrication
and Servicing and Naval Shipbuilding and Repair. |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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|
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|
Bankers : |
· Union Bank of India · Industrial Finance Branch, Nariman Point, Mumbai – 400021, Maharashtra, India, · Industrial and Development Bank of India · Export Import Bank of India · Centre One, World Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India · Housing and Urban Development Corporation Limited, Guru Nirman, 4th Floor, Ahmedabad · Punjab National Bank, Ashram Road Branch · State Bank of India, Overseas Branch, Worli Trade Centre, Port Box No. 46094, Cuffe Parade, Mumbai – 400 005 · State Bank of India, Overseas Branch, Gujarat |
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Facilities : |
|
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|
|
|
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|
Banking
Relations : |
-- |
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|
|
|
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|
Internal Auditors : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
M. A. Shah and Company Chartered Accountants |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
A-1, Sindhi Niwas, |
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|
|
|
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|
Statutory Auditors : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Chaturvedi and Shah Chartered Accountants |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
912-913, Tulsiani Chambers, 212, Nariman point, Mumbai – 400 021, |
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|
|
|
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|
Subsidiary : |
E Complex Private Limited |
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|
|
|
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|
Associates : |
· SKIL Infrastructure Limited · Coceptia Software Technologies Private Limited |
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|
|
|
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|
Related Parties
: |
· Awaita Properties Private Limited · Grevek Investments and Finance Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000000 |
Equity Shares |
Rs.10/-each |
Rs.8000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
691198388 |
Equity Shares |
Rs.10/- each |
Rs.6911.984
Millions |
Reconciliation of Number
of equity shares outstanding at the beginning and at the end of the year
|
Particulars |
As at March 31, 2012 |
|
|
|
No. of Shares |
Rs. In Millions |
|
No. of shares at the beginning of the year |
665,798,388 |
6657.984 |
|
Add: Shares issued during the year on conversion of debentures |
25,400,000 |
254.000 |
|
No. of shares at the end of the year |
691,198,388 |
6911.984 |
Shareholders holding
more than 5% Shares in the Company
|
Shares held by |
As at March 31, 2012 |
|
|
|
No. of Shares |
% Holding |
|
SKIL Infrastructure Limited |
257,266,685 |
37.22% |
|
Ovira Logistics Limited |
- |
- |
|
Smallcap World Fund, Inc. |
35,731,000 |
5.17% |
|
IL and FS Marine Infrastructure Company Limited |
53,423,871 |
7.73% |
Reserved Shares
The Convertible Share Warrant Holders have the option to convert their share warrants into 2,05,00,000 Equity Shares (Previous Year 2,52,21,612) of ? 10/- each at the terms and conditions
Terms and Rights
attached to Equity Shares
The Company has only one class of Equity Share having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the Company, the equity shareholders will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amount. The distribution will be in proportionate to the number of equity shares held by the shareholders.
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 |
6911.984 |
6657.984 |
6657.984 |
|
|
2] Share Application Money |
399.750 |
625.496 |
0.000 |
|
|
3] Reserves & Surplus |
12477.373 |
10250.156 |
10365.001 |
|
|
4] (Accumulated Losses) |
0.000 |
(107.497) |
(506.457) |
|
|
NETWORTH |
19789.107 |
17426.139 |
16516.528 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18554.516 |
15096.900 |
11310.759 |
|
|
2] Unsecured Loans |
8695.164 |
5110.618 |
1988.395 |
|
|
TOTAL BORROWING |
27249.680 |
20207.518 |
13299.154 |
|
|
DEFERRED TAX LIABILITIES |
624.633 |
79.420 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
47663.420 |
37713.077 |
29815.682 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22041.232 |
12249.948 |
10482.814 |
|
|
Capital work-in-progress |
5653.586 |
14751.799 |
13883.821 |
|
|
|
|
|
|
|
|
INVESTMENT |
295.026 |
419.652 |
267.569 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3391.019
|
2453.479
|
1330.232
|
|
|
Sundry Debtors |
9094.209
|
2049.933
|
70.180
|
|
|
Cash & Bank Balances |
2782.525
|
4256.256
|
6400.908
|
|
|
Other Current Assets |
6775.995
|
4344.718
|
3484.350
|
|
|
Loans & Advances |
9555.882
|
4831.270
|
2971.683
|
|
Total
Current Assets |
31599.630
|
17935.656
|
14257.353
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4309.062
|
1942.986
|
1563.767
|
|
|
Current Liabilities |
7366.858
|
4689.253
|
6026.070
|
|
|
Provisions |
250.134
|
1011.739
|
1486.038
|
|
Total
Current Liabilities |
11926.054
|
7643.978
|
9075.875
|
|
|
Net Current Assets |
19673.576
|
10291.678
|
5181.478
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
47663.420 |
37713.077 |
29815.682 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
18670.647 |
|
|
|
Other Income |
|
|
244.024 |
|
|
|
TOTAL (A) |
|
|
18914.671 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
|
4987.797 |
|
|
|
Purchase of Traded Goods |
|
|
5166.225 |
|
|
|
Changes in Inventories of Work-in Progress and Scrap |
|
|
11.302 |
|
|
|
Employee Benefits Expenses |
|
|
457.809 |
|
|
|
Other Expenses |
|
|
3928.808 |
|
|
|
TOTAL (B) |
|
|
14551.941 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
4362.730 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
2576.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
1785.912 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
1058.916 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
726.996 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
54.838 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
185.158 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
(107.497) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
4416.794 |
|
|
|
Stores & Spares |
|
|
81.054 |
|
|
|
Capital Goods |
|
|
40.499 |
|
|
TOTAL IMPORTS |
|
|
4538.347 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
0.27 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
|
8599.308 |
6293.826 |
|
|
|
|
Other Income |
|
633.651 |
675.066 |
|
|
|
|
TOTAL (A) |
|
9232.959 |
6968.892 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Purchase of Traded Goods |
|
2575.880 |
947.715 |
|
|
|
|
Raw Materials Consumed |
|
2828.320 |
1693.191 |
|
|
|
|
Manufacturing Expenses |
|
911.537 |
1634.619 |
|
|
|
|
Payments to and provisions for Employees |
|
273.993 |
216.285 |
|
|
|
|
Administrative, Selling and Other Expenses |
|
260.685 |
738.809 |
|
|
|
|
Increase/(Decrease) in Inventories |
|
223.506 |
1129.430 |
|
|
|
|
TOTAL (B) |
|
7073.921 |
6360.049 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
2159.038 |
608.843 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
|
1190.063 |
729.992 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
968.975 |
(121.149) |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
487.326 |
365.473 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
481.649 |
(486.622) |
||
|
|
|
|
|
|
||
|
Less |
TAX (I) |
|
83.934 |
1.583 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
397.715 |
(488.205) |
||
|
|
|
|
|
|
||
|
Add |
PRIOR PERIOD
ITEMS (NET) |
|
1.245 |
(20.735) |
||
|
|
|
|
|
|
||
|
Add |
BALANCE BROUGHT
FORWARD |
|
(506.457) |
2.483 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO BALANCE SHEET |
|
(107.497) |
(506.457) |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
|
3922.810 |
660.192 |
|
|
|
|
Stores and Spares |
|
30.156 |
25.516 |
|
|
|
|
Capital Goods |
|
94.156 |
86.067 |
|
|
|
TOTAL IMPORTS |
|
4047.122 |
771.775 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
|
0.60 |
(0.82) |
||
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2012 |
30.09.2012 |
|
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
|
5724.170 |
6660.200 |
|
Total Expenditure |
|
|
4509.560 |
5262.450 |
|
PBIDT (Excl OI) |
|
|
1214.610 |
1397.750 |
|
Other Income |
|
|
90.550 |
40.080 |
|
Operating Profit |
|
|
1305.160 |
1437.830 |
|
Interest |
|
|
977.100 |
1011.570 |
|
Exceptional Items |
|
|
0.0000 |
0.000 |
|
PBDT |
|
|
328.060 |
426.260 |
|
Depreciation |
|
|
300.480 |
301.340 |
|
Profit Before Tax |
|
|
27.580 |
124.920 |
|
Tax |
|
|
7.380 |
40.850 |
|
Provisions and contingencies |
|
|
0.000 |
0.000 |
|
Profit After Tax |
|
|
20.200 |
84.070 |
|
Extraordinary Items |
|
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
0.000 |
|
Other Adjustments |
|
|
0.000 |
0.000 |
|
Net Profit |
|
|
20.200 |
84.070 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.98
|
4.31
|
(7.00)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.89
|
5.60
|
(7.73)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.36
|
1.60
|
(1.97)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.03
|
(0.02)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98
|
1.60
|
1.35
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.65
|
2.35
|
1.57
|
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 |
No |
|
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 |
No |
NOTE:
The Registered Office of the company was 904, Shukan Tower, Near Judges
Bunglow, police Chowky, Bodakdev,
Ahmedabad – 380 009, Gujarat change to present registered address w.e.f
27.10.2006.
OPERATIONS
During the year, the Company has recorded total income of Rs.18914.600 Millions, showing an increase of 104.82% as compared to the income of Rs.9234.900 Millions during the previous financial year. The Company earned profit before tax of Rs.727.000 Millions, as against profit of Rs.479.600 Millions for previous year.
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Company is engaged in the business of building assets in various segments including (i) Defence Shipbuilding; (ii) Offshore Oil and Gas Exploration and Production Assets Construction; (iii) Commercial Shipbuilding and Repairs; (iv) Defence hardware and services for the Indian Armed Forces; and (v) Heavy Engineering.
(I) DEFENCE SHIPBUILDING
Geopolitical equations are rapidly changing globally, with the emergence of new powers, upheavals in many strategic regions and economic crisis in the developed world. India's size, strategic location, trade interests and dynamic global security environment underpin the critical need to bolster the country's defence preparedness and infrastructure to safeguard its security interests.
In the Union Budget 2012-13, the Finance Minister allocated Rs.1934070.000 Millions for defence spending, representing 1.9% of Gross Domestic Product (GDP) of the country. The defence outlay represents growth of 13.15% over the previous year's revised outlay. Defence sector capital expenditure allocation of close to Rs.800000.000 Millions includes Rs.247660.000 Millions towards naval capital expenditure which is 72% higher compared to last year with the focus being on modernization of fleet of the Indian Navy.
The substantial increase in allocation to the naval capital expenditure is based on the realization that India has to modernize its fleet to face the challenges thrown by other countries seeking to establish presence in the Indian Ocean, a region of strategic importance connecting the developed West with the emerging East, in order to further its emergence as a key player in global trade.
The present fleet of the Indian Navy consists of 132 ships including submarines, to which about 49 ships will be added in the next five years. According to reports available in public domain, the Indian Navy requires over 100 ships of different varieties including aircraft carriers, submarines, destroyers, patrol vessels etc. over the next two decades. In continuation to the Defence Procurement Procedure (DPP) 2011 promoting 'Buy Indian, Make Indian' and public private partnerships for development of indigenous defence industry, the Ministry of Defence, Government of India, issued guidelines for establishing Joint Venture Companies by Defence Public Sector Undertakings (DPSUs) with the objective to achieve substantive self-reliance in the defence sector and to augment national effort of producing state-of-the-art defence products with globally competitive prices and timelines. Now, it is up to the private sector players, looking to establish their presence in this space, to demonstrate their technologies, capabilities and infrastructure developed by them.
The Company is at the forefront of this opportunity having become the first private sector company which has been selected by Mazagon Dock Limited, the premier defence shipyard of the Ministry of Defence, as its partner for formation of the joint venture to build warships for the Indian Navy. The Company has been awarded with the contract for construction of 5 warships viz. Naval Offshore Patrol Vessels worth Rs.29750.000 Millions by the Indian Navy and is in the process of executing the same.
(II) OFFSHORE OIL AND GAS EXPLORATION AND
PRODUCTION ASSETS CONSTRUCTION
Demand for crude oil in the world is expected to rise to 95 million barrels per day by 2015 and 118 million barrels per day by 2030, compared to the current level of 87 million barrels per day. Demand will be driven by emerging markets on the back of surge in development and industrialization resulting in significant increase in per capita consumption of petroleum products.
India consumes about 3.1 million barrels per day and is expected to consume 4.3 million barrels per day by 2030 at a compounded annual growth rate of 1.8%. Currently, India is the fourth largest oil consumer in the world and the fifth largest importer of crude oil and is expected to surpass Japan and Russia to become the world's third largest consumer by 2030. India only produces about 20% of its total crude oil requirement. To meet demand supply gap, the Government of India has taken various initiatives and has enacted various policies such as New Exploration Licensing Policy (NELP). Government of India under the 9th round of NELP offered 33 oil and gas exploration blocks. With increased oil and gas exploration activity in India post NELP particularly in deep water blocks, there is increased demand for advanced offshore structures, subsea architecture and advanced drilling technologies leading to higher efficiency and reduced production costs. The Company is well-equipped to fabricate offshore structures covering mobile offshore drilling units (MODU), mobile offshore production units (MOPU), jackets, offshore platforms, topside modules, floating production, storage and offloading units (FPSO), floating storage and regasification vessels (FSRU) etc. required to meet the growing demand for crude oil including oil equivalent products and natural gas.
Indian players are also set to benefit from the huge replacement demand which is expected to come over the next few years. Globally, 68% of rigs, 73% of anchor handling tug, supply vessels (AHTSVs) and 62% of the platform supply vessels (PSVs) are more than 20 years old. This will translate into huge potential to service and revamp/ upgrade large number of these assets by Indian private shipyards.
(III) COMMERCIAL SHIPBUILDING AND REPAIRS
The commercial shipbuilding industry globally is dependent on several key drivers including world GDP which drives economic activity; the break down in geographical barriers driving trade; increasing demand for crude oil and oil tankers for its transportation; and steel production driven by importers like China, the United States and South East Asia which accounts for 42% of global dry bulk trade.
The outlook for the global shipbuilding industry remains subdued with global shipyard capacity close to its historical high and the global order book almost half the recent peak and expected to remain so in the near future. Several shipping segments are seeing pressure on freight rates, declining asset values and the risk of increasing overcapacity in the near term. In this scenario, demand is focused on new, quality, fuel-efficient, competitively priced and eco-friendly vessels.
The ship building industry in India is estimated to touch Rs.92000.000 Millions by 2015 from Rs.73100.000 Millions at present, growing at a compounded rate of about 8% as highlighted by the industry body ASSOCHAM. The global shipbuilding industry currently stands at Rs.7.3 lacs Crore.
The Indian Commercial shipbuilding depends on 8 Public Sector and 20 Private Sector shipyards in the country. India has a competitive advantage from its global peers like low labor cost, strong domestic demand, technically skilled qualified labor force, established steel and manufacturing industry and coastline as long as 7,517 kms. strategic location close to the Indian Ocean, Arabian Sea and the Bay of Bengal making it easily accessible from three directions. India offers endless opportunity in the commercial shipbuilding and repair industry. India's ship building industry currently is about 1.5% of the global ship building market and the Union Shipping Minister is targeting a global market share of 5% by 2017.
In India, major shipyards carry out both repair and ship building activities. Unlike the shipbuilding industry, which experiences cyclical downturns and upturns, the repair industry is evergreen. Yards generally have a continuous and consistent flow of business and revenue generation from repairs business.
With the growing fear of pollution and stricter norms and regulations, repairing services are in demand. Indian shipyards have the competitive advantages including proximity to international shipping routes.
(IV) DEFENCE HARDWARE
AND SERVICES FOR THE INDIAN ARMED FORCES
The Government of India is making all efforts to strengthen its defence requirements be it the army, navy or air force. The entire defence gamut is the key focus for India right now and the Company is well-equipped to seize all the opportunities offered in this space.
(V) HEAVY ENGINEERING
The heavy engineering sector in India has been growing tremendously on account of the Government's increased thrust on infrastructure development. Continuous investment in sectors such as power, oil and gas exploration and production, etc. coupled with robust industrial activity is expected to drive the growth momentum in the heavy engineering industry in the near term.
OUTLOOK
The Company completed the first full year of operations in 2011-12, during which it successfully delivered two Panamax vessels, the largest bulk carriers of its class built in India till date, to its international customers.
Going forward, in fiscal year 2012-13 they expect to accelerate the process of production. The Company has the capability to develop high quality and state-of-the-art ships for the military as well as for commercial demand at its global standard facility. The Company has commenced the construction of second dry dock. Their infrastructure and world class fabrication facilities along with technological tie-ups provide testament of the confidence shown in them by their partners. They are confident of utilizing their strengths viz. high quality, high technology ship building processes and systems as a platform for enhanced growth.
The Company is gaining leadership in its space and with all differentiating factors in their favor, they are optimistic that they will capitalize on opportunities provided by the defence, offshore, oil and gas assets space and witness sustained growth and profitability going forward.
CONTINGENT
LIABILITY:
(Rs.
In Millions)
|
Particular
|
31.03.2012 |
31.03.2011 |
|
a) Guarantees given
by Company’s Bankers |
|
|
|
i) Refund Bank Guarantees given to customers (Net of liabilities accounted for) |
1481.531 |
1753.984 |
|
ii) Other Bank Guarantees (Bank Guarantees are provided under Contractual/ Legal obligations.) |
2284.257 |
906.585 |
|
|
|
|
|
b) Demands not
acknowledged as Debts |
|
|
|
i) Income Tax (The Company has deposited under protest Rs.32.151 Millions (Previous Year Rs.28.867 Millions) out of total demand) |
111.681 |
39.732 |
|
ii) Service Tax and Excise Duty (Relates to disallowance of CENVAT Credit taken by the Company) |
7.183 |
5.845 |
|
iii) Other Claims (Relates to claims of suppliers and demand raised by vendor for Service Tax etc.) |
22.035 |
19.210 |
|
|
|
|
|
c) Letters of
Credit opened in favour of suppliers (Cash Flow is expected on receipt of materials from Suppliers) |
130.897 |
2338.851 |
|
|
|
|
Fixed Assets:-
· Plant and Machinery
· Building
· Furniture and Fixtures
· Computers
· Office Furniture and Equipments
· Vehicles
· Leasehold Land
· Software
PRESS RELEASES
PIPAVAV DEFENCE BAGS
RS 400-CR CONTRACT FROM ONGC
DECEMBER 31, 2012
Pipavav Defence and Offshore Engineering Company said it has bagged a contract worth Rs.4000.000 Millions crore from ONGC for repairing, maintenance and dry docking of one of its oil rigs.
Pipavav Defence and Offshore Engineering Company said it has bagged a contract worth Rs.4000.000 Millions from ONGC for repairing, maintenance and dry docking of one of its oil rigs. "The oil rig namely Sagar Laxmi is one of the critical oil rigs of ONGC for its offshore operations. The value of the contract is approximately Rs.4000.000 Millions crore," Pipavav said in a filing to the BSE.
The company has been selected among the top global competitors and is expected to secure few more similar contracts in the near future, it added. Pipavav Defence, which is one of leading shipyards of the country, is estimated to have an order book of about Rs.85000.000 Millions at present.
In November, the company had announced a deal to allot 3.5 per cent stake to Swedish defence major Saab AB through preferential allotment for about Rs.2010.000 Millions.
PIPAVAV
DEFENCE, MAZAGON DOCKS JV CO INCORPORATED
DECEMBER
12, 2012
Pipavav Defence and Offshore Engineering Company announced Thursday the joint venture company between Pipavav Defence and Offshore Engineering Company and Mazagon Dock, a defence public sector undertaking, has been incorporated in the name of 'Mazagon Dock Pipavav Defence' on December 3, 2012.
The stock had outperformed the market over the past one month till Dec. 05, 2012, rising 7.98% compared with the Sensex's 3.35% rise. It outperformed the market in past one quarter, gaining 28.85% as against 12.01% rise in the Sensex.
PIPAVAV, AIRBUS TO
START MRO UNIT THE PARENT COMPANY
OF AIRBUS, WILL HOLD 26-49% EQUITY IN THE JOINT VENTURE WHILE PIPAVAV WILL HOLD
A 51% STAKE
SEPTEMBER
28, 2011
Mumbai:Pipavav Defence and Offshore Engineering Company Limited and Airbus SAS have agreed to jointly start an aircraft maintenance, repair and overhaul (MRO) unit in India.
EADS NV, the parent company of Airbus, will hold 26-49% equity in the joint venture, Pipavav said in a filing to stock exchanges on Wednesday. Pipavav will hold a 51% stake.
“The first-phase MRO facilities and associated infrastructure are likely to cost $100 million (Rs. 4890.000 Millions),” Pipavav said in its filing. “The MRO facilities and associated infrastructure will be used for civilian and military applications.”
Mint could not immediately contact EADS for comment.
A person familiar with the matter said the MRO facility will also have spare parts and logistics units.
“The name, necessary approvals, agreements and equity structure would be finalized in the next three months. The company would also induct a technical partner to run the aircraft repair facility,” this person said, adding the deal will help Pipavav, until recently known as Pipavav Shipyard, position itself in the aerospace sector.
Five places are shortlisted for the MRO unit—Cochin International Airport in Kerala, old Bangalore international airport, a small airport site in Maharashtra and two other sites near private airports, he added, requesting anonymity.
Pipavav shares rose 2.7% to end trading at Rs. 79.90 on BSE on Wednesday. The Sensex shed 0.47%.
As India’s aviation sector grows, the MRO market is expected to more than double revenue to $1.06 billion by 2015 from $499 million in 2009, according to a 2009 report by business research firm Frost and Sullivan. MRO service requirements in the country are expected to grow annually at a compounded rate of 13.5% in the same period.
“Labour costs in India are around $30-35 per man hour, compared with $55-60 in South-East Asia and the Middle East and even higher in the US and Europe,” Frost and Sullivan analysts Chethan Kambi and Arun Narayanan wrote in the report. “Therefore, India has potential to service not just Indian aircraft but also those from neighbouring regions.”
India’s MRO sector has been gathering pace in recent years.
In November, the aeronautical division of Europe’s largest airline, Air France-KLM group, entered India’s aircraft component repair market by acquiring a 26% stake in Mumbai-based MRO company Max AeroSpace and Aviation Limited for an undisclosed amount.
Mumbai-based Air Works Engineering, which began repairing aircraft 59 years ago, started an MRO facility in Hosur, Tamil Nadu, and acquired European aircraft refurbishing and painting firm Air Livery for an undisclosed amount in 2010. Engineering firm Punj Lloyd Limited and US-based private equity firm Global Technology Investment each hold a 33% stake in Air Works.
Airport developer GMR Group is in the process of starting an MRO facility with Malaysian Aerospace Engineering Sdn Bhd at the Hyderabad airport, and Air India is building an MRO with Boeing Company
PANEL FOR OPENING UP SUBMARINE CONSTRUCTION TO PRIVATE SECTOR
MAY 23, 2011
The committee has said that with private sector setting up capacity in the country there is no need to import submarines in future thus opening up the Rs 500000.000 Millions markets for Indian companies like L and T and Pipavav Shipyard. India at present has 14 submarines in its fleet.
L and T, which is constructing a shipyard in Ennore in Tamil Nadu, and Pipavav Shipyard, which has an existing shipyard in Gujarat, have been recommended by the panel to build submarines in partnership with government owned companies as joint venture projects. With this, Pipavav and L and T will join a select group of four companies that have the capability to submarines. "The report has been submitted to the government last week and an announcement is expected soon," said a source with direct knowledge of the panel's report.
"If this space is opened up, it will be a big opportunity for private players. And there is no doubt that Indian private players are fully equipped to manufacture submarines' Nikhil Gandhi. CMD of Pipavav told ET NOW.
It was in 1999, the defence ministry had prepared a 30-year plan to acquire 24 submarines. As per the plan, first six submarines were to be delivered in 2005 and to be completed by 2015. The rest of the 18 Submarines were to be delivered between 2015 and 2029.
The government gave the orders for the first six submarines to Mazgaon Docks in collaboration with French Ministry of Defence Yard. But due to lack infrastructure, the project has met with serious delay. In fact, all the submarines will now be delivered only by 2022 instead of 2015.
Indian private players have been continuosly exploring opportunities to enter various segments of the Indian defence and aerospace sector. Earlier this year Tata group formed a joint venture with Lockheed Martin to make aerostructures for Lockheed's C-130 aircraft in India. L and T also has a joint venture with Cassidian, a division of European Aerospace And Defence (EADS) Group, for defence electronics. It has also worked in close cooperation with the Defence Research and Development Organisation (DRDO) on several projects.The Mahindra group also has a joint venture with UK-based BAE Systems for production of manufacture mine-proof vehicles.
The Indian defence sector would need investments of $200 bn to $300 bn in military and aerospace according to the defence ministry.The defence ministry is looking at signing offset contracts of more than Rs 100000.000 Millions in the 11th plan ending this year. Twelve offset contracts valuing Rs 99430.000 Millions have been signed with Indian private industries and defence PSU so far.
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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.54.63 |
|
|
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
52 |
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.