MIRA INFORM REPORT
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Report Date : |
12th May 2006 |
IDENTIFICATION DETAILS
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Name : |
FRAMES
PROCESS AND ENERGY SYSTEMS PRIVATE LIMITED |
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Registered Office : |
22,
Kumar Place, Pune, Maharashtra-411001, India |
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Country : |
India
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Date of Incorporation : |
27th
April 2006 |
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CIN No.: |
U74999PN2006PTC128453 |
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Com. Reg. No.: |
128453 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Engineering
and Designing of Oil and Gas industry.
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RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company, promoted by Farmes Process Systems. The Netherlands.
Directors are experienced and respectable businessmen. Their relations are
fair. Payments are correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions with sights caution, initially at it is a very new company is
India. |
LOCATIONS
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Registered Office : |
22,
Kumar Place, Pune, Maharashtra-411001, India |
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E-Mail : |
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Area : |
Large
sq. ft. |
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Location : |
Leased
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Head Office : |
Sacred World office 605,
Pune 411040 |
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Tel. No.: |
91-20-26806581 |
DIRECTORS
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Name : |
Mr.
Gobind Moryani |
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Designation : |
Director
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Name : |
Mr.
Ton Wolvers |
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Designation : |
Director
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BUSINESS DETAILS
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Line of Business : |
Engineering
and Designing of Oil and Gas industry.
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GENERAL INFORMATION
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Customers : |
Oil
and Gas Industry |
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No. of Employees : |
9 |
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Bankers : |
ICICI
Bank , Pune Office |
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Banking Relations : |
-- |
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Parent Company : |
Frames
Process Systems The
Netherlands |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 millions |
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Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.100 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
No
Financials are available since it is a new company.
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
Over
the past decades the oil & gas industry has become more conscious
concerning the environment in which we operate and which deserves to be well
protected for future generations. Therefore polluting emissions to surface
water, soil and atmosphere have to be controlled, and were possible minimised
or completely avoided.
Frames plays an important
role when considering annihilation of emission through off gases or produced
water on both on and offshore gas & oil production locations.
The
ever more stringent environmental legislation has pushed the industry and more
specific Frames towards the development of overhead vapour combustion and water
treatment technology.
Natural
gas or associated gas does not automatically meet the specifications required
by the client / consumer.
The
gas produced may require treatment in order to assure that the following
criteria are met:
·
Water Dew Point (water
content)
·
Hydrocarbon Dew Point
(hydrocarbons specification)
·
Sulphur / CO2 content
(e.g. H2S, Mercaptans etc.)
The above criteria
basically describe the quality of the gas. The produced gas often contains one
or more of the above components in excess to allow for further processing or
distribution.
All of the above parameters
require alteration to avoid any operational problems from occurring and to meet
the clients required gas specification. Operational problems include for
instance hydrate formation, which relates to gas composition, pressure and
temperature. Also downstream equipment like compressor appliances may suffer
damage due to free liquids present in the gas.
Other problems may
relate to heavier hydrocarbons present, also relating to gas composition, causing
malfunctioning (knocking) of gas motors or condensation downstream at
compressor facilities and in distribution flow lines.
Corrosive components
like sulphur and CO2 are to be removed
for obvious reasons, i.e. to protect downstream equipment / materials from
corrosion. All of the above parameters require alteration to avoid any
operational problems from occurring and to meet the clients required gas
specification. Operational problems include for instance hydrate formation,
which relates to gas composition, pressure and temperature. Also downstream
equipment like compressor appliances may suffer damage due to free liquids
present in the gas.
Other problems may
relate to heavier hydrocarbons present, also relating to gas composition,
causing malfunctioning (knocking) of gas motors or condensation downstream at
compressor facilities and in distribution flow lines.
Corrosive components
like sulphur and CO2 are to be removed
for obvious reasons, i.e. to protect downstream equipment / materials from
corrosion.
·
Control &
Safeguarding Hydraulics
·
Wellhead Protection
& Safety
·
Multiphase Flow Metering
·
Valve Automation &
Diagnostics
Hydrates
are crystalline structures which are formed under certain conditions in natural
gas containing water. The appearance of hydrates is ice like. This solid form
is capable of blocking the pathway in flow lines and other related gas handling
equipment. In order to avoid hazardous situations, hydrate formation has to be
prevented.
For
hydrate formation 3 main factors are of importance:
·
Gas composition &
water content
·
Gas operating pressure
·
Gas operating
temperature
Hydrate formation can
be avoided by manipulating one of the three factors above, such that formation
of hydrates is no longer possible for thermo-dynamical reasons. This is
referred to as thermo-dynamic inhibition.
Another method is to allow
for hydrate formation, however prevent the formation of larger particles /
crystalline solids by means of kinetic inhibition.
Frames is experienced
in two different ways of preventing hydrate formation / hydrate control.
When
Liquid hydrocarbons (like Crude oil or hydrocarbon condensates) are produced
from wells on both on- and offshore production facilities, these liquids often
require treatment prior to storage, transportation or petrochemical processing.
The produced
"crude" is required to be supplied at specified conditions and within
a specific range of "crude" characteristics. The main parameters to
consider are:
·
Read Vapour Pressure
·
Temperature
·
Density (API)
·
Composition (e.g. water
and sulphur content)
Another source for
liquids is natural gas from which liquids have been retrieved like C2,
C3, C4,
C5+ and LPG Naphtha. In case the C2
is gaseous then gas treatment would apply, however also liquefied C2
may require treatment.
In order to provide
the liquids at the conditions and with the specifics required, the following
technologies are available.
·
Stabilisation
·
Sweetening
·
Centrifugal
·
Coalescence
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Impingment
·
Sieve / Filtration
Frames
Energy Systems designs and manufactures a wide range of injection and Dosing
Systems for the Oil, Gas, Chemical and Petrochemical industry for onshore,
offshore and marine locations.
Fully independent from a
pump manufacturer and skilled in all disciplines required for multi
disciplinary packages, Frames is able to advise the client, design and
manufacture and also customize the specific packages to client requirements.
Besides the pump(s) itself, the instrumentation like flow measurement, PLC
control units etc. may form an integral part of the dosing packages included
our delivery program.
The
Frames organization is able to take full responsibility for the engineering and
performance and will fully guarantee the complete package.
The
wide range of Chemical Injection Systems can be further divided into the
following categories:
·
Chemical Distribution Packages
Frames
supplies various modularised / packaged gas treatment systems. Please note that
if required, separate modules can be supplied to allow for transportation /
shipment to site.
Pending
the clients nominated fabrication yard, local fabrication on a world wide basis
is possible with the flexible organisation Frames offers.
Packages
include:
·
Dew Point Control
Packages
·
Sweetening Packages
·
Fuel Gas Treatment
Packages
·
Heating Packages
These packages are
designed fully integrating all different components into single main interface
modules.
Hydrate
inhibitor are costly chemicals and are preferably retrieved from the production
streams, to enable re-use.
The
inhibition chemical however requires to be treated in order to obtain the
required purity of the chemical used for inhibition purposes.
Chemicals often used are the
following:
·
Mono Ethylene Glycol
(MEG)
·
Di Ethylene Glycol (DEG)
·
Methanol (MeOH)
The process used to
cater for the recovery / regeneration of the used "enriched"
chemicals is based on distillation. The following packages are available:
·
Glycol Regeneration
Packages
·
Methanol Recovery
Packages
The glycol packages
are similar to those used in the absorption based gas dehydration packages. The
methanol unit is differing only in the fact that the top product (lower boiling
point) will be the chemical instead of the water.
Basic components part
of fully integrated modules are for all systems the following:
·
Flash vessel or a MeOH
buffer Drum
·
Heat Exchangers
·
Reboiler facility (gas
fired, electrical heated etc.)
·
Still column or MeOH
reclaimer column
Overhead vapour
section, condenser / separator / OVC etc.
Liquids
being produced on either gas or oil production facilities require treatment to
facilitate further transport or downstream processing.
A number of packages within
the Frames programme fulfil subject duty:
Dehydration and
sweetening packages are applied for treating of liquid streams originating in
gas production. These include propane, butane and for instance LPG Naphtha.
Treatment of these products results in products up to sales specification or
ready for downstream processing.
Crude oil may require
stabilisation which is based on providing the crude at a condition such that
specific vapour pressure (Read Vapour Pressure) is guaranteed. Frames supplies
systems based on flashing off the lighter components which often is sufficient
for the upstream oil production facilities. In case a more delicate separation
of also liquid components is required, larger columns based on distillation are
required.
Frames Separation Technologies
The separation technology
unit of Frames Process Systems is specialized in the design and manufacture of
high quality, high efficiency separation equipment for the oil and gas
industry. A continuously growing list of customers worldwide are experiencing
the benefits of Frames Separation Technologies.
Through
the efforts of a very experienced staff of process engineers combined with an
in-house test facility and CFD technology, Frames is able to solve complex and
demanding separation problems.
Key benefits
·
Complete portfolio of
options to meet the customer needs
·
Process guarantee and total
system responsibility
·
New construction and
upgrading of existing systems
·
Optimization of the
separator design
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Continuous growth by
R&D and field analysis
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Over 20 years of
experience in separation technology
Complete separation
portfolio
Client List
§
ABB Lummus Global
§
ADCO
§
ADMA-OPCO
§
Agip
§
Agip-KCO
§
Aker Kvaerner
§
Al Furat Petroleum
Company
§
AMEC Engineering
§
Saudi Aramco
§
MitsuiBabcock
§
Bapetco
§
Bechtel
§
BG Group
§
Bluewater
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Bouali Sina
Petrochemical Company
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BP Companies
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Burullus Gas Company
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CB&I John Brown
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Chevron
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CH4
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China National Offshore
Oil Company
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Clyde Petroleum
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Condumex
§
Daewoo Shipbuilding
& Marine Engineering
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Dansk Olie og Naturgas
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Dodsal
§
Dolphin Energy
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Econosto
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E.On Engineering
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E.On Ruhrgas
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Essent Energie
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ExxonMobil
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Fluor Daniel
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Galp Energia
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NV Nederlandse Gasunie
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Gaz de France
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Halliburton
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Heerema Group
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HSM Steel Structure
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Husky Energy
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Hydro
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Hyundai Heavy Industries
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IHC Gusto Engineering
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ILF
§
Investgas
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Iv Oil & Gas
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Jacobs
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JGC Corporation
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Karachaganak Petroleum
Operating
§
Kazgermunai
§
KBR
§
Kuwait Petroleum
§
Linde
§
Mćrsk Olie og Gas
§
McDermott Engineering
§
Mehras
§
Mercon Steel Structures
§
Mustang Engineering
§
Nigerian Oil and Gas
Conference
§
National Iranian Oil
Company
§
National Petroleum Construction
Company
§
Nederlandse Aardolie
Maatschappij
§
Noordgastransport
§
Northern Integrated
Services
§
Occidental
§
OIEC
§
WorleyParsons
§
Pars Oil & Gas
Company
§
Petrobel
§
Petrobras
§
Petro-Canada
§
Petrojet
§
Petroleum Development
Oman
§
Petronas
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PIDEC
§
PPS Pipeline Systems
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Premier Oil
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Qatargas
§
Qatar Petroleum
§
Rashpetco
§
Sadra
§
Sakhalin Energy
§
Samsung
§
Sembaweng Marine &
Offshore Engineering
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SHELL Companies
§
Sirte Oil Company
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Single Buoy Moorings
§
SBM Imodco
§
Snamprogetti
§
Statoil
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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
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Indian Rupees |
|
US
Dollar |
1 |
Rs. 45.07 |
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UK
Pound |
1 |
Rs. 83.67 |
|
Euro |
1 |
Rs. 57.45 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
30 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |