MIRA
INFORM REPORT
|
Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED (w.e.f 29.04.2011) |
|
|
|
|
Formerly Known
As : |
LEIGHTON CONTRACTORS ( |
|
|
|
|
Registered
Office : |
Tower 3, 7th Floor, Equinox Business Park, Off BKC, LBS
Marg, Kurla (West), Mumbai – 400070, Maharashtra |
|
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|
Country : |
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Financials (as
on) : |
31.03.2012 |
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|
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|
Date of Incorporation
: |
20.11.1998 |
|
|
|
|
Com. Reg. No.: |
11-117187 |
|
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|
|
Capital
Investment / Paid-up Capital : |
Rs.1418.763 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1998FTC117187 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUML03930D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL3338D |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Procurement and Commissioning Contractors Services |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 13927600 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. There appears
some dip in the profitability of the company during current year. However,
financial position of the company is good. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A+ (Long Term) |
|
Rating Explanation |
Adequate degree of safety. it carry low credit risk |
|
|
|
|
Rating |
A1+ (Short Term) |
|
Rating Explanation |
Very Strong Degree of Safety. It Carry Lowest Credit Risk. |
|
Date |
26.12.2012 |
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 : |
Tower 3, 7th Floor, Equinox Business Park, Off BKC, LBS
Marg, Kurla (West), Mumbai – 400070, Maharashtra, India |
|
Tel. No.: |
91-22-67190000 |
|
Fax No.: |
91-22-67190199 |
|
E-Mail : |
gangaprasad.kurmi@leighton.co.in kailsh.didwania@leighton.co.in |
|
Website : |
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|
Branch Office 1 : |
8/F, Vatika City Point, M G Road, Opposite First India Place, Gurgaon
– 122002, Haryana, India |
|
Tel. No.: |
91-12-44958200 |
|
Fax No.: |
91-12-44958201 |
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|
|
|
Branch Office 2 : |
Ramanujan IT City, Taramani, Rajiv Gandhi, Salai - 600113, |
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Tel. No.: |
91-44-66674100 |
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Fax No.: |
91-44-66674108 |
DIRECTORS
AS ON 24.08.2012
|
Name : |
Mr. Russell John Waugh |
|
Designation : |
Managing director |
|
Address : |
Flat No. 1603, 16th Floor, Casa Grande Tower 1, Tulsi Pipe
Road Tower, Parel (West), Mumbai – 400013, Maharashtra, India |
|
Date of Birth/Age : |
25.04.1966 |
|
Date of Appointment : |
30.09.2008 |
|
DIN No.: |
00292257 |
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|
|
|
Name : |
Mr. Hamish Gordon Tyrwhitt |
|
Designation : |
Director |
|
Address : |
House No. 2, No.74, |
|
Date of Birth/Age : |
17.06.1953 |
|
Date of Appointment : |
16.05.2011 |
|
DIN No.: |
03535903 |
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|
|
|
Name : |
Mr. Peter Allan Gregg |
|
Designation : |
Director |
|
Address : |
71, |
|
Date of Birth/Age : |
24.02.19554 |
|
Date of Appointment : |
28.04.2011 |
|
DIN No.: |
03423620 |
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|
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|
Name : |
Mr. Stephen Michael Sasse |
|
Designation : |
Director |
|
Address : |
|
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Date of Birth/Age : |
12.08.1962 |
|
Date of Appointment : |
30.04.2011 |
|
DIN No.: |
03519060 |
|
|
|
|
Name : |
Mr. Parvez Umrigar |
|
Designation : |
Director |
|
Address : |
164, Bora Bazar, Fort, Mumbai – 400001, |
|
Date of Birth/Age : |
02.06.1963 |
|
Date of Appointment : |
28.04.2011 |
|
DIN No.: |
00106689 |
|
|
|
|
Name : |
Mr. Sunil Bhalchandra Shinde |
|
Designation : |
Director |
|
Address : |
609, A, Aradhana Spring, Mills Compound, G. D. Ambedkar Marg, Naigaon
, Dadar, Mumbai – 400014, Maharashtra, India |
|
Date of Birth/Age : |
12.05.1957 |
|
Date of Appointment : |
28.07.2011 |
|
DIN No.: |
02245013 |
|
|
|
|
Name : |
Mr. Pter Geoffrey Pollard |
|
Designation : |
Director |
|
Address : |
Houe No.2, 74 Mount Kellett Road, Hong Kong |
|
Date of Birth/Age : |
19.03.1958 |
|
Date of Appointment : |
09.05.2012 |
|
DIN No.: |
05246605 |
|
|
|
|
Name : |
Mr. William Kernot Himilton |
|
Designation : |
Director |
|
Address : |
16 Austral TCE Malvern, Australia |
|
Date of Birth/Age : |
03.11.1954 |
|
Date of Appointment : |
17.07.2012 |
|
DIN No.: |
05329984 |
|
|
|
|
Name : |
Mr. Ian Leslie Edwards |
|
Designation : |
Director |
|
Address : |
DD 230 Lot 331 7A Siu Hang Hau Village New Territories Great Britain |
|
Date of Birth/Age : |
14.06.1962 |
|
Date of Appointment : |
13.04.2012 |
|
DIN No.: |
05253949 |
KEY EXECUTIVES
|
Name : |
Mr. Gangaprasad Kurmi |
|
Designation : |
Secretary |
|
Address : |
C 37, 202, Devpooja Chambers, Sector – 3, Miraroad, Thane – 401107, |
|
Date of Birth/Age : |
20.06.1976 |
|
Date of Appointment : |
28.07.2011 |
|
Pan No.: |
AKYPK9874G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Leighton International Limited, Islands |
|
92219601 |
|
Leighton Offshore Pte Limited, |
|
1 |
|
Welspun Infra Projects Private Limited, |
|
49656709 |
|
TOTAL |
|
141876311 |
Equity Share Break up (Percentage of Total Equity)
AS ON 24.08.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
65.00 |
|
Bodies corporate |
35.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company is into the business of providing services as engineering,
procurement and commissioning contractors (EPC). |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution: |
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Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Lodha Excellus, 1st Floor Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, |
|
PAN.: |
AADFB6889R |
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Ultimate Holding
Company: |
Leighton Holdings Limited |
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|
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|
Holding Company: |
Leighton International Limited |
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Associates : |
Welspun Corp Limited |
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Joint Venture : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
142500000 |
Equity Shares |
Rs.10/- each |
Rs.1425.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
141876311 |
Equity Shares |
Rs.10/- each |
Rs.1418.763
Millions |
|
|
|
|
|
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 |
1418.800 |
1418.800 |
1418.763 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2063.100 |
1185.600 |
1349.415 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3481.900 |
2604.400 |
2768.178 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
750.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.600 |
1708.400 |
2147.128 |
|
|
TOTAL BORROWING |
750.600 |
1708.4400 |
2147.128 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4232.500 |
4312.800 |
4915.306 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1896.100 |
943.700 |
956.709 |
|
|
Capital work-in-progress |
44.800 |
35.500 |
1.963 |
|
|
|
|
|
|
|
|
INVESTMENT |
39.400 |
14.500 |
1378.408 |
|
|
DEFERREX TAX ASSETS |
188.500 |
206.300 |
151.766 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
2443.300
|
1908.200
|
3957.207 |
|
|
Cash & Bank Balances |
2525.300
|
4575.000
|
833.967 |
|
|
Other Current Assets |
3361.000
|
4304.600
|
4017.303 |
|
|
Loans & Advances |
2236.800
|
2133.700
|
1782.813 |
|
Total
Current Assets |
10566.400
|
12921.500
|
10591.290 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4829.600
|
5874.200
|
6107.274 |
|
|
Other Current Liabilities |
3481.900
|
3068.400
|
1864.594 |
|
|
Provisions |
191.200
|
866.100
|
192.962 |
|
Total
Current Liabilities |
8502.700
|
9808.700
|
8164.830 |
|
|
Net Current Assets |
2063.700
|
3112.800
|
2426.460 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4232.500 |
4312.800 |
4915.306 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
18488.480 |
18270.825 |
|
|
|
Other Income |
|
|
350.883 |
|
|
|
TOTAL (A) |
18015.000 |
18488.480 |
18621.708 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Site and Administrative Cost |
|
|
16120.731 |
|
|
|
TOTAL
(B) |
|
15822.810
(Including Financial Expenses) |
16120.731 |
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
Not Available |
2500.977 |
||
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
347.758 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
2665.670 |
2153.219 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
309.240 |
262.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
NA |
2356.430 |
1891.209 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
1142.190 |
608.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
877.500 |
1214.240 |
1282.629 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1349.419 |
66.790 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
121.420 |
0.000 |
|
|
|
Interim Dividend |
NA |
1378.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1064.239 |
1349.419 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.18 |
8.56 |
10.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.87
|
6.57
|
6.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
10.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
16.99
|
16.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.90
|
0.68 |
|
|
|
|
|
|
|
Debt Equity Ratio (Debt/Networth) |
|
0.21
|
0.65
|
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.32
|
1.30 |
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 |
No |
|
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 |
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 |
CHANGE OF NAME
The name of the Company has changed from Leighton Contractors India Private Limited to Leighton Welspun Contractors Private Limited w.e.f. 29th April, 2011 as approved at the Extra-ordinary General Meeting of the shareholders held on 28th April, 2011.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2011
|
31.03.2010 |
|
|
Rs. in Millions |
|
|
Outstanding guarantees
in respect performance bond on behalf of Leighton –OSE JV |
0.000
|
570.000 |
|
Entry tax matter in
appeal |
1.000
|
1.000 |
|
Income tax matter in
Appeal A.Y 2007-08 |
21.218
|
0.000 |
|
Customs duty |
69.460
|
0.000 |
|
TOTAL |
91.678
|
571.000 |
FORM 8
|
Corporate
identity number of the company |
U99999MH1998FTC117187 |
|
Name of the
company |
Leighton Welspun
Contractors Private Limited |
|
Address of the
registered office or of the principal place of business in |
302-303, |
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
10313261 |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Trustee
Services Limited, Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of Hypothecation
dated 12th January, 2012 at Gurgaon in favour of Axis Trustee Services
Limited acting as the Security Trustee for the benefit of lenders. |
|
Date of
instrument Creating the charge |
12.01.2012 |
|
Amount secured by
the charge |
Rs.11000.000 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest ICICI Bank: 3.25
% p.a. above 1-Base Axis Bank:
Commission - (1) 0.45% p.a. payable quarterly in advance for Performance Bank
Guarantee and Financial Bank Guarantee Terms of
Repayment Repayable on
demand Margin Nil Extent and
Operation of the charge The charge shall
operate by way of first pari passu charge on entire current assets (present
and future) and second pari passu charge on the movable properties and
equipments of the Company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First pari passu
charge on entire current assets (present and future) Second pari passu
charge on the movable properties and equipments |
|
Date of
instrument modifying the charge |
13.10.2011 |
|
Particulars of
the present modification |
The facilities from
ICICI Bank Limited and Axis Bank Limited has increased from Rs.6500.000
millions to Rs.11000.000 Millions |
FIXED ASSETS
- Plant and Machinery
- Office Equipments
- Computer Equipment
- Furniture and Fixture
- Vehicles
- Leasehold Properties
- Computer Software
ANNOUNCEMENT | CORPORATE APRIL 10, 2012 LAST UPDATED AT 13:38 IST
LEIGHTON WELSPUN WINS
RS 4000.000 MILLIONS PROJECT FROM JINDAL
Leighton Welspun Contractors Private Limited (“LWIN”) has been awarded a
contract for civil and concrete works at the Angul Integrated Steel Project
from Jindal Steel and Power Limited (“JSPL”). The Integrated Steel Plant has a
design capacity of 12.5MTPA steel and power generation of 2,600MW. The project
is currently under construction and will be developed in several phases. A
broad outline of each phase is as follows:
·
First phase: Integrated Steel Capacity of 1.5 MTPA
·
Second phase: Augment Steel Capacity of 7.5 MTPA
(Total 9.0 MTPA)
·
Third phase: Augment Steel Capacity of 3.5 MTPA
(Total 12.5 MTPA)
Work on the project is scheduled to start immediately. LWIN will
initially focus on the timely completion of several critical civil structures
including;
·
Raw Material Handling System (RMHS) Works
·
Wagon Tippler Civil Works and Tunnel; and
·
Junction House No. 2 Foundation.
·
Plate Mill Works
These initial works are valued at 280.000 Millions. The total committed
works under the award is expected to reach 4000.000 Millions over the next 24
months.
This is a very pleasing win for LWIN, and ties in well with resource
availability. The project offers an excellent opportunity to showcase the value
LWIN can bring to a major industrial project through its commitment and capability
in the areas of planning, quality, safety, and timely delivery. Mr Russell
Waugh – Managing Director (LWIN) said “The company’s reputation has been built
on the basis of our ability to successfully deliver complex projects on time
and to exacting standards. The award of this project by Jindal Steel and Power
Limited (JSPL) is especially pleasing as it reflects a strong confidence in our
capabilities by a reputed multinational organisation. We are also very pleased
to be securing such an iconic project in the Power sector and look forward to
delivering further projects with JSPL in this vital area for the future"
NEWS
18/02/2013
Unique Hydrographic
Systems contracted to supply Seaflex Air lift Bags to Leighton Welspun
Unique Hydrographic Systems has been contracted to supply Seaflex
Air Lift bags to Leighton Welspun in Mumbai. The total value of the project is
INR 37,35,066 (approx. $ 70,000).
Based in Navi
Mumbai, Unique Hydrographic Systems provide a complete range of specialized
engineering solutions and services for the Marine, Diving, Defence and Survey
industries within the region.
Leighton Welspun Contractors
Private Limited (LWIN) is
a part of Leighton Group which is one of the world’s largest EPC and Contract
Mining organisation.
Seaflex is a
specialist in marine air lift buoyancy bags and water load test weights. They
provide products for two major areas: Air Lift Bags (ALBs) and Inflatable
Buoyancy Units (IBUs) for the recovery of underwater objects and to provide
underwater pipeline buoyancy and cable floatation.
Leighton Welspun
mainly required Air Lift bags from 250 Kg to 5000 kg for a project of ONGC worth 14
billion rupees ($251.2 million) – for the replacement of
production and transportation infrastructure installed in the 1980s, extending
the Mumbai High project’s potential field life under pipeline replacement
project PRP3. Leighton Welspun’s Pipeline Replacement Project 3 follows the
company’s completion of the Pipeline Replacement Project 2 in 2011. Work on PRP
3 will start immediately and be completed by mid-2014, with the work to cover
ONGC’s Mumbai High and Heera Oil and Gas fields off India's west coast.
The scope of work
includes installation of 31 subsea pipeline segments, both rigid and flexible,
of various diameters up to 16 inches and totalling approximately 200 kilometres
in length, as well as associated pipeline risers, platform topsides
modifications, hook-up activities and testing, the company said. The project is
the fifth from ONGC to be awarded to Leighton Welspun, taking the value of all
work awarded to the company to over 50 billion rupees. Leighton holds a 65%
stake in the Leighton Welspun joint venture.
Harry Gandhi CEO of Unique Hydrographic Systems said: “We
look forward to support Leighton Welspun for all their requirements and
building a long term relationship with them”.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.