MIRA INFORM REPORT
|
Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
VIZAG SEAPORT PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
VIZAG SEAPORT LIMITED |
|
|
|
|
Registered
Office : |
Administrative Block, S4 Gallery, Near GFCL, Port Area, Visakhapatnam
– 530035, Andhra Pradesh |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.04.2001 |
|
|
|
|
Com. Reg. No.: |
01-038955 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.871.913 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203AP2001PTC038955 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
VPNV00943F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV2484K |
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|
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Import and Export of Coking Coal, Iron Ore, Gypsum,
Manganese Ore, Coke, Steam Coal and Other Bulk Cargo. |
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|
|
|
No. of Employees
: |
82 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The rating reflects moderate financial risk profile marked by accumulated
losses that company has incurred over a year and huge external borrowing. However, trade relations are fair. Business is active. Payment terms
are slow. The company can be considered for business dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under control,
said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up
from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs.39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs.35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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 (General Details)
|
Name : |
Mr. K. Rajesh |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-891-2556400 |
|
Date : |
03.03.2014 |
LOCATIONS
|
Registered Office : |
Administrative Block, S4 Gallery, Near GFCL, Port Area, Visakhapatnam
– 530035, Andhra Pradesh, India |
|
Tel. No.: |
91-891-2556400 |
|
Fax No.: |
91-891-2556401 |
|
E-Mail : |
|
|
Website : |
http://www.vizagseaport.com
|
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Mr. Kishore Ragam |
|
Designation : |
Whole-time director |
|
Address : |
301, |
|
Date of Birth/Age : |
04.05.1957 |
|
Date of Appointment : |
01.09.2002 |
|
DIN No.: |
00344011 |
|
PAN No.: |
ABEPR5035K |
|
|
|
|
Name : |
Mr. Srinjoy Bose |
|
Designation : |
Nominee Director |
|
Address : |
52/3, |
|
Date of Birth/Age : |
17.03.1976 |
|
Date of Appointment : |
20.09.2006 |
|
DIN No.: |
00041725 |
|
|
|
|
Name : |
Mr. Kishalay S Bandopadhyay |
|
Designation : |
Director |
|
Address : |
Villa 7B, Palma Spring Road, Off SHK Zaved Road, P O Box 31876, Dubai,
UAE |
|
Date of Birth/Age : |
12.11.1953 |
|
Date of Appointment : |
15.07.2004 |
|
DIN No.: |
00255055 |
|
|
|
|
Name : |
Mr. Kirit Kumar Chimanlal Shah |
|
Designation : |
Director |
|
Address : |
35/42, Sukhumvit Soi 11, |
|
Date of Birth/Age : |
30.09.1953 |
|
Date of Appointment : |
18.06.2008 |
|
DIN No.: |
00344087 |
|
|
|
|
Name : |
Mr. Kshitiz Ravi Bhasker |
|
Designation : |
Additional Director |
|
Address : |
7 Band Stand Apartment, 212A |
|
Date of Birth/Age : |
08.08.1975 |
|
Date of Appointment : |
24.08.2007 |
|
DIN No.: |
01696517 |
|
|
|
|
Name : |
Mr. Abhijit Jagdish Rajan |
|
Designation : |
Director |
|
Address : |
Rituraj |
|
Date of Birth/Age : |
05.01.1961 |
|
Date of Appointment : |
24.04.2001 |
|
DIN No.: |
00177173 |
|
|
|
|
Name : |
Mr. Himanshu Vinod Parikh |
|
Designation : |
Nominee Director |
|
Address : |
2A, Rituraj Juhu, |
|
Date of Birth/Age : |
21.11.1959 |
|
Date of Appointment : |
24.04.2001 |
|
DIN No.: |
00760181 |
|
|
|
|
Name : |
Mr. Satish Gopal Chandran |
|
Designation : |
Director |
|
Address : |
1B, Bhartiya Bhavana 17 Road, Khar West, Mumbai – 400052, |
|
Date of Birth/Age : |
18.05.1958 |
|
Date of Appointment : |
17.12.2009 |
|
DIN No.: |
01774796 |
|
|
|
|
Name : |
Mr. Kishore Kumar Mohanty |
|
Designation : |
Director |
|
Address : |
23 PH 2, Cape Towers, 1925 Chakgria Hilandpark, Kolkata – 700094, West
Bengal, India |
|
Date of Birth/Age : |
11.07.1957 |
|
Date of Appointment : |
10.09.2012 |
|
DIN No.: |
00080498 |
|
|
|
|
Name : |
Mr. Chandrahas Charandas Dayal |
|
Designation : |
Director |
|
Address : |
Arun B-7, Narayan Dabholkar, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
31.01.1944 |
|
Date of Appointment : |
14.03.2011 |
|
DIN No.: |
00178583 |
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|
|
|
Name : |
Mr. Parag Arvind Parikh |
|
Designation : |
Director |
|
Address : |
480, Kalbadevi Road, 5 Floor, Dhanukar Building Reshm Bazar, Mumbai –
400002, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1976 |
|
Date of Appointment : |
14.03.2011 |
|
DIN No.: |
01438929 |
|
|
|
|
Name : |
Mr. Subhrarabinda Birabar |
|
Designation : |
Nominee Director |
|
Address : |
Bungalow No.1, Madhuvan Deonar CHS, Opposite L and T Finance Office
Deonar Farm Road, Mumbai – 400088, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1973 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
03249632 |
KEY EXECUTIVES
|
Name : |
Mr. K. Rajesh |
|
Designation : |
Accounts Head |
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|
|
|
Name : |
Mr. Adoor Veneemadhavan Vaitheeswaran |
|
Designation : |
Secretary |
|
Address : |
B-31, Defence Officers Quarters, East point Colony, |
|
Date of Birth/Age : |
19.04.1958 |
|
Date of Appointment : |
11.02.2008 |
|
PAN No.: |
AADPV3211H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Names of Shareholders |
No. of Shares |
%age |
|
|
|
|
|
Gammon Infrastructure Projects Limited, India |
64313847 |
73.76 |
|
Lasatin Holdings Limited, |
22877417 |
26.24 |
|
|
|
|
|
Total |
87191264 |
100.00 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
26.24 |
|
Bodies corporate |
|
73.76 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Import and Export of Coking Coal, Iron Ore, Gypsum,
Manganese Ore, Coke, Steam Coal and Other Bulk Cargo. |
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Products : |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
GENERAL INFORMATION
|
Customers : |
·
Steel Authority of India Limited ·
Associated Cement Company Limited ·
Jayprakash Associates India Limited ·
Essar Steels Limited ·
KR and Sons Private Limited ·
Bothra Shipping Services ·
Orissa Stevedores Limited ·
General Nice Minerals Limited ·
Ripley and Company ·
Jindal Steels Limited ·
Tata Martrade India Limited ·
Falgun Exports ·
Fair Deal International ·
SK Sarwagi Traders ·
Bagadia Brothers ·
Sainath Industries ·
Sun Flag Industries ·
Natural Resources Private Limited |
||||||||||||||||||
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|
||||||||||||||||||
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No. of Employees : |
82 (Approximately) |
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Bankers : |
· State Bank of Patiala Commercial Branch, Atlanta, Nariman Point, Mumbai – 400021,
Maharashtra, India · IDFC Limited KRM Tower, 8th Floor, No.1, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India · Punjab National Bank Large Corporate Branch, Rayala Tower, III Floor, 781-785, Anna Salai, Chennai – 600002, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountant |
|
Address : |
5, Merchant Towers, II Floor, Road No.4, Banjara Hills, Hyderabad – 500034,
Andhra Pradesh, India |
|
Tel No.: |
91-40-30465000 |
|
Fax No.: |
91-40-30465299 |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Holding Company : |
· Gammon Infrastructure Projects Limited, India |
|
|
|
|
Relatives of Key management personnel : |
·
Eversun Marine Trade Private Limited, India
·
Eversun Sparkle Maritime Services Private
Limited, India |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87191264 |
Equity Shares |
Rs.10/- each |
Rs.871.913
Millions |
|
|
|
|
|
(AS ON 31.03.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87191264 |
Equity Shares |
Rs.10/- each |
Rs.871.913
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87191264 |
Equity Shares |
Rs.10/- each |
Rs.871.913
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 |
871.913 |
871.913 |
871.913 |
|
(b) Reserves & Surplus |
(11.871) |
(34.238) |
(119.288) |
|
(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) |
860.042 |
837.675 |
752.625 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2,936.632 |
1,834.375 |
1,790.557 |
|
(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 |
5.784 |
4.828 |
3.392 |
|
Total Non-current
Liabilities (3) |
2,942.416 |
1,839.203 |
1,793.949 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
109.431 |
60.997 |
71.075 |
|
(c) Other
current liabilities |
196.590 |
2,083.039 |
336.574 |
|
(d) Short-term
provisions |
102.399 |
0.427 |
0.242 |
|
Total Current
Liabilities (4) |
408.420 |
2,144.463 |
407.891 |
|
|
|
|
|
|
TOTAL |
4,210.878 |
4,821.341 |
2,954.465 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2,319.814 |
2,417.264 |
2,513.758 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
16.488 |
23.605 |
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 |
1,292.181 |
137.559 |
104.808 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3,628.483 |
2,578.428 |
2,618.566 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
30.068 |
30.032 |
46.784 |
|
(c) Trade
receivables |
138.359 |
109.526 |
95.342 |
|
(d) Cash and
cash equivalents |
272.555 |
2,029.881 |
130.911 |
|
(e)
Short-term loans and advances |
141.413 |
73.474 |
62.862 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
582.395 |
2,242.913 |
335.899 |
|
|
|
|
|
|
TOTAL |
4,210.878 |
4,821.341 |
2,954.465 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
1497.349 |
1244.667 |
1254.039 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
|
|
724.514 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including
Interest and Depreciation) |
(Including
Interest and Depreciation) |
529.525 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
239.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
289.856 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
129.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
124.377 |
85.050 |
160.381 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
124.377 |
85.050 |
160.381 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(34.238) |
(119.288) |
(279.669) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
87.191 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
14.818 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(11.870) |
(34.238) |
(119.288) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.43 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.31
|
6.83 |
0.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.97
|
1.77 |
5.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.10 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.41
|
2.19 |
2.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.05 |
0.82 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
871.913 |
871.913 |
871.913 |
|
Reserves & Surplus |
(119.288) |
(34.238) |
(11.871) |
|
Net worth |
752.625 |
837.675 |
860.042 |
|
|
|
|
|
|
long-term borrowings |
1,790.557 |
1,834.375 |
2,936.632 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
1,790.557 |
1,834.375 |
2,936.632 |
|
Debt/Equity ratio |
2.379 |
2.190 |
3.415 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
1,254.039 |
1,244.667 |
1,497.349 |
|
|
|
(0.747) |
20.301 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Total Income |
1,254.039 |
1,244.667 |
1,497.349 |
|
Profit |
160.381 |
85.050 |
124.377 |
|
|
12.79% |
6.83% |
8.31% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
No |
OPERATIONS:
The company has achieved a cargo
throughput of 5.74 Million Metric Tons compared to 5.55 Million Metric Tons in
the previous year 2011-12. The company has achieved this marginal increase of
3% in Cargo growth despite a decline of 11.94% in cargo growth in Visakhapatnam
Port from 67 Million Metric Tons in 2011-12 to 59 Million Metric Tons in
2012-13. The cumulative cargo volume handled since commencement of operation
till March, 2013 is 37.49 Million Metric Tons. Though the iron ore market
continues to be sluggish, the company has developed considerable business
volume on Steam Coal and Manganese Ore during the year 2012-13 apart from SAIL
business.
The company has augmented
its Crane capacity by mobilizing two more Harbour Mobile Cranes on operational
lease to replace the one Harbour Mobile Crane that was destroyed in a fire
accident in August, 2012. Thus from January, 2013, the company has the strength
of availability of four Harbour mobile Cranes and one R 984 High Rise Material
handler to support the envisaged cargo growth of the company from the current
year.
FUTURE OUTLOOK:
The company has drawn up a
detailed Short term Business Plan with strategy to focus on cargo mix and
enhanced realization per Ton for next two years as per which the company is poised
to achieve a cargo throughput of 7.5 Million Metric Tons. The company is fully
poised to face the challenges from the merging new BOT Berths in Visakhapatnam
Port with the strength of its dedicated and trained man power coupled with the
equipment strength and enhancement of storage space through development of 30.5
acres of land at EXIM Park with Railway sidings.
Visakhapatnam Port Trust
has awarded the Dredging work of deepening of its Inner Harbour Channels to
-16.10 Meters to Dharti Dredging International Limited, who has already started
the work with a mandate to complete the Deepening by December, 2013.
The company will be able to
handle fully laden Panamax vessels at its Berths and this will greatly enhance
the competitive strength of the company without the need for lighterage of
cargos in the outer harbor.
INVESTMENT PROGRAMMES FOR THE YEAR 2013-14:
The company has completed
the Feasibility study of developing a full-fledged Railway siding at its
additional 30.5 acres of land at EXIM Park and has initiated the process of
implementing the Capex plan in this regard with the approval of Railway
authorities. After completion of full-fledged development of the said
additional land, the Company could achieve an annual throughput of 8 Million Metric
Tons from the present level of 6 Million Metric Tons.
The company has procured
ten dumpers during the year and is planning to purchase some more equipments
like Pay loaders, Poclains etc. to ensure uninterrupted equipment availability
to cope up with the increasing cargo throughput and to contain this major cost
item.
COMPANY OVERVIEW:
Visakhapatnam Port Trust
(VPT) has awarded a 30 year concession (including construction period of two
years) to a consortium of companies of the Gammon group, Portia Management
Services Limited, UK and Lastin Holdings Private Limited, UK for constructing,
equipping, operating, managing and maintaining two multi-purpose berths in the
inner harbour of VPT on a build, operate, transfer (BOT) basis. The consortium
has promoted the company as a special purpose vehicle for implementing the
project. Subject was incorporated as a private limited company on 24 April
2001. The licence agreement with VPT was signed on 28 November 2001 for a
period of 30 years. As on 31 March 2012 and 31 March 2013 Gammon Infrastructure
Project Services Limited holds 74% equity shareholding in the Company.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
a
Bank Guarantees |
40.479 |
37.479 |
|
b
Claims against Company not acknowledged as debt in respect of: Income tax
matters |
9.530 |
9.530 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/ Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10440193 |
12/07/2013 |
3,500,000,000.00 |
IDFC Limited |
KRM Tower, 8th Floor,,
No. 1, Harrington Road, Ch |
B80897416 |
|
2 |
10063108 |
30/01/2014 * |
90,000,000.00 |
State Bank of Patiala |
Commercial Branch,
Atlanta, Nariman Point, Mumbai |
B96379854 |
* Date of charge modification
FIXED ASSETS:
· Project Berths
· Plant and Machinery
· Office Equipment
· Computers
· Vehicles
· Furniture and Fixtures
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.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.