MIRA
INFORM REPORT
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Report Date : |
24.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
RELIANCE
GAS TRANSPORTATION INFRASTRUCTURE LIMITED |
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Formerly Known As : |
GAS
TRANSPORTATION INFRASTRUCTURE COMPANY LIMITED |
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Registered Office : |
101,
Shivam Apartments, 9 Patel colony, Bedi Bunder Road, Jamnagar – 361 008,
Gujarat, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
04.06.1999 |
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Com. Reg. No.: |
04-40064 |
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CIN No.: [Company
Identification No.] |
U60300GJ1999PLC040064 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTG00568B MUMG079996G |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
The
company is engaged in development of cross- country pipe lines for
transportation of Gas/ Hydrocarbon. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
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 subsidiary of Reliance Industries Limited, a fastest growing industrial
house chaired by Mr. Mukesh Ambani. They are capable to execute mega projects
in time schedule. Trade relations are fair. Payments are correct and as per
commitments. The
company can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
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Registered Office : |
101,
Shivam Apartments, 9 Patel colony, Bedi Bunder Road, Jamnagar – 361 008,
Gujarat, India. |
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Tel. No.: |
91-288-3091732 |
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Fax No.: |
91-288-3031003 |
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Corporate Office: |
2nd Floor, B Wing, NPHQ,
Dhirubhai Ambani Knowledge city, Koparkhairane, Navi Mumbai – 400 709,
Maharashtra, India. |
DIRECTORS
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Name : |
Mr.
PMS Prasad |
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Designation : |
Chairman
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Address : |
92/ 93
Bakhtawar Cooperative Housing Society Limited, 22 Narayan Dabholkar Road,
Mumbai – 400 006, Maharashtra, India. |
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Date of Birth/Age : |
11.02.1952 |
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Date of Appointment : |
04.06.1999 |
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Name : |
Mr. P
Raghavendran |
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Designation : |
Director
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Address : |
1102
Kartika Towers, Near R K Studios, Sion Trombay Road, Chembur, Mumbai – 400
071, Maharashtra, India. |
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Date of Birth/Age : |
15.05.1948 |
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Date of Appointment : |
04.06.1999 |
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Name : |
Mr.
Sharma H Rajpal |
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Designation : |
Director
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Address : |
B –
301, Ansal Apartments, 6 Aurangzeb Road, New Delhi – 110 011, India. |
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Date of Birth/Age : |
09.10.1940 |
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Date of Appointment : |
24.05.2006 |
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Name : |
Mr.
Sandeep Tandon |
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Designation : |
Additional
Director |
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Address : |
4A,
Shree Vijayaa Bhavan, 2B, Altamount Road, Mumbai – 400 026, Maharahstra,
India. |
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Date of Birth/Age : |
11.11.1949 |
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Date of Appointment : |
24.05.2006 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Reliance
Industries Limited |
49400 |
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Bansal
JSP Jointly with Reliance Industries Limited
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100 |
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Saxena
S K Jointly with Reliance Industries Limited |
100 |
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Badrinarayan
R Jointly with Reliance Industries Limited |
100 |
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Garg A
K Jointly with Reliance Industries Limited |
100 |
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Singhvi
M H Jointly with Reliance Industries Limited |
100 |
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Shah
Ashish Jointly with Reliance Industries Limited |
100 |
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Total: |
50000 |
BUSINESS DETAILS
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Line of Business : |
The
company is engaged in development of cross- country pipe lines for transportation
of Gas/ Hydrocarbon. |
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Products : |
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GENERAL
INFORMATION
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Auditors : |
Pathak
H D & Associates Chartered
Accountant |
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Holding Company: |
Reliance
Industries Limited |
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Associates: |
Other
Reliance Group Companies |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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2000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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50000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(0.001) |
(0.001) |
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NETWORTH |
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0.499 |
0.499 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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400.319 |
303.019 |
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TOTAL BORROWING |
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400.319 |
303.019 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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400.818 |
303.518 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.886 |
7.996 |
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Capital work-in-progress |
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412.859 |
313.783 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.055 |
1.039 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.171 |
1.401 |
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Total Current Assets |
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1.226 |
2.440 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.380 |
20.928 |
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Provisions |
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0.000 |
0.000 |
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Total Current Liabilities |
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24.380 |
20.928 |
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Net Current Assets |
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(23.154) |
(18.488) |
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MISCELLANEOUS EXPENSES |
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0.227 |
0.227 |
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TOTAL |
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400.818 |
303.518 |
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LOCAL AGENCY
FURTHER INFORMATION
History:
The
company was originally incorporated on 04.06.1999 under the name of Petroleum
Transportation and Infrastructure Company Limited was changed to Gas
Transportation & Infrastructure company Limited on 07.03.2001. Presently the name of the company is as above i.e.
Reliance Gas Transportation Infrastructure Limited.
Business:
The
company is engaged in development of cross-country pipelines for transporation
of gas/ hydrocarbon. In this connection, the company has already obtained the
Right of Use (ROU) along the 820 km Jamnagar-Bhopal and 670 km Goa-Hyderabad
Gas/ Hydrocarbon pipelines. Environment Clearance for both these projects has
also been obtained from Ministry of Environment and Forests. Government of
India (MOEF).
After
the discovery of Dhirubhai Gas held on the eastern costs the company has taken
up work on front end statutory activities. For extended area through 835 km
Kakinada- Hyderabad pipeline and 1185 km Hyderabad -Uran –Hazira – Ahmedabad
pipeline.Environmental clearance for both the pipeline has been obtained from
Ministry of Environment and Forests Government of India. Activities of
acquisition of ROU are in process for both these pipelines.
The company has also applied to the Ministry of Petroleum and Natural Gas for six petroleum products pipelines on common carrier principle. With new supplementary policy of pipeline development, the company is in the process of giving Bank guarantee for the implementation of jamanagar-Abu Road, Pipeline (Phase of Jamanagar- Rewari-Patiala/ Moradabad Pipeline) for which entire survey wrk is completed. The company has already approached Sate government for the nomination of competent Authority to respective State Government for acquisition of ROU under Petroliem and Minerals pipelines (Acquisition of Right of user in Land) Act, 1962. Relevant public hearing for the environmental clearances are completed and application for environmental clearance is submitted to MOEF for this pipeline.
Fixed
Assets:
Plant & Machinery, Office Equipment, Electrical Fittings, Furniture & Fixtures etc.
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
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.74 |
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UK
Pound |
1 |
Rs.86.68 |
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Euro |
1 |
Rs.58.71 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
- |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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31 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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