MIRA
INFORM REPORT
|
Report Date : |
24.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
Cairn Energy Sangu Field Ltd |
|
|
|
|
Registered Office : |
IDB Bhaban (9th Floor), E/8-A,Rokeya Sharani,
Sher-A-Bangla Nagar, Agargoan, Dhaka |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
October,1997 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in the business of exploration, development and
operation of offshore and onshore gas Fields. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
Report on
Cairn Energy Sangu Field Ltd
Address
IDB
Bhaban (9th Floor),
E/8-A,Rokeya
Sharani,
Sher-A-Bangla
Nagar
Agargoan,
Dhaka,
Bangladesh.
Off Shore Office
Chilimpur,
Fauzderhat,
Chittagong,
Tel. :
880-31-751074-6,752708-9,
Telephones : 880-2-8127387
Fax :
880-2-8125744
E-mail :
ian.wright@cairn-energy.plc.uk
SUMMARY
Established :
October,1997
Commercial
Operation From :
12th June,1998
Incorporation
No. :
Not found at ROC
Incorporation
Dated :
Not found at ROC
Managing
Director & CEO :
Mr. Ian Haltead
Employees
286
Executives- 12
Junior
Executives- 17
Engineers- 21
Junior
Engineers- 35
Supervisory
Staffs- 32
Support
Staffs- 28
General
Staffs- 41
Technicians- 66
Workers- 34
BANK REFERENCES
HSBC
Sonargaon
Road,
Dhaka.
Standard
Chartered Bank
Gulshan
Branch,
Dhaka,
Standard
Chartered Bank
Agrabad
Commercial Area,
Chittagong
BRANCH
NIL
OFFSHORE
40
Km Southeast from Chittagong Port
OFFICE AREA
2,100 sq. ft.(rented)
GAS FIELD AREA
Not
known (Off Shore)
WAREHOUSE AREA
8,300
sq.ft (rented)
DIRECTORS &
SHAREHOLDERS
Sir
Bill Gammell - Chairman
Mr.
Ian Halstead - Managing Director
HISTORY
Subject is a wholly owned subsidiary of Cairn
Energy Plc--a company incorporated in Scotland and listed with London Stock
Exchange. The subject was established in Bangladesh for exploration and
development of off shore and onshore gas fields.
BUSINESS
Subject is engaged in the business of
exploration, development and operation of offshore and onshore gas Fields.
LICENSED FOR
Block No. 5,7 & 10
PRODUCTION POSITION
109.10 mcfd
NUMBER OF WElLS
6
DEPTH OF GAS WELLS
3,500 meters
TOTAL SHARE IN
COUNTRY’S GAS PRODUCTION
12%
JOINT VENTURE PARTNER
Bangladesh Oil, gas & Mineral Corporation (BAPEX),
Dhaka
MAJOR CLIENT
Bakhrabad Gas Co Limited,
Chittagong
TERMS OF SALES
Credit
NAME OF GROUP
NIL
SISTER CONCERN
Cairn
Energy Exploration (Bangladesh) Ltd,
MEMBER
Chittagong Chamber of Commerce & Industries,
Chittagong
Foreign Investor’s Chamber of Commerce, Dhaka
LEGAL FORM
The subject is a private limited company
FINANCIAL INFORMATION
2006 2005 2004
Capital
Invested US$ 185 million US$
183 million US$ 180 million
Turnover US$ 33 million US$ 32.2 million US$ 32 million
Liability Not Known Not Known Known
Fixed
Assets Tk.450 million Tk.453 million Tk.455.5
million
CAPITAL STRUCTURE
Authorized
Capital Tk.1 billion
Paid
up Capital Tk.500,000.00
Each
share value Tk.100.00
each
EXCHANGE RATE
GB
Pound 1.00=Tk.136.2447
US Dollar 1.00=Tk. 69.8575
Europe Euro 1.00=Tk. 92.5186
Japanese
Yen 1.00=Tk. 0.5973
Australian
Dollar 1.00=Tk. 55.1852
COMMENTS
The subject is a wholly owned subsidiary of
Cairn Energy Plc—a company incorporated in Scotland and listed with the London
Stock Exchange. The subject is in the business of offshore and onshore gas
exploration, development and operation. Here the subject has licensed from
Petrobangla (Public Sector Corporation for Oil & Gas) for exploration at
Block 5, 7 & 10. The company has discovered gas in offshore at Bay of
Bengal in 1998 and pumping from 12th June,1998. They sell their
entire gas to state owned Bakhrabad Gas Co Ltd—who reaches it to local consumers.
The directors and executives are all experienced
in gas exploration and they know their job well.
The company can be considered normal for business dealings at usual trade terms and conditions.
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)