MIRA
INFORM REPORT
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Report Date : |
17.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
VADINAR OIL TERMINAL LIMITED |
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Registered Office : |
77 (Old No.56), C.P. Ramaswamy Road, Abhiramapuram, Chennai-600018,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1993 |
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Com. Reg. No.: |
18-25293 |
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CIN No.: [Company
Identification No.] |
U35111TN1993PLC025293 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV11618F |
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PAN No.: [Permanent
Account No.] |
AABCV2626D |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Supplying Services to Water Transport. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 14 years old company, but yet to commence commercial operations.
Payments are reported as slow and delayed. The company can be considered for small business dealings against
fully safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
77 (Old No.56), C.P. Ramaswamy Road, Abhiramapuram, Chennai-600018,
Tamilnadu, India |
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Tel. No.: |
91-44-24891992 |
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Fax No.: |
91-44-24679408 |
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E-Mail : |
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Website : |
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Corporate Office : |
11, Essar House, Keshav Rao Khadye Marg, Mahalaxmi, Mumbai,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Shahsikant Nandkishore Ruia |
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Designation : |
Director |
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Address : |
40-B, RIDGE Road, Malabar Hill, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
23.12.1943 |
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Date of Appointment : |
19.09.2000 |
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Date of Ceasing : |
02.12.2004 |
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Name : |
Mr. Ravikant Nandkishore Ruia |
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Designation : |
Director |
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Address : |
Villa No.3, No.467-B, Jumairah Beach Road, Jumairah Hill, Dubai, UAE |
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Date of Birth/Age : |
22.04.1949 |
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Date of Appointment : |
19.09.2000 |
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Date of Ceasing : |
02.12.2004 |
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Name : |
Mr. Sanjay Mehta |
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Designation : |
Director |
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Address : |
Panhar, Worli Sea Face, Khan Abdul, Gaffar Khan Road, Mumbai-400025,
Maharashtra, India |
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Date of Birth/Age : |
26.03.1968 |
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Date of Appointment : |
19.09.2000 |
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Name : |
Mr. B.S. Kumar |
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Designation : |
Director |
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Name : |
Mr. Suresh Vittal Sundaram |
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Designation : |
Director |
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Address : |
Flat No.12 B, Block 4, Jaldarshan Co.op. Hosuing Society Limited,
Nepean Sea Road, Mumbai-400036, Maharashtra, India |
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Date of Birth/Age : |
03.10.1942 |
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Date of Appointment : |
02.12.2004 |
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Date of Birth/Age : |
Mr. M.K. Srinivasan |
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Qualification : |
Director |
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Name : |
Mr. Anshuman Shashikant Ruia |
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Designation : |
Director |
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Address : |
26.03.1971 |
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Date of Birth/Age : |
67 A, Walkeshwar Road, Opposite Birla School, Walkeshwar,
Mumbai-400006, Maharashtra |
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Date of Appointment : |
02.12.2004 |
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Name : |
Mr. Prashant S. Ruia |
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Designation : |
Additional Director |
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Address : |
Bin Hamoodah Villa, Plot No.992, Villa No.17, Jumairah, Dubai, UAE |
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Date of Appointment : |
28.09.2005 |
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Name : |
Mr. Hari Mundra |
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Designation : |
Additional Director |
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Address : |
A-61, Twin Towers, Off Veer Savarkar Marg, Prabhadevi, Mumbai-400025,
Maharashtra, India |
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Date of Appointment : |
28.09.2005 (Resigned) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Essar Shipping Limited |
819721440 |
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Mr. V. Partiisarthy (Nominee of Essar Shipping Limited) |
10 |
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Mr. P. Ramachandran |
10 |
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Mr. V. Gopal Rao |
10 |
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Mr. R. P. Sarathy |
10 |
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Essar Shipping Limited and Mr. V. Ravi |
10 |
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Essar Shipping Limited and Mr. R. Jagannathan |
10 |
BUSINESS DETAILS
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Line of Business : |
Supplying Services to Water Transport. |
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Products : |
Services |
GENERAL
INFORMATION
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Auditors : |
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Name : |
B. P. Jain & Company Chartered Accountants, Tamilnadu Deloitte Haskins & Sells Chartered Accountants Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra, India |
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Holding Company : |
Essar Shipping Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
849721500 |
Equity Shares |
Rs.10/- each |
Rs.8497.215
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8497.215 |
8197.215 |
5400.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(6.085) |
0.000 |
0.000 |
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NETWORTH |
8491.130 |
8197.215 |
5400.000 |
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LOAN FUNDS |
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1] Secured Loans |
18999.345 |
13885.113 |
9221.400 |
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2] Unsecured Loans |
48.397 |
300.000 |
0.000 |
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TOTAL BORROWING |
19047.742 |
14185.113 |
9221.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27538.872 |
22382.328 |
14621.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.452 |
0.385 |
24482.800 |
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Capital work-in-progress |
24072.962 |
19656.129 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
3865.035
|
2532.979 |
0.000 |
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Other Current Assets |
91.146
|
3.196 |
0.000 |
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Loans & Advances |
291.095
|
232.194 |
0.400 |
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Total
Current Assets |
4247.276
|
2768.369 |
0.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
755.822
|
42.552 |
9867.900 |
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Provisions |
25.996
|
6.087 |
0.000 |
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Total
Current Liabilities |
781.818
|
48.639 |
9867.900 |
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Net Current Assets |
3465.458
|
2719.730 |
(9867.500) |
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MISCELLANEOUS EXPENSES |
0.000 |
6.084 |
6.100 |
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TOTAL |
27538.872 |
22382.328 |
14621.400 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
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|
31.03.2006 |
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Sales Turnover |
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|
0.000 |
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Other Income |
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0.000 |
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Total Income |
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Profit/(Loss) Before Tax |
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0.000 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.000 |
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Expenditures : |
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Other Expenditure |
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|
6.085 |
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Total Expenditure |
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|
6.085 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.00
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.00
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.00
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.33
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1.74 |
3.53 |
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Current Ratio (Current Asset/Current Liability) |
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5.43
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56.92 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
VADINAR OIL
TERMINAL LIMITED |
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Presented By |
Mr. Hari Mundra – Director |
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1) Date and description of instrument creating the change |
The indenture of mortgage dated 17.01.2005 executed by the company (hereinafter referred toa s the borrower) and IDBI Trusteeship Services Limited acting as Security Trustee on behalf of Acceding lenders as referred to in the indenture of mortgage. |
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2) Amount secured by the charge/amount owing on the securities of charge |
The financial assistances set out in Schedule 1 hereto in all aggregating to approximately Rs.22473 millions together with all funded interest facilities, interest, additional interest, further interest, liquidated damages, compound interest, premia on prepayment or on redemption, costs, charges, expenses and all other amounts payable ot the lenders pursuant to Master Restructuring Agreement dated as of 17.12.2004. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
For the consideration aforesaid and as continuing security for the payment and discharge of the mortgage debt hereby secured or intended to be hereby secured, the borrower doth grant, assign, convey, assure, mortgage and transfer unto the security trustee or the benefit pf Acceding lenders described in Schedule 2 hereto. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operates as security, inter alia for the due repayment by the company to the Acceding Lenders of the financial sssi8standce referred to tin serial number 2 above together with all funded interest, facilities, interest, additional interest, front end fee, LC commission, guarantee commission, all fees, costs, charges and expenses, payable in relation to the Lender by the borrower. The security created by or pursuant to these presents is a continuing security and shall remain in full force and effect until the final settlement date. The borrower shall ensure that all the mortgaged properties shall be kept fully insured against loss or damages as may be required by the lender due to any reason whatsoever. In the event of default by the company power of entry, power to take charge and/or possession of, seize, recover, receive, appoint receivers of and remover and/or sale by public auction or private contract dispatch for realisation or any part of the said properties as provided therein. |
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5) Name and Address and description of the person entitled to the charge. |
IDDBI Trusteeship Services Limited, 10th Floor, Nariman Bhuvan, 227 Vinay K Shah Marg, Nariman Point, Mumbai-400021, acting as Security Trustee on behalf of Acceding lenders in respect of the financial assistance mentioned in Serial No.2 above. |
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6) Date and brief description of instrument modifying the charge |
Indenture of mortgage dated 29.12.2005 executed by the borrower and IDBI Trusteeship services Limited acting as security trustee for the benefit of Housing and Urban Development Corporation Limited (hereinafter called HUDCO) for its additional priority loan aggregating To Rs.2660 millions to the company pursuant to priority loan agreement dated 12.10.2005. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The additional priority loan agreement aggregating Rs.3660 millions being availed by the borrower from HUDCO together with all interest, additional interest, premia on prepayment or on redemption, costs, charges and expenses payable to HUDCO secured by the aforesaid indenture of mortgage is pursuant to master restructuring agreement dated 17.12.2004, the bilateral agreement, their respective agreements Letter of sanction/Memorandum of terms and conditions. Priority loan agreement dated 12.12.2005 pursuant of which IDBI Trustee Services Limited has agreed to act as the Trustee for the benefit of HUDCO. The company inter alia has now secured by the indenture of mortgaged in favour of IDBI Trusteeship Services Limited, acting as security trustee for the benefit pf the HUDCO, over the mortgaged properties more particularly described in Schedule 2 hereto, ranking pari pasu with all the mortgages and charges created by the company in favour of the Security Trustees for the benefit of the Existing Lenders. The amount secured by the charge on the said assets stands enhanced to Rs.26133 millions. |
Vadinar Oil Terminal
Limited is a subsidiary company of Essar Shipping Limited and till the end of
financial year 2002-03, the company did not commence operations.
Website Details :
Overview
Essar's oil refinery at Vadinar in Jamnagar, Gujarat is ideally located
in India's West Coast in close proximity to the crude rich Gulf States. Vadinar
is an all-weather deep-draft natural port. More than 60% of India's crude
imports land in and around this region. Besides, the refinery's location
enables access to the fast growing markets in the north and western region of
India through product pipelines. The eastern and southern parts of India will
be serviced through the coastal route circling the country.
Essar Oil's Refinery has a capacity of 10.5 million tonnes per annum
(MTPA) with an investment of close to Rs.10 Billion (USD 2.2 billion). The
refinery is being built with the latest, state of the art technology with
technical and project assistance from the world's leading consultants and
equipment suppliers in the field. It is designed to handle a diverse range of
crude mixes.
The refinery is configured to produce Euro II and Euro III grades of Petrol
and Diesel. With mid-stream up gradation of processes and technologies, the
refinery will have the capability to process the most sour, acidic and heavy
crude.
The refinery is fully integrated with its own dedicated 120 MW
co-generation power plant, port and terminal facilities. It includes a Single
Point Mooring (SPM) capable of handling vessels up to 350, 000 DWT with a
capacity; marine product dispatch capacity of 14 MTPA; rail -car and truck
loading facilities.
The refinery has built-in environment friendly technologies for
pollution management and has also planted over one million trees to ensure a
green corridor around the entire refinery complex.
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] 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.43.63 |
|
UK Pound |
1 |
Rs.85.58 |
|
Euro |
1 |
Rs.58.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
20 |
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 |
|