MIRA INFORM REPORT
|
Report No. : |
309859 |
|
Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
COCHIN SHIPYARD LIMITED |
|
|
|
|
Registered
Office : |
Administrative Building, 39/6080 Cochin Shipyard Premises, Perumanoor
M. G. Road, Ernakulam - 682015, Kerala |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.03.1972 |
|
|
|
|
Com. Reg. No.: |
09-002414 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1132.800
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63032KL1972GOI002414 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNC00784A |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Shipbuilding and Repair of Ships/Offshore
Structures. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 38700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s well-established operations and long
standing track record of business operations supported by comfortable capital
structure, diversified revenue stream and adequate profitability margins of
the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities = AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
22.01.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
22.01.2015 |
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
31-03-2014.
LOCATIONS
|
Registered Office : |
Administrative Building, 39/6080 Cochin Shipyard Premises, Perumanoor
M. G. Road, Ernakulam - 682015, Kerala, India |
|
Tel. No.: |
91-484-2361181 |
|
Fax No.: |
91-484-2370897 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Subramaniam Kartik |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
77, Shankara Park, Bangalore-560004, Karnataka, India |
|
Date of Birth/Age : |
13.12.1955 |
|
Date of Appointment : |
04.06.2007 |
|
Din No.: |
01957227 |
|
|
|
|
Name : |
Mr. Shyamsundar Ram Sharma |
|
Designation : |
Whole Time Director (Operations) |
|
Address : |
# 302, Angre House, MDL Officers, Residential Complex, Dockyard Road, Mazagon, Mumbai-400010, Maharashtra, India |
|
Date of Birth/Age : |
28.10.1957 |
|
Date of Appointment : |
21.11.2011 |
|
Din No.: |
05115372 |
|
|
|
|
Name : |
Mr. Gopal Chandrasekhar Gopala Pillai |
|
Designation : |
Nominee Director |
|
Address : |
S-1, Fact Township, Udyoganandal, Cochin-683501, Kerala, India |
|
Date of Birth/Age : |
01.03.1949 |
|
Date of Appointment : |
27.11.2012 |
|
Din No.: |
00083936 |
|
|
|
|
Name : |
Dr. Seetharaman Mohan |
|
Designation : |
Non Official Part Time Director |
|
Address : |
36, BPC Tower, 1-A, Altaount Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1951 |
|
Date of Appointment : |
27.11.2012 |
|
Din No.: |
02187956 |
|
|
|
|
Name : |
Mr. Raghuram Nookala |
|
Designation : |
Nominee Director |
|
Address : |
14/8, Police Line Street, Halayatham, Gudiyatham, Vellore-632602, Tamilnadu, India |
|
Date of Birth/Age : |
27.12.1964 |
|
Date of Appointment : |
27.11.2012 |
|
Din No.: |
03540241 |
|
|
|
|
Name : |
Jauhari Chandra Munish |
|
Designation : |
Official Part Time Director, Joint Secretary (Shipping) Ministry of Shipping |
|
Address : |
Room No. 406, Indian Ports, Association Guest House, New Delhi-110003, India |
|
Date of Birth/Age : |
02.08.1962 |
|
Date of Appointment : |
31.01.2012 |
|
Din No.: |
05216913 |
|
|
|
|
Name : |
Lakshmi Narasimhan Vijayaraghavan |
|
Designation : |
Official Part Time Director |
|
Address : |
986, TVS Colony, Anna Nagar (West) Extension, Chennai-600101, Tamilnadu, India |
|
Date of Birth/Age : |
26.09.1947 |
|
Date of Appointment : |
16.09.2011 |
|
Date of Cessation : |
16.09.2014 |
|
Din No.: |
00752117 |
|
|
|
|
Name : |
Mr. Raman Mahalingam |
|
Designation : |
Director and Official Part Time Director |
|
Address : |
3/686, Sriram Layout, Kuam Road, Chuvery Nagar, Ttivakkam, Chennai-600041, Tamilnadu, India |
|
Date of Birth/Age : |
16.04.1951 |
|
Date of Appointment : |
25.01.2012 |
|
Date of Cessation : |
24.01.2015 |
|
Din No.: |
01226770 |
|
|
|
|
Name : |
Mr. Sekharipuram Krishnan Kalyana Krishnan |
|
Designation : |
Director and Vice Admiral (Retd) / Non Official Part Time Director |
|
Address : |
15, Currie House, Mazagoock Officers, Residential Complex, Dockyard Road, Mumbai-400010, Maharashtra, India |
|
Date of Birth/Age : |
26.07.1948 |
|
Date of Appointment : |
25.01.2012 |
|
Date of Cessation : |
24.01.2015 |
|
Din No.: |
00340235 |
|
|
|
|
Name : |
George Elias |
|
Designation : |
Director and Non Official Part Time Director |
|
Address : |
Kerala House, Janthar Mantar Road, New Delhi-110001, India |
|
Date of Birth/Age : |
06.10.1956 |
|
Date of Appointment : |
27.11.2012 |
|
Din No.: |
00204510 |
|
|
|
|
Name : |
Paul Ranjan D |
|
Designation : |
Director (Finance) |
|
|
|
|
Name : |
Sunny Thomas |
|
Designation : |
Director (Technical) |
KEY EXECUTIVES
|
Name : |
Kala V |
|
Designation : |
Secretary |
MANAGEMENT TEAM
|
Name : |
N V Suresh Babu |
|
Designation : |
Chief General Manager (Shiprepair) |
|
Name : |
Madhu S Nair |
|
Designation : |
Chief General Manager (Business Development) |
|
Name : |
Bejoy Bhasker |
|
Designation : |
Chief General Manager (Design & Defence Projects) |
|
Name : |
K J Ramesh |
|
Designation : |
General Manager (Human Resource) |
|
Name : |
T N Sudhakar |
|
Designation : |
General Manager (Finance) |
|
Name : |
M Murugaiah |
|
Designation : |
General Manager (Shipbuilding) |
|
Name : |
M D Varghese |
|
Designation : |
General Manager (Industrial Relations & Administration) |
|
Name : |
A N Neelakandhan |
|
Designation : |
General Manager (Projects & Maintenance) |
|
Name : |
K N Sreejith |
|
Designation : |
General Manager (IAC) |
|
Name : |
A V Suresh Kumar |
|
Designation : |
General Manager (Planning) |
|
Name : |
S Varadarajan |
|
Designation : |
General Manager (Materials) |
|
Name : |
N J Joseph |
|
Designation : |
General Manager (Safety & Fire) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Names of Shareholders |
|
No. of Shares |
|
President of India |
|
113279700 |
|
Subramaniam Kartik |
|
100 |
|
Ravi Kumar Roddam |
|
100 |
|
M C Jauhari |
|
100 |
|
TOTAL
|
|
113280000 |
AS ON 31.03.2014
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
0.01 |
|
Government
[Central and State] |
|
99.99 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Shipbuilding and Repair of Ships/Offshore
Structures. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Note : Long-term
Borrowings Tax free infrastructure bond series 2013-14 a) Tranche 2: 230 bonds of face value of Rs.1.000 Million totalling Rs.230.000 Million with interest rate of 8.72%payable annually, redeemable at par due for redemption on 28 March 2029 . b) Tranche 1: 1000 bonds of face value of Rs.1.000 Million totalling Rs.1000.000 Million with interest rate of 8.51% payable annually , redeemable at par due for redemption on 02 December 2023. These bonds are secured against the landed properties of the Company admeasuring 197.12 ares (487.00 cents) made up of 34.30 ares in SyNo. 713/11, 23.57 ares in SyNo. 713/12, 59.12 ares in SyNo. 713/13, 50.18 ares in Sy No. 714/06, 10.12 ares in Sy No. 714/2, 8.90 ares in Sy No. 714/4 and 10.93 ares in Sy No. 714/5 of land all are lying contiguously in Elamkulam village,Kanayannur taluk, Ernakulam Dist. Utilisation : Out of the issue proceeds of Rs.1230.000 Million received, theCompany has utilised/adjusted funds to the extent of Rs.1000.000 Million towards various expenditure incurred on International Ship Repair Facility project. Balance Rs.230.000 Million has been parked with Company’s Bankers for meeting the expenditure in the due course of implementation of the project. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Babu .A Kallivayalil and Company Chartered Accountants |
|
Address : |
Ernakulam, Kerala, India |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130000000 |
Equity Shares |
Rs.10/- each |
Rs.1300.000 Million |
|
1200000 |
7% Non-cumulative redeemable preference shares |
Rs.1000/- each |
Rs.1200.000 Million |
|
|
TOTAL
|
|
Rs.2500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
113280000 |
Equity Shares |
Rs.10/- each
|
Rs.1132.800
Million |
[Of the above 54,99,500 (previous year 54,99,500) shares have been issued as fully paid up without payment being received in cash towards consideration of net assets taken over from Government of India]
|
Particulars |
No. of Shares |
Amount |
|
Shares outstanding at the beginning of the year |
113280000 |
Rs.1132.800 Million |
|
Shares outstanding at the end of the year |
113280000 |
Rs.1132.800 Million |
As the Company is fully owned by the Government of India, 100% shares are held by the President of India
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1132.800 |
1132.800 |
1524.220 |
|
(b) Reserves & Surplus |
12392.509 |
10624.224 |
8984.105 |
|
(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) |
13525.309 |
11757.024 |
10508.325 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1230.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
29.997 |
25.181 |
49.722 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1259.997 |
25.181 |
49.722 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2109.184 |
0.000 |
0.000 |
|
(b)
Trade payables |
2316.538 |
2496.409 |
3832.766 |
|
(c)
Other current liabilities |
5379.286 |
7743.609 |
9703.483 |
|
(d)
Short-term provisions |
2417.330 |
2017.248 |
1929.543 |
|
Total
Current Liabilities (4) |
12222.338 |
12257.266 |
15465.792 |
|
|
|
|
|
|
TOTAL |
27007.644 |
24039.471 |
26023.839 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3105.748 |
2471.795 |
1924.799 |
|
(ii)
Intangible Assets |
728.378 |
1.260 |
1.295 |
|
(iii)
Capital work-in-progress |
75.652 |
1380.084 |
636.179 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.918 |
1.918 |
1.918 |
|
(c) Deferred tax assets
(net) |
11.776 |
4.726 |
97.157 |
|
(d) Long-term Loan
and Advances |
74.322 |
22.432 |
61.379 |
|
(e)
Other Non-current assets |
721.805 |
664.692 |
574.599 |
|
Total
Non-Current Assets |
4719.599 |
4546.907 |
3297.326 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3963.672 |
3568.587 |
3625.366 |
|
(c)
Trade receivables |
9290.847 |
7016.116 |
7799.210 |
|
(d)
Cash and cash equivalents |
5564.320 |
7039.649 |
9088.960 |
|
(e)
Short-term loans and advances |
1843.322 |
633.895 |
1416.415 |
|
(f)
Other current assets |
1625.884 |
1234.317 |
796.562 |
|
Total
Current Assets |
22288.045 |
19492.564 |
22726.513 |
|
|
|
|
|
|
TOTAL |
27007.644 |
24039.471 |
26023.839 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16374.487 |
15541.620 |
14048.515 |
|
|
|
Other Income |
753.296 |
881.736 |
766.933 |
|
|
|
TOTAL (A) |
17127.783 |
16423.356 |
14815.448 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7757.495 |
8782.014 |
6719.258 |
|
|
|
Changes in Inventories of Work-in-progress |
402.157 |
(530.465) |
169.999 |
|
|
|
Sub Contract and Other Direct Expenses |
1629.758 |
2134.000 |
2160.703 |
|
|
|
Employee Benefits Expense |
1979.368 |
1809.325 |
1661.122 |
|
|
|
Other Expenses |
1374.287 |
1022.086 |
1201.130 |
|
|
|
Provision for Anticipated Losses and Expenditure |
609.567 |
27.413 |
61.607 |
|
|
|
Expenses Allocated to Capital Works |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
13752.632 |
13244.373 |
11973.819 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3375.151 |
3178.983 |
2841.629 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
197.731 |
231.317 |
131.209 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3177.420 |
2947.666 |
2710.420 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
267.862 |
192.159 |
180.727 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2909.558 |
2755.507 |
2529.693 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
967.136 |
902.831 |
806.424 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1942.422 |
1852.676 |
1723.269 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from shipbuilding |
736.485 |
6125.155 |
6771.997 |
|
|
|
Income from shiprepair |
1.529 |
Nil |
Nil |
|
|
TOTAL EARNINGS |
738.014 |
6125.155 |
6771.997 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2544.286 |
3726.145 |
3894.284 |
|
|
|
Stores & Spares |
1160.034 |
1706.870 |
655.290 |
|
|
|
Capital Goods |
63.571 |
4.386 |
260.306 |
|
|
TOTAL IMPORTS |
3767.891 |
5437.401 |
4809.880 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.15 |
16.35 |
15.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
11.86 |
11.92 |
12.27 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
20.61 |
20.45 |
20.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.81 |
12.16 |
10.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.23 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.25 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82 |
1.59 |
1.47 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1524.220 |
1132.800 |
1132.800 |
|
Reserves & Surplus |
8984.105 |
10624.224 |
12392.509 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
10508.325 |
11757.024 |
13525.309 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
1230.000 |
|
Short term borrowings |
0.000 |
0.000 |
2109.184 |
|
Total borrowings |
0.000 |
0.000 |
3339.184 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.247 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
14048.515 |
15541.620 |
16374.487 |
|
|
|
10.628 |
5.359 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
14048.515 |
15541.620 |
16374.487 |
|
Profit |
1723.269 |
1852.676 |
1942.422 |
|
|
12.27% |
11.92% |
11.86% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION
DETAILS:
|
KERALA HIGH COURT CASE STATUS INFORMATION SYSTEM
CASE UPDATED ON: TUESDAY, JUNE 24, 2014 |
||||||||||||||||||||||||||||||
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Short term borrowings from banks |
956.000 |
0.000 |
|
|
|
|
|
Total |
956.000 |
0.000 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10507574 |
20/06/2014 |
230,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU |
C10025088 |
|
2 |
10487324 |
26/02/2014 |
1,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU |
C00710152 |
|
3 |
10247966 |
17/09/2010 |
526,834,250.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH, M.G.ROAD, ERNAKULAM, KOCHI, KERA |
A97361109 |
|
4 |
90020430 |
03/07/2014 * |
5,500,000,000.00 |
STATE BANK OF INDIA |
COCHIN SHIPYARD, PERUMANOOR, M.G ROAD, COCHIN, KE |
C09511833 |
* Date of charge modification
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Global Industry
Scenario
While the global shipbuilding scenario in 2013-14 showed signs of recovery with fresh orders being placed during the year, the Industry is yet to reach the ordering levels that were seen during the pre downturn scenario in the years 2003-2007. Almost all the new orders were taken by Chinese, Korean and Japanese yards. As per the RS Platou report on the industry, though, the new building price index has increased by 12%during 2013 on an average. In historic perspective the prices are still low and below the average in 2011. 42% of all orders in 2013, measured in CGT were signed at Chinese yards, with 21% of these on domestic account. Korean yards secured 35% of the contracts, out of which 10% were backed by Korean owners and 14% were signed by Japanese yards, with one third registered as domestic orders.
The shiprepair scenario continued to be highly challenging. The global economic slow down and financial crisis has posed challenges to the shiprepair industry as the competition has become more fierce with prices and payment terms becoming more competitive.
Indian Shipbuilding
and Shiprepair Industry –Outlook
The global recession in the shipbuilding industry has affected the financial position of a number of yards especially in the private sector. Due to the market downturn post 2008 and the lack of government policy support, all shipyards other than the defence shipyards are facing challenging times with very few global shipbuilding orders coming in. The Indian shipbuilding industry has continued to concentrate on defence and offshore sector vessels. The fleet expansion plans of Indian Navy and the coastal vessels for the Indian Coast Guard are the two prime segments which were targeted by the Indian shipyards. Lack of orders from the Indian commercial ship owners and the lack of government policy support adversely effected the Indian Shipbuilding outlook.
The Indian share in the global shiprepair market continued to be low as there were very few capacity addition during the year. Indian ship owners continued to rely on overseas repair facilities owing to insufficient capacity and lack of government incentive. The applicability of service tax on shiprepair carried out in Indian yards continued to affect the competitiveness of the Indian companies.
Government Policy
Government of India is considering implementation of a number of measures for the promotion of the Indian shipbuilding industry. The Government of India’s Maritime Agenda 2010-20 has identified the following policy measures for encouraging the industry:-
i. Grant of infrastructure status to shipbuilding industry.
ii. A scheme for capital subsidy for encouraging adoption of world class technologies by the Indian shipbuilding industry
iii. Purchase preference for Indian shipyards in procurement of ships by Government through global tenders.
iv. Offset scheme for Government procurement.
v. Promotion of the building of ‘green ships’.
vi. Formulation of a policy to promote/ facilitate maritime clusters including shipbuilding and shiprepair hubs and ship ancillary units.
vii. Centers in Shipbuilding education and training to promote development of skills in shipbuilding.
viii. Enhance capabilities for ship design.
ix. Liberalization of scheme for registration of shiprepair units.
OPERATIONS
CSL has continued to maintain its performance levels of previous year and launched six Fast Patrol Vessels and delivered five Fast Patrol Vessels to the Indian Coast Guard. The Company also delivered two Platform Supply Vessels to Norwegian owners. Another important milestone was the launching of Indigenous Aircraft Carrier on 12th August 2013. On the shiprepair front, the company achieved turnover of Rs. 2280.000 Million. The key repair projects undertaken during the year include TSHD Cauvery, MV Sagar Deep II, INS Tir (Phase II), MV Kavaratti, MV Thinnakkara and Tug Thiruvalluvar.
SEGMENT WISE/ PRODUCT
WISE PERFORMANCE
The Company is engaged in two major activities viz Shipbuilding and Repair of Ships/Offshore, rigs. Segment wise analysis has been made on the above basis and amounts allocated on a reasonable basis. The detail of segment wise performance is placed at Annexure 1 to this report.
FUTURE PLANS
Cochin Shipyard has identified repairs to rigs and offshore structures, increased shiprepair and Defence shipbuilding to be the major areas for future expansion and has identified the following projects to be pursued:
a) Setting up of an International Shiprepair Facility in the Cochin Port Trust area to take up repairs of small sized ships
b) Setting up of a high definition dry dock for taking up underwater repairs of rigs and for future construction of large commercial/ Naval ships.
Out of the above, the yard has already entered into an agreement with Cochin Port Trust for setting up of an International Shiprepair Facility on 42 acres of land in their premises and has commenced the shiprepair operations. Ground survey of the project area for preparing CRZ map was carried out from16th Feb 14 to 17th Feb 14 by Consulting Engineering Services, New Delhi. Base line environmental monitoring / survey is progressing at project site. The Environmental Clearance is expected by March 2015. The agreement for Project Management Consultancy (PMC) was signed between CSL and consortium of M/s Inros Lackner, Germany and Tata Consulting Engineers Limited on 15thMar 14.
A technical feasibility and viability study is being undertaken to examine setting up a new large sized dock. Thiswould help CSL to pursue taking up of underwater repairs of rigs and construction of large commercial/ Naval ships, in the future.
FIXED ASSETS:
- Land (Freehold)
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Docks and Quays
- Railway sidings
- Electrical Installation
- Drainage and water supply
- Vessels
- Books
- 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.61.29 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.