MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
RELIANCE JAMNAGAR INFRASTRUCTURE LIMITED |
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Formerly Known As : |
RELIANCE INFRASTRUCTURE LIMITED |
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Registered Office : |
7-Patel Colony, Mangal Vihar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.07.1999 |
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Com. Reg. No.: |
04-36347 |
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CIN No.: [Company
Identification No.] |
U45300GJ1999PLC036347 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTR01799A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Infrastructure Developer |
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 : |
USD 1800 |
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Status : |
Small Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Reliance Group Countries Premier Industrial
House. It was yet to commence commercial operations are per last available
financials of 31.03.2006. The company had incurred some initial losses. No
further details could be made available. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
7-Patel Colony, Mangal Vihar, Jamnagar– 361008, Gujarat, India |
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Tel. No.: |
91-288-23012929 |
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E-Mail : |
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Website : |
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Head Office : |
A-3, Laxmi Towers, 1st Floor, Bandra Kurla Complex, Bandra
[Eats], Mumbai – 400051,Maharashtra,
India |
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Tel. No.: |
91-22-30616100 |
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Fax No.: |
91-22-30616125 |
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Branches : |
Located at
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City Office : |
G-12, Tulsiani Chambers, 212,Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-30228500 |
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Fax No.: |
91-22-22840892 |
DIRECTORS
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Name : |
Mr. Arunkant Dawda |
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Designation : |
Director |
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Address : |
TMC Bunglow No 11, |
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Date of Birth/Age : |
02.08.1934 |
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Date of Appointment : |
05.08.1999 |
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Name : |
Mr. Virender Kumar Gandhi |
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Designation : |
Director |
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Address : |
51/1101 Seawoods, Estates NRO Complex, Sector 54, 56 & 58, Palm
Beach Road, Navi Mumbai – 400706, Maharashtra, India |
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Date of Birth/Age : |
12.10.1955 |
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Date of Appointment : |
05.08.1999 |
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Name : |
Mr. Madhusudana Sivaprasad Panda |
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Designation : |
Director |
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Address : |
Flat No. 92/93, 9th Floor, Bakhtwar Co-Operative 22 N. D.
Marg, Mumbai – 400006, |
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Date of Birth/Age : |
11.02.1952 |
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Date of Appointment : |
02.09.1999 |
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Name : |
Mr. Narayan Balnadu |
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Designation : |
Director |
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Address : |
31 Viraj Silverrne |
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Date of Birth/Age : |
18.07.1949 |
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Date of Appointment : |
02.09.1999 |
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Name : |
Mr. Jai Shankar Prasad Bansal |
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Designation : |
Director |
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Address : |
TMC Bunglow No. 11, |
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Date of Birth/Age : |
06.09.1959 |
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Date of Appointment : |
29.12.2006 |
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Other Directorship : |
Reliance Group Support Services Private Limited U74920MH1995PTC087740 |
KEY EXECUTIVES
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Name : |
Mr. Abhishek Thareja |
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Designation : |
Secretary |
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Address : |
232 Lajpath Nagar, Scheme 2, Alwar – 301001, |
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Date of Birth/Age : |
07.11.1976 |
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Date of Appointment : |
09.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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L. V. Merchant [Jointly with Reliance Industries Limited] |
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1 |
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Rohit C Shah [Jointly with Reliance Industries Limited] |
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1 |
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K Sethuraman [Jointly with Reliance Industries Limited] |
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1 |
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K [Jointly with Reliance Industries Limited] |
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1 |
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Ashok C Jain [Jointly with Reliance Industries Limited] |
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1 |
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Arun K Jain [Jointly with Reliance Industries Limited] |
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1 |
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Reliance Industries Limited |
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49994 |
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Total |
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50000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Infrastructure Developer |
GENERAL INFORMATION
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Bankers : |
NA |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
A-3, Laxmi Towers, 1st Floor, Bandra Kurla Complex, Bandra
[East], Mumbai – 400051, Maharashtra, India |
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Holding Company : |
Reliance Industries Limited L17110MH1977PLC019786 |
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Associates/Subsidiaries : |
[CIN No.
:U74920MH1995PTC087740] |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.100 |
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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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[0.053] |
[0.053] |
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NETWORTH |
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0.447 |
0.047 |
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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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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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0.447 |
0.047 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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244.210 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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4.501 |
0.018 |
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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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1.663 |
0.036 |
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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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0.000 |
0.000 |
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Total
Current Assets |
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1.663 |
0.036 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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255.531 |
0.007 |
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Provisions |
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Total
Current Liabilities |
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255.531 |
0.007 |
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Net Current Assets |
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[253.868] |
0.029 |
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MISCELLANEOUS EXPENSES |
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5.604 |
0.000 |
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TOTAL |
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0.447 |
0.047 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
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Profit/(Loss) Before Tax |
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[0.009] |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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[0.009] |
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Expenditures : |
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Total Expenditure |
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0.009 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
0.19 |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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571.66 |
0.15 |
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Current Ratio (Current Asset/Current Liability) |
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0.01 |
5.14 |
LOCAL AGENCY FURTHER INFORMATION
Operations
The company has received the approval from Ministry of Commerce and Industry,
Department of Commerce, Government of India for development, operation and
maintenance of a Sector Specific Special Economic Zone [SEZ] for Petroleum and
Petrochemicals in terms of Special Economic Zones Act, 2005 and rules made
thereunder the has been notified in the Official Gazette vide serial number
568-E dated 19the April, 2006.
Accordingly, the company is in process of setting up the SEZ [project].
The project is at the start up stage of construction and the company has not
commenced the revenue operations. The expenditure incurred during construction
period is treated as Project Development Expenditure pending capitalization.
Holding Company
The company become a wholly-owned Subsidiary of Reliance Industries
Limited w.e.f. 1st October, 2005
Change of Name of
the company
The name of the company had been changed from ‘Reliance Project
Engineering Associates Limited’ to ‘Reliance Infrastructure Limited’ to reflect
the business activities relating to creation of Infrastructure in
Again the name was changed to present w.e.f. 5th December,
2006.
Increase of
Authorised Share Capital
During the year under review, the Authorised Share Capital of the
Company had been increased form Rs. 10.000 Millions to Rs. 1000 Millions
divided in to 10 Crore Equity Shares of Rs.
10/- each.
Reliance Jamnagar Infrastructure Limited is a wholly owned
subsidiary and is developing a Special Economic Zone (SEZ) at
Reliance overcomes SEZ hiccup
VIVEK NAIR
Mumbai,
Aug. 31: Mukesh Ambani’s plans to establish special economic zones (SEZ)
across the country are starting to fall into place after a series of setbacks
early this year.
Far
from the glare of media scrutiny, farmer protests and political opportunism,
Ambani has won approvals to increase the size of his proposed multi-product SEZ
at
On
Thursday, the group of ministers on special economic zones granted state
governments the discretionary right to acquire land if the developer had
possession of 70 per cent of the land identified for the project.
The
two decisions are expected to jump-start Ambani’s plans after the government
insisted he scale back the size of his Navi Mumbai SEZ to 5,000 hectares from
the proposed 10,000 hectares and barred the
Reliance
Jamnagar Infrastructure Ltd, the group company which is implementing the SEZ,
is increasing the area to 1764.10 hectares from 1224.10 hectares. The board of
approvals (BoA) cleared Ambani’s proposal after the state government came out
in strong support.
Reliance
Jamnagar Infrastructure is a wholly owned subsidiary of Reliance Industries Ltd
(RIL). At a meeting of the BoA held on August 8, the state government said only
540 hectares of land that is contiguous was in possession of the developer.
Earlier this year, the empowered group of ministers on SEZs had decided to
limit the area for all SEZs to 5,000 hectares and said the land would have to
be contiguous with no public roads splitting the expanse.
Details
about Mukesh Ambani’s SEZ in
Many
expect the Jamnagar SEZ to be one of the first to come up because of its
proximity to the new refinery which is expected to start operations by December
next year.
The
combined investment in the refinery and the SEZ is estimated at Rs 400000
Millions. Earlier, a bench of the Supreme Court had dismissed a special leave
petition by a few people who had challenged the land acquisition procedure for
the SEZ.
However,
an official from the Reliance group said he was unaware of any proposal to
increase the size of the Jamnagar SEZ.
The
petrochemcial industry is expected to occupy the most space at the Jamnagar SEZ
though it is learnt that players from other industry groups will also be
establishing units there.
Unconfirmed
reports had speculated that in addition to Dow Chemicals, Reliance had invited
global petroleum giants like Shell and Exxon Mobil to set up downstream units
in the SEZ which will use products from the adjacent refinery as feedstock.
The
Reliance group was also at one stage toying with the idea of setting up a
pharmaceutical unit through Reliance Pharmaceuticals Ltd, a unit of Reliance
Life Sciences.
Besides
the
While
many other companies have expressed interest in setting up SEZs across the
country, the BoA has approved more than 365 SEZs.
More
than Rs 450000 Millions has been invested in over 136 SEZs that have been
notified. By the end of this year, investments could top Rs 1000000 Million.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.75 |
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|
1 |
Rs.80.33 |
|
Euro |
1 |
Rs.56.24 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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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 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
|
19 |
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 |
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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 |
|
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. |
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 |
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