*MIRA
INFORM REPORT
|
Report Date : |
07.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
L&T SAPURA SHIPPING PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
02.09.2010 |
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|
|
|
Com. Reg. No.: |
18-077217 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1588.531
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U61100TN2010PTC077217 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEL04678C |
|
|
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|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Operating Heavy Lift Cum Pipelay Vessel On Charter Hire Basis. |
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|
|
|
No. of Employees
: |
Information denied by the management. |
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 5650000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of Larsen and Toubro Limited. It is well established company having satisfactory track record. There
appear some accumulated losses recorded by the company. However, the company
receives good support from its holding company. Trade relations are reported to be fair. Business is active. Payment
are reported to be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth continues
to be muted with factory output plunging to 0.6 % in August. Onion prices
have risen nearly 300 % from last September. Vegetables cost nearly 90 % more
than they did last year. Wake up to the economic contribution of slum dwellers.
They contribute more than 7.5 % to the country’s gross domestic product,
according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 DECLINED
Unable to contact the company [91-22-67051609]
LOCATIONS
|
Registered Office : |
Mount Poonamallee Road, P.O. Box 979, Manapakkam-600089, Tamilnadu,
India |
|
Tel. No.: |
91-44-22526000 |
|
Fax No.: |
91-44-22528000 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Udayan Dasgupta |
|
Designation : |
Director |
|
Address : |
602, Verona Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra,
India |
|
Date of Birth/Age : |
07.11.1950 |
|
Date of Appointment : |
02.09.2010 |
|
Din No.: |
00129114 |
|
|
|
|
Name : |
Shahril Bin Shamsuddin |
|
Designation : |
Director |
|
Address : |
66, Jalan Kuda Emas, Mines Resort City, Seri Kembangan, Selangor,
Malaysia |
|
Date of Birth/Age : |
22.03.1961 |
|
Date of Appointment : |
04.09.2010 |
|
Din No.: |
03178533 |
|
|
|
|
Name : |
Ms. Sushila Pramod Kapoor |
|
Designation : |
Director |
|
Address : |
Flat No. 101, Manohar Park Apartment, Mahatma Phule Cross Road, Vile
Parle, Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
26.03.1959 |
|
Date of Appointment : |
04.09.2010 |
|
Din No.: |
02914307 |
|
|
|
|
Name : |
Mr. Venkataramanan Krishnamurthi |
|
Designation : |
Director |
|
Address : |
Flat No. 401, Varsha Janaki Kutir, Juhu, Mumbai-400049, Maharashtra,
India |
|
Date of Birth/Age : |
11.12.1944 |
|
Date of Appointment : |
04.09.2010 |
|
Din No.: |
00001647 |
|
|
|
|
Name : |
Azmi Bin Arshad |
|
Designation : |
Alternate Director |
|
Address : |
14 Jalan, Memanah, 13/55 J, Laman Seri, Shah Alam, Selangor, Malaysia |
|
Date of Birth/Age : |
28.02.1963 |
|
Date of Appointment : |
04.09.2010 |
|
Din No.: |
03094170 |
|
|
|
|
Name : |
Mr. Dinesh Kumar Gupta |
|
Designation : |
Director |
|
Address : |
A 306, Cascade 3, Kulupwadi, Boriwali (East), Mumbai-400066, Maharashtra,
India |
|
Date of Birth/Age : |
01.07.1954 |
|
Date of Appointment : |
25.01.2012 |
|
Din No.: |
03116099 |
|
|
|
|
Name : |
Reza Abdul Rahim |
|
Designation : |
Director |
|
Address : |
43, Jalan, 14/3 Taman Tun Abdul Razak Ampang, Malaysia |
|
Date of Birth/Age : |
22.09.1975 |
|
Date of Appointment : |
25.01.2012 |
|
Din No.: |
05181489 |
KEY EXECUTIVES
|
Name : |
Mr. Khodidas Arjun Charania |
|
Designation : |
Company Secretary |
|
Address : |
168/404, Madhuban CHS Limited, Opposite Tilak Nagar, Police Station,
Chembur (West), Mumbai-400089, Maharashtra, India |
|
Date of Birth/Age : |
21.09.1969 |
|
Date of Appointment : |
04.09.2010 |
|
Pan No.: |
ADKPC1761B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, India |
|
95311850 |
|
Nautical Power Pte Limited, Singapore |
|
63541233 |
|
|
|
|
|
TOTAL
|
|
158853083 |
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] |
|
40.00 |
|
Bodies
corporate |
|
60.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Operating Heavy Lift Cum Pipelay Vessel On Charter Hire Basis. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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||||||||||||
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Bankers : |
Not Available |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai-400020, Maharashtra, India |
|
PAN No: |
AAAFS2967E |
|
|
|
|
Holding Company : |
Larsen and Toubro Limited [L99999MH1946PLC004768] |
|
|
|
|
Fellow Subsidiaries : |
·
Larsen and Toubro Infotech Limited
[U72900MH1996PLC104693] ·
Nautical Power Pte Limited, Singapore ·
TL Offshore Sdn Bhd, Malaysia ·
Landt-Valdel Engineering Limited
[U74210KA2004PLC035094] ·
SapuraCrest Deepwater Pte Limited, Singapore |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
180000000 |
Equity Shares |
Rs.10/- each |
Rs.1800.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
158853083 |
Equity Shares |
Rs.10/- each
|
Rs.1588.531
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1588.531 |
1588.531 |
1585.649 |
|
(b) Reserves & Surplus |
(175.692) |
(470.354) |
223.753 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
1412.839 |
1118.177 |
1809.402 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
4707.052 |
5090.044 |
5354.075 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
4707.052 |
5090.044 |
5354.075 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
398.969 |
309.046 |
107.875 |
|
(c)
Other current liabilities |
782.183 |
908.425 |
308.620 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.00 |
|
Total Current
Liabilities (4) |
1181.152 |
1217.471 |
416.495 |
|
|
|
|
|
|
TOTAL |
7301.043 |
7425.692 |
7579.972 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6274.763 |
6668.959 |
7057.765 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
203.595 |
324.070 |
0.000 |
|
(e) Other Non-current
assets |
184.814 |
164.125 |
0.000 |
|
Total Non-Current
Assets |
6663.172 |
7157.154 |
7057.765 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
211.559 |
66.923 |
0.000 |
|
(c)
Trade receivables |
263.989 |
0.000 |
241.784 |
|
(d) Cash
and cash equivalents |
31.481 |
58.088 |
179.779 |
|
(e)
Short-term loans and advances |
130.842 |
143.527 |
100.644 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
637.871 |
268.538 |
522.207 |
|
|
|
|
|
|
TOTAL |
7301.043 |
7425.692 |
7579.972 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2338.900 |
1020.700 |
624.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1642.200 |
1315.400 |
255.400 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
696.700 |
(294.700) |
368.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
396.900 |
395.600 |
144.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
299.800 |
(690.300) |
224.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.100 |
3.800 |
0.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
294.700 |
(694.100) |
223.800 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
1.85 |
(4.38) |
2.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
12.60
|
(68.00) |
35.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.11
|
(9.30) |
2.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
(0.62) |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.33
|
4.55 |
2.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.54
|
0.22 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
724.162 |
678.673 |
297.449 |
|
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10256992 |
18/11/2010 |
7,286,764,320.00 |
BNP PARIBAS
HONGKONG BRANCH |
63/F, TWO INTERNATIONAL
CENTRE, 8 FINANCE STREET, HONGKONG CENTRAL, - 31968228, HONG KONG |
B00583724 |
COMPANY OVERVIEW:
Subject is a joint
venture between Larsen and Toubro Limited (L and T) and SapuraCrest Petroluem Bhd,
Malaysia (Sapura) who has invested through its wholly owned subsidiary Nautical
Power Pte Limited, Singapore (Nautical). L and T holds 60% of the share capital
and Nautical holds 40%. The Company owns and operates a Heavy Lift cum Pipe Lay
Vessel (HLPV) which is used for installation of offshore platforms and laying
of pipes and cables under the sea for the Hydrocarbon Upstream Industry.
PERFORMANCE HIGHLIGHTS:
With improved
utilization of the vessel during the year, the charter hire income has registered
a growth of more than 133% over previous year. Charter hire income for the
financial year is Rs 2313.200 Millions as against Rs 997.300 Millions for the
previous financial year. The improved utilization has also resulted in the
Company registering a profit in the current year with Profit after Tax at Rs
294.700 Millions as against loss of Rs 694.100 Millions shown in the previous
year.
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.61.92 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.83.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.