MIRA
INFORM REPORT
|
Report Date : |
24.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
QUIPPO OIL AND GAS INFRASTRUCTURE LIMITED |
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Formerly Known As : |
QUIPO OIL AND GAS INFRASTRUCTURE PRIVATE LIMITED |
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Registered Office : |
D-2, 5th Floor, Southern Park, Saket Place, New Delhi –
110017 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.07.2005 |
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Com. Reg. No.: |
138226 |
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CIN No.: [Company
Identification No.] |
U11120DL2005PLC138226 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELQ00388D |
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PAN No.: [Permanent
Account No.] |
AAACQ1278P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is
globally competitive Oil and Gas Equipment and Services provider by
maintaining a large equipment pool and trained manpower resource for prompt
and speedy deployment. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 747000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track. The company
has incurred some initial losses as per its last available financials as at
31.03.2007. However, the company has a strong capital base and has been
successful in obtaining good amount of loans from its banker. No payment
records could be available. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
D-2, 5th Floor, Southern Park, Saket Place, New Delhi –
110017, India |
|
Tel. No.: |
91-11-30615600 |
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Fax No.: |
91-11-30615699 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Satishkumar Gulabchand Mandhana |
|
Designation : |
Director |
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Address : |
Flat No.102, Ashoka Apartment, Rungta Lane, 68 Napensea Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1961 |
|
Date of Appointment : |
22.03.2007 |
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Nominee Company : |
IDFC Private Equity – II |
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|
|
|
Name : |
Mr. Debi Guha |
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Designation : |
Director |
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Address : |
No.5 Tanjong Rhu Road, 23-03, The Waterside Singapore – 436882 |
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Date of Birth/Age : |
05.08.1968 |
|
Date of Appointment : |
22.03.2007 |
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Nominee Company : |
Indivest Pte. Limited (Managed by GIC Singapore) |
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|
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Name : |
Mr. Sunil Kanoria |
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Designation : |
Director |
|
Address : |
32 Q New Road, Alipore, Kolkata – 700027, West Bengal, India |
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Date of Birth/Age : |
04.05.1965 |
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Date of Appointment : |
20.08.2005 |
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Email : |
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Name : |
Mr. Hemant Kanoria |
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Designation : |
Director |
|
Address : |
32 Q New Road, Alipore, Kolkata – 700027, West Bengal, India |
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Date of Birth/Age : |
05.08.1932 |
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Date of Appointment : |
20.08.2005 |
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Email : |
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Name : |
Mr. Sushilkumar Mehta |
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Designation : |
Managing Director |
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Address : |
2nd Floor, S-100, Panchsheel Park, New Delhi – 110017,
India |
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Date of Birth/Age : |
27.03.1952 |
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Date of Appointment : |
31.08.2006 |
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Email : |
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Name : |
Mr. Sudhir Gupta |
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Designation : |
Director |
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Address : |
EC-173, Maya Enclave, New Delhi – 110064, India |
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Name : |
Mr. Rajendra Kumar Jagnani |
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Designation : |
Director |
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Address : |
ELDECO Apartments, Flat A 803, Plot No.11, Sector 4, Vaishali Ghazibad |
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Other Directorship Companies : |
Quipo Oil and Gas Infrastructure Limited Nominee Director U11120DL2005PLC138226 Quipo Infrastructure Equipment Limited Nominee Director U45500DL2001PLC112291 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Quippo Infrastructure Equipment Limited |
|
97.67 |
|
Mr. Sandeep Bedi |
|
0.14 |
|
Mr. S K Mehta |
|
0.14 |
|
Opulent Venture Capital Trust |
|
2.05 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
globally competitive Oil and Gas Equipment and Services provider by
maintaining a large equipment pool and trained manpower resource for prompt
and speedy deployment. |
GENERAL
INFORMATION
|
Bankers : |
Statesman House, 148, Barakhamba Road, New Delhi – 110001, India
9th
Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai
– 400018, Maharashtra, India |
|
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
S S Kothari Mehta and Company Chartered Accountant |
|
Address : |
146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi –
110065, India |
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|
|
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Holding Company/ Subsidiaries : : |
Quipo Infrastructure Equipment Limited U45500DL2001PLC112291 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Share |
Rs.10/- each |
Rs.350.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21000000 |
Equity Share |
Rs.10/- each |
Rs.210.000
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 |
|
210.000 |
0.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(23.250) |
0.000 |
|
|
NETWORTH |
|
186.750 |
0.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
105.709 |
0.000 |
|
|
2] Unsecured Loans |
|
50.018 |
0.000 |
|
|
TOTAL BORROWING |
|
155.727 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
Share Suspense Account |
|
90.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
432.477 |
0.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
226.390 |
0.000 |
|
|
Capital work-in-progress |
|
17.647 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.873 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
3.656 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
10.672 |
0.000 |
|
|
Cash & Bank Balances |
|
22.500 |
0.476 |
|
|
Other Current Assets |
|
0.118 |
0.000 |
|
|
Loans & Advances |
|
200.460 |
0.000 |
|
Total
Current Assets |
|
233.750 |
0.476 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
55.628 |
0.011 |
|
|
Provisions |
|
0.184 |
0.000 |
|
Total
Current Liabilities |
|
55.812 |
0.011 |
|
|
Net Current Assets |
|
177.938 |
0.465 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
5.973 |
0.035 |
|
|
|
|
|
|
|
|
TOTAL |
|
432.477 |
0.500 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
93.812 |
|
|
Other Income |
|
|
0.000 |
|
|
Total Income |
|
|
93.812 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
(26.827) |
|
|
Provision for Taxation |
|
|
(3.577) |
|
|
Profit/(Loss) After Tax |
|
|
(30.404) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
4.165 |
|
|
Managerial Remuneration |
|
|
1.084 |
|
|
Payment to Auditors |
|
|
0.020 |
|
|
Interest |
|
|
16.803 |
|
|
Insurance Expenses |
|
|
1.920 |
|
|
Power & Fuel |
|
|
4.032 |
|
|
Depreciation & Amortization |
|
|
27.827 |
|
|
Other Expenditure |
|
|
64.788 |
|
Total Expenditure |
|
|
120.639 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total
Income |
(%) |
|
(32.41) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(28.60) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(5.83) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.14) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.13 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.19 |
43.27 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U11120DL2005PLC138226 |
|
Name of the
Company |
QUIPO OIL AND GAS INFRASTRUCTURE LIMITED |
|
Address |
D-2, 5th Floor, Southern Park, Saket Place, New Delhi –
110017, India |
|
This form is for |
Creation of
charge |
|
Type of Charge |
Book Debts Movable Property
(not being pledge) Floating Charge Current Assets
and RIG |
|
Particulars of
the charge holder |
YES Bank Limited 9th
Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai
– 400018, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation Dated 26.10.2007 |
|
Date of the
instrument creating or modifying the charge |
26.10.2007 |
|
Amount secured by
the charge |
Rs.150.000 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Bank Guarantee:
Commission @1.75% p.a. payable in advance. Term of
Repayment: Not Applicable Margin: 105 Cash Margin
of Bank Guarantee amount Extent and
operation of the charge: Second charge by
way of hypothecation over the rig (1300 HP VFD/250 Ton) Second charge on
all the current assets of the rig including but not limited to monies
received/ to be received by the borrower from the deployment of the rig
stocks of raw materials, semi finished and finished good, stores and spares
including relating to plant and machinery (consumable stores and spares),
Bills receivable and book debts and all other receivables and movables, both
present and future |
|
Short particulars
of the property charged (including location of the property) |
Second charge on
RIG and all the Current Assets of the rig. |
|
Particular of the
present modification |
NA |
Profile:
Their endeavor is to make subject globally competitive Oil
and Gas Equipment and Services provider by maintaining a large equipment pool
and trained manpower resource for prompt and speedy deployment. Being a
relationship oriented organization Subject has successfully entered into
strategic relationships with several significant oil field companies.
- Schlumberger
- A world leader in Oil Field Technologies and Services. This is its first
such partnership in India.
- G&A
International - A well established Well Design and Engineering Company
based in Lafayette, Louisiana.
- Star
Petroleum Services, Argentina - A very well reputed and established
technology and engineering company, to deploy rigs in the Latin American
market. Currently evaluating the possibility of deploying two to three
rigs in Argentina and Chile. This will include two 1300 HP Mobile Rig, a
coil tubing unit.
- M/S
ZARUBEZHNEFT Russia - A leading foreign economic enterprise in the oil
& gas industry of Russia, which has a long and rich history. Its
expertise ranges from exploration to facilitation of oil fields on land
& offshore. Its input to Federal budget is over USD 0.5 billion every
year.
- Oren
Hydrocarbons (Chennai, India) - Oren is one of the largest manufactures,
importers and suppliers of Drilling fluids and mud Chemicals to Indian Oil
Industry.
- Qmax
solutions Inc. Canada - Exceeding US$ 150 million in revenues, Qmax is the
largest Canadian Mud company worldwide. Qmax is also a big name in CBM
drilling. QOGIL has joined hand with Qmax for joint operation in India and
abroad.
Shareholding Pattern:
- Quippo Infrastructure Equipment Limited
(QIEL) - 97.67%
- Mr. Sandeep Bedi - 0.14%
- Mr. S.K.Mehta - 0.14%
- Opulent Venture Capital Trust (Sivana
Fund) - 2.05%
Board of Directors:
Management of the affairs of subject vests in the Board of
Directors comprising of a MD, representative of IDFC, GIC and professionals of
repute in industry and finance.
Mr. SK Mehta,
Managing
Director
A Mechanical Engineer by qualification and a seasoned
entrepreneur by vocation, he has over 33 years experience of managing
organizations in the Oil and Gas space. Was self employed throughout. Working
as Director and Chairman of the SKM Group of Companies and now integrated the
company with Quippo Oil and Gas.
Mr. Sunil Kanoria,
VCMD-QIEL
and Director-SREI Infrastructure Finance Limited
Mr. Sunil Kanoria, a seasoned businessman, is Director of
the Company. Mr. Sunil Kanoria holds a Fellowship of Chartered Accountancy
(FCA) from the Institute of Chartered Accountants of India and possesses vital
experience in the infrastructure sector including infrastructure leasing &
finance and renting of infrastructure equipment. He is Vice Chairman abd
Managing Director of Quippo Infrastructure Equipment Limited and Director in
SREI Infrastructure Finance Ltd.
Mr. Hemant Kanoria
VCMD-
SREI Infrastructure Finance Limited and Director-QIEL
Mr. Hemant Kanoria, age 43 years, Director of the Company,
is a Commerce Graduate and has over 26 years of experience in the industry,
trade and financial services. Past President of Kolkata Chamber of Commerce,
Past Chairman of NBFC Task Force, Federation of Indian Chamber of Commerce and
Industry and member of the Steering Committee of TERI's (The Energy and
Resources Institute) Repository of Environmental Activities and Technology.
Mr. T N.R. Rao
He has a glorious experience in working with various top
positions in Indian administrative Services. He possesses a very rich
experience in the field of Oil and Gas Industry. Retired as the Secretary
Ministry of Petroleum, Government of India. A highly respected IAS officer with
in depth knowledge of the Oil and Gas industry.
Mr.
Satish Kumar Mandhana
IDFC-PE-II
Nominee
Mr. Satish an MBA and IIT has 24 Years of experience in
private equity and corporate finance/ business strategy. He was earlier
Director of CDC Advisors (now Actics) where he was involved in many important
investments and exits. Earlier he was CFO and Head of Business Strategy at JK
Paper,
Ms. Debi Guha –
Indivest
Pte Limited (Singapore) Nominee
Ms. Debi Guha, Sr. VP, GIC Special Investment Pte Ltd. which
is private equity arm of the Govt. of Singapore Investment Corporation (GIC).
Prior to joining GIC in 1998, Ms. Guha was an AVP with ICICI Bank. An
Electrical Engineer and MBA, she is also a CFA.
Press Reless:
Quipo
brand rechristened as Quippo - Based on rationale, “Equipped to Perform”
New
Delhi, February 2008:
The Quipo group of companies, a global transnational
corporation, which boasts of an asset base of over 200 MN USD and with a
presence in more than seven diverse business verticals, today unveiled its new
group corporate identity and will now be known as the Quippo Group. The
Conglomerate is on course to trebling its asset base to US$ 1 bn by 2012.
Quippo expresses “Equipped to Perform” as the rationale. The
Quippo logo is modern and signifies continuous forward movement. It symbolizes
the organization as a powerhouse of progress, impelled by its fundamentals of
customer partnership, respect for people, integrity; stakeholders value
enhancement, professional entrepreneurship & passion for excellence.
Mr. Sunil Kanoria, VCMD, Quippo Group, said, “Consolidation involves coming together as a
group, leveraging on individual and collective strengths and working together.
The group structure and formalizing it with a group identity is a step towards
realizing our defined growth path.” He explained, “As a new and emergent global
transnational, Quippo is committed towards world class systems and processes
and a 360-degree reputation as an Indian employer brand.”
Mr. Ujval Aurora, Head-Corporate Communications, Quippo
Group, said, “As of the 1st Feb 2008, the group marks an asset base of over 200
MN USD. As the communications strategist, my team conceptualized the entire
process and it was exciting to direct this strategic initiative. The new
identity reflects the new and emergent global India and a recognized leading
employer brand. Quippo is now on course to become one of India’s “most admired
nationals”.
He further added, “The new logo was strategically formulated
to present a fresh, new and unique presence, and in creating the look we
considered our history, culture and future growth. We want to leverage
the brand further and communicate to our stakeholders.”
Re-living the entire branding experience, Mr. Aurora said,
“Adoption of a group identity for any organization is a challenging task and it
has been an exciting and a rejuvenating experience .We will be unveiling a
print campaign from this month (February).”
The Group, the identity and the logo were formulated after a
couple of months’ work of selecting and implementing a new brand identity.
Following which Quippo Group had called for a creative pitch.
The new logo and brand was conceptualized by Fusion
Advertising after an exhaustive research. The company also took inputs from
various stakeholders at several focus group sessions held earlier this year.
Global best practices and processes were followed in the group identity
process.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.45 |
|
UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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. |
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 |
|