MIRA
INFORM REPORT
|
Report Date : |
19.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHARAT OMAN REFINERIES LIMITED |
|
|
|
|
Registered Office : |
A Block, Office Complex, Gautam Nagar, Bhopal – 462023, Madhya Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
25.02.1994 |
|
|
|
|
Com. Reg. No.: |
108162 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U11101MP1994PLC008162 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BPLB00826A |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business : |
Subject provides maximization of middle distillate (ATF and HSD) and
minimization of furnace oil. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 7550000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an Indo-Oman joint venture between Bharat Petroleum
Limited, A company owned by Indian Government and Oman Oil Company Limited, Oman
Trade relations are fair. Business is active. Payments are usually made as
per commitments. In view of strong promoters, the company can be considered good for
normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Mathur |
|
Designation : |
V. P. in Finance |
|
Date : |
04.06.2008 |
LOCATIONS
|
Registered Office : |
A Block, Office Complex, Gautam Nagar, Bhopal – 462023, Madhya
Pradesh, India |
|
Tel. No.: |
91-755-4203179 |
|
Fax No.: |
91-755-4203178 |
|
E-Mail : |
mathursn@bharatpetroleum.in |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Mumbai Office : |
Mahul, Mumbai – 400 074, India |
|
|
|
|
Project Site : |
Bina Refinery, P.O. Agasode, Bina, District Sagar – 470 113, Madhya
Pradesh, India |
DIRECTORS
|
Name : |
Mr. Shok Sinha |
|
Designation : |
Director |
|
Address : |
Flat No. 33, 1-A, Altamount Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
15.02.1952 |
|
Date of Appointment : |
04.04.1995 |
|
|
|
|
Name : |
Mr. Mukesh Rohatgi |
|
Designation : |
Director |
|
Address : |
Flat No. 35, BPC Tower, 1-A, Altamount Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
27.09.1949 |
|
Date of Appointment : |
28.02.2003 |
|
|
|
|
Name : |
Mr. Vedula V. Ramamurthy |
|
Designation : |
Director |
|
Address : |
Bungalow 6, BPCL Staff Colony, Vashi Naka, Chembur, Mumbai – 400 074,
Maharashtra, India |
|
Date of Birth/Age : |
05.08.1946 |
|
Date of Appointment : |
04.05.2005 |
|
|
|
|
Name : |
Mr. Shamsa Lamki |
|
Designation : |
Director |
|
Address : |
P.B. No. 261, Postal Code 118, Qurum Al-Harthy Complex, C/O : Oman Oil
Company Limited, Sultanate of Oman |
|
Date of Birth/Age : |
30.08.1981 |
|
Date of Appointment : |
07.05.2004 |
|
|
|
|
Name : |
Mr. Sumesh Kumar Saini |
|
Designation : |
Manager |
|
Address : |
Flat No. 312, BPCL Staff Colony, Aziz Baug, Chembur, Mumbai – 400 074,
Maharashtra |
|
Date of Birth/Age : |
13.10.1949 |
|
Date of Appointment : |
22.06.2005 |
|
|
|
|
Name : |
Mr. Joginder Bir Singh Hazooria |
|
Designation : |
Managing Director |
|
Address : |
Bungalow No. 2, BPCL staff Colony, Aziz Baug, Chembur, Mumbai – 400 074,
Maharashtra |
|
Date of Birth/Age : |
18.07.1947 |
|
Date of Appointment : |
01.06.2004 |
|
|
|
|
Name : |
Mr. Ahmed Al Wahaibi |
|
Designation : |
Director |
|
Address : |
Way No. 3928, H.No. 2456, Al Khuwair, Sultanate of Oman |
|
Date of Birth/Age : |
03.03.1961 |
|
Date of Appointment : |
25.09.1998 |
|
|
|
|
Name : |
Mr. David C Douglas |
|
Designation : |
Director |
|
Address : |
P.O. Box 261, Postal Code 118, AL, Harthy Complex, Sultanate of Oman |
|
Date of Birth/Age : |
01.08.1956 |
|
Date of Appointment : |
27.02.2001 |
|
|
|
|
Name : |
Mr. Sartak Behuria |
|
Designation : |
Director |
|
Address : |
Flat No. 32, 1-A, Altamount Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1952 |
|
Date of Appointment : |
21.08.2002 |
|
|
|
|
Name : |
Mr. Sarishti Rai Sarin |
|
Designation : |
Director |
|
Address : |
P.O. Box 261, Postal Code 118, Qurum Al- Harthy Comple, Sultanate of
Oman |
|
Date of Birth/Age : |
30.09.1947 |
|
Date of Appointment : |
06.05.2003 |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Swroop Narain Mathur |
|
Designation : |
Secretary |
|
Address : |
Flat No. 16, BPCL Staff Colony, Aziz Baug, Chembur, Mumbai – 400 074,
Maharashtra, India |
|
Date of Birth/Age : |
15.04.1949 |
|
Date of Appointment : |
27.02.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 09.08.2005)
|
Names of Shareholders |
No. of Shares |
|
Bharat Petroleum Cor |
75499700 |
|
Oman Oil Company Limited |
75499700 |
|
Salim Hassan Macki |
100 |
|
Malik Al-Adawi Muhanna Bin Said |
100 |
|
Mohammed Nasser Al-Khasibi |
100 |
|
Bharat Petroleum Corporation Limited jointly with K S Joshi |
100 |
|
Bharat Petroleum Corporation Limited jointly with A K Bansal |
100 |
|
Bharat Petroleum Corporation Limited jointly with R P Singh |
100 |
|
|
|
|
Total |
151000000 |
Equity share breakup (percentage of total equity)
|
As on 30.09.2007 |
|
|
Government companies |
50.00 |
|
Foreign holdings |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides maximization of middle distillate (ATF and HSD) and
minimization of furnace oil. |
|
|
|
|
Products : |
·
LPG ·
Naphtha ·
Euro III MS ·
Euro IV MS ·
SKO ·
ATF ·
Euro III HSD ·
Euro IV HSD ·
Sulphur ·
Surplus Coke ·
Fuel & Loss |
GENERAL
INFORMATION
|
Bankers : |
State Bank of India State Bank Bhavan, Madame Cama Road, Mumbai – 400 021, Maharashtra,
India |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
RSM and Company Chartered Accountants Ambit House, 449, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000000 |
Equity Shares |
Rs. 10/- each |
Rs. 45000.000 millions |
|
|
Total |
|
Rs. 45000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
151000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1510.000
millions |
|
|
Total |
|
Rs. 1510.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1510.000 |
1510.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1510.000 |
1510.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
781.200 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
280.261 |
|
|
TOTAL BORROWING |
|
781.200 |
280.261 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
Debenture Application Money |
|
9000.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
11291.200 |
1790.261 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
91.900 |
90.061 |
|
|
Capital work-in-progress |
|
5122.245 |
1682.079 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.0000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
5955.764 |
2.434 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
196.768 |
18.483 |
|
Total
Current Assets |
|
6152.532 |
20.917 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
85.331 |
12.650 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
85.331 |
12.650 |
|
|
Net Current Assets |
|
6067.201 |
8.267 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
9.854 |
9.854 |
|
|
|
|
|
|
|
|
TOTAL |
|
11291.200 |
1790.261 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
0.000 |
0.000 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(156.621) |
(20.070) |
|
|
Provision for Taxation |
|
16.471 |
0.349 |
|
|
Profit/(Loss) After Tax |
|
(173.092) |
(20.419) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
43.182 |
4.762 |
|
|
Managerial Remuneration |
|
1.063 |
0.906 |
|
|
Payment to Auditors |
|
0.139 |
0.060 |
|
|
Interest |
|
110.086 |
12.800 |
|
|
Insurance Expenses |
|
0.019 |
0.007 |
|
|
Power & Fuel |
|
0.246 |
0.019 |
|
|
Depreciation & Amortization |
|
1.886 |
1.516 |
|
Total Expenditure |
|
156.621 |
20.070 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(2.51) |
(0.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.57 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.01 |
1.65 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporate
identity number (CIN) Foreign company registration number |
U1110MP1994PLC008162 |
|
Name of the
Company |
BHARAT OMAN REFINERIES LIMITED |
|
Address |
A Block, Office Complex, Gautam Nagar, Bhopal – 462023, Madhya
Pradesh, India |
|
This form is for |
Creation of
charge |
|
Type of Charge |
·
Uncalled
share capital ·
Immovable
property ·
Any interest
in immovable property ·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Others ·
Calls made
but not paid ·
Goodwill ·
Patent,
license under a patent ·
Trademark ·
Copyright or
license under a copyright |
|
Particulars of
the charge holder |
State Bank of India State Bank Bhavan, Madame Cama Road, Mumbai – 400 021, Maharashtra,
India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Indenture Mortgage
dated September 06, 2007 executed by Bharat Oman Refineries Limited in favour
of State Bank of India as the Security Trustee. |
|
Date of the
instrument creating or modifying the charge |
06.09.2007 |
|
Amount secured by
the charge |
Rs. 63870 millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Margin: Security Margin
of 25% |
Company Overview
Bharat
Oman Refineries Limited owns and operates
an oil and gas refinery. The refinery consist of a single point mooring
system, crude oil storage terminal at Vadinar, and a 935 km long crude oil
pipeline connecting Vadinar to Bina. Bharat Oman Refineries Limited was
incorporated in 1994 and is based in Mumbai, India. Bharat Oman Refineries Ltd.
is a subsidiary of Bharat Petroleum Corp. Limited.
KEY DEVELOPMENTS
Bharat Oman Refineries Signs Letter of Intent for Refinery Units
04/9/2008
Bharat Oman
Refineries Limited has sent a letter of intent to India's Petron Engineering
Construction Co. for work on two units at the planned 120,000 b/d refinery at
Bina in Madhya Pradesh. The letter of intent is for a hydrocracker unit and a
diesel hydrotreater unit. The joint venture will hold a 52% stake in the
refinery and the remainder will be held by private investors and the public.
BORL Wants to Raise Funds
03/28/2008
Bharat
Oman Refineries Ltd (BORL) said it plans to raise $763 million and is looking at
an IPO and other placements. The company intends to fund a $2603 million
refinery project at Bina. The equity stake available for public investors is
about $300 million, while the rest will be raised through placement of shares
to the joint venture partners Bharat Petroleum Corp Ltd (BPCL) and Oman Oil Co
SAOC, the Madhya Pradesh state government and other investors.
Bharat Petroleum Eyes IPO for Unit
01/11/2008
Bharat
Petroleum is looking at selling some shares of a unit in a bid to raise funds
for its new refinery, Reuters reported. The company will look at raising $763
million in the in three to four months through an initial public offering (IPO)
in Bharat Oman Refineries. The company is in the process of appointing advisers
for the share sale.
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.42.90 |
|
UK Pound |
1 |
Rs.83.74 |
|
Euro |
1 |
Rs.66.46 |
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. |
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 |
|