MIRA
INFORM REPORT
|
Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LIMITED
(w.e.f.29.09.2011) |
|
|
|
|
Formerly Known
As : |
PIPAVAV SHIPYARD LIMITED (w.e.f.19.04.2005) PIPAVAV SHIP DISMANTLING AND ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
Pipavav Port, Post Ucchaya, Via Rajula,
Rajual – 365560, Gujarat
|
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
17.10.1997 |
|
|
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Com. Reg. No.: |
04-033193 |
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Capital
Investment / Paid-up Capital : |
Rs. 7011.984
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L35110GJ1997PLC033193 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Ship Building and Fabrication includes
Shipbuilding, Ship and Rig Repairs, Fabrication etc. and also Trading in
Steel. |
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|
|
|
No. of Employees
: |
Information declined 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 82600000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 BY
|
Name : |
Mr. Ajit Kiyawat |
|
Designation : |
Deputy General Manager |
|
Contact No.: |
91-2794-286200 |
|
Date : |
20.05.2014 |
LOCATIONS
|
Registered Office : |
Pipavav Port, Post Ucchaiya, Via Rajula, District Amreli, Rajual –
365560, Gujarat, India
|
|
Tel. No.: |
91-2794-286200/ 201/ 661000 |
|
Fax No.: |
91-2794-286373/ 661100 |
|
E-Mail : |
careers@pipavavshipyard.com |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate office : |
SKIL House, 209, Bank Street Cross Lane, Fort, Mumbai – 400023,
Maharashtra, India |
|
Tel. No.: |
91-22-66199126/ 66199000 |
|
Fax No.: |
91-22-67158099/ 22696022/ 22659939 |
|
|
|
|
SEZ Units / Plant 1: |
Village Rampara
– II, Taluka Rajula and Village Lunsapur, Taluka Jafrabad, District – Amreli
– 365560, Gujarat, India |
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Plant 2 : |
Pipavav Port, Post Ucchaiya, Via-Rajula, District Amreli – 365560, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Nikhil Prataprai Gandhi |
|
Designation : |
Chairman |
|
Address : |
38, Sagar Villa, Bhulabahai Desai Road, Mumbai – 400026, Maharashtra |
|
Date of Birth/Age : |
25.04.1958 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
17.10.1997 |
|
|
|
|
Name : |
Mr. Bhavesh Prataprai Gandhi |
|
Designation : |
Executive Vice Chairman |
|
|
|
|
Name : |
Mr. Ajai Vikram Singh |
|
Designation : |
Independent Director |
|
Address : |
Bafhsuri House, Jaipur Road, Ajmer-305001, Rajasthan, India |
|
Date of Birth/Age : |
04.07.1945 |
|
Date of Appointment : |
15.07.2008 |
|
|
|
|
Name : |
Mr. David Rasquinha |
|
Designation : |
Nominee Director, EXIM Bank, Independent Director |
|
Date of Appointment : |
25.04.2011 |
|
|
|
|
Name : |
Mr. Ramunni Menon Premkumar |
|
Designation : |
Independent Director |
|
Address : |
101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai-400030,
Maharashtra, India |
|
Date of Birth/Age : |
16.08.1945 |
|
Date of Appointment : |
15.07.2008 |
|
|
|
|
Name : |
Mr. Venkiteshwaran Subramanian |
|
Designation : |
Independent Director |
|
Address : |
A/7 and 2, Lloyds Garden, 7th Floor, Appasaheb Marthe Marg,
Prabhadevi, Worli, Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
22.01.1941 |
|
Qualification : |
B.Sc. with Physics and Mathematics – 1960, Bombay
University. LL.B, Bombay University. |
|
Date of Appointment : |
18.09.2007 |
|
Directorships
held on other companies : |
v
Dolphin Offshore Enterprises (India) Limited.
(also Vice Chairman of the v
company) v
Dolphin Offshore Shipping Limited v
Indian Register of Shipping v
Mahagujarat Chamunda Cements Company Private
Limited v
Mundra Port And Special Economic Zone Limited v
National Securities Clearing Corporation Limited v
The Clearing Corporation of India Limited v
Pandi Correspondents Private Limited |
|
|
|
|
Name : |
Mr. Samar Ballav Mohapatra |
|
Designation : |
Independent Director |
|
Address : |
C-15, DGS Co-Operative Housing Society, Plot No. 6, Sector 22, Dwarka,
Delhi-110075, India |
|
Date of Birth/Age : |
18.06.1944 |
|
Date of Appointment : |
15.07.2008 |
|
|
|
|
Name : |
Mr. Nils Peter Sandehed |
|
Designation : |
Additional Director |
|
Date of Appointment : |
27.05.2013 |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Kiyawat |
|
Designation : |
Deputy General Manager |
|
|
|
|
Audit Committee
: |
v Mr. Ramunni
Menon Premkumar, Chairman v Mr. Ajai Vikram Singh, Member v Mr. Bhavesh Prataprai Gandhi, Member v Mr. David Rasquinha, Member v Mr. Venkiteshwaran Subramanian, Member v Mr. Samar Ballav Mohapatra, Member |
|
|
|
|
Shareholder’s
Grievances Committee : |
v Mr. Nikhil Prataprai Gandhi, Chairman v Mr. Bhavesh Prataprai Gandhi, Member v Mr. Venkiteshwaran Subramanian, Member |
|
|
|
|
Remuneration
Committee : |
v Mr. Venkiteshwaran Subramanian, Chairman v Mr. Nikhil Prataprai Gandhi, Member v Mr. Ramunni Menon Premkumar, Member v Mr. Samar Ballav Mohapatra, Member |
|
|
|
|
Name : |
Mr. Praveen Chand Mohnot |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Ajit Dabholkar |
|
Designation : |
Corporate Counsel and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
327764223 |
44.52 |
|
|
327764223 |
44.52 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
327764223 |
44.52 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
9992171 |
1.36 |
|
|
36536433 |
4.96 |
|
|
58465899 |
7.94 |
|
|
16212585 |
2.20 |
|
|
5955510 |
0.81 |
|
|
127162598 |
17.27 |
|
|
|
|
|
|
168542986 |
22.89 |
|
|
|
|
|
|
17701466 |
2.40 |
|
|
34904664 |
4.74 |
|
|
60130332 |
8.17 |
|
|
1087510 |
0.15 |
|
|
120600 |
0.02 |
|
|
514341 |
0.07 |
|
|
58407881 |
7.93 |
|
|
281279448 |
38.21 |
|
Total Public
shareholding (B) |
408442046 |
55.48 |
|
Total (A)+(B) |
736206269 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
736206269 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Skil Infrastructure Limited |
267037043 |
36.27 |
|
2 |
Skil Shipyard Holdings Private Limited |
38377686 |
5.21 |
|
3 |
Grevek Investment And Finance Private
Limited |
22349494 |
3.04 |
|
|
Total |
327764223 |
44.52 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholders |
No.
of Shares held |
Shares
as % |
|
|
1 |
Life Insurance Corporation of India |
58465899 |
7.94 |
|
|
2 |
Il And FS Maritime Infrastructure Company
Limited |
53423871 |
7.26 |
|
|
3 |
Saab Aktiebolag |
24507881 |
3.33 |
|
|
4 |
Sembcorp Marine Limited |
17500000 |
2.38 |
|
|
5 |
IDBI Bank Limited |
17081929 |
2.32 |
|
|
6 |
Export- Import Bank of India |
16628000 |
2.26 |
|
|
7 |
Valiant Mauritius Partners FDI Limited |
16400000 |
2.23 |
|
|
8 |
Sneha Metals Private Limited |
13000000 |
1.77 |
|
|
9 |
Il And FS Financial Services Limited |
12617254 |
1.71 |
|
|
10 |
Rakesh Jhunjhunwala |
10000000 |
1.36 |
|
|
11 |
Smallcap World Fund INC |
9925000 |
1.35 |
|
|
12 |
Edelweiss Securities Limited |
8631767 |
1.17 |
|
|
|
Total |
258181601 |
35.07 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No.
of Shares |
Shares
as % |
|
|
1 |
Life Insurance Corporation of India |
58465899 |
7.94 |
|
|
2 |
LIC of India Market Plus 1 Growth Fund |
4930793 |
0.67 |
|
|
3 |
LIC of India Market Plus Growth Fund |
3644176 |
0.49 |
|
|
4 |
LIC of India Profit Plus Growth Fund |
944712 |
0.13 |
|
|
5 |
LIC of India Samridhi Plus Fund |
100000 |
0.01 |
|
|
6 |
LIC of India Market Plus 1 Balanced Fund |
100000 |
0.01 |
|
|
7 |
Il And FS Maritime Infrastructure Company
Limited |
53423871 |
7.26 |
|
|
8 |
Il And FS Financial Services Limited |
12617254 |
1.71 |
|
|
|
Total |
134226705 |
18.23 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the Shareholders |
No.
of Shares |
Locked-in
Shares as % |
|
1 |
Saab Aktiebolag |
24507881 |
3.33 |
|
2 |
Grevek Investment And Finance Private
Limited |
7079998 |
0.96 |
|
3 |
Rakesh Jhunjhunwala |
10000000 |
1.36 |
|
4 |
Utpal H Seth |
500000 |
0.07 |
|
|
Total |
42087879 |
5.72 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Ship Building and Fabrication
includes Shipbuilding, Ship and Rig Repairs, Fabrication etc. and also
Trading in Steel. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||||||||
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|
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|
Bankers : |
v Union Bank of India v Industrial and Development Bank of India v Export Import Bank of India v Housing and Urban Development Corporation Limited v Punjab National Bank v State
Bank of India v Yes
Bank Limited v Oriental
Bank of Commerce v HDFC
Bank Limited v Dena
Bank |
||||||||||||||||||||||||||||||||||||
|
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|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
|
|
|
Internal Auditors : |
|
|
Name : |
M.A. Shah and Company Chartered Accountants |
|
|
|
|
Subsidiary
Company : |
v PDOC Pte.
Limited (from September 05, 2012) v E Complex
Private Limited v Pipavav Marine
and Offshore Limited (from February 18, 2013) |
|
|
|
|
Associates : |
v SKIL
Infrastructure Limited v Conceptia
Software Technologies Private Limited |
|
|
|
|
Enterprises in which key managerial personnel or their relatives are
able to exercise significant influence : |
v Grevek Investments and Finance Private Limited v Awaita
Properties Private Limited |
CAPITAL STRUCTURE
AFTER 18.12.2013
Authorised Capital : Rs.
10000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 7362.063
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
701198388 |
Equity Shares |
Rs. 10/- each |
Rs. 7011.984
Millions |
|
|
|
|
|
Reconciliation of
equity shares outstanding at the beginning and at the end of the year
|
Particulars |
As at March 31, 2013 |
|
|
|
No. of Shares |
Rs. In Millions |
|
No. of shares at the beginning of the year |
691198388 |
6911.984 |
|
Add: Shares issued during the year on conversion of debentures |
-- |
-- |
|
Add: Shares issued during the year on conversion of warrants |
10000000 |
100.000 |
|
No. of shares at the end of the year |
701198388 |
7011.984 |
Shareholders holding
more than 5% Shares in the Company
|
Shares held by |
As at March 31, 2013 |
|
|
|
No. of Shares |
% Holding |
|
SKIL Infrastructure Limited |
263466685 |
37.57% |
|
Ovira Logistics Limited |
58465899 |
8.34% |
|
Smallcap World Fund, Inc. |
-- |
-- |
|
IL and FS Marine Infrastructure Company Limited |
53423871 |
7.62% |
Reserved Shares
The Convertible Share Warrant Holders have the option to convert their share warrants into 10500000 Equity Shares (Previous Year 20500000) of Rs.10/- each at the terms and conditions
Terms and Rights
attached to Equity Shares
The Company has only one class of Equity Share having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the Company, the equity shareholders will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amount. The distribution will be in proportionate to the number of equity shares held by the shareholders.
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 |
7011.984 |
6911.984 |
6657.984 |
|
(b) Reserves & Surplus |
13444.583 |
12477.373 |
10142.659 |
|
(c) Money received against share warrants |
204.750 |
399.750 |
625.496 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
20661.317 |
19789.107 |
17426.139 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21505.201 |
10017.722 |
9349.897 |
|
(b) Deferred tax liabilities (Net) |
751.175 |
624.633 |
79.420 |
|
(c) Other long
term liabilities |
1424.753 |
1943.659 |
1498.307 |
|
(d) long-term
provisions |
10.089 |
9.986 |
0.000 |
|
Total Non-current
Liabilities (3) |
23691.218 |
12596.000 |
10927.624 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
21519.455 |
17231.958 |
7597.618 |
|
(b)
Trade payables |
3024.780 |
4339.984 |
1613.421 |
|
(c) Other
current liabilities |
8285.837 |
5392.276 |
6776.045 |
|
(d) Short-term
provisions |
2480.204 |
240.149 |
900.068 |
|
Total Current
Liabilities (4) |
35310.276 |
27204.367 |
16887.152 |
|
|
|
|
|
|
TOTAL |
79662.811 |
59589.474 |
45240.915 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
26929.033 |
22013.109 |
12232.228 |
|
(ii)
Intangible Assets |
43.912 |
28.123 |
17.720 |
|
(iii)
Capital work-in-progress |
21866.908 |
5653.586 |
14724.492 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
11.987 |
|
(b) Non-current Investments |
205.974 |
205.026 |
189.678 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5404.713 |
6160.476 |
1605.985 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
54450.540 |
34060.320 |
28782.090 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
45.000 |
90.000 |
229.974 |
|
(b)
Inventories |
1628.045 |
3391.019 |
2453.479 |
|
(c)
Trade receivables |
8959.910 |
9094.209 |
2049.933 |
|
(d) Cash
and cash equivalents |
3754.353 |
2782.525 |
4256.257 |
|
(e)
Short-term loans and advances |
2397.134 |
3395.406 |
3124.465 |
|
(f) Other
current assets |
8427.829 |
6775.995 |
4344.717 |
|
Total
Current Assets |
25212.271 |
25529.154 |
16458.825 |
|
|
|
|
|
|
TOTAL |
79662.811 |
59589.474 |
45240.915 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25864.681 |
18670.647 |
8599.341 |
|
|
|
Other Income |
265.618 |
244.024 |
635.569 |
|
|
|
TOTAL (A) |
26130.299 |
18914.671 |
9234.910 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2801.607 |
4987.797 |
2828.320 |
|
|
|
Purchases of Stock-in-Trade |
10693.989 |
5166.225 |
2575.880 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
25.120 |
11.302 |
223.506 |
|
|
|
Employees benefits expense |
530.949 |
457.809 |
273.993 |
|
|
|
Other expenses |
6463.309 |
3928.807 |
1172.928 |
|
|
|
TOTAL (B) |
20514.974 |
14551.940 |
7074.627 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5615.325 |
4362.731 |
2160.283 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3974.596 |
2576.818 |
1193.438 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1640.729 |
1785.913 |
966.845 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1226.977 |
1058.917 |
487.326 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
413.752 |
726.996 |
479.519 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
126.542 |
541.838 |
80.559 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
287.210 |
185.158 |
398.960 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Ship Building and Ship Builders |
4275.585 |
11989.663 |
5192.260 |
|
|
|
Rig Repairs and Fabrication |
1108.833 |
18.098 |
0.000 |
|
|
TOTAL EARNINGS |
5384.418 |
12007.761 |
5192.260 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
1780.578 |
4416.794 |
3922.810 |
|
|
|
Stores & Spares |
71.478 |
81.054 |
30.156 |
|
|
|
Capital Goods |
221.232 |
40.499 |
94.156 |
|
|
TOTAL IMPORTS |
2073.288 |
4538.347 |
4047.122 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.41 |
0.27 |
0.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.10 |
0.98 |
4.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.60 |
3.89 |
5.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.72 |
1.35 |
1.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.04 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.08 |
1.38 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71 |
0.94 |
0.97 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
6657.984 |
6911.984 |
7011.984 |
|
Reserves & Surplus |
10142.659 |
12477.373 |
13444.583 |
|
Money received against share
warrants |
625.496 |
399.750 |
204.750 |
|
Net
worth |
17426.139 |
19789.107 |
20661.317 |
|
|
|
|
|
|
long-term borrowings |
9349.897 |
10017.722 |
21505.201 |
|
Short term borrowings |
7597.618 |
17231.958 |
21519.455 |
|
Total
borrowings |
16947.515 |
27249.680 |
43024.656 |
|
Debt/Equity
ratio |
0.973 |
1.377 |
2.082 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8599.341 |
18670.647 |
25864.681 |
|
|
|
117.117 |
38.531 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8599.341 |
18670.647 |
25864.681 |
|
Profit |
398.960 |
185.158 |
287.210 |
|
|
4.64% |
0.99% |
1.11% |
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 debts |
4881.091 |
2850.319 |
3260.002 |
|
|
|
|
|
|
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 |
Yes |
|
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 |
No |
LITIGATION DETAILS
|
HIGH COURT OF
GUJARAT COMPANY PETITION No. 268
of 2013 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Status:
PENDING (
Converted from : O/ST/2841/2013 ) CCIN No: 001058201300268 Next Listing Date: 17/06/2014
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1 |
JNK LIFTERS PRIVATE LIMITED |
ABHISST K THAKER for: Petitioner(s) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1 |
PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LTD |
SERVED BY RPAD - (N) for :Respondent(s) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented On : 18/10/2013 Registered On : 07/11/2013 Bench Category : -- District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 5 times Stage Name : NOTICE
RETURNABLE MATTERS
Office Details |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
S. No |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1 |
18/10/2013 |
VAKALATNAMA |
ABHISST K THAKER ADVOCATE |
5 |
ABHISST K
THAKER(7010) for P:1 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2 |
18/10/2013 |
MEMO OF APPEAL/PETITION/SUIT |
ABHISST K THAKER ADVOCATE |
50 |
ABHISST K
THAKER(7010), for P:1 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3 |
30/10/2013 |
ADDITIONAL FEE ON MEMO OF APPEAL/PETITION/SUIT |
ABHISST K THAKER ADVOCATE |
50 |
ABHISST K
THAKER(7010) for P:1 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4 |
06/12/2013 |
AFFIDAVIT OF DS |
ABHISST K THAKER ADVOCATE |
0 |
ABHISST K
THAKER(7010) for P:1 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Court
Proceedings
Available Orders
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10464162 |
26/11/2013 |
2,500,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B91112615 |
|
2 |
10438901 |
28/06/2013 |
1,250,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
LARGE CORPORATE
BRANCH, 18TH FLOOR, MAKER TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B80403488 |
|
3 |
10399851 |
24/12/2012 |
400,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
LARGE CORPORATE BRANCH,
18TH FLOOR, MAKER TOWER-E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B66744475 |
|
4 |
10390156 |
07/11/2012 |
3,750,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B63363246 |
|
5 |
10389495 |
06/11/2012 |
1,500,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B63152938 |
|
6 |
10389772 |
06/11/2012 |
3,750,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B63256267 |
|
7 |
10392637 |
26/10/2012 |
1,500,000,000.00 |
HOUSING DEVELOPMENT
FINANCE CORPORATION LIMITED |
RAMON HOUSE
169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
B64394588 |
|
8 |
10387619 |
19/10/2012 |
12,970,000,000.00 |
IL & FS
TRUST COMPANY LIMITED |
IL & FS FINANCIAL
CENTRE, PLOT NO C22, G BLOCK, BANDRA KURLA COMPLEX BANDRA EAST, MUMBAI,
MAHARASHTRA - 400051, INDIA |
B62406889 |
|
9 |
10374900 |
14/07/2012 |
3,000,000,000.00 |
DENA BANK |
DENA CORPORATE
CENTRE, CORPORATE BUSINESS BRANCH, |
B57439796 |
|
10 |
10319152 |
24/11/2011 |
2,000,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, 21 FLOOR, WORLD TRADE CENTRE, |
B25851148 |
|
11 |
10322853 |
20/04/2012 * |
500,000,000.00 |
UNION BANK OF
INDIA |
IFB BRANCH,FIRST
FLOOR,UNION BANK BHAVAN, 239 VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
B40997629 |
|
12 |
10309462 |
16/09/2011 |
1,500,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
181-A , MAKER
TOWER "E",18TH FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005,
INDIA |
B22227276 |
|
13 |
10298087 |
21/03/2012 * |
550,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B37329745 |
|
14 |
10208228 |
09/03/2010 |
3,770,000,000.00 |
IL & FS
TRUST COMPANY LIMITED |
IL & FS FINANCIAL
CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI,
MAHARASHTRA - 400051, INDIA |
A81621815 |
|
15 |
10134372 |
10/01/2014 * |
44,448,500,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
2ND FLOOR, ARCADE, WORLD TRADE |
B95631909 |
|
16 |
10121301 |
30/12/2008 * |
5,500,000,000.00 |
IL & FS
TRUST COMPANY LIMITED |
IL & FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST,
MUMBAI, MAHARASHTRA - 400051, INDIA |
A54949516 |
|
17 |
10026389 |
24/02/2009 * |
600,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTR |
A58471640 |
|
18 |
10003957 |
24/02/2009 * |
200,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A58101528 |
|
19 |
90108151 |
27/09/2010 * |
500,000,000.00 |
IL&FS
FINANCIAL SERVICES LIMITED |
II & FS FINANCIAL
CENTRE PLOT NO C-22 G BLOCK, BAN |
A98227507 |
|
20 |
90110993 |
24/02/2009 * |
2,710,000,000.00 |
HOUSING &
URBAN DEVELOPMENT CORPORATION LIMITED |
GRUH NIRMAN, 4TH
FLOOR, ASHRAM ROAD, AHMEDABAD, |
A59590836 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Inter Corporate Deposit from Related Party |
1182.207 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
From Banks |
11413.861 |
8695.164 |
|
|
|
|
|
Total |
12596.068 |
8695.164 |
OPERATIONS
During the year, the Company has recorded total income
of Rs. 26130.300 Millions, showing an increase
of 38.25% as compared to the income of Rs. 18914.700 Millions during
the previous financial year. The Company has earned operating profit i.e. Profit before Depreciation, Interest
and Tax of Rs. 5615.300 Millions for the year against Rs. 4362.700 Millions
for the previous year. The Company earned
net profit of Rs. 287.200 Millions,
as against net profit of Rs. 185.200 Millions for previous year.
During the year the Company successfully
delivered one (1) no. of 74,500 DWT Panamax Bulk Carrier, the largest vessel of its class built in India, to one of its international customers and two (2) nos. of Offshore Supply Vessels/ Offshore Support
Vessels (*OSV”) to ONGC.
OUTLOOK
The financial year
2012-13 was full of milestones
for the Company. During the year, the Company delivered three (3) vessels; one
(2) no. of Panamax Bulk Carrier, the largest bulk carrier of its class to have
ever been built in India, for its
international customer and two (2) nos. of Offshore Supply Support vessels
(OSVs) to ONGC. The Company formed a joint venture company namely "Mazagon
Dock Pipavav Defence Private Limited", with Mazagon Dock Limited, a
premier defence public sector undertaking and strengthened ties with
international defence majors like SAAB.
Apart from comprehensive initiatives in the Defence sector contract for
construction of five Naval Offshore Patrol Vessels, the Company strengthened
its position in the Offshore space, by winning a contract from ONGC worth Rs.4000.000 Crore, for "Sagar Laxmi
Modification Project".
Going forward, the fiscal year 2013-14
holds many opportunities for the Company. The Company looks forward to
inflow of orders from the Defence
and Offshore sectors following JV with
Mazagon Dock and on the back of stronger partnerships in the Offshore space. The Company has, since inception, developed
state-of-the-art infrastructure and remains dedicated to building on their
foundation by constructing a new dry dock. This project is moving
forward as planned, based on capital commitment of about Rs. 40000.000
Millions. The Company believes that these investments will pay off as revenues
expand consistently, the objective being to significantly reduce debt in the
near future.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
a) Guarantees given
by Company’s Bankers |
|
|
|
i) Refund Bank Guarantees given to customers (Net of liabilities accounted for) |
11494.376 |
10681.904 |
|
ii) Other Bank Guarantees (Bank Guarantees are provided under Contractual/ Legal obligations.) |
2891.731 |
2284.257 |
|
b) Demands not
acknowledged as Debts |
|
|
|
i) Income Tax (The Company has deposited under protest Rs.32.151 Millions (Previous Year Rs.32.151 Millions) out of total demand) |
116.521 |
111.681 |
|
ii) Service Tax and Excise Duty (Relates to disallowance of CENVAT Credit and VAT Credit taken by the Company) |
232.788 |
7.183 |
|
iii) Third Party Claims (Relates to demand raised by vendor) |
514.862 |
22.035 |
|
c) Letters of
Credit opened in favour of suppliers (Cash Flow is expected on receipt of materials from Suppliers) |
718.904 |
130.897 |
FIXED ASSETS:
· Plant and Machinery
· Buildings
· Furniture and Fixtures
· Computers
· Office Furniture and Equipments
· Vehicles
· Leasehold Land
· 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 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. 58.77 |
|
|
1 |
Rs. 99.02 |
|
Euro |
1 |
Rs. 80.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--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.