MIRA INFORM REPORT

 

 

Report Date :

26.06.2007

 

IDENTIFICATION DETAILS

 

Name :

UOP INDIA PRIVATE LIMITED

 

 

Registered Office :

4th Floor, Zone B Nirlac House B – 25 Qutab Institutional Area, New Delhi - 110016

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

23.04.1999

 

 

Com. Reg. No.:

099471

 

 

CIN No.:

[Company Identification No.]

U74210DL1999PTC099471

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELU01557D

 

 

PAN No.:

[Permanent Account No.]

AAACU2687E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business as Provider of Engineering and Consultancy Services to the Oil and Gas Industries.

 

 

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

 

Maximum Credit Limit :

USD 1016816

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having satisfactory track records. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

4th Floor, Zone B Nirlac House B – 25 Qutab Institutional Area, New Delhi - 110016

Tel. No.:

91-124-5031361 / 65/ 4153012

Mobile No.:

 

Fax No.:

91-124-5031369 / 70

E-Mail :

rajneesh.sharma@uop.com

 

 

Head Office :

UOP LLC

25 East Algonquin Road, Des Plaines, Illionis-60017-5017

 

 

Corporate Office :

UOP Asia Limited

Unitech Trade Centre, Block C, Sector 43, Sushant Lok, Phase-Is, Gurgaon-12004, Haryana, India 

Tel. No.:

91-124-25031361-65

Fax No.:

91-124-250313699/70

 

 

Factory  :

Industrial Park, Pace City-II, Sector-36, Gurgaon-122004, Haryana, India 

Tel. No.:

91-124-24373288 / 91

Fax No.:

91-124-24373283/84

 

 

DIRECTORS

 

Name :

Mr. Franck Whitsura (Foreigner)

Designation :

Director

Address :

25, East Algonquin Road, Des Plaines, Illinois – 60017-5017, USA

Date of Appointment :

10.01.2001

 

 

Name :

Mr. Rama Chopra

Designation :

Director

Address :

L – 10, Lajpat Nagar3, New Delhi – 110024

Date of Appointment :

10.01.2001

 

 

Name :

Mr. Arthur Fourtstizis (Foreigner)

Designation :

Director

Address :

Satyam Farm, Triveri Garden, Gadaipur, New Delhi

Date of Appointment :

10.01.2001

 

 

Name :

Mr. Glen Davies (Foreigner)

Designation :

Director

Address :

Liongate, Lady mead, Guildford, Surrey GU11AT, UK

Date of Appointment :

20.11.2001

 

 

Name :

Mr. Graeme Donald  (Foreigner)

Designation :

Director

Address :

25, East Algonquin Road, Des Plaines, Illinois – 60017-5017, USA

Date of Appointment :

14.01.2002

 

 

Name :

Mr. J. Aspray Keith (Foreigner)

Designation :

Director

Address :

4 /9, Shanti Niketan, 1st Floor, New Delhi – 110021

Date of Appointment :

20.12.2002

 

 

Name :

Mr. Humberto Vainieri (Foreigner)

Designation :

Director

Address :

25, East Algonquin Road, Des Plaines, Illinois – 60017-5017, USA

Date of Appointment :

10.01.2001

 

 

Name :

Mr. J. Burgard (Foreigner)

Designation :

Director

Address :

760, East Madison Street, Lombard, Illinois – 601483—3668, UK

Date of Appointment :

17.05.1999

 

 

Name :

Mr. I M Chisholm (Foreigner)

Designation :

Director

Address :

16, Anthorne Close, Potter Bar, Hens, England, IRW, UK

Date of Appointment :

17.05.1999

 

 

Name :

Mr. David Brown (Foreigner)

Designation :

Director

Address :

Round Oak Cottage, Black Horse Road, Woking, Surrey, GU22oQT, UK

Date of Appointment :

17.05.1999

 

 

Name :

Mr. Ted Lewandowski (Foreigner)

Designation :

Director

Address :

25, East Algonquin Road, Des Plaines, Illinois – 60017-5017, USA

Date of Appointment :

17.05.1999

 

 

Name :

Mr. Prabhakar Nair (Foreigner)

Designation :

Director

Address :

Sharma Farms, VPO Kapashera, Near Dayal Farms, New Delhi – 37

Date of Appointment :

01.07.2005

 

 

Name :

Mr. Youg Ganju (Foreigner)

Designation :

Director

Address :

25, East Algonquin Road, Des Plaines, Illinois – 60017-5017, USA

Date of Appointment :

17.05.1999

 

 

Name :

Mr. Michael David Winfield (Foreigner)

Designation :

Director

Address :

6317 RFD, Long Grove, IL – 60047, USA

Date of Appointment :

17.05.1999

 

 

Name :

Mr. Richard Wozniak (Foreigner)

Designation :

Director

Address :

25, East Algonquin Road, Des Plaines, Illinois – 60017-5017, USA

Date of Appointment :

22.03.2004

 

 

Name :

Mr. Michael Millard (Foreigner)

Designation :

Director

Address :

1225 Crestwood Drive, North Brook, IL – 60062, USA

Date of Appointment :

24.06.2005

 

 

Name :

Mr. Eugene Schmelzer (Foreigner)

Designation :

Director

Address :

25, East Algonquin Road, Des Plaines, Illinois – 60017-5017, USA

Date of Appointment :

24.06.2005

 

 

Name :

Mr. Ralp Wozniak (Foreigner)

Designation :

Director

Address :

25, East Algonquin Road, Des Plaines, Illinois – 60017-5017, USA

Date of Appointment :

17.05.1999

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Percentage of Holding

UOP, LLC (U.S.A.)

2,099,997

99.99

UOP Process International Inc, U.S.A.

3

0.01

 

 

 

Category

 

 

Foreign holding (Foreign institutional investor(s), Foreign companie(s), Foreign financial institution(s), Non-resident Indian(s) or Overseas corporate bodies or Others

 

100.00

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business as Provider of Engineering and Consultancy Services to the Oil and Gas Industries.

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

50

 

 

Bankers :

Schedule Bank

 

 

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountants

Address :

P – 1, Aditya Vihar, Saidulajab Opp. D Block, Saket, Mehrauli Badarpur R, New Delhi – 110030

 

 

Holding Company:

Ms. UOP Limited Liability Company

 

 

Associations /Subsidiaries:

 

group company

 

Ř       Shanghai UOP Limited

Ř       UOP Processes International

Ř       Nikki-Universal Company Limited

Ř       Horatsuka Plant/Research Centre

Ř       UOP K. K.

Ř       Universal Oil Products Asia Pacific Pte. Limited

Ř       Union Showa K. K.

Ř       Universal Oil Products Asia Pacific Pte. Limited

Ř       Union Carbide Thailand Limited

Ř       Separex Membrane Systems

Ř       Danville Business Centre

Ř       McCook

Ř       Riverside

Ř       Mt. Laurel

Ř       Houston

Ř       Antwerp

Ř       Rungis Cedex

Ř       Erkrath

Ř       Vaile MilanoFiori

Ř       UOP M. S., S. r. l.

Ř       Localita Ribrocca s. n.

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

7500000

Equity Shares

Rs.10/- each

Rs.75.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2100000

Equity Shares

Rs.10/- each

Rs.21.000 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

21.000

21.000

2] Share Application Money

 

44.247

0.000

3] Reserves & Surplus

 

188.957

151.347

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

254.204

172.347

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

0.000

0.000

DEFERRED TAX LIABILITIES

 

5.032

0.000

 

 

 

 

TOTAL

 

259.236

172.347

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

43.962

34.664

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

9.556

6.995

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.000

0.000

 

Sundry Debtors
 

55.702

42.541

 

Cash & Bank Balances
 

81.554

20.532

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

231.542

196.255

Total Current Assets
 

368.798

259.328

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

44.297

52.605

 

Provisions
 

118.841

90.898

Total Current Liabilities
 

163.138

143.503

Net Current Assets
 

205.660

115.825

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.058

14.862

 

 

 

 

TOTAL

 

259.236

172.347

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

515.851

606.728

Other Income

 

0.877

2.983

Total Income

 

516.728

609.711

 

 

 

 

Profit/(Loss) Before Tax

 

67.961

14.890

Provision for Taxation

 

30.351

(0.416)

Profit/(Loss) After Tax

 

37.610

15.306

 

 

 

 

Total Expenditure

 

434.319

581.379

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

7.28

2.51

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

13.17

2.45

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

16.09

4.95

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.27

0.09

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.64

0.83

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.26

1.80

 

 

LOCAL AGENCY FURTHER INFORMATION

 

profile

 

Subject has grown into one of UOP’s major overseas operations and has more than doubled its staff in three years, subject is committed to further growth of its Indian operations and this move brings closer to their customers. Subject’s customers are located in more than 200 countries. Subject licenses and services both major and independent operations with more than 70 different processes in more than 6,000 units in the petroleum refining and petrochemical industries.

 

Ř       Its Catalyst manufacturing plant are located in Europe, Asia and North America supplying more than 300 different catalysts.

Ř       UOP LLC, headquartered in Des Plaines, III., U.S.A. is leading international supplier and licensor of process technology, catalysts,          adsorbents, process plants and consulting services to the petroleum refining, petrochemical and gas processing industries.

Ř       Subject has been a leader in developing and commercializing technology         for license to the oil refining, petrochemical and gas processing industries. Subject has contributed processes and technology that have 'led to advances in such diverse industries as motor fuels, plastics, detergents, synthetic fibers and food preservatives etc.

Ř       Subject is one of the largest processes licensing organisations in the   world, providing more than 65 licensed processes for the hydrocarbon             processing industries.

 

 

 

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 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

Indian Rupees

US Dollar

1

Rs.40.81

UK Pound

1

Rs.80.57

Euro

1

Rs.54.91

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

 

PAID-UP CAPITAL

1~10

 

OPERATING SCALE

1~10

 

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

 

--PROFITABILIRY

1~10

 

--LIQUIDITY

1~10

 

--LEVERAGE

1~10

 

--RESERVES

1~10

 

--CREDIT LINES

1~10

 

--MARGINS

-5~5

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

 

--LITIGATION

YES/NO

 

--OTHER ADVERSE INFORMATION

YES/NO

 

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

 

--EXPORT ACTIVITIES

YES/NO

 

--AFFILIATION

YES/NO

 

--LISTED

YES/NO

 

--OTHER MERIT FACTORS

YES/NO

 

TOTAL

 

 

 

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

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions