MIRA
INFORM REPORT
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Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SCHLUMBERGER ASIA
SERVICES LIMITED |
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India Office : |
NSE Estate, W E
Highway, Goregaon (East), Mumbai – 400063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
01.09.1987 |
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FCRN: |
F01099 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21903A |
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PAN No.: [Permanent
Account No.] |
AADCS1107J |
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Legal Form : |
A closely held
Public Limited Liability Company |
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Line of Business : |
To provide wire
line logging, perforating and related services. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 758676 |
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Status : |
Branch of Foreign Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a branch of a Hong Kong based company. Trade relations are fair.
Business is active. General financial position is satisfactory. Payments are
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered
Office : |
2507, Gloucester Tower, The Landmark, 11 Peddar Street, Hong Kong |
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Line
India Offices 1: |
Timber Plot No 10, Madras Harbour, Chennai- 600 009, Tamil Nadu,
India. |
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Tel.
No.: |
91-984-0050857 |
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Line
India Offices 2: |
NSE Estate, Off W / E Highway, Near Bombay Exhibition Centre, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
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Tel.
No.: |
91-22-26855730 / 27783800 |
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Fax No.: |
91-22-26854143 / 27782103 / 26854222 |
DIRECTORS
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Name : |
Mr. Brian Wallace |
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Designation : |
Director |
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Address : |
P. O. Box 9261,
Dubai International Trade Centre, Abu Dhabi Road, Dubai, UAE |
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Name : |
Mr. Jean Pierre
Broseet |
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Designation : |
Director |
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Address : |
P. O. Box 9261,
Dubai International Trade Centre, Abu Dhabi Road, Dubai, UAE |
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Name : |
Mr. Kanfred
Wittman |
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Designation : |
Director |
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Address : |
36 Pejataan
Barat, Kemang, Jakarta, Indonesia |
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Name : |
Mr. Stewart P
Smith |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Inveresk
Secretaries Limited |
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Designation : |
Company Secretary |
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Address : |
2507, Gloucester
Tower, The Landmark, 11, Peddar Street, Hong Kong. |
BUSINESS DETAILS
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Line of Business : |
To provide wire
line logging, perforating and related services. |
GENERAL
INFORMATION
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Customers : |
· Oil and Natural Gas Corp Limited · Cairn Energy India Private Limited · Oil India limited · Joshi Technologies International INC · Gujarat State Petroleum Corporation Limited · Phoenix Overseas Limited · R and B Falcon (A) Private Limited · Reliance Industries Limited · Dolphin Drilling Limited · B G Exploration and production · SEDCO Forex · Transocean |
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Bankers : |
J P Morgan Chase Bank, 1 Mahattan Plaza, New York 10081, USA |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
Building 8, 7th and 8th Floor, Tower – B DLF
Cyber City, Gurgaon – 122 002, Haryana, India |
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Tel. No.: |
91-124-4620000/3060000 |
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Fax No.: |
91-124-4620620 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Head Office A/C: |
31.12.2004 (Rs. in millions) |
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Balance at Beginning of the year |
81.884 |
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Remittances from Head office |
1885.732 |
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Recoverable from HO |
[332.588] |
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Income Tax Refund |
0.000 |
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Rupee receipts under contracts (Net of Tax) |
49.190 |
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Revenue for the year |
8.332 |
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Expenses for the year |
[1502.881] |
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Total |
189.669 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2004 |
31.12.2003 |
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SHAREHOLDERS FUNDS |
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1] Head Office Account |
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189.669 |
81.884 |
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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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0.000 |
0.000 |
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NETWORTH |
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189.669 |
81.884 |
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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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0.000 |
0.000 |
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TOTAL |
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189.669 |
81.884 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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39.065 |
58.655 |
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Capital work-in-progress |
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78.653 |
0.000 |
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Capital Advances |
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2.570 |
4.264 |
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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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0.642 |
0.638 |
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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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323.160 |
178.845 |
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Total
Current Assets |
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323.802 |
179.483 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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181.677 |
108.020 |
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Provisions |
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72.744 |
52.498 |
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Total
Current Liabilities |
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254.421 |
160.518 |
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Net Current Assets |
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69.381 |
18.965 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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189.669 |
81.884 |
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KEY RATIOS
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PARTICULARS |
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31.12.2004 |
31.12.2003 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.34 |
1.96 |
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Current Ratio (Current Asset/Current Liability) |
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1.27 |
1.18 |
LOCAL AGENCY
FURTHER INFORMATION
OTHER BUSINESS
ACTIVITIES:
Ř
To import,
export, buy, sell and deal in goods, materials, substances, articles and
merchandise of all kinds in, from and to any part of the world, Whether as
principal or as agent.
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To carry on
the business of an investment company and/or a holding company.
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To carry on in
any part of the world all or any of the business of agents, managers, brokers,
advisers and consultants.
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To undertake
and execute any trusts the undertaking Where of may seem desirable and to
undertake the office of or act as executor, administrator, director, treasurer,
accountant, secretary, registrar, custodian, depository or nominee or in such
other capacity as the Directors may from time to time think fit.
Ř
To carry on any
other business of any nature what so ever Which may seem to the Directors to be
capable of being conveniently carried on in connection or conjunction expedient
with a view to rendering profitable or more profitable any of the Company’s
assets or utilising its know-how or expertise.
Ř
To subscribe,
underwrite, Purchase, or otherwise acquire, and to hold, dispose of, and deal
with, any shares or other securities or investments of any nature what so ever,
and any options or rights in respect there of, and to buy and sell foreign
exchange.
Ř
To draw, make
accept, endorse, discount, negotiate, execute, and issue, and to buy, sell and
deal with bills of exchange, promissory notes, and other negotiable or
transferable instruments or securities.
OTHER INFORMATION:
|
Particulars |
31.12.2004 (Rs. in
millions) |
31.12.2003 (Rs. in
millions) |
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Capital commitments |
2.570 |
3.423 |
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Contingent Liabilities |
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Customs Duty Case against which an appeal
has been preferred |
13.278 |
16.161 |
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Service Tax |
99.612 |
99.612 |
India Projects Office:
· New Delhi
· Chennai
· Mumbai
· Duliajan
· Baroda
· Bhavnagar
· Cochin
· Kolkata
· Nazira
· Rajahmundry
· Jodhpur
· Ahmedabad
· Guda Malani
· Gandhi Nagar
· Hazira
· Yanam
· Jharia
· Pondicherry
· Vishakhapatnam Saurashtra
FIXED ASSETS:
· Furniture and Fixtures
· Motor Vehicles
· Office Equipment
· Plant and Machinery
· Leasehold Improvements
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.93 |
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UK Pound |
1 |
Rs.79.34 |
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Euro |
1 |
Rs.62.55 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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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63 |
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 |
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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 |
|
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. |
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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