|
Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GREATSHIP ( |
|
|
|
|
Registered
Office : |
Ocean House, 134/A, Dr. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.06.2002 |
|
|
|
|
Com. Reg. No.: |
11-136326 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 2599.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63090MH2002PLC136326 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG11556G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG8542K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in providing offshore oilfield services
with the principal activity of offshore logistics and drilling services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 84000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of “The Great Eastern Shipping
Company Limited”. It is a well-established and reputed company having good track record.
The financial position of the company is strong. Liquidity position of
the company is good. Performance capability is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. In view of strong holding and experience promoters to 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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non-compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : AA |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
November 21, 2013 |
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
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-22-66613000)
LOCATIONS
|
Registered Office : |
Ocean House, 134/A, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-66613000 |
|
Fax No.: |
91-22-24920200 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate/ Head Office : |
Indiabulls Finance Centre, Tower 3, 23rd Floor Senapati
Bapat Marg, Mumbai - 400013, |
|
Tel. No.: |
91-22-67207500/ 71022200 |
|
|
91-22-66517428 |
|
E-Mail : |
DIRECTORS
AS ON 18.07.2013
|
Name : |
Mr. Ravi Kanaiyalal Sheth |
|
Designation : |
Managing director |
|
Address : |
Flat No. 12-B Manek, 11 L.D. Ruparel Marg, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
02.04.1961 |
|
Qualification : |
MBA, B.Com |
|
Date of Appointment : |
07.11.2011 |
|
PAN No.: |
AAIPS7341E |
|
DIN No.: |
00022121 |
|
|
|
|
Name : |
Mr. Bharat Kanaiyalal Sheth |
|
Designation : |
Director |
|
Address : |
Flat No. 19-B Manek, 11 L.D. Ruparel Marg, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
18.01.1958 |
|
Qualification : |
B.Sc (Economics) |
|
Date of Appointment : |
26.06.2002 |
|
DIN No.: |
00022102 |
|
|
|
|
Name : |
Pradyumna Raghunath Naware |
|
Designation : |
Whole-time director |
|
Address : |
Marble Arch, Flat No. 51, 52/5, TPS III, 5th Road, Santacruz (East),
Mumbai - 400055, Maharashtra, India |
|
Date of Birth/Age : |
23.09.1952 |
|
Qualification : |
CS, LLB, B.Sc |
|
Date of Appointment : |
07.11.2011 |
|
PAN No.: |
AAEPN2222R |
|
DIN No.: |
00041519 |
|
|
|
|
Name : |
Keki Minoo Mistry |
|
Designation : |
Director |
|
Address : |
Vivarea, B Wing, Flat No. 2603, 26th Floor, Sane Guruji Marg, Mahalaxmi
(East), Mumbai - 400011, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1954 |
|
Qualification : |
CA, Certified Public Accountant |
|
Date of Appointment : |
25.06.2008 |
|
DIN No.: |
00008886 |
|
|
|
|
Name : |
Berjis Minoo Desai |
|
Designation : |
Director |
|
Address : |
Yezerina II, 740/741, Dadar Parsi Colony, Dadar, Mumbai - 400014,
Maharashtra, India |
|
Date of Birth/Age : |
02.08.1956 |
|
Qualification : |
LLM, Solicitor |
|
Date of Appointment : |
25.06.2008 |
|
DIN No.: |
00153675 |
|
|
|
|
Name : |
Mr. Vineet Nayyar |
|
Designation : |
Director |
|
Address : |
5A, Friends Colony (West), Mathura Road, New Delhi – 110065, India |
|
Date of Birth/Age : |
30.11.1938 |
|
Qualification : |
Master's degree in Development Economics |
|
Date of Appointment : |
25.06.2010 |
|
DIN No.: |
00018243 |
|
|
|
|
Name : |
Mr. Shashank Singh |
|
Designation : |
Director |
|
Address : |
Flat 8A Sudhakar, 26, Narayan Dabholkar Road, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
03.06.1976 |
|
Qualification : |
MBA |
|
Date of Appointment : |
25.06.2010 |
|
DIN No.: |
02826978 |
|
|
|
|
Name : |
Mr. Anil Chandanmal Singhvi |
|
Designation : |
Director |
|
Address : |
131A, Twin Towers, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra |
|
Date of Birth/Age : |
30.06.1959 |
|
Qualification : |
CA |
|
Date of Appointment : |
27.07.2012 |
|
DIN No.: |
00239589 |
|
|
|
|
Name : |
Mathew Cyriac |
|
Designation : |
Additional director |
|
Address : |
1908, 19th Floor, B.B. Nakashe Marg, Imperial North Tower, Tardeo,
Mumbai - 400034, Maharashtra, India |
|
Date of Birth/Age : |
20.05.1969 |
|
Date of Appointment : |
27.07.2013 |
|
DIN No.: |
01903606 |
KEY EXECUTIVES
|
Name : |
Mrs. Amisha Mitesh Ghia |
|
Designation : |
Secretary |
|
Address : |
B-201, Shrushti Vihar, Building No. 98, 13th Road, Tilak Nagar, Chembur (W), Mumbai - 400089, Maharashtra, India |
|
Date of Birth/Age : |
09.03.1981 |
|
Date of Appointment : |
04.08.2006 |
|
PAN No.: |
AWFPS1337M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.07.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Sheth Kanaiyalal Bharat |
|
50* |
|
Naware Raghunath Pradyumna |
|
50* |
|
Trivedi Madhusudan Jayesh |
|
50* |
|
The Great Eastern Shipping Company Limited, India |
|
111345200 |
|
Sheth Kanaiyalal Ravi |
|
50* |
|
Icot Bimal Tapas |
|
50* |
|
Gomathinayagam Shivakumar |
|
50* |
|
|
|
|
|
Total |
|
111345500 |
Note:
*held as nominee of ‘The Great Eastern Shipping Company Limited’
|
Names of Preference Shareholders |
|
No. of Shares |
|
The Great Eastern Shipping Company Limited, India |
|
134124000 |
|
|
|
|
|
Total |
|
134124000 |
AS ON 18.07.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing offshore oilfield services
with the principal activity of offshore logistics and drilling services. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· ING Bank N.V. Singapore Branch, 9 Raffles
Place #19-02, Republic Plaza,, Singapore - 048619, Singapore DNB Asia Limited, 8 Shenton Way
#48-02, Singapore - 068811, Singapore Axis Bank Limited, DIFC Branch,
Unit No. 701, 7th Floor, DIFC Al Fattan Currency House Office Building, Dubai
- 506593, United Arab Emirates · DVB Group Merchant Bank (Asia) Limited 77 Robinson Road, #30-02, Singapore, - 068896, Singapore |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
Address : |
Kalpataru Heritage, 127 Mahatma Gandhi Road Fort, Mumbai –
400001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFK7554R |
|
|
|
|
Holding company |
The Great Eastern Shipping Company Limited
[L35110MH1948PLC006472] |
|
|
|
|
Subsidiary company |
· Greatship Global Holdings Limited Greatship Global Energy Services Pte. Limited Greatship Global Offshore Services Pte. Limited Greatship Subsea Solutions Singapore Pte. Limited Greatship Subsea Solutions Australia Pty. Limited Greatship (UK) Limited Greatship Global Offshore Management Services Pte.
Limited, Singapore |
|
|
|
|
Fellow Subsidiaries
: |
· The Great Eastern Chartering LLC (FZC), Sharjah The Great Eastern Shipping Company (London) Limited,
London The Greatship (Singapore) Pte. Limited, Singapore |
CAPITAL STRUCTURE
AS ON 18.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1350.000 Millions |
|
229,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 2290.000 Millions |
|
|
Total |
|
Rs. 3640.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111,345,500 |
Equity Shares |
Rs. 10/- each |
Rs. 1113.455
Millions |
|
134,124,000 |
Preference Shares |
Rs. 10/- each |
Rs. 1341.240
Millions |
|
|
Total |
|
Rs. 2454.695 Millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1350.000 Millions |
|
229,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 2290.000 Millions |
|
|
Total |
|
Rs. 3640.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111,345,500 |
Equity Shares |
Rs. 10/- each |
Rs. 1113.500
Millions |
|
14,862,000 |
Preference Shares |
Rs. 10/- each |
Rs. 1486.200
Millions |
|
|
Total |
|
Rs. 2599.700 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 |
2599.700 |
2599.700 |
2545.100 |
|
(b) Reserves & Surplus |
18498.300 |
17808.800 |
16427.300 |
|
(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) |
21098.000 |
20408.500 |
18972.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7378.300 |
6801.100 |
5747.200 |
|
(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 |
70.700 |
1.400 |
33.200 |
|
Total Non-current Liabilities (3) |
7449.000 |
6802.500 |
5780.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
626.300 |
550.400 |
839.000 |
|
(c) Other current
liabilities |
2906.800 |
1474.400 |
1072.600 |
|
(d) Short-term provisions |
1086.800 |
878.100 |
276.400 |
|
Total Current Liabilities (4) |
4619.900 |
2902.900 |
2188.000 |
|
|
|
|
|
|
TOTAL |
33166.900 |
30113.900 |
26940.800 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
16602.000 |
12022.900 |
10057.100 |
|
(ii) Intangible Assets |
27.700 |
33.700 |
31.600 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
403.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10378.000 |
10378.000 |
10378.100 |
|
(c) Deferred tax assets (net) |
11.800 |
13.100 |
8.800 |
|
(d) Long-term Loan and Advances |
756.200 |
3730.100 |
1866.700 |
|
(e) Other Non-current assets |
60.200 |
71.700 |
78.800 |
|
Total Non-Current Assets |
27835.900 |
26249.500 |
22825.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
865.100 |
676.000 |
0.000 |
|
(b) Inventories |
571.400 |
388.200 |
423.200 |
|
(c) Trade receivables |
2208.200 |
1337.600 |
1106.500 |
|
(d) Cash and cash
equivalents |
1530.200 |
1352.100 |
2514.000 |
|
(e) Short-term loans
and advances |
144.700 |
99.100 |
26.500 |
|
(f) Other current
assets |
11.400 |
11.400 |
45.600 |
|
Total Current Assets |
5331.000 |
3864.400 |
4115.800 |
|
|
|
|
|
|
TOTAL |
33166.900 |
30113.900 |
26940.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10166.200 |
8266.000 |
7526.300 |
|
|
|
Other Income |
578.200 |
368.300 |
159.100 |
|
|
|
TOTAL (A) |
10744.400 |
8634.300 |
7685.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
1586.100 |
1254.900 |
990.200 |
|
|
|
Other expenses |
5669.300 |
4714.700 |
4419.200 |
|
|
|
TOTAL (B) |
7255.400 |
5969.600 |
5409.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3489.000 |
2664.700 |
2276.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
474.000 |
740.200 |
303.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3015.000 |
1924.500 |
1972.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1001.700 |
666.900 |
519.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2013.300 |
1257.600 |
1453.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
350.000 |
355.700 |
269.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1663.300 |
901.900 |
1183.800 |
|
|
|
|
|
|
|
|
|
Less |
Transfer to Tonnage Tax Reserve Account
under section 115VT of the Income-tax Act, 1961 |
300.000 |
100.000 |
200.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1979.800 |
1752.000 |
1211.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
170.000 |
70.000 |
120.000 |
|
|
|
Interim Dividend on 7.5% Preference Shares |
66.000 |
66.000 |
66.000 |
|
|
|
Interim Dividend on 22.5% Preference Shares |
136.400 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on 22.5% Preference Shares |
0.000 |
145.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
445.400 |
222.700 |
211.800 |
|
|
|
Dividend distribution tax on equity and preference
dividends |
108.500 |
70.400 |
45.300 |
|
|
BALANCE CARRIED
TO THE B/S |
2416.800 |
1979.800 |
1752.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Earnings on Interest |
100.500 |
91.700 |
17.400 |
|
|
|
Other Earnings |
9900.100 |
8293.900 |
8343.000 |
|
|
TOTAL EARNINGS |
10000.600 |
8385.600 |
8360.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
12.83 |
6.20 |
12.30 |
|
|
|
Diluted
|
12.82 |
6.19 |
12.28 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
15.48
|
10.44 |
15.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.80
|
15.21 |
19.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.54
|
6.38 |
9.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.06 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.35
|
0.33 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.33 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
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 |
2513.300 |
1028.800 |
776.600 |
|
|
|
|
|
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10465255 |
02/12/2013 |
1,245,000,000.00 |
ING BANK N.V. SINGAPORE BRANCH |
9 RAFFLES PLACE #19-02, REPUBLIC PLAZA, SINGAPORE, - 048619, SINGAPORE |
B91583955 |
|
2 |
10418579 |
15/04/2013 |
1,260,775,000.00 |
DVB GROUP MERCHANT BANK (ASIA) LIMITED |
77 ROBINSON ROAD, #30-02, SINGAPORE, - 068896, SINGAPORE |
B72845332 |
|
3 |
10401858 |
17/01/2013 |
7,065,500,000.00 |
DNB BANK ASA SINGAPORE BRANCH |
8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE |
B67611483 |
|
4 |
10380077 |
13/08/2013 * |
958,776,000.00 |
DNB ASIA LIMITED |
8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE |
B84006709 |
|
5 |
10374076 |
13/08/2013 * |
955,652,880.00 |
DNB ASIA LIMITED |
8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE |
B84001569 |
|
6 |
10352985 |
13/08/2013 * |
807,576,000.00 |
DNB ASIA LIMITED |
8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE |
B84029115 |
|
7 |
10273528 |
14/03/2011 |
841,650,000.00 |
AXIS BANK LIMITED DIFC BRANCH |
UNIT NO. 701, 7TH
FLOOR, DIFCAL FATTAN CURRENCY |
B07727399 |
|
8 |
10272364 |
02/03/2011 |
5,753,600,000.00 |
DNB NOR BANK ASA SINGAPORE BRANCH |
8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE |
B06947303 |
|
9 |
10257695 |
10/12/2010 |
837,930,000.00 |
AXIS BANK LIMITED DIFC BRANCH |
UNIT NO. 701, 7TH
FLOOR,, DIFCAL FATTAN CURRENCY |
B00559377 |
|
10 |
10180446 |
19/10/2009 |
6,479,200,000.00 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
ONE RAFFLES QUAY, #20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE |
A71049845 |
|
11 |
10172681 |
27/08/2009 |
1,076,240,000.00 |
SOCIETE GENERALE |
80 ROBINSON ROAD, #26-00, SINGAPORE, - 068898, SINGAPORE |
A68063809 |
|
12 |
10162770 |
25/06/2009 |
1,067,000,000.00 |
SOCIETE GENERALE |
80 ROBINSON ROAD, #26-00, SINGAPORE, - 068898, SINGAPORE |
A64157886 |
|
13 |
10154911 |
04/05/2009 |
1,200,196,320.00 |
UNITED OVERSEAS BANK LIMITED |
CORPORATE BANKING SECTOR, 1 RAFFLES PLACE, # 10-00 OUB CENTRE, SINGAPORE, - 048616, SINGAPORE |
A61158465 |
|
14 |
10147896 |
24/03/2009 |
1,219,113,600.00 |
UNITED OVERSEAS BANK LIMITED |
CORPORATE BANKING SECTOR, 1 RAFFLES PLACE, # 10-00 OUB CENTRE, SINGAPORE, - 048616, SINGAPORE |
A58662586 |
|
15 |
10118858 |
21/11/2008 * |
2,159,678,779.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
2ND FLOOR, SHIV BLDG., PLOT NO. 139-140B, WESTERN EXPRESS HIGHWAY,SAHAR RD JUNC, VILE PARLE (E), MUMBAI - 400057, MAHARASHTRA, INDIA |
A50648880 |
|
16 |
10096848 |
08/04/2008 |
495,651,932.00 |
UNITED OVERSEAS BANK LIMITED |
CORPORATE BANKING SECTOR, 1 RAFFLES PLACE, # 10-00 OUB CENTRE, SINGAPORE, - 048616, SINGAPORE |
A36051829 |
|
17 |
10080750 |
02/01/2008 |
500,203,253.00 |
UNITED OVERSEAS BANK LIMITED |
CORPORATE BANKING SECTOR, 1 RAFFLES PLACE, # 10-00 OUB CENTRE, SINGAPORE, - 048616, SINGAPORE |
A29363751 |
|
18 |
10070903 |
26/09/2007 |
807,611,418.00 |
UNITED OVERSEAS BANK LIMITED |
CORPORATE BANKING SECTOR, 1 RAFFLES PLACE, # 10-00 OUB CENTRE, SINGAPORE, - 048616, SINGAPORE |
A24786048 |
|
19 |
10016430 |
18/03/2010 * |
722,700,326.25 |
STATE BANK OF INDIA |
WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A82975814 |
* Date of charge modification
BACKGROUND
Subject is a public company domiciled in India and incorporated
in the year 2002 under the provisions of the Companies Act, 1956. The company
is providing offshore oilfield services with the principal activity of offshore
logistics and drilling services. The company presently owns and operates 4
Platform Supply Vessels (PSVs), 7 Anchor Handling Tug cum Supply Vessels
(AHTSVs) and 5 Remotely Operated Vehicle Support Vessels (ROVSVs) in the Indian
and International markets. The company also operates 3 Jack up Drilling Rigs.
The company is a subsidiary of The Great Eastern Shipping Company Limited
(GESCO) which is listed on the National Stock Exchange (NSE), Bombay Stock
Exchange (BSE) and at the Luxemburg Stock Exchange.
FINANCIAL HIGHLIGHTS
The Company has achieved a profit after tax this year of Rs.
1663.300 Millions (previous year Rs. 901.900 Millions) on a stand-alone basis
and consolidated net profit of Rs. 4307.200 Millions (previous year Rs.
2202.300 Millions). The group recorded consolidated total revenue of Rs.
14014.600 Millions for this year as compared to Rs. 12270.400 Millions for the
previous year.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
a)
Guarantees given by banks Rs. 1099.300 Millions
(previous year Rs. 1245.400 Millions).
b)
Corporate guarantees given on behalf of subsidiary
companies Rs. 23049.900 Millions (previous year Rs. 20472.500 Millions).
c)
Customs duty in respect of vessel provisionally
cleared against security bond furnished by the company Rs. NIL (previous year
88.200 Millions). The vessel is finally assessed on 2nd April 2013.
d)
Service tax claimed for services provided by
drilling units under the head ‘Supply of Tangible Goods for use’ and the
services being consumed by the seabed of the Continental Shelf of India,
amounting to Rs. 272.400 Millions (previous year Rs. 272.400 Millions).
However, the Company is of the view that in the unforeseen circumstances that
the demand is sustained, the same would be recoverable from the service
receiver under the terms of contract. For the similar period the company has
also received notice from The Assistant Commissioner of Service Tax in relation
to the Central Excise Revenue Audit (CERA) objection for payment of service tax
on the services provided by the drilling units.
e)
Custom duty demand for Marine Gas Oil to be treated
as Light Diesel Oil during conversions of the vessels from a foreign-run
vessels to a coastal-run vessels. While the notices do not specify the demand
amount and is disputed by the company, it is estimated to be around Rs. 7.200
Lakhs (previous year Rs. 1.200 Millions) cumulatively.
f)
The company has received a Show Cause Notice from
Service Tax Dept demanding a sum of Rs. 2.200 Millions (previous year Rs. NIL)
in relation to excess utilized Cenvat Credit i.e. more than 20% during the
period Aug '07 to Feb '08.
g)
The company has received a draft assessment order
for the year ended 31 March 2009 proposing a total income adjustment of Rs.
335.100 Millions. While the order is disputed and an appeal has been filed
before the Dispute Resolution Panel, incase, the demand is raised the same is
estimated to be around 25.800 Millions.
FIXED ASSETS:
· Plant and equipment
Furniture
and fixtures
Vehicles
Ships
vessels
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
Leasehold
improvements
Computer
software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.69 |
|
|
1 |
Rs. 102.97 |
|
Euro |
1 |
Rs. 84.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
68 |
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.