MIRA INFORM REPORT
|
Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
MODEST
INFRASTRUCTURE LIMITED (w.e.f 29.01.2008) |
|
|
|
|
Formerly Known
As : |
MODEST INFRASTRUCTURE PRIVATE LIMITED (w.e.f. 14.12.2001) MODEST OFFSHORE SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
11, Rex
Chambers, Ground Floor, Ballard Estate, W.H. Marg, Mumbai – 400 001,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.04.1994 |
|
|
|
|
Com. Reg. No.: |
11-077698 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.208.988 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U61100MH1994PLC077698 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM09833F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCM1665K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in various activities connected to shipping, like
ship building and ship repair. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The company has recorded huge accumulated losses due to which its networth
has been completely eroded. Liquidity position appears to be heavily
stretched. However, business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a safe and
secured 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term (Fund Based Limit – Cash Credit): B+ |
|
Rating Explanation |
High risk of default regarding timely servicing of financial
obligations. |
|
Date |
October, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term (Bank Guarantee): A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
October, 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.
INFORMATION PARTED BY
|
Name : |
Mr. P.D. Salian |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-42184401 |
|
Date : |
05.07.2013 |
LOCATIONS
|
Registered Office/ Head Office : |
11, Rex
Chambers, Ground Floor, Ballard Estate, W.H. Marg, Mumbai – 400 001,
Maharashtra, India |
|
Tel. No.: |
91-22-22703572/ 71/ 73/ 74 |
|
Fax No.: |
91-22-22690371 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Solitaire Corporate Park, Unit No.251 and 252, 5th
Floor, Building No.2, Andheri - Ghatkoper Link Road, Andheri (East), Mumbai –
400 093, Maharashtra,
India |
|
Tel. No.: |
91-22-42184401/ 02/ 03/ 04 |
|
Fax No.: |
91-22-42184400 |
|
E-Mail : |
|
|
|
|
|
Shipyard : |
Ramsar Yard, Old Ferry Workshop, Old Port: Bhavnagar – 364 001,
Gujarat, India |
|
Tel. No.: |
91-278-3206381/ 6362/ 2524775/
76/ 77/ 78 |
|
Fax No.: |
91-278-2524790 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
|
|
Tel. No.: |
91-2641-254001 |
|
Fax No.: |
91-2641-254003 |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Kishor Deomal Gambani |
|
Designation : |
Managing Director |
|
Address : |
B/605,
Shastri Nagar, Swiss Corner, Andheri, Mumbai – 400 058, Maharashtra, India |
|
Date of Birth/ Age : |
29.11.1958 |
|
Date of Appointment : |
13.04.1994 |
|
DIN No.: |
00208295 |
|
PAN No.: |
AABPG3169P |
|
|
|
|
Name : |
Mr. Amitava Sanat Mukherjee |
|
Designation : |
Director |
|
Address : |
52, Panchsheel, 64, Pali Hill, Bandra (West), Mumbai – 400 050,
Maharashtra, India |
|
Date of Birth/ Age : |
17.05.1953 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
00003285 |
|
|
|
|
Name : |
Mr. Yatish Soiru Dempo |
|
Designation : |
Director |
|
Address : |
Dempo Mansion, Dona Paula, Panaji – 403 005, Goa, India |
|
Date of Birth/ Age : |
21.10.1973 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
00206177 |
|
|
|
|
Name : |
Mr. Abeezar Ebrahim Faizullabhoy |
|
Designation : |
Director |
|
Address : |
41, Mereweather Road, Jaiji Mansion, Ground Floor, Mumbai – 400 039,
Maharashtra, India |
|
Date of Birth/ Age : |
20.11.1964 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
00264422 |
|
|
|
|
Name : |
Mr. Mehulkumar Vamanrai Patel |
|
Designation : |
Whole Time Director |
|
Address : |
2139-A, Behind Sameer Bunglow, Vagawaeh Road, Bhavnagar
- 364 002, Gujarat, India |
|
Date of Birth/ Age : |
28.06.1971 |
|
Date of Appointment : |
01.11.2005 |
|
DIN No.: |
00531940 |
|
PAN No.: |
AEPPP2158F |
|
|
|
|
Name : |
Mr. Virjibhai Kurjibhai Ravani |
|
Designation : |
Additional Director |
|
Address : |
A-23, Trikam Nagar Society-1, L.H. Road, Surat - 395 006, Gujarat,
India |
|
Date of Birth/Age : |
18.03.1954 |
|
Date of Appointment : |
29.01.2008 |
|
DIN No.: |
01832150 |
|
|
|
|
Name : |
Mr. Vaman Mangesh Gaitonde |
|
Designation : |
Director |
|
Address : |
Girikunj, Opposite Dhempe College, Post Caranzalem, Panaji – 403 002,
Goa, India |
|
Date of Birth/ Age : |
06.03.1950 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
05190851 |
KEY EXECUTIVES
|
Name : |
Mr. P.D. Salian |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Ms. Nidhi Ganesh Sharda |
|
Designation : |
Company Secretary |
|
Address : |
72, Shantiniketan
Building, 96, Prabhat Colony, Santacruz (East), Mumbai – 400 055,
Maharashtra, India |
|
Date of Birth/ Age : |
13.07.1981 |
|
Date of Appointment : |
02.07.2012 |
|
PAN No. : |
BVAPS0823D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
Note:
Shareholding details file attached.
AS ON 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.49 |
|
Bodies
corporate |
|
74.68 |
|
Directors
or relatives of directors |
|
8.52 |
|
Other
top fifty shareholders |
|
16.31 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in various activities connected to shipping, like ship
building and ship repair. |
||||
|
|
|
||||
|
Products/ Services : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Materials/ Finished Goods (35%) |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Credit (30 days) and Depend |
||||
|
|
|
||||
|
Purchasing : |
Credit (30 days) and Depend |
GENERAL INFORMATION
|
Customers : |
Others ·
Indian Navy, India ·
Preste Global Limited, U.K. ·
Ambuja Cements Limited, India ·
Krishna International FZE ·
S.S. Marine Services, India ·
Rix Shipping Company Limited, U.K. ·
Turquise Management Inc, LIECHTENSTEIN ·
Coastal Marine Construction and Engineering
(Mauritius) Limited, Mauritius ·
Ciane De Anapo Compagnia Di Navigazione E Bunkeraggi
SPA, Italy |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
250 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
GE Capital Transportation Financial Services Limited,
Aifacs Building, 1, Rafi Marg, New Delhi – 110 001, India |
|
|
|
|
Auditors : |
|
|
Name 1 : |
Kabra Associates Chartered Accountants |
|
Address : |
204, Niranjan, 99, Marine Drive, Mumbai – 400 002, Maharashtra, India |
|
Tel. No.: |
91-22-66340027/8 |
|
Fax No.: |
91-22-66340025 |
|
E-Mail : |
|
|
PAN No. : |
AABFM5187D |
|
|
|
|
Name 2 : |
Deloitte Haskins
and Sells Chartered Accountants |
|
|
|
|
Company in which KMP / Relatives of KMP can
exercise significant influence : |
|
CAPITAL STRUCTURE
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 millions |
|
|
|
|
|
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
83769258 |
Equity Shares |
Rs.10/- each |
Rs.837.693
millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44648800 |
Equity Shares |
Rs.10/- each |
Rs.446.488
millions |
|
39120458 |
Equity Shares |
Rs.2.50/- each |
Rs.97.801
millions |
|
|
Total |
|
Rs.544.289 millions |
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44898800 |
Equity Shares |
Rs.10/- each |
Rs.448.988
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12898800 |
Equity Shares |
Rs.10/- each |
Rs.128.988
millions |
|
32000000 |
Equity Shares |
Rs.2.50/- each |
Rs.80.000
millions |
|
|
Total |
|
Rs.208.988 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
208.988 |
208.988 |
|
(b) Reserves & Surplus |
|
(321.425) |
(190.966) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(112.437) |
18.022 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
Long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
554.351 |
433.735 |
|
(b)
Trade payables |
|
198.467 |
80.871 |
|
(c)
Other current liabilities |
|
964.553 |
1052.803 |
|
(d)
Short-term provisions |
|
30.426 |
15.838 |
|
Total
Current Liabilities (4) |
|
1747.797 |
1583.247 |
|
|
|
|
|
|
TOTAL |
|
1635.360 |
1601.269 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
295.699 |
315.337 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
155.193 |
149.756 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
1.456 |
1.456 |
|
(c) Deferred tax assets
(net) |
|
38.502 |
38.502 |
|
(d) Long-term Loan
and Advances |
|
20.955 |
18.922 |
|
(e)
Other Non-current assets |
|
136.568 |
226.956 |
|
Total
Non-Current Assets |
|
648.373 |
750.929 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
382.454 |
551.545 |
|
(c)
Trade receivables |
|
352.175 |
63.949 |
|
(d)
Cash and cash equivalents |
|
152.916 |
143.285 |
|
(e)
Short-term loans and advances |
|
97.990 |
88.657 |
|
(f)
Other current assets |
|
1.452 |
2.904 |
|
Total
Current Assets |
|
986.987 |
850.340 |
|
|
|
|
|
|
TOTAL |
|
1635.360 |
1601.269 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
208.788 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
79.659 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
288.447 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
410.346 |
|
|
2] Unsecured Loans |
|
|
77.385 |
|
|
TOTAL BORROWING |
|
|
487.731 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
776.178 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
309.366 |
|
|
Capital work-in-progress |
|
|
143.272 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1.456 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
741.550
|
|
|
Sundry Debtors |
|
|
468.447
|
|
|
Cash & Bank Balances |
|
|
283.993
|
|
|
Other Current Assets |
|
|
38.502
|
|
|
Loans & Advances |
|
|
89.388
|
|
Total
Current Assets |
|
|
1621.880 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
151.455 |
|
|
Other Current Liabilities |
|
|
1106.876
|
|
|
Provisions |
|
|
51.064
|
|
Total
Current Liabilities |
|
|
1309.395 |
|
|
Net Current Assets |
|
|
312.485
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
9.599 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
776.178 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
862.513 |
653.065 |
770.313 |
|
|
|
Other Income |
20.272 |
15.762 |
30.563 |
|
|
|
TOTAL (A) |
882.785 |
668.827 |
800.876 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
377.383 |
256.481 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
161.889 |
219.364 |
|
|
|
|
Employee benefit
expense |
69.454 |
62.509 |
|
|
|
|
Other expenses |
245.907 |
225.747 |
|
|
|
|
TOTAL (B) |
854.633 |
764.101 |
812.896 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
28.152 |
(95.274) |
(12.020) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
143.950 |
160.926 |
133.507 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(115.798) |
(256.200) |
(145.527) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.506 |
14.271 |
12.323 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
(130.304) |
(270.471) |
(157.850) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
(47.946) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(130.304) |
(270.471) |
(109.904) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(341.281) |
(70.810) |
39.094 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(471.585) |
(341.281) |
(70.810) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales on FOB basis |
180.956 |
186.571 |
520.273 |
|
|
TOTAL EARNINGS |
180.956 |
186.571 |
520.273 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
111.328 |
84.984 |
534.931 |
|
|
|
Capital Goods |
0.000 |
0.331 |
0.000 |
|
|
TOTAL IMPORTS |
111.328 |
85.315 |
534.931 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(6.50) |
(13.50) |
(5.48) |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
900.000 |
|
|
|
|
|
The above information has been parted by Mr. P.D. Salian (Finance
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(14.76) |
(40.44)
|
(13.72)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(15.11) |
(41.42)
|
(20.49)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.05) |
(19.16)
|
(8.17)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.16 |
(15.01)
|
(0.55)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(4.93) |
24.07
|
1.69
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56 |
0.54
|
1.24
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
198.467 |
80.871 |
151.455 |
|
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 |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last four 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 |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
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 |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Other external commercial borrowings |
75.200 |
38.500 |
|
Loans and advances from others |
31.660 |
28.150 |
|
Total
|
106.860 |
66.650 |
OPERATIONS:
During the year
the total Income was Rs.882.785 millions as against Rs.668.827 millions in the
previous year. The company has incurred a net loss of Rs.130.304 millions as
against net loss of Rs.270.471 millions in the previous year.
The Company presently
has orders worth Rs.3550.000 millions to be executed by September 2013 in the
existing yard.
The Company is
planning to develop a new yard at Ratanpur at Bhavnagar for which the Company
has acquired land from Government of Gujarat with the Sea front of 1.3 k.m.
having a total area of 40 acres. The total capital cost will be approx.
Rs.5500.000 millions and the yard will be ready by December 2013.
In 2002 the
Ministry of Shipping, Government of India has announced a Subsidy of 30% of
Export Order for execution of Projects till August 14, 2007
Accordingly the
Company has taken steps to claim Subsidy and claim was lodged after August 14,
2007 for projects executed before August 14, 2007. There was dispute over claim
and suitable actions have been taken by the board and the matter is at present
pending before Secretary, Ministry of Shipping. The Company has taken legal
opinion on the matter and based on the opinion a Rs.135.684 millions has been
accounted for as income from operations till 31st March 2011 out of
which Rs.18.002 millions was received by the company on 8th
September, 2011.
JOINT VENTURE AGREEMENT:
The Company has
entered into Strategic Joint Venture [JV] with Dempo Shipbuilding and
Engineering Private Limited to admit them as Joint Venture Partner for future
growth of the Company.
The same is in
concluding stage.
CONTINGENT
LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR):
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Contingent liabilities |
|
|
|
(a) Guarantees: |
|
|
|
(i) Performance guarantee given by bank to buyer |
96.160 |
66.812 |
|
(b) Other money for which the Company is contingently liable |
|
|
|
(i) Bond given to custom/excise authorities |
2.683 |
7.560 |
|
Total |
98.843 |
74.372 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Yard Safety Equipments
·
Vessels
·
Office Equipment
·
Electrical Installations
·
Furniture and Fixtures
·
Computers
·
Vehicles
WEBSITE DETAILS:
NEWS:
DEMPO SHIPBUILDING
PROCURES 74% IN MODEST INFRASTRUCTURE
30 August 2012 |
Ahmedabad
Dempo Group’s shipbuilding arm, Dempo Shipbuilding and Engineering Private Limited (DSEPL), has said it has acquired a majority stake of 74% in Modest Infrastructure Limited (MIL). MIL is a reputed player in shipbuilding and ship repairs space in Bhavnagar, Gujarat. The acquirer, however, did not disclose the financial consideration of the deal.
The six-year-old MIL, Flagship Company of Modest Group has developed technical expertise in building vessels such as product tankers, cement carriers, offshore supply and survey vessels of size up to 6,000 Dead Weight Tonnage (DWT). Apart from the shipyard at Ramsar (Bhavnagar), MIL is in the process of developing a new shipyard at Ratanpar; about 20 kilometer (km) from Bhavnagar, with the capability of building and repairing ships up to 50,000 DWT.
DSEPL, which has been into shipbuilding and ship repairs for over four decades, builds and repairs inland and seagoing vessels of size up to 3,500 DWT. With this acquisition and upcoming shipyard, DESPL will be able to cater to both international and domestic markets with bigger and technologically advanced vessels to become a leading shipbuilding organization in India, said Chairman Mr. Shrinivas Dempo.
The company expects to generate a topline of about INR 15000.000 millions in the next 5 to 7 years, he said. KPMG Corporate Finance was the exclusive financial advisor to the Dempo Group whereas J. Sagar and Associates and Fortitude Law Associates were the legal advisors for transaction.
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.60.34 |
|
|
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.