|
|
|
MIRA INFORM REPORT
|
Report No. : |
491946 |
|
Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAZAGON DOCK SHIPBUILDERS LIMITED (w.e.f. 28.05.2015) |
|
|
|
|
Formerly Known
As : |
MAZAGON DOCK LIMITED |
|
|
|
|
Registered
Office : |
Dockyard Road,
Mazagon, Mumbai - 400010, Maharashtra |
|
Tel. No.: |
91-22-23762000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
26.02.1934 |
|
|
|
|
Com. Reg. No.: |
11-002079 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 1992.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35100MH1934GOI002079 |
|
|
|
|
IEC No.: |
0388070412 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM8029J |
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|
|
|
GST No.: |
Not Divulged |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
Subject is Predominantly in the Defence Shipbuilding Segment catering to the needs of the Indian Navy. (Registered Activity) |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
MDL is India premier warship-building yard. The company, wholly owned by Government of India (GoI), is under the administrative control of the Ministry of Defence and plays a strategic role in securing national defence. GOI granted “Mini Ratna“ status to MDL. It is a well-established company having excellent track record. For the financial year 2016, the revenue of the company has increased by 14.45% along with fair profit margin of 15.40%. The robust financial profile of the company marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has decent earning per share (EPS) of INR 320.19 against the face value (FV) of INR 100. Rating takes into account of strong financial and managerial support that company receives from Government of India (GOI) backed by its well experienced management team. Rating also derives strength from company’s established track record of business. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be regular. In view of Government owned company backed by healthy financials, the company can be considered good for business dealings at usual trade terms and conditions. Note: As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
BRICKWORK |
|
Rating |
Cash credit = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
31.03.2017 |
|
Rating Agency Name |
BRICKWORK |
|
Rating |
Bank Guarantee = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
31.03.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 13.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (91-22-23762000)
[91-22-23763000/ 23764000/ 26714496] Numbers are ringing
LOCATIONS
|
Registered /Corporate Office : |
Dockyard Road,
Mazagon, Mumbai - 400010, Maharashtra, India |
|
Tel. No.: |
91-22-23762000/ 3000/ 4000 |
|
Fax No.: |
Design Department: 91-22-23738159 Commercial Department: 91-22-23738147 Material Department: 91-22-23738151 East Yard Department: 91-22-23738333 Finance Department: 91-22-23738338 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional
Office: |
7th Floor, NBCC Tower, Bhikaji Cama Place, New Delhi – 110 066, India |
|
Tel. No.: |
91-11-2610 8941/ 26714496/ 26166722 |
|
Fax No.: |
91-11-26108940 |
|
|
|
|
Overseas
Office 1 : |
First Secretary (MDL), Embassy of India, MDL Wing, 4, Ulitsa Vorontsovo Polye, Moscow - 105064, Russia |
|
Tel. No.: |
007-495-9358689 |
|
Fax No.: |
007-495-9171127 |
|
E-Mail : |
|
|
|
|
|
Overseas
Office 2 : |
Indian Submarine Liaison Team, 19-21 Rue Du Colonel Perrie – A Via 75737, Paris Cedex 15, France |
|
Tel. No.: |
(0) 0033 01 41082318 |
|
Fax No.: |
033 01 41082051 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Devi Prasad Pande |
|
Designation : |
Director |
|
Address : |
245/6-A, Railway Officers Flats, Panchkuian Road, New Delhi-110001, India |
|
Date of Appointment : |
13.09.2017 |
|
DIN No.: |
00960974 |
|
|
|
|
Name : |
Mr. Shridhar Laxman Bapat |
|
Designation : |
Director |
|
Address : |
9-C Anjaneya CHS Limited, Orchard Avenue, Opposite Hiranandani School, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/ Age: |
30.10.1952 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
27.11.2015 |
|
DIN No.: |
03363761 |
|
|
|
|
Name : |
Mr. Vijayendra |
|
Designation : |
Nominee Director |
|
Address : |
Qr. C-1, Civil Lines, Raipur - 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
17.03.1963 |
|
Date of Appointment : |
04.08.2016 |
|
DIN No.: |
03625565 |
|
|
|
|
Name : |
Mr. Sanjiv Sharma |
|
Designation : |
Director |
|
Address : |
House No - 74, Sector - 10, Raj Nagar, Ghaziabad - 201002, Uttar Pradesh, India |
|
Date of Appointment : |
01.06.2015 |
|
Date of Birth/ Age: |
04.10.1959 |
|
Qualification : |
Graduate |
|
DIN No.: |
05328027 |
|
PAN No.: |
AAAPS3284J |
|
|
|
|
Name : |
Mr. Rakesh Anand |
|
Designation : |
Whole-Time Director |
|
Address : |
Ch-03, Currie House, MDL Officers Residential, Complex, Dockyard Road, Mazgaon, Mumbai - 400010, Maharashtra, India |
|
Date of Birth/Age : |
20.11.1959 |
|
Qualification : |
B.E. Mech.M.Tech., MMS |
|
Date of Appointment : |
01.01.2013 |
|
DIN No.: |
06461099 |
|
|
|
|
Name : |
Mr. Rajiv Lath |
|
Designation : |
Director |
|
Address : |
06, Currie House, Mazagon Dock Officers Quarters, Dockyard Road, Mazagon, Mumbai - 400010, Maharashtra, India |
|
Date of Birth/Age : |
15.10.1959 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
19.09.2013 |
|
DIN No.: |
06713808 |
|
|
|
|
Name : |
Mr. Sankar Usha |
|
Designation : |
Director |
|
Address : |
S-4, Heritage Ganga,, 2, Vyasar Street, T.Nagar, Chennai - 600017, Tamilnadu, India |
|
Date of Birth/Age : |
03.05.1954 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
27.11.2015 |
|
DIN No.: |
06998746 |
|
|
|
|
Name : |
Mr. Sanjeev Bhasin |
|
Designation : |
Director |
|
Address : |
A-3, Noida Expressway, Sector-108 Noida, Gautam Buddha Nagar, Noida - 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
14.04.1951 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
07.01.2016 |
|
DIN No.: |
07413068 |
|
|
|
|
Name : |
Mr. Kamaiah Bandi |
|
Designation : |
Director |
|
Address : |
B, Sudharshan Nagar,Serilingampally Lingampalli, Rangareddi-500019, Telangana, India |
|
Date of Appointment : |
10.10.2017 |
|
DIN No.: |
07962235 |
|
|
|
|
Name : |
Thoppil Verghese Thomas |
|
Designation : |
Wholetime Director |
|
Address : |
01, Currie House Dockyard Road, Mazagon, Mumbai-400010, Maharashtra, India |
|
Date of Appointment : |
02.11.2017 |
|
DIN No.: |
07978819 |
KEY EXECUTIVES
|
Name : |
Mrs. Madhavi Vishwanath Kulkarni |
|
Designation : |
Company Secretary |
|
Address : |
B-1 Bhakti Chs, Budhaji Nagar Near Tmt Bus Depot, Kalwa (West), Thane – 400605, Maharashtra, India |
|
Date of Appointment : |
04.08.2016 |
|
PAN No.: |
AKQPK0946F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
President of India |
|
24899995 |
|
Vijayendra, JS [NS] MOD* |
|
2 |
|
CMDE Rakesh Anand, CMD MDL* |
|
1 |
|
Ashwani Kumar, (FA) and JS MOD* |
|
1 |
|
Ashok Kumar Gupta, Secretary (DP)* |
|
1 |
|
|
|
|
|
Total |
|
24900000 |
*All these individuals holding the shares as
the nominees of the President of India
AS ON 22.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters |
|
|
Government - Central Government |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is Predominantly in the Defence Shipbuilding Segment catering to the needs of the Indian Navy. (Registered Activity) |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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|
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|
Bankers : |
· State Bank of India Consortium Commercial Branch, G.N. Vaidya Marg, Mumbai - 400010,
Maharashtra, India |
|
Auditors : |
|
|
Name : |
Ford, Rhodes, Parks and Company Chartered Accountants |
|
Address : |
Sai Commercial Building, 312/313, 3rd Floor B K S Devshri
Marg, Govandi (East), Mumbai, Maharashtra, India |
|
PAN No : |
AAASS1843L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate Company: |
Goa Shipyard Limited (CIN No: U63032GA1967GOI000077) |
CAPITAL STRUCTURE
AS ON: 22.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32372000 |
Equity Shares |
INR 100/- each |
INR 3237.200 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24900000 |
Equity Shares |
INR 100/- each |
INR 2490.000
Million |
|
|
|
|
|
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 100/- each |
INR 2000.000 Million |
|
12372000 |
7% Redeemable Cumulative Preference Shares |
INR 100/- each |
INR 1237.200 Million |
|
|
|
|
|
|
|
Total |
|
INR 3237.200
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19920000 |
Equity Shares |
INR 100/-
each |
INR 1992.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1992.000 |
1992.000 |
1992.000 |
|
(b) Reserves & Surplus |
26470.300 |
22606.500 |
18940.400 |
|
(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) |
28462.300 |
24598.500 |
20932.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
810.900 |
794.300 |
887.700 |
|
(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 |
1652.500 |
1733.500 |
1498.900 |
|
Total
Non-current Liabilities (3) |
2463.400 |
2527.800 |
2386.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
10110.100 |
7124.700 |
7927.700 |
|
(c)
Other current liabilities |
291585.200 |
274577.500 |
247387.600 |
|
(d)
Short-term provisions |
2066.500 |
576.200 |
701.400 |
|
Total
Current Liabilities (4) |
303761.800 |
282278.400 |
256016.700 |
|
|
|
|
|
|
TOTAL |
334687.500 |
309404.700 |
279335.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3235.400 |
2567.600 |
1682.000 |
|
(ii)
Intangible Assets |
210.500 |
90.500 |
79.200 |
|
(iii)
Capital work-in-progress |
646.100 |
401.400 |
1123.900 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
60.000 |
60.000 |
60.000 |
|
(c) Deferred tax assets
(net) |
1574.500 |
1201.900 |
1178.800 |
|
(d) Long-term Loan
and Advances |
2799.100 |
2855.100 |
2605.100 |
|
(e)
Other Non-current assets |
516.200 |
621.400 |
582.100 |
|
Total
Non-Current Assets |
9041.800 |
7797.900 |
7311.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
203259.100 |
185419.200 |
180272.000 |
|
(c)
Trade receivables |
7785.900 |
7485.400 |
3025.600 |
|
(d)
Cash and cash equivalents |
88061.700 |
76182.800 |
52427.500 |
|
(e)
Short-term loans and advances |
24879.800 |
30629.000 |
34675.800 |
|
(f)
Other current assets |
1659.200 |
1890.400 |
1623.700 |
|
Total
Current Assets |
325645.700 |
301606.800 |
272024.600 |
|
|
|
|
|
|
TOTAL |
334687.500 |
309404.700 |
279335.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
41418.300 |
36189.100 |
28973.900 |
|
|
|
Other Income |
7435.300 |
5625.700 |
6019.800 |
|
|
|
TOTAL |
48853.600 |
41814.800 |
34993.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
26580.400 |
20892.200 |
12937.100 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
722.200 |
|
|
|
Employees benefits expense |
7443.900 |
7003.400 |
6271.600 |
|
|
|
Prior period items |
(317.400) |
(5.600) |
1.400 |
|
|
|
Other expenses |
5257.700 |
6155.900 |
9002.500 |
|
|
|
TOTAL |
38964.600 |
34045.900 |
28934.800 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
9889.000 |
7768.900 |
6058.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.700 |
0.300 |
0.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9888.300 |
7768.600 |
6058.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
315.000 |
308.600 |
182.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
9573.300 |
7460.000 |
5875.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3195.100 |
2544.100 |
1899.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6378.200 |
4915.900 |
3976.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
320.19 |
246.78 |
199.60 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
7461.700 |
20705.700 |
(9620.800) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
7461.700 |
20705.700 |
(11572.700) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
68.61 |
75.50 |
38.12 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.32 |
4.83 |
9.58 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
138.83 |
124.47 |
223.67 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.05 |
0.04 |
0.03 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
2.42 |
2.54 |
2.10 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.91 |
0.91 |
0.92 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.03 |
0.03 |
0.04 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
10.67 |
11.48 |
12.23 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.14 |
0.12 |
0.14 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
14127.14 |
25896.33 |
6732.11 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
15.40 |
13.58 |
13.72 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.91 |
1.59 |
1.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
22.41 |
19.98 |
18.99 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.07 |
1.07 |
1.06 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.40 |
0.41 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.09 |
0.08 |
0.07 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.41 |
0.40 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.07 |
1.07 |
1.06 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
1992.000 |
1992.000 |
1992.000 |
|
Reserves & Surplus |
18940.400 |
22606.500 |
26470.300 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
20932.400 |
24598.500 |
28462.300 |
|
|
|
|
|
|
Long-term borrowings |
887.700 |
794.300 |
810.900 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
887.700 |
794.300 |
810.900 |
|
Debt/Equity
ratio |
0.042 |
0.032 |
0.028 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
28973.900 |
36189.100 |
41418.300 |
|
|
|
24.902 |
14.450 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
28973.900 |
36189.100 |
41418.300 |
|
Profit |
3976.100 |
4915.900 |
6378.200 |
|
|
13.72% |
13.58% |
15.40% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
A53209078 |
80024486 |
STATE
BANK OF INDIA CONSORTIUM |
22/04/1994 |
12/12/2008 |
- |
24000000000.0 |
COMMERCIAL
BRANCHG. N. VAIDYA BRANCHMUMBAIMH400001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment foreign sources |
810.900 |
794.300 |
|
|
|
|
|
Total |
810.900 |
794.300 |
FINANCIAL HIGHLIGHTS
The company achieved the highest ever VOP of INR 41216.500 million in FY 2015-16 an increase of 14.73% over the previous year’s VOP of INR 35926.000 million. The Profit before tax is INR 9573.300 million for 2015-16 as against INR 7460.000 million in the previous year, an increase of 28.33%. The Company has thus achieved the highest ever VOP, PBT, PAT and the Networth.
NATURE AND SCOPE OF
THE SHIPBUILDING INDUSTRY
The Company, incorporated in the year 1934, is a Public Sector Undertaking under the administrative control of the Department of Defence Production, Ministry of Defence, Government of India. The Company is predominantly in the defence shipbuilding segment catering to the needs of the Indian Navy.
Rapidly changing global geopolitical, cross-border scenario and terrorism, require every country in the world to maintain strong defence capabilities. India’s geo-strategic location from the global perspective, its territorial borders of over 15000 kms and its coastline of about 7,500 kms make it critically important to keep defence preparedness up at all times and create requisite infrastructure that completely safeguard their national interests. From this perspective, the Government of India has remained committed to strengthening defence capabilities of the country.
Approximately 90% of India’s overall trade in terms of volume and 77% in terms of total value takes place through the sea. The Indian ocean region has become the focus of strategic attention with instabilities and threats that can jeopardize economic activities. A stronger Navy has become all the more imperative considering the security concerns of the region.
The Indian Navy has prided itself to be a builders Navy. The company has played a key role in fulfilling the blue water aspirations of the Indian Navy as well as a major indigenous builder of frontline warships and submarines
The company possesses unique capabilities for building conventional submarines. Warship building industry requires very high capital investment, labour with exceptional skill sets and high technology to meet the strategic mission requirements of the Indian navy, the end-user of these combat platforms. The Merchant shipbuilding on the other hand is driven by market economy and by its very nature is highly volatile and cyclic in nature. There are host of variables that decides the trajectory that Commercial Shipbuilding traces. Macro and micro-economic developments at the global level nationally impact the shipbuilding arena. Extant Government policies, taxation structure, oil prices, demand-supply matrix etc are some of the factors influencing global market for merchant ships. Warship building in contrast is primarily driven by the maritime security requirements of the nation and the threat perceptions that are current and futuristic. Warships are high-technology platforms that can engage with the enemy multi-dimensionally. Submarines are also an inevitable and important component in the fleet adding teeth to the blue water capability of the Navy. Defence technology as such is very dynamic in nature and to catch-up and keep pace with the technological advancement is indeed a real challenge. Construction of Naval platforms is inherently technology intensive and requires substantial investment of time, money and human resources.
Frontline warships like Frigates, Destroyers and Submarines typically have long gestation for build owing to its complexity. The design and procurement maturities available at the time of commencement of production is a key factor in the build period. Design of warships built by the Company are indigenously developed. The Company has modernized the basic infrastructure and this affords handling of fully pre-outfitted grand assemblies paving way for practising global best practices like Integrated Construction. If follow-on ships that too with more number of vessels in a series are built, will essentially provide high take-off levels in terms of design maturity and availability of material and will definitely result in reduced build period. The Indian shipbuilding industry comprise of both public and private sector yards. The new Defence Procurement Procedure promulgated by the MoD envisions more private participation in defence production. The Company will need to step-up its multi-faceted capabilities to remain buoyant in a highly competitive environment.
The
company has a rich legacy of building world class hi-tech warships and have
consciously adopted the motto of “Deliver quality ships on time”. The
modernization program initiated by the Yard has been almost completed. The
infrastructure upgrade now available has brought the Company into the league of
yards that can handle mega blocks and adopt integrated construction. The
modernized infrastructure is being gainfully leveraged for current build
programs of Destroyer ships and the Scorpene Class submarines.
Despite their inherent strengths, the Indian shipyards need to go a long way to graduate commercially and technically to the level of shipyards in developed nations. The best practices in the industry abroad are to be imbibed and ruthlessly implemented for ensuring long-term dividends.
The Company as the leading defence shipyard in the country will remain poised to continue to cater to the maritime capability of their nation. With huge requirement for ships of various types to meet the requisite force levels of the Indian Navy, the Company is expected to be major player and contributor in the coming decades to enhance their blue water capability. The company, therefore, will continue to make efforts to maintain the growth momentum by securing orders from its major customer, viz. the Indian Navy.
FUTURE OUTLOOK
The Company continues to concentrate in meeting the demands of the Indian Navy in line with Maritime Capabilities Perspective Plan. Substantial growth in the Value of Production of the Company is envisaged with the launching of a Destroyers and commencement of activities on production of the Frigates. The Company as a shipyard shall align itself to the indigenisation plan of the Indian Navy.
Public Private Sector Partnership : The
Company will be leveraging spare capacities available in the Private Sector
within the country for liquidating MDL’s tasks in hand and for ensuring timely
completion of projects. Outsourcing of mega blocks has already been initiated
in this front and it is envisaged that this step will result in a win-win
situation for the DPSU and the private shipyards. The outsourcing content is
only likely to increase in the future, as MDL would be executing a number of
projects concurrently.
In
order to enhance productivity and meet the delivery timelines, the Company has
undertaken steps to further augment the infrastructure and up-grade technology.
MDL has spare facilities & capacity for fabrication of Pressure hull subsections. Based on the advice of MoD, preliminary studies for building additional submarines is presently being progressed.
Through a Modernization project, MDL has augmented necessary infrastructure for submarine construction viz. New Submarine Section Assembly (SSA) shop, Cradle Assembly Shop (CAS) & New Wet Basin. For the ongoing Submarine Project , high level of skill has been imparted in MDL workforce and at the same time local vendors have been developed for complex and high quality construction. These skilled workforce of MDL and vendors are ready to take on new challenges in submarine construction. Post infrastructure augmentation, MDL’s Submarine building capacity has been enhanced substantially
Construction of two SSK submarines, refit & modernization of four SSK submarines and present construction of ongoing submarine project have enhanced MDL’s capability to handle construction of varied types of conventional submarines. With sound knowledge in various aspects of Submarine construction and with the augmentation of submarine construction facilities, MDL has also positioned itself for the construction of additional submarines.
DIVISION-WISE
PERFORMANCE
SHIPBUILDING DIVISION
The Shipbuilding Division of your Company recorded a Value of Production of INR 10687.100 million for 2015-16 as against INR 11416.800 million of the previous year.
MDL is handling three Shipbuilding projects for the Indian Navy comprising of
seven destroyers and four frigates. A Destroyer has been delivered during the
year. Another Destroyer is at an advanced stage of sea trials and is expected
to be delivered in the near future. A Destroyer Class Ship was launched during
the year and the launch of another ship is tentatively planned in the middle of
F.Y. 2016-17 and construction of another Destroyer is in progress. The contract
for construction and delivery of frigates was signed during the previous year.
Preparatory work and detailed design activities for the same are in progress.
SUBMARINE & HEAVY ENGINEERING DIVISION
The Value of Production on account of Submarine Construction was INR 30529.400 million for 2015-16 as against INR 24509.200 million of the previous year.
Six Scorpene class submarines are presently in series Production at MDL. A Boat was launched successfully during the year and is undergoing Sea Trials prior commissioning. The concurrent construction of all six Submarines are progressing well.
State-of-the-art
Crew Training Centre “EKLAVYA” has been set up in the premises of your company
for conducting of Crew Training
AWARDS AND
RECOGNITIONS
Three (03) Quality Control Circle teams participated in ICQCC-2015 held at Gyeongnam, South Korea from 05 Oct’15 – 08 Oct ‘15. Prabal QC of EY-Hull and Rainbow QC of P&A Shop (SY) got Gold Illumination Award, and Phoenix QC of SB-Design (structural) got Silver
Illumination Award.
12 Quality Circle teams of MDL participated in National Convention on Quality Concepts (NCQC-2015) hosted by M/s Quality Circle
Forum
of India, at Chennai from 18 Dec’15 to 21 Dec ‘15. 9 QC teams won Par
Excellence (1st Rank) Awards and 03 QC teams won Excellent (2nd Rank) Awards.
Twenty Eight (28) Quality Circle teams of MDL participated in 29th Annual Chapter Convention on Quality Concepts (CCQC-2015)
hosted by M/s Quality Circle Forum of India, Mumbai Chapter at IES College, Bandra (W), Mumbai on 12 Sep ‘15 and won 21 GOLD and 07 SILVER Awards
Your company was adjudged ‘Runners Up’ in the BML Munjal Award for Business Excellence through Learning & Development. The
award is one of the most prestigious one in the field of Learning & Development organized by Hero Corp.
MDL half yearly Hindi Magazine ‘Jaltarang’ has been awarded ‘Kirti Purashkaar’ – 1st Prize in ‘B’ region by the H’ble President of India,
Shri Pranab Mukherjee on the occasion of ‘Hindi Diwas’ on 14 Sep ‘15.
SPECIAL AWARDS WON BY
MDL QC TEAMS:
Prabodhan Quality Circle of SB-PSC Department has won the Special Award for “Best Case Study of Convention”.
Ganaji Quality Circle of Production & Assembly Shop (SY) has won the Special Award for “Best QC Team of the Day”.
Shri Vikas Gogate of Rainbow Quality Circle, SB-Welding has won the 1st Rank in the Poem Competition in CCQC-2015.
Shri Rajendra Bhagat of Phoenix Quality Circle, SB-Design-Structural has won the Ist Rank in the Poster Competition in
CCQC-2015.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.28 |
|
UK Pound |
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.
·